- Refractory product supplier RHI Magnesita said its revenue had fallen significantly in the second quarter due to the Covid-19 crisis.

The company said there had been an unprecedented slowdown in customer activity and a significant fall in demand in May and June.

Revenue across its steel and industrial divisions in the three months through June had fallen by almost 20%, in line with scenario planning.

The cement and Asian steel operations had remained resilient, offset by further weakness in the European, South American and Indian steel units.

'Activity levels are likely to remain subdued through July and August, with limited visibility beyond this period,' RHI Magnesita said.

Raw material prices fell over the first four months of the year, it added, due to over-supply from China.

Cost mitigating actions taken by the company included a temporary closure of three plants in Europe and one plant in Mexico and the introduction of short time working arrangements in some plants.

The company had also deferred €45m of capital expenditure in 2020 and would pay no 2019 final dividend.

Details of further cost saving measures would be provided in August.

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