The Chinese Stainless Steel Giant Facing Billions in Losses After Nickel Bets Sour

Metals giant Tsingshan Holding Group Ltd. has landed in the global spotlight after nickel became the latest commodity to shoot up in price on Russia’s invasion of Ukraine.

That put the Zhejiang province-based stainless-steel maker under mounting pressure to meet margin calls for its short position — bets it has made since last year that prices would decline — sources said. The company may wind up losing billions of dollars.