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IR Department

RHI Magnesita
7th Floor, 125 Old Broad Street
United Kingdom

T: +44 20 7292 6171


WELCOME to the RHI Magnesita
Investor Relations website

The driving force of the refractory industry

RHI Magnesita is the global leader in refractories. We have the largest number of locations around the world and the most innovative, reliable products and services. We also provide the most robust supply and quality security, thanks to our exceptional vertical integration – from mining to production to full service solutions.


(English) As global leaders we use our resources, worldwide presence and expertise to drive change in the refractory industry for the benefit of our customers who rely on us.

(English) Stefan Borgas Chief Executive Officer





RHI Magnesita Stock Price



Clear and compelling investment case

Resilient margins with further potential in refractories

Stable and growing Refractories margin, at 9% in 2019 (c.400bps higher than 2016)

Further €95-115m EBITA upside by 2022 from management initiatives

Additional margin contribution from backward integration, albeit varying with prevailing raw materials pricing (long-term margin of at least 2%)

Strong cash conversion and robust balance sheet

Strong cash flow generation and significant liquidity

Robust balance sheet with leverage at 1.2x net debt to EBITDA

Capital flexibility to pursue both growth and shareholder returns

Strong competitive position

Market leader with a global footprint and a “local for local” strategy – 15% global market share (30% ex-China). Clear market leadership in Americas, Europe and Middle East

Innovation leadership, with opportunity to develop technology and digital solutions across regions and portfolio

Low cost, high quality vertical integration providing security of supply and unique solutions for the market, alongside high return on assets

Growth opportunity from new markets, solutions offering and M&A

Opportunity to grow materially in under-represented markets such as India and China

Greater penetration of value-added solutions offering to customers, improving refractory margins and retention

Opportunity for further consolidation through M&A