RHI Magnesita, the global leading supplier of refractory products, systems, and solutions, today announces the successful completion of its previously announced joint venture with Khemka Refractories Pvt. Ltd. The new company will operate under the brand MINPRO, marking the official launch of a dedicated refractory recycling business focused on advancing circular mineral solutions in India. 

MINPRO combines RHI Magnesita’s global leadership in refractory recycling with Khemka Refractories’ regional expertise, operational capabilities, and established customer as well as supplier network. MINPRO will be led by Jyotirmoy Bhattacharjee as Chief Executive Officer. Bringing nearly three decades of experience in the refractory industry, Jyotirmoy has held a number of technical, marketing, and sales leadership roles during more than 20 years with RHI Magnesita, most recently serving as Head of Sales Steel India. Together with a dedicated leadership team, he will establish MINPRO as a state-of-the-art refractory recycling platform in Odisha, strategically located in the heart of India’s steel-producing region, to recover, process and reuse spent refractory materials. 

By creating an integrated recycling supply chain, MINPRO will increase the availability of high-value circular minerals for refractory production and other industrial applications. The company will help customers improve resource efficiency, strengthen supply chain resilience, and reduce the environmental footprint of high-temperature industries through customized circular solutions. 

The launch of MINPRO represents another milestone in RHI Magnesita’s global sustainability strategy and reinforces its commitment to supporting sustainable industrial growth in one of the world’s fastest-growing refractory markets. 

Pankaj Malhan, Regional President India, RHI Magnesita, said: 

“The launch of MINPRO is an important milestone in our strategy to advance circularity in India and across the region. By combining RHI Magnesita’s global recycling expertise with Khemka Refractories’ strong local presence, we are creating a trusted platform that will deliver high-quality circular raw materials and strengthen supply security. MINPRO reflects our long-term commitment to investing in innovative circular solutions that create lasting value for our customers, our partners, and the wider industry.” 

Alok Khemka, Director Khemka Refractories, said: 

“We are proud to collaborate with RHI Magnesita to establish MINPRO in the Indian market. Our companies bring highly complementary capabilities, and together we are well positioned to establish a leading recycling platform for the Indian refractory industry. By combining advanced recycling technology with deep local market knowledge, MINPRO will help transform refractory recycling in India while contributing to a more circular and resource-efficient industrial ecosystem.” 

About MINPRO  

MINPRO is a joint venture between RHI Magnesita and Khemka Refractories Pvt. Ltd. dedicated to refractory recycling and circular mineral solutions in India. Headquartered in Odisha, MINPRO combines global refractory recycling technologies with local operational expertise to recover, process, and reuse spent refractory materials, creating a reliable domestic source of high-quality circular minerals for the refractory and broader industrial markets. 

About RHI Magnesita 

At RHI Magnesita, we master heat, enabling global industries to build sustainable modern life. As the global leader in refractories, we provide innovative products, systems, services, and performance-based solutions for industrial processes at temperatures of 1,200°C and beyond. With more than 20,000 employees and a global network spanning raw material sites, production facilities, recycling centers, and sales offices, we combine deep technical expertise with an integrated value chain to drive innovation, circularity, and operational excellence. Our advanced refractory solutions are essential for customers across the steel, cement, non-ferrous metals, glass, and other high-temperature industries, helping them operate more safely, efficiently, and sustainably.   

RHI Magnesita is listed on the London Stock Exchange (RHIM) and has a secondary listing on the Vienna Stock Exchange. For more information, visit www.rhimagnesita.com. 

About Khemka Refractories Pvt. Ltd. 

Khemka Refractories Pvt. Ltd. (KR) is a manufacturer of refractory products, refractory raw materials trading and refractory secondary raw material processing. The company is ISO 9001:2015 certified and serves customers across the steel, iron, foundry, power, copper, aluminium, cement and ferro-alloy industries. KR operates four manufacturing plants and one R&D centre in Odisha, India. 

Website: https://khemkarefractories.com/ 

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Strong earnings improvement despite continued market weakness

RHI Magnesita delivered a solid earnings improvement in the first half of 2026, supported by the continued implementation of management-led self-help measures and strong performance in the Steel segment.

Adjusted EBITA increased by €24 million, or 17%, to €165 million (H1 2025: €141 million), despite a material foreign exchange headwind of €24 million. On a constant currency basis, Adjusted EBITA increased by 42% year-on-year. The Adjusted EBITA margin expanded to 10.3% from 8.4%, while Adjusted EPS increased by 32% to €1.81 (H1 2025: €1.37).

Working capital intensity temporarily increased to 24% as the Group increased raw material inventories ahead of expected stronger order books in the second half and to mitigate tariff uncertainty. This resulted in softer operating cash flow, with cash conversion of 97%. Net debt increased to €1,528 million, while leverage remained flat at 2.9x Net Debt to Adjusted EBITDA.

Management self-help measures continue to deliver

The improvement in earnings reflects continued delivery of RHI Magnesita’s management self-help measures across pricing, administrative costs and plant network optimisation.

