MOSCOW, March 31 (RIA Novosti) - An arbitration court Friday struck down antimonopoly regulations imposed against leading construction materials company Eurocement-group.
The court upheld a Eurocement appeal against regulations that said it had to cut prices by 70%.
Russia's antimonopoly service said on October 11, 2005, that Eurocement had breached the Law on Competition, and ordered it to lower its prices by November 1 "to the level of fair competitive pricing."
The move came after Moscow's construction head Vladimir Resin told the press that Eurocement Group had raised prices by 70% since spring.
Eurocement appealed the decision, saying the antimonopoly service had failed to prove that the company dominated on the cement market, and had not taken into account dealer markups of 35% that also influenced the market.
The Moscow Arbitration Court rejected the company's appeal January 10, and Eurocement filed an appeal with a higher court.
Eurocement runs 15 cement plants with annual production capacity of 33 million tons. Analysts say the holding controls 46% of the country's cement production capacities.