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RHI Magnesita Earnings Hit as Steel Markets Deteriorate-2020 China(Guangzhou)Int’l Metal & Metallurgy Exhibition-metal&n
bsp;exhibition
10/28/2019 金屬展-冶金展-鋼鐵展-steel expo-metal &metallurgy expo- |
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Refractory products and systems supplier RHI Magnesita reported that since its interim results in August, the global steel market had weakened further, with global production declining QoQ. It said “As a result of those declines, customers had significantly reduced their inventories during the three month period ended 30 September across their supply chain, including refractory products. Market environment had led to lower volumes sold, and accordingly lower fixed-cost recovery from reduced plant utilization, which together had more than offset the firm’s ongoing cost saving initiatives. Despite contributions from the price increases implemented in April 2019, third quarter steel revenues are down 14% against the same period in 2018, including the exit from Iran in 2018.”
It added “A materially lower contribution from the steel division in the second half of 2019, against the first half, is now expected. Industrial division continued its strong performance seen in the first half into the third quarter. The order book there remained robust across all of the division''s end markets, especially in cement, with project visibility extending into 2020.”
As part of its long-term strategy, the firm’s management said it had started to implement further initiatives to reduce the group''s long-term costs, and optimize its operating network. I said “The group, however, will continue to execute its strategy, realizing the benefits of its integrated model, its growth in new markets, and its additional cost savings and efficiency initiatives, with an increased focus on free-cash-flow generation.”
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