The Group remains on track to deliver the previously guided €45 million Adjusted EBITA improvement from price adaptions, network optimisation and administrative cost savings. These measures are being delivered against a continued low-demand backdrop and are strengthening RHI Magnesita’s cost base and operating leverage ahead of an expected future market recovery.

These initiatives are well advanced and will deliver further benefits in 2027 as new raw materials and network optimisation programmes are rolled out. RHI Magnesita’s investment in its digital infrastructure is also progressing, with the programme now approximately two-thirds complete, providing a foundation for further efficiency gains across the business.

Steel business performs well whilst Industrial segment remains subdued

The Steel segment performed well during the first half of 2026, supported by product mix, cost reduction, pricing and self-help measures combined with demand growth in certain regions. Steel Europe and Steel India achieved a turnaround in profitability, and earnings in Steel North America further improved. The business is on a positive trajectory, particularly in North America, Europe and India.

Performance in the Industrial segment was weaker than expected, reflecting lower shipments of higher-margin Industrial Projects for Glass and Industrial Applications. Customers continued to take a cautious approach to investment decisions in the current market environment, delaying the anticipated recovery in project activity. Cement and Non-Ferrous Metals improved slightly compared with the first half of 2025.

Full-year guidance confirmed

RHI Magnesita has confirmed its full-year Adjusted EBITA guidance of €400 million, including an anticipated year-on-year foreign exchange headwind of approximately €35 million.

Ongoing administrative cost reductions are on track to deliver the guided €15 million earnings increase, and network optimisation is also expected to deliver €15 million.

Capital expenditure guidance for 2026 has been reduced from €130 million to €115 million. Guidance for working capital intensity remains unchanged at 22% by year-end, reflecting the expected unwind of the temporary inventory build during the second half.

Net debt is expected to reduce to approximately €1,400 million by the end of 2026, with leverage moving towards 2.6x Net Debt to Adjusted EBITDA.

Stefan Borgas, Chief Executive Officer, commented:

“RHI Magnesita delivered a solid double-digit earnings improvement compared with the first half of 2025, supported by continued progress on our self-help initiatives. We are pursuing further measures across the plant network and raw materials, to reduce costs and sell into non-refractory raw material markets, to enhance the Group’s operating leverage when demand improves. In addition, our €100 million investment in digital infrastructure, now around two-thirds complete, will provide a strong foundation for future efficiency gains.

Our steel business is on a positive trajectory, particularly in North America, Europe and India. Conversely, Industrial customers remain cautious in the current volatile market environment, which continues to weigh on investment decisions. This has once again delayed the recovery we had expected in our high-margin Industrial Projects business.

We remain confident in stronger operational and financial performance going forward, underpinned by continued operational improvement, a firm order book in Steel and Industrials, and a clear focus on cash flow generation and deleveraging.”

Read the RNS here: RHI Magnesita | Half Year Results 2026 – London Stock Exchange

Watch the video with CEO Stefan Borgas and CFO Ian Botha as they discuss what drove our improved performance, the progress we’ve made across the business, market developments, and the key areas of focus for the months ahead.

About RHI Magnesita

At RHI Magnesita, we master heat, enabling global industries to build sustainable modern life. As the global leader in refractories, we provide innovative products, systems, services, and performance-based solutions for industrial processes at temperatures of 1,200°C and beyond. With more than 20,000 employees and a global network spanning raw material sites, production facilities, recycling centers, and sales offices, we combine deep technical expertise with an integrated value chain to drive innovation, circularity, and operational excellence. Our advanced refractory solutions are essential for customers across the steel, cement, non-ferrous metals, glass, and other high-temperature industries, helping them operate more safely, efficiently, and sustainably.  

RHI Magnesita is listed on the London Stock Exchange (RHIM) and has a secondary listing on the Vienna Stock Exchange. For more information, visit www.rhimagnesita.com.

For further inquiries, please contact:

Abhijit Borah
Head of Global Communications & Public Affairs
Abhijit.borah@rhimagnesita.com
+43 699 1870 6728

Sofia Iriarte
Global Public Relations
Sofia.iriarte@rhimagnesita.com
+43 699 1870 6687

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Strong cash generation, operational discipline and structural cost savings offset weak demand and pricing pressure, supporting resilient margins and disciplined deleveraging in 2026.

A resilient financial performance – in line with expectations

Despite continued weak global industrial demand, increased Chinese exports and a soft pricing environment, RHI Magnesita delivered a performance in line with market guidance in 2025. This performance was driven by disciplined execution of management-led self-help measures and a strong second-half performance.

Adjusted EBITA reached €373 million, with an Adjusted EBITA margin of 11.1% (2024: 11.7%), reflecting pricing pressure and fixed cost underabsorption in the first half. Adjusted EPS decreased to €4.18 (2024: €5.32). Revenue amounted to €3.4 billion, down 3% year-on-year, or 1% on a constant currency basis, with sales volumes declining by 2%. Cash generation remained strong, with cash conversion of 105% (2024: 103%) and free cash flow of €214 million.

Following the completion of the €391 million acquisition of Resco in January 2025, net debt increased to €1.5 billion. The Group’s focus on de-leveraging during the year resulted in leverage of 2.9x Net Debt to Pro Forma Adjusted EBITDA at year end, ahead of guidance of 3.0x.

