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If Ukraine keeps the Donbas at the end of this war, then Ukraine heavy industry and mining will likely be great investments. With the aid that Ukraine is receiving, they have modernized and automated heavy industry, located mainly in the Donbas, at record speed.
Some enterprises have gone from Soviet-tier to America-tier in the past two years -- that's how fast Ukraine is modernizing its heavy industry due to lack of manpower from the war.
So if Ukraine keeps the Donbas when this war ends, the country will be well positioned to rebuild and will be spending enormous amounts on the recovery effort. I'd say that if Ukraine keeps the Donbas at the end of the war, invest in Ukrainian steelmakers and miners.
