As an object sinks, the water around it gets slightly more dense. If water is squishier than the object, then it will reach a point where it floats neutral. If it is squishier than water, then as it will get denser with water pressure and sink faster as it goes down.
Steel is less squishy than water, but so much more dense that it will never float anyways. A steel container full of air could, under the right conditions, find this neutral buoyancy spot.
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