Watch the video with CEO Stefan Borgas and CFO Ian Botha about RHIM’s business performance in 2025:

Continued operational efficiencies and further strategic progress

Throughout 2025, RHI Magnesita executed cost-saving initiatives across operations, SG&A and plant network, delivering sustainable savings that largely offset weaker pricing and fixed cost underabsorption. The self-help measures implemented by management are structural and will deliver sustainable fixed cost savings, over temporary cost reductions, further supporting the Group’s resilience in years to come.

North America delivered strong revenue growth of 22% to €863 million, supported by the Resco acquisition, which contributed €184 million of revenue and €25 million of Adjusted EBITA over eleven months. Progression of the integration of Resco is on track and strengthens RHI Magnesita’s “local-for-local” production model in the strategically important US market.

Whilst M&A remains a key strategic pillar for RHI Magnesita, in the near term the Group’s operational focus is on integration, synergy realisation and deleveraging, ensuring value creation from recent transactions while maintaining disciplined capital allocation.

Expansion of 4PRO model and recycling performance enhance competitive positioning

The continued rollout of the 4PRO business model was an essential commercial driver in 2025. RHI Magnesita renewed long-term contracts with key customers and secured four new Green Steel contracts, while successfully expanding 4PRO into Industrial segments. By combining process optimisation, circular economy, technology and customer-centric services into a unique offering, 4PRO strengthens customer retention, supports value-based pricing and improves contract visibility.

Sustainability remains embedded in RHI Magnesita’s strategy with 2025 being marked by further innovation and expansion of the Company’s sustainable product offering. This continues to be an important commercial differentiator as customers in hard-to-abate industries seek solutions to help reduce their CO2 emissions. With a record recycling rate of 15.9% (2024: 14.2%), RHI Magnesita has exceeded its global target of 15%. Recycling continues to enhance margin resilience, reduce raw material dependency and support CO₂ reduction, reinforcing RHI Magnesita’s competitive positioning.

Outlook 2026: Focus on cash generation, synergy realisation and deleveraging

Market conditions are expected to remain challenging in 2026, with steel end-markets still at a cyclical low and no near-term demand recovery reflected in the order book. Despite this, RHI Magnesita remains focused on fully annualising structural cost savings and synergies from the Resco acquisition, maintaining strong cash generation, continued reduction in net debt and de-leveraging towards approximately 2.6x by year end, and exercising disciplined capital allocation. Through regionalisation, operational efficiency and continued progress in recycling and performance-based solutions, RHI Magnesita is strengthening its position. The Company continues to exercise cost discipline and a cash generative business model. RHI Magnesita retains substantial operating leverage into a potential market recovery.

Stefan Borgas, Chief Executive Officer, commented:

“Our relentless self-help driven turnaround measures delivered a strong and sustainable business performance increase in the second half against a very challenging market backdrop. While management was focused on the business performance turnaround, equally important strategic progress has been made. The Resco integration and synergy realisation are on track, recycling rates are up in almost all regions and our digital transformation is progressing well. Despite not yet foreseeing a major market tailwind yet, we expect our self-help measures and strategic progress to drive business performance and deliver further operational and financial improvements in 2026.

I want to thank all employees, customers, partners, and shareholders for their continued trust. With our enhanced global footprint, rigorous operational discipline, and clear strategic focus, we believe RHI Magnesita is forging a path for continued success despite persistent headwinds.”

The full unaudited results and investor presentation are available on the London Stock Exchange’s Regulatory News Service (RNS) and on our website at: RHI Magnesita | Regulatory News, Reports & Presentations

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“RAPTOR is proof of what Europe can achieve when industry, researchers and the EU work as one. By bringing everyone’s expertise to the table, we have taken top notch technology from lab to line. This breakthrough will strengthen Europe’s strategic autonomy by reducing demand for virgin raw materials, accelerate Digital Product Passport readiness across supply chains, and make a concrete contribution to the European Green Deal, the Circular Economy objectives and the recycling goals under the Critical Raw Materials Act,” said Constantin Beelitz, President Europe and CIS, RHI Magnesita, on behalf of the consortium. 

 
From lab to line: impact that matters for Europe 

As a mobile system combining LIBS + HSI sensors with AI, RAPTOR automatically sorts complex waste streams into certified, traceable secondary materials that can re-enter high-temperature industries at scale. Rolled out across the EU, the ReSoURCE solution has system-level potential to deliver every year: 

• ~800,000 t CO₂ avoided (≈ 500,000 cars off the road) 

• ~760 GWh energy saved (≈ 200,000 households) 

• ~800,000 t less landfill (> 1,300 Airbus A380 by weight) 

RAPTOR has high policy implications for the EU. It helps deliver the Critical Raw Materials Act by creating reliable secondary streams, it enables Digital Product Passports under the Ecodesign for Sustainable Products Regulation through trustworthy composition and traceability data, it advances the Circular Economy Action Plan by cutting waste and landfill, and it aligns with the Clean Industrial Deal by turning decarbonisation into competitiveness for Europe’s foundation industries while reducing exposure to ETS costs. 

