Russian steelmaker Severstal PJSC suspended sales to Europe, its biggest export market, after billionaire owner Alexei Mordashov was sanctioned, along with other tycoons in the country. loomberg News Agency quoted an informed source,the company, which sells about 3 million tons of steel per year to Europe, is looking at new avenues for sales after being forced to suspend deliveries. The price of Sefertal's GDRs decreased by 14% by 2:49 am today in the trading of the London Stock Exchange, after its decline yesterday by 68%. The European Union had imposed sanctions on Mordashov and a number of other Russian billionaires as part of a package of European sanctions targeting the Russian economy in response to the invasion of Ukraine.
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Steel NewsMarch 2, 20221 min read