- Global supplier of refractory products, systems and solutions RHI Magnesita N.V. announced third quarter steel revenues are down 14% against the same period in 2018, as the global steel market weakened.

Since its interim results in August, the global steel market has weakened further, with worldwide production declining quarter on quarter and, as a result, customers have significantly reduced their inventories during the quarter across their supply chain.

It expects a materially lower contribution from its steel division in the second half of 2019 against the first half as a result.

The company said the strong performance of its industrial division seen in the first half of 2019 continued into the third quarter. The order book remains 'robust' across all of the division's end markets, especially in cement, with project visibility extending into 2020.

Expectations for the current financial year have reduced to an adjusted EBITA in the range of €400m to €410m.

At 9:30am: [LON:RHIM] RHI Magnesita NV share price was -168p at 3466p

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