 
Closing Event in Brussels 

The final results will be presented at a Closing Event – ReSoURCE: Driving Digital Innovation for a Circular and Competitive European Industry in Brussels. The workshop takes place on Monday, 17 November 2025, from 14:00 to 17:00 at AT60 “House of Austria”, Avenue de Cortenbergh 60, 1000 Brussels, followed by networking from 17:00 to 19:00. The event is organised jointly by the nine project partners, RHI Magnesita, LSA Laser Analytical Systems and Automation, InnoLas, Norsk Elektro Optikk, Fraunhofer ILT, Montanuniversität Leoben, SINTEF, Crowdhelix and CPI. Industry leaders, policymakers and researchers will discuss the innovation created and how to roll it out across the EU.  

Registration is available at https://forms.office.com/e/mvg3Px3YUY. 

Next Steps  

Building on the success of ReSoURCE, the consortium is now preparing for the industrial rollout of RAPTOR and several complementary technologies developed during the project. Alongside the main system, early prototypes for fine fraction sorting, advanced sensing concepts, and digital tools for material classification have opened promising pathways for further innovation. The first pilot phase will start in early 2026 at RHI Magnesita’s recycling site in Mitterdorf, Austria, followed by continued collaboration to mature and extend these solutions across Europe. The partners are already exploring next-generation applications and new project opportunities to unlock the full potential of automated, data-driven refractory recycling and support the transition toward a truly circular materials economy. 

About RHI Magnesita 

RHI Magnesita is the leading global supplier of high-grade refractory products, systems, and solutions which are critical for high-temperature processes exceeding 1,200°C in a wide range of industries, including steel, cement, non-ferrous metals, and glass. With a vertically integrated value chain, from raw materials to refractory products and full performance-based solutions, RHI Magnesita serves customers around the world with more than 20,000 employees, 65 main production sites (including raw material sites), 12 recycling facilities, and more than 70 sales offices. The Group is listed on the London Stock Exchange (symbol: RHIM) and has a secondary listing on the Vienna Stock Exchange. For more information, please visit: www.rhimagnesita.com. 

For further inquiries, please contact:

RHI MAGNESITA

Abhijit Borah
Head of Global Communications & Public Affairs
abhijit.borah@rhimagnesita.com
 +43 699 1870 6728

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Drawing on decades of combined experience and a strong understanding of customer needs, the partnership will co-develop integrated solutions that not only raise industry standards but also address the complex challenges faced by high-temperature industries, from improving safety and sustainability to driving greater efficiency and productivity.

Gustavo Franco, Chief Customer Officer at RHI Magnesita, commented:

“This partnership with Polytec is a strong step forward in how we bring innovation to our customers. By combining our refractory expertise with Polytec’s automation and robotics technologies, we will deliver integrated solutions that raise the bar for safety, efficiency, and sustainability. This is about creating real value for our customers leveraging our 4PRO business model.”

Diego Soares, CEO Polytec LATAM & President, added:

“I am truly delighted to help bring together two global leaders in their respective fields. I know that by combining the strengths of RHI Magnesita in refractory solutions and Polytec in automation and robotics, we are creating a powerful partnership that puts customers at the center. The greatest beneficiaries of this collaboration will undoubtedly be our customers, who will gain access to more flexible solutions, stronger innovations, and new ways to achieve operational excellence, in a much faster way.”

About RHI Magnesita
RHI Magnesita is the leading global supplier of high-grade refractory products, systems, and solutions which are critical for high-temperature processes exceeding 1,200°C in a wide range of industries, including steel, cement, non-ferrous metals, and glass. With a vertically integrated value chain, from raw materials to refractory products and full performance-based solutions, RHI Magnesita serves customers around the world with more than 20,000 employees, 65 main production sites (including raw material sites), 12 recycling facilities, and more than 70 sales offices. The Group is listed on the London Stock Exchange (symbol: RHIM) and has a secondary listing on the Vienna Stock Exchange. For more information, please visit: www.rhimagnesita.com.

About Polytec USA Corp.
Polytec USA Corp. represents and distributes Polytec’s automation and robotics technologies in North America. Polytec, based in Italy and part of BM Group, has over 30 years of experience in automating steelmaking processes, and is a global leader in robotics for the steel industry with over 500 installations worldwide.   www.polytecmechatronics.com

For further inquiries, please contact:

RHI MAGNESITA

Abhijit Borah
Head of Global Communications & Public Affairs
abhijit.borah@rhimagnesita.com
 +43 699 1870 6728

POLYTEC USA CORP.

Anna Zoppirolli
Chief Marketing Officer
anna.zoppirolli@bmgroup.com
+39 348 3235583

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Federal Chancellor of Austria Christian Stocker visited the RHI Magnesita plant in Radenthein today to learn about state-of-the-art digital production and regional raw material security. The visit emphasises the importance of domestic critical raw materials such as magnesite for the forthcoming industrial strategy. The Chancellor was accompanied by LHStv. Martin Gruber and LR Sebastian Schuschnig, ÖVP General Secretary Nico Marchetti, Federal Managing Director Dominik Ramusch and Mayor Michael Maier.

