Resumen de Steel refractories ripe for recovery, says industry
US-headquartered Vesuvius, one of the two largest refractories producers worldwide, outlined in a mid-May interim management statement that steel refractories were "in the bottom of the trough, so we believe there will be improvement in steel and foundry later this year".
Francois Wanecq, CEO, noted that although "significant areas of weakness remain", pointing to depressed steel production in Europe and lower casting volumes in South America, markets have been "broadly flat [in 2013], with destocking seeming to be over".
CEO Octavio Pereira Lopes noted that steel production in Magnesita's core South American markets had been weak, but said that the company's business model and "internal initiatives", such as the acquisition of a Chinese refractory brick plant and its graphite and magnesia raw material projects had enabled the company to deliver growth regardless.
