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Russian court overturns 12.7B ruble fine against Mechel

A Russian arbitration court reversed a decision to fine steelmaker Mechel PAO 12.7 billion rubles in favor of Rostov Electrometallurgical Plant in a market manipulation lawsuit, the company said Nov. 22.

The North Caucasus Arbitration Court's reversal goes against rulings by a first-instance court as well as that of a court of appeal. The case was remanded for a new trial and Mechel said it expects a lawful decision to be reached, taking into account the respondent's defense arguments.

In September, a court of appeal upheld a decision to charge the Russian steelmaker for damages allegedly incurred at Rostov Electrometallurgical Plant between 2009 and 2013 by Mechel and its subsidiary companies. Mechel maintains that its dealings with REP during the period were based on market conditions and therefore did not damage the company's operations.

As of Nov. 22, US$1 was equivalent to 58.76 Russian rubles.