Chancellor Christian Stocker said: “Radenthein impressively demonstrates how raw material security, digitalisation and environmental protection can be successfully combined to keep value creation in the country, secure jobs and strengthen Europe’s competitiveness at the same time. The site – in conjunction with the plant in Hochfilzen – epitomises a modern industrial policy that focuses on regional strength, technological innovation and ecological responsibility. Magnesite is of strategic importance at a time when Europe needs to become more independent and resilient. An entry in the EU list of critical raw materials would be a clear advantage – for the ecological and digital transformation in Austria and Europe, as well as for industrial value creation in rural areas.”

Rajah Jayendran, CTO of RHI Magnesita, added: “Magnesite is the material behind the materials—without it there would be no wind turbines, no batteries and no green steel. Our Austrian plants prove that responsible mining, circular economy and high‑tech production are possible in Europe.”

Radenthein digital refractory plant
The plant in Radenthein is the first refractory plant with a fully integrated Manufacturing Execution System (MES), AI-supported quality control and a digital twin of all processes.

Performance data:

• Production capacity: ≈ 140,000 tonnes/year
• Articles/formulations: > 15,000 / > 500
• Industrial customers/countries: > 700 / 40+
• Employees: ≈ 330 at the site
• Over 1,000 apprentices trained since the plant was founded in 1908

Every year, 75,000 tonnes of raw magnesite from the Millstätter Alpe are transported to the plant by cable car and refined into caustic magnesia for animal feed and soil remediation. Radenthein obtains additional high-purity magnesia from other Austrian deposits for the refractory lines. This results in precise spinel and magnesia bricks that protect electric arc furnaces in Germany, glass furnaces in Spain and copper smelters in Canada, for example.

Magnesite – the basis for modern high-temperature processes
Magnesite is the basis for refractory products that protect furnaces and reactors above 1,200 °C. Without it, there would be no climate-neutral steel, no CO₂-reduced cement, no energy-efficient glass and no battery metals. Europe imports the majority of its magnesite from China – Austrian deposits are a rare European counterweight. Listing magnesite as a strategic raw material in the EU would create jobs in rural areas and attract investment.

Symbolic conclusion
At the end of the visit, RHI Magnesita presented the Federal Chancellor with a magnesite cube engraved with ‘Magnesite – critical for Europe – Radenthein, 30 July 2025’. The cube symbolises the common goal of recognising magnesite as a strategic mineral on the EU list of raw materials – a step that the United Kingdom and Turkey have already taken.

About RHI Magnesita
RHI Magnesita is the leading global supplier of high-grade refractory products, systems and solutions which are critical for high-temperature processes exceeding 1,200 °C in a wide range of industries, including steel, cement, non-ferrous metals and glass. With a vertically integrated value chain, from raw materials to refractory products and full performance-based solutions, RHI Magnesita serves customers around the world, with over 20,000 employees in 65 main production sites (including raw material sites), 12 recycling facilities and more than 70 sales offices. RHI Magnesita intends to leverage its leadership in terms of revenue, scale, product portfolio and diversified geographic presence to strategically target those countries and regions benefiting from more dynamic economic growth prospects.
The Group is listed within the Equity Shares (Commercial Companies) category (“ESCC”) of the Official List of the London Stock Exchange (symbol: RHIM) and is a constituent of the FTSE 250 index, with a secondary listing on the Vienna Stock Exchange (Wiener Börse). For more information, please visit: www.rhimagnesita.com

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Steel demand stable, Industrial project deferrals weigh on H1 profitability

RHI Magnesita, the leading global supplier of high-grade refractory products, systems and solutions, today announces its unaudited results for the six months ended 30 June 2025.

Watch the video with CEO Stefan Borgas and CFO Ian Botha talking about the company’s H1 performance:

Financial performance reflects challenging market environment

Revenue declined by 3% to €1,677 million (H1 2024: €1,728 million), with volume and pricing pressure in the base business partly offset by the contribution from the recent Resco acquisition. Adjusted EBITA decreased to €141 million (H1 2024: €190 million), reflecting an 8.4% Adjusted EBITA margin, impacted by a less favourable product mix in Industrial business, reduced demand in the glass sector and postponement of investment decisions by non-ferrous metals customers amid global trade tensions and competitive pressure across key markets.

RHI Magnesita achieved a strong cash conversion despite a build-up of inventory in preparation to meet higher customer demand for the second half of the year. Net debt increased to €1,583 million following the completion of the Resco acquisition, resulting in a leverage ratio of 3.1x. Gearing is expected to reduce to approximately 2.8x by the 2025 year end.

Strategic acquisitions and network optimization

In January 2025, RHI Magnesita completed the €390 million acquisition of Resco, strengthening the company’s position in the North American refractory market. Resco contributed €90 million in revenue and €11 million in Adjusted EBITA during its first five months of consolidation. Integration is progressing well and trading in the US has remained resilient.

