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Steel market recovers
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Magnesita squeezed
- IFGL doubles Q2 profit
Jessica Roberts, Mark Watts
Vienna-based refractories group RHI AG posted its highest ever quarterly result as sales volumes of 503,194 tonnes generated revenues of Û437.1m. ($620m.) in Q2 2011.
Group revenues grew 9.7% compared to Q2 2010, with the steel division recording the highest growth at 13.2% - an increase of 7% on RHI’s previous record result, posted in Q3 2008.
The refractory major’s operating result fell marginally from €40.8m. in Q2 2010 to Û40m. in Q2 2011, although quarter on quarter the operating result was up 37%.
RHI’s steel division performed well in Q2 in response to positive trends in global steel production, which totalled 383.9m. tonnes - up 7.8m. tonnes on Q1 - largely coming from China.
The steel division posted significantly better operating...