Magnesita recently reported second quarter 2011 revenues of 583 million BRL (~ $363 million), sequentially increasing 1.3% and 5.7% over the prior-year period. The company reported second quarter revenues from refractory solutions of 526.4 million BRL (~ $327 million), a sequential increase of 6.2% and a 9.3% increase over the prior-year period. The sequential increase was mainly due to a 7.3% increase in South America, primarily due to increased sales to the steel sector. The increase over the prior-year period was due to 17.5% growth in the sales outside South America.

“Our vision is to become the largest and most profitable player in the sector,” said Ronaldo Iabrudi, CEO. “The path to accomplishing this vision involves maintaining a healthy capital structure, increasing our vertical integration and implementing growth initiatives. We are pursuing this while the sector faces unprecedented macro-challenges including rising raw material prices, disruptive currency environment and a slow-recovering global market.”

For more information, visit www.magnesita.com.