In June, RHI Magnesita agreed on a recycling joint venture with BPI, Inc., expanding its circular economy platform across North America. Significant cost and sustainability synergies are anticipated, based on the existing proven business model in Europe. Recycling of raw materials within US borders is expected to have increased relevance in a high tariff environment whilst using reclaimed refractory raw materials is also the fastest route for RHI Magnesita to reduce its CO₂ emissions, when compared to the use of newly mined raw materials. These developments build on RHI Magnesita’s long-term growth strategy, while near-term focus remains on integration, network optimisation, and deleveraging.

Sustainability and Safety

RHI Magnesita remains on track to meet or exceed its 2025 sustainability targets encompassing the areas of health and safety, CO2 emissions intensity, energy consumption and recycling. In parallel, RHI Magnesita has established new targets for 2030 under the CSRD framework. The group’s Ecovadis rating improved to 79 in 2025 (2024: 76), placing it among the top 3% of companies globally.

RHI Magnesita continues to be a leading technology partner for customers developing ‘green steel’ technologies, which have the potential to make a significant contribution to the reduction of CO₂ emissions globally due to the high emissions intensity of steel production.

Commenting on the results, Stefan Borgas, Chief Executive Officer of RHI Magnesita, said: “RHI Magnesita continues to navigate an extremely challenging external market environment with cyclically lower industrial project business, uncertainty caused by tariff negotiations, FX headwinds, aggressive competition and continued weak end market demand all contributing to sharply lower margins in the first half of 2025. Notwithstanding these external factors, we are disappointed with our financial performance and we are determined to take the urgent and necessary steps to deliver improvements. In the second half we expect market share gains in certain jurisdictions and improved margins based on actions we have already taken to secure Industrial project business, increase prices and reduce costs, including two European plant closures already executed. We reduce our outlook for full year Adjusted EBITA to be between €370 and €390 million, to account for the weaker than expected H1 2025 performance and FX. Our active M&A programme has resulted in an elevated gearing level of 3.1x EBITDA but we expect this to reduce over the course of the second half and 2026. We remain confident that our strategy to grow through M&A in the fragmented global refractory market is by far the best route to generate value for shareholders in a low growth environment, building on our existing strengths as an industry leader.”

Outlook for 2025

Market conditions remain challenging with end market demand weakness expected to continue into H2 2025. Steel refractory demand therefore remains low but a modest improvement is assumed in the second half based on the order book and normal seasonality. The highly competitive pricing environment is expected to continue but the group is targeting price increases for H2 on a selective basis.

In the Industrial business, the group now has greater confidence in project deliveries in H2, primarily for Non-ferrous metals customers.

H2 2025 Adjusted EBITA is expected to benefit from management action on price increases and cost reductions including plant closures, SG&A savings and fixed cost initiatives. Full year Adjusted EBITA is now expected to be in the range of €370 to €390 million, at an average margin of approximately 10.5 to 11%. Gearing is forecast to decline from its expected peak of 3.1x to around 2.8x by year end.

About RHI Magnesita

RHI Magnesita is the leading global supplier of high-grade refractory products, systems and solutions which are critical for high-temperature processes exceeding 1,200°C in a wide range of industries, including steel, cement, non-ferrous metals and glass. With a vertically integrated value chain, from raw materials to refractory products and full performance-based solutions, RHI Magnesita serves customers around the world, with over 20,000 employees in 65 main production sites (including raw material sites), 12 recycling facilities and more than 70 sales offices. RHI Magnesita intends to leverage its leadership in terms of revenue, scale, product portfolio and diversified geographic presence to target strategically those countries and regions benefiting from more dynamic economic growth prospects.

The Group is listed within the Equity Shares (Commercial Companies) category (“ESCC”) of the Official List of the London Stock Exchange (symbol: RHIM) and is a constituent of the FTSE 250 index, with a secondary listing on the Vienna Stock Exchange (Wiener Börse). For more information please visit: www.rhimagnesita.com

For further inquiries, please contact: 

Abhijit Borah 
Head of Global Communications & Public Affairs 
Abhijit.borah@rhimagnesita.com
+43 699 1870 6728

The post RHI Magnesita 2025 Half Year Results: Responding to Market Headwinds with focused Strategic Actions appeared first on RHI Magnesita.

The strategic partnership combines RHI Magnesita’s (RHIM) global refractory expertise with BPI, Inc.’s (BPI) robust US infrastructure, local sourcing, and technical processing capabilities. This collaboration is set to create a powerful platform for innovation in circular raw material processing and recycling. It aims to significantly enhance the sustainability of the refractory industry, which is essential to the production processes for cement, steel, aluminum, and many other industrial producers in the North America region.

Key Highlights of the Joint Venture:

• Proximity to customers: with a combined 20 plant locations across PA, OH, MO, NC, AL, CA, IN, and Quebec, RHI Magnesita and BPI are strategically positioned close to customers, allowing for the delivery of locally sourced products and solutions, effectively shortening supply chains as a resilient partner.
• Enhanced portfolio: the combined companies possess technical and analytical services, expanded access to high-quality domestically sourced circular raw materials, and expert sales teams with a solutions-mindset, from raw materials to finished goods.
• Innovation & sustainability:advanced, in-house R&D teams will collaborate to explore and develop state-of-the art solutions that will improve safety, endurance and efficiency, while decreasing the collective carbon footprint.

