Magnesita losses increase 48-fold due to write-offs
Published: Monday, 30 November 2015
Project cancellations hit company earnings while weak steel production cuts refractories income. The company predicts that 2016 will be another challenging year.
Brazil-based Magnesita Refratarios saw its losses increase
48-fold to Brazilian real (R$) 902.5m ($236.29m*) for the third
quarter of 2015, compared to R$18.3m ($4.79m) the previous
year, due to write offs in its struggling Chinese and Brazilian
The company said that the total amount...