RHI Magnesita eyes $1 bn revenues
Global refractory player aims to achieve the revenue target over the next 2-3 years, says Stefan Borgas, CEO
image for illustrative purpose
Factors for Growth
- l Refractory market is expected to continue to grow at a CAGR of 6%
- l Countries in Asia, ME, Africa region going to add capacities, where refractory is major component
- l It is a $3.5 bn refractory products supplier globally.
New Delhi: RHI Magnesita is eyeing a $1 billion revenue from India, Middle East, and Africa region, the company’s global CEO Stefan Borgas has said. The global refractory player aims to achieve the revenue target over the next two-three years, Borgas said, adding that the India business is expected to be the biggest contributor to the projected $1-billion revenue. “Five years ago, we sat with our Indian foundation team.
At that time, we had a little over $100 million worth business. And we said it should be a $500 million business. I gave this vision to the team and the team took it seriously,” he said during an interaction. Now, the same team talks about the business reaching $1 billion, which is not just limited to India but the markets of Africa and the Middle East in next two-three years, Borgas said.
On the factors that would contribute to increased revenues, he said the refractory market is expected to continue to grow at a CAGR of 6 per cent over the next few years in this region. The countries in this region are going to add capacities of steel, cement, glass, and copper where refractory is a major component.