The newly announced partnership represents an innovative move toward enhancing sustainable refractory while also providing a strategic platform for the sourcing of domestic refractory raw materials in North America.

Stefan Borgas, CEO RHI Magnesita, commented on the joint venture, “At RHI Magnesita, we are committed to leading the way in sustainability and innovation. This partnership with BPI, Inc. is a testament to our dedication to creating a more sustainable future and advancing our circular economy strategy. By joining forces, we strengthen our ability to turn spent materials into future value, setting an example of how innovation and collaboration can drive real progress for our customers, our business, and the planet.”

Joe Quigley, BPI President, also shared, “At BPI, we are committed to providing high-quality mineral products. Partnering with RHIM will expand our portfolio and enhance our efforts to offer circular solutions. We are excited about the progress our combined companies will achieve for a better future.”

The joint venture is subject to customary closing conditions and is expected to be completed in H2 2025.

About RHI Magnesita

RHI Magnesita is the leading global supplier of high-grade refractory products, systems and solutions which are critical for high-temperature processes exceeding 1,200°C in a wide range of industries, including steel, cement, non-ferrous metals and glass. With a vertically integrated value chain, from raw materials to refractory products and full performance-based solutions, RHI Magnesita serves customers around the world, with over 20,000 employees in 65 main production sites (including raw material sites), 12 recycling facilities and more than 70 sales offices. RHI Magnesita intends to leverage its leadership in terms of revenue, scale, product portfolio and diversified geographic presence to target strategically those countries and regions benefiting from more dynamic economic growth prospects.

The Group is listed within the Equity Shares (Commercial Companies) category (“ESCC”) of the Official List of the London Stock Exchange (symbol: RHIM) and is a constituent of the FTSE 250 index, with a secondary listing on the Vienna Stock Exchange (Wiener Börse). For more information please visit: www.rhimagnesita.com

About BPI, Inc.

BPI, Inc. is an U.S.-based leader in mineral processing, including refractory raw materials and specialty mineral products, serving the steel, foundry, aluminum, and cement industries. With advanced processing facilities and a strong focus on sustainability, BPI, Inc. is at the forefront of innovation in material recovery and recycling and is a trusted partner to its customers. BPI operates 7 recycling facilities, 1 office and in-house R&D lab across 4 states, including PA, OH, AL and IN with approximately 100 employees.

The post RHI Magnesita and BPI, Inc. Announce Strategic Joint Venture to Accelerate Circular Economy Initiatives in North America appeared first on RHI Magnesita.

Vienna/Salvador, 26 May 2025 – In a time of persistent geopolitical instability, high tariffs, and fragile supply chains, Brazil is stepping forward as a resilient and high-quality alternative source for critical raw materials like Magnesite. This message was at the heart of MagForum 2025, held for the first time in Latin America from 19 to 21 May in Salvador, Brazil. Organised by IMFORMED, MagForum is one of the world’s most recognized international events focused on magnesite mining and processing

Magnesite is a critical raw material for producing refractory products which are crucial for all high temperature manufacturing processes – steel, cement, aluminium, non-ferrous metals, glass, energy, etc. As the global leader in refractories, RHI Magnesita is backward integrated with its wholly owned magnesite mining facilities, with one of it situated at Brumado in Brazil. 

On 22 May, as part of the official programme of MagForum 2025, participants from across the global refractory and industrial minerals sectors took part in a technical visit to RHI Magnesita’s flagship raw materials operation in Brumado, Bahia. With one of the world’s largest and purest magnesite reserves, Brumado is now positioned to become a fully integrated global hub for magnesia-based raw materials.

“Markets today are more volatile than ever – shaped by shifting geopolitics, export restrictions, and an overreliance on just a few suppliers,” said Gustavo Franco, Chief Customer Officer of RHI Magnesita. “Brumado is open for business: it is reliable, high-quality and scalable. This is where secure, long-term supply begins. We believe Brumado is ready to serve as the global raw materials hub.”

A future-proof supply chain, built at the source

Brazil holds the fourth-largest global reserve of magnesite, and nearly all of it is concentrated in Brumado. With direct rail connection to the Port of Aratu and decades of supply ahead, the site offers a strategic alternative to single source supply concentration.

RHI Magnesita has recently inaugurated its largest rotary kiln at the site, delivering an annual capacity of 150,000 tonnes. At 200 metres in length, including its cooler, and operating at sintering temperatures above 1900°C, the facility is designed for product versatility, quality, and global competitiveness.

Resilience, sustainability and innovation

Brumado is more than a mine – it is a modern, performance-driven production ecosystem. RHI Magnesita has recently invested over €100 million into the site, raising technical standards through automation, digital control, and integrated logistics.

“Brumado brings together every component of a resilient supply chain –  from high-grade ore to highly modernised infrastructure,” said Rajah Jayendran, Chief Technology Officer of RHI Magnesita. “We’ve installed our most advanced rotary kiln, built a state-of-the-art water recirculation system, and connected the site to export logistics. Emissions are being reduced across the board, and we see strong potential for future application of CO₂ capture and conversion technologies at the site.”

