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Rolls of zinc-coated steel sheet are stacked by crane in a storage area at a steel mill in Russia.
Russian steelmakers were the most profitable across the global industry before the war in Ukraine, but now they’re being forced to sell to some buyers at heavy discounts.
The country’s producers have seen their options dwindle as sanctions choke sales to the key European market and customers elsewhere become more wary of dealing with Russian companies. With producers searching for alternative buyers, those that are willing to purchase want to do so at lower prices.