Anatoly Kruchinin, Severstal's general director, stated that declarations that Vash Finansovy Popechitel, Olkon's minority shareholder, who has been involved in greenmailing of Severstal, took control over Olkon are not true. According to Kruchinin, "Olkon makes 4 shipments to Severstal daily, which are in line with set schedules and Olkon's obligations to Severstal. Declarations of Boiko, VFP Director, of existence of agreements of shipments of Olkon's products to other companies are nothing but a bluff. Severstal's purchasing price is one of the highest in the Russian iron ore market. It is impossible for Olkon to sign new sales agreements at this price and in such volumes. In any case, the cost of transportation will add on to the price, and as a result the price of concentrate will be higher than established market prices".
   Anatoly Kruchinin, emphasized, "Firstly, there are no reasons why Olkon would stop shipments to Severstal. Secondly, Olkon doesn't ship us volumes, which are critical to our steel production. Thirdly. even if Vash Finansovy Popechitel disrupts Olkon's operations to such extent that it can no longer continue to fulfill its obligations to Severstal, then it's no problems for Severstal to buy the same product from other mining plants. For example, the product is readily available at the mining plants in the center of Russia".
   "There is a surplus of iron ore in the Russian market, while Mr. Boiko is probably not aware of that", said Kruchinin.