The Brumado plant already achieves 90% water reuse, preserving local water resources and protecting 22 springs in the Serra das Éguas region. It also supports local communities through environmental restoration, professional training and social impact initiatives.

As part of its decarbonisation strategy, RHI Magnesita has invested heavily in a partnership with MCi, an Australian clean-tech start-up developing pioneering carbon mineralisation technology. The process converts CO₂ into industrial-use powders. The company plans to expand this innovation to raw material operations such as Brumado in the near future.

About RHI Magnesita

RHI Magnesita is the leading global supplier of high-grade refractory products, systems and solutions which are critical for high-temperature processes exceeding 1,200°C in a wide range of industries, including steel, cement, non-ferrous metals and glass. With a vertically integrated value chain, from raw materials to refractory products and full performance-based solutions, RHI Magnesita serves customers around the world, with over 20,000 employees in 65 main production sites (including raw material sites), 12 recycling facilities and more than 70 sales offices. RHI Magnesita intends to leverage its leadership in terms of revenue, scale, product portfolio and diversified geographic presence to target strategically those countries and regions benefiting from more dynamic economic growth prospects.

The Group is listed within the Equity Shares (Commercial Companies) category (“ESCC”) of the Official List of the London Stock Exchange (symbol: RHIM) and is a constituent of the FTSE 250 index, with a secondary listing on the Vienna Stock Exchange (Wiener Börse). For more information, please visit: www.rhimagnesita.com

For further inquiries, please contact:

Abhijit Borah
Head of Global Communications & Public Affairs
abhijit.borah@rhimagnesita.com
 +43 699 1870 6728

Joseph Waldstein
Global Public Relations
 joseph.waldstein@rhimagnesita.com
 +43 699 1870 6106

The post Brazil Steps into the Spotlight as Global Magnesite Hub at MagForum 2025 appeared first on RHI Magnesita.

RHI Magnesita’s investments are increasingly targeted, directing funding where it has greatest impact – from rural healthcare to youth development. 

Simone Oremovic, Executive Vice President, People, Projects & Value Chain said:  
“This continued incremental investment reflects our unwavering dedication to making a tangible difference in the communities where we operate. From strengthening healthcare access to expanding education opportunities and pioneering environmental programs, we are working alongside our partners to drive real, positive change.” 

These investments go beyond financial support — they empower people and strengthen local communities. In 2024 alone, RHIM community initiatives provided healthcare access to over 10,000 residents in rural India, created sustainable income for 40 families in Brazil through recycling programs, and supported over 3,000 students in China with environmental education. By investing in education, health, and sustainability, the company is helping individuals and communities build lasting resilience and holistic development. 

 
Doubling Commitment to Environmental Initiatives 
 
In 2025, RHI Magnesita will double its funding for environmental programs, expanding projects in sustainable agriculture, circular economy models, and environmental education. These initiatives integrate social components, such as income generation and skills development, ensuring lasting benefits for local communities. 

 
Investing in Health, Education, and Sustainability 
 
RHI Magnesita’s community investments focus on three core pillars: 

Health & Wellbeing – Supporting hospitals, clinics, and mental health initiatives to enhance healthcare access. 

Education & Youth Development – Ensuring access to quality education, vocational training, and scholarships to empower the next generation. 

Environmental Responsibility – Promoting conservation, waste reduction, and sustainability practices that benefit both communities and ecosystems. 

In addition, the company continues to support cultural heritage preservation and rural transformation, particularly in regions where infrastructure development is needed. 

 
A Growing Legacy of Social Responsibility 
Over the past four years, RHI Magnesita has invested over €4.3 million globally to support initiatives in education, environmental protection, and healthcare, benefiting communities surrounding its operational sites.

Local CSR and community activity teams play a key role in identifying and executing impactful projects, ensuring that investments are tailored to each region’s most pressing needs.

Download our Community Fact Sheet – April 2025, now available with expanded data insights and inspiring success stories from a selection of ongoing community projects.

About RHI Magnesita

RHI Magnesita is the leading global supplier of high-grade refractory products, systems and solutions which are critical for high-temperature processes exceeding 1,200°C in a wide range of industries, including steel, cement, non-ferrous metals and glass. With a vertically integrated value chain, from raw materials to refractory products and full performance-based solutions, RHI Magnesita serves customers around the world, with over 20,000 employees in 65 main production sites (including raw material sites), 12 recycling facilities and more than 70 sales offices. RHI Magnesita intends to leverage its leadership in terms of revenue, scale, product portfolio and diversified geographic presence to target strategically those countries and regions benefiting from more dynamic economic growth prospects.

The Group is listed within the Equity Shares (Commercial Companies) category (“ESCC”) of the Official List of the London Stock Exchange (symbol: RHIM) and is a constituent of the FTSE 250 index, with a secondary listing on the Vienna Stock Exchange (Wiener Börse). For more information please visit: www.rhimagnesita.com

The post Amid challenging market conditions, RHI Magnesita continues to increase investment in local communities across over 35 sites worldwide appeared first on RHI Magnesita.