One year of Ukraine war: A roller-coaster ride for steel companies

In 2021, steel exports from the two countries stood at about 48 million tonnes, accounting for around 10% of global steel trade

Steel prices seesawed from peak levels to a 20-month low resulting in a wild swing in the fortunes of companies as Russia waged war on Ukraine. A year on, the spectre of conflict continued to cast its shadow as change in trade flows have kept raw material prices simmering, pushing up the cost of production while major economies await demand recovery.

Russia and Ukraine are major providers of steel and raw material to the world. In 2021, steel exports from the two countries stood at about 48 million tonnes (MT), accounting for around 10 per cent of global steel trade.