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NEW YORK (AP)--The Russians are coming.
And they are bringing boatloads of cheap steel to an already hotly competitive U.S. market--prompting trade complaints from U.S. steelmakers and worries that prices could tumble more than they have.
Such developments could have a major impact on big Canadian steelmakers such as Stelco and Dofasco, which rely heavily on export sales to the U.S. Last year, about one-third of all steel produced in Canada was shipped to the United States, so falling prices there could erode profits and cash flows of Canadian producers.
As well, firms such as Hamilton-based Dofasco and Co-Steel of Toronto own U.S. mini-mill operations that could also be hurt by cheap steel flooding on to the American market.
The Russian steel, much of it cut-to-length plate, is being snapped up by U.S. manufacturers of ships, barges and industrial equipment,...