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Russian miner Nornickel said on Wednesday that Asia had become the company’s largest market in terms of revenue for the first time, as it posted a 79% year-on-year drop in first-half net profit after key metals prices declined.

Based ferrochrome producer, Zimasco Private Limited, has temporarily switched off two furnaces thereby cutting operations by 25 percent as it seeks to mitigate against the ever-increasing production costs amid a global market downturn.

Analysis from the CISA showed that steel exports to Brazil, United Arab Emirates, Saudi Arabia,and Turkiye all grew over 60 percent in the first six months.