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BAML downgrades Russian steel producer Severstal

Concerns over Russia and Turkey downside risks prompted Bank of America Merrill Lynch (BAML) to downgrade its assessment of the Russian steelmaker, despite an uptick in profits.

BAML downgrades Russian steel producer Severstal BAML downgrades Russian steel producer Severstal BAML downgrades Russian steel producer Severstal BAML downgrades Russian steel producer Severstal BAML downgrades Russian steel producer Severstal

Despite a small profit increase, concerns about Russia and Turkey are an adverse factor for the steel company

BAML said it was turning cautious on EEMEA steel due to an expected Russia demand slowdown, the global macroeconomic situation, concerns about major steel importer Turkey due to its currency crisis