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RHI Magnesita Q1 earnings rise despite softer steel industry demand
(Sharecast News) - Refractory specialist RHI Magnesita on Wednesday held annual guidance despite slightly weaker demand for its products in the global steel market.
The company said adjusted core earnings in the three months to March 31 increased 15% year-on-year, supported by "continued execution of management-led self-help initiatives across pricing, cost discipline, network optimisation and enhanced supply chain agility".
It also held full-year guidance of €435m in adjusted earnings before interest, tax and amortisation.
"Despite a turbulent global economy in Q1, our performance demonstrates continued progress. Demand remains resilient overall, though slightly disappointing in major steel markets and with regional variations as expected. We have restored margins to acceptable levels, reflecting disciplined execution of our self-help measures," said chief executive Stefan Borgas in a trading statement ahead of the firm's annual shareholders meeting.
Reporting by Frank Prenesti for Sharecast.com
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