Magnesita recently announced net profits of 21.8 million BRL (~ $13.6 million) in the first quarter of 2011, up 44% from the same quarter last year. EBITDA was 93.8 million BRL (~ $58.6 million), with a margin of 16.3%, significantly higher than the industry average.

The company posted net revenues of 575.3 million BRL (~ $359 million) in the first quarter 2011, up 1.7% vs. the same period last year, driven primarily by the company’s services area, which focuses on refractory and metal-mechanical equipment maintenance.

“During the quarter, we closed three new CPP contracts in our line of refractory solutions for the steel industry, and we further advanced discussions surrounding the renegotiation of CPP contracts in South America by offering expanded scope, extended contract terms, and by enhancing performance,” said Ronaldo Iabrudi, CEO.

For more information, visit www.magnesita.com.