Global refractories producer RHI Magnesita, a company made up of Brazil’s Magnesita and Austria-based RHI, said it expects a “challenging” Q2 this year.
“There has been an unprecedented slowdown in customer activity and a significant fall in demand in May and June,” the company said on Wednesday.
RHI Magnesita said a sluggish demand made revenues in Q2 decline 20 percent, quarter-on-year, at both its steel and industrial division segments. The company said it has focused on cost management and cash preservation measures. As a result, it shut down three plants in Europe and one in Mexico.
RHI Magnesita has yet to release its audited Q2 results.