Magnesita Refratários SA, a global leader in refractory solutions and industrial minerals, recorded consolidated net revenue of US$552m in the first half of 2017, representing a 14 per cent YoY increase over the comparative period of 2016.
Adjusted EBITDA reached US$91m in the 1H17, up by 13 per cent over 1H16, with a 16.5 per cent margin in the period. The performance was mainly driven by the 10.3 per cent increase in sales to the steel industry. Record in dead burnt magnesia sales, which grew 153 per cent YoY, also explains the improved results for the period under review.
Merger update
Significant advances have also been made in terms of Magnesita and RHI's intention to combine their operations. The transaction was cleared on 28 June 2017 by the European antitrust authority and subsequently by the Brazilian antitrust authority CADE on 11 July. Therefore, the merger has obtained all mandatory antitrust approvals. On 4 August the transaction was approved by RHI's shareholders at an EGM held in Vienna. “These events represent major milestones, which place us much closer to the conclusion of the transaction," affirms Magnesita Chairman, Octavio Pereira Lopes.
The next important step to complete the transaction is the listing of RHI Magnesita on the main market of the London Stock Exchange, which is expected for the fourth quarter of 2017. “We are confident that we will complete the transaction to create a leading refractory company by year-end,” adds Mr Lopes.
