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RHI Magnesita Profit Rises as Industrial Division Offsets Weakness in Steel

Steel News - Published on Wed, 14 Aug 2019

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Refractory product supplier RHI Magnesita booked a rise in first-half profit, as a strong performance in its industrial division offset weakness in its steel unit. Pre-tax profit for the six months through June jumped to EUR 164.7 million, up from EUR 89.9 million on-year. Revenue rose 2.2% to EUR 1.54 million and adjusted Ebita rose 12% to EUR 234 million. RHI Magnesita declared an interim dividend of 50 euro cents per share.

Mr Stefan Borgas said that “I am pleased to announce a robust financial performance in the first half of 2019, which has seen a very strong performance from our industrial division, offsetting a slightly softer performance from the Steel Division in more challenging market conditions. In the second half of this year, we expect the current market uncertainty to continue, which with poor visibility, there is the possibility of reduced customer inventories. However, the self-help measures at our disposal, the initial benefits of the price rise programme announced in April and the momentum in our industrial division underpin our confidence in further progress. Consequently, management expectations for the full year operating results remain unchanged.”

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Posted By : Ratan Singh on Wed, 14 Aug 2019
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