RHI Magnesita CEO Stefan Borgas has reflected on what 2023 entailed for the company and indeed for the refractory sector at large. “This year brought unexpected demand challenges for the entire industry worldwide – the worst year in the past fifteen years from that perspective,” he says. “It puts productivity pressures on our employees; we need to fight high inflation in many countries; we deal with quickly rising financing costs. I am mostly proud of how the RHI Magnesita team acted, and how each person fulfilled their role: thanks to them, our company showed operational and financial strength, a testament to dedication and hard work. This serves as a promising sign for the upcoming year.
“To overcome these challenges and maintain a leadership position, we are laser-focused on short-term execution and, at the same time, keeping a rather long-term strategic approach. Over the past four years, we’ve invested over €850 million in our facilities, focusing on reducing costs, improving quality, optimising our production network, and ensuring the smooth delivery of our commitments. This period of investment has made us much stronger for the future.
“An important part of our strategy involves prioritising the safety and well-being of our employees. In 2023, we increased our investments in physical safety infrastructure, expanded our expert staff, introduced digital tools safety, and reinforced safety training. Our longstanding belief is that people drive progress, contributing significantly to our overall resilience.”
Despite the turbulence, there were many highlights for the company, such as the completion of strategic acquisitions, including Dalmia Bharat Refractories Limited, Jinan New Emei Industries Co Ltd, Seven Refractories, and P-D Refractories. This brings the total to nine acquisitions in the last two years, expanding the company’s global presence and diversifying its product offering.
The company has also continued its dedication to environmental sustainability, characterised by substantial investments in lowering CO2 emissions and exploring advanced technologies for even greater reductions, resulting in an annual reduction of CO2 emissions by 1.3 million tons. Find out more about https://www.rhimagnesita.com/.
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