Since February 24, a number of Ukrainian steel companies announced the suspension of production,  steel products parked in the port have not been delivered. Dealers in the Philippines say ongoing military operations on Ukrainian territory, and U.S. and Western sanctions against Russia could create steel and iron ore shortages in Europe.

Russia and Ukraine are among the leading exporters of ferrous metals. According to data provided by the Russian Federal Customs Service, Russia shipped 3.7 million tons of steel products to EU countries in 2021, and Ukraine exported more than 2.5 million tons of steel products to EU countries. Alexander Seric, president of Metals Consulting International, said a shortage of products from black Sea ports could have an impact on the global steel market.