Magnesita Refratários S.A. (Magnesita), a global producer of refractory materials and a provider of refractory solutions for the steel, cement, glass, aluminum and other industries announced on July 18 that it has established strategic partnerships with Sudamin, a Colombian refractory manufacturer for the siderurgical industry, and Refratários Socialista da Venezuela (RSV), a Venezuelan state-owned refractory producer. The newly established alliances further Magnesita's position as one of the largest suppliers of refractory solutions in Latin America, with an overall refractory market share of 50%.
Under the terms of Magnesita's strategic partnership with Sudamin, Magnesita will provide high-quality raw materials for refractory production. The contract outlines the sharing of technology between the two companies. Meanwhile, Magnesita's contract with Refratários Socialista da Venezuela (RSV), allows Magnesita to supply high-quality raw materials and technology to sixteen RSV industries, including production of aluminum and agricultural fertilizers. The contract marks a significant step in Magnesita's presence in Venezuela, increasing the Company's overall presence and providing additional opportunities for market penetration.