Magnesita losses increase 48-fold due to write-offs

By Liz Gyekye
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 businesses.

The company said that the total amount...

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