Refractories producer RHI Magnesita sees challenging Q2 2020

Wednesday, 01 July 2020 23:56:09 (GMT+3)   |   Sao Paulo

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.

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