RHI Magnesita N.V. (RHIM.L) Bundle
From a 1908 discovery in Austria to a global powerhouse born in the 2017 merger of RHI AG and Magnesita, RHI Magnesita N.V. has built a vertically integrated empire that supplies critical refractories for steel, cement, glass and more-headquartered in Vienna, listed on the London Stock Exchange as RHIM and with a secondary Vienna listing and FTSE 250 membership; the company reported €3,487 million in revenues, €242 million operating income and €154 million net income in 2024, employs approximately 15,000 people while operating with over 20,000 employees and contractors across 65 main production sites, 12 recycling facilities and 70+ sales offices, completed the strategic Resco acquisition in January 2025 to deepen its North American footprint, and pursues a mission to deliver sustainable high-temperature solutions on a path to become a €10 billion company through performance-based products, engineered services, in-house raw materials and digital systems that capture value across the full refractory value chain
RHI Magnesita N.V. (RHIM.L) - Intro
RHI Magnesita N.V. (RHIM.L) is a global leader in refractory products, systems and services serving steel, cement, non-ferrous, glass and other high-temperature industries. The group's capabilities span raw material sourcing, refractory production, installation, maintenance and performance-based services built on decades of metallurgical and mineral expertise.- Founded from early 20th-century magnesite mining origins in Austria (discovery by Josef Hörhager at Millstätter Alpe in 1908) through the Austro-American Magnesite Company / Radex Austria lineage.
- Key corporate milestone: 2017 merger of RHI AG and Magnesita forming RHI Magnesita N.V., creating a market-leading global refractory supplier.
- Headquartered in Vienna, Austria; listed on the London Stock Exchange (RHIM) and Vienna Stock Exchange.
- Completed strategic acquisition of Resco in January 2025 to strengthen North American presence and downstream capabilities.
How It Works - Value Chain & Operations
RHI Magnesita operates a vertically integrated model linking raw material supply to engineered refractory solutions and performance services:- Raw material sourcing and mining (magnesite, dolomite and other refractories feedstocks).
- Manufacturing across shaped and unshaped refractories, monolithics, precast and specialty components.
- Technical services: engineering, installation, predictive maintenance and performance contracts.
- R&D and digital services to optimize furnace performance, reduce downtime and lower total cost of ownership.
Financial & Operational Snapshot (2024)
| Metric | Value (2024) |
|---|---|
| Revenue | €3,487 million |
| Operating income | €242 million |
| Net income | €154 million |
| Employees | ~15,000 |
| Primary listings | London Stock Exchange (RHIM), Vienna Stock Exchange |
Key Historical Milestones
- 1908 - Josef Hörhager discovers magnesite at Millstätter Alpe; Austro-American Magnesite Company (later Radex Austria) established.
- 20th century - Expansion of mining and refractory manufacturing in Austria and Europe.
- 2017 - Merger of RHI AG and Magnesita to form RHI Magnesita N.V., combining market positions and global footprint.
- 2024 - Business delivering €3.487bn revenue with diversified global end markets.
- Jan 2025 - Acquisition of Resco completed, enhancing North American downstream service and product offerings.
Ownership & Corporate Structure
- Publicly traded group with institutional and retail shareholders; primary trading liquidity on LSE and Vienna exchanges.
- Management structured around regional operating units, global products & technology, and centralized corporate functions (finance, legal, strategy).
How RHI Magnesita Makes Money
- Product sales: shaped refractories, monolithic mixes, precast elements and specialty bricks sold to steel, cement, glass and non-ferrous producers.
- Services & solutions: installation, maintenance contracts, refractory management and lifecycle solutions that capture recurring revenue and margin uplift.
- Performance & engineering: consultancy, furnace optimization and digital services that reduce customer costs and create value-based pricing opportunities.
- Vertical integration benefits: captive raw material sourcing and global manufacturing footprint lowering input costs and securing supply for high-margin aftermarket activity.
RHI Magnesita N.V. (RHIM.L): History
RHI Magnesita N.V. (RHIM.L) traces its modern form to the 2017 combination of Austria's RHI and Brazil's Magnesita, creating the world's largest supplier of refractory products and solutions. Incorporated under Dutch law with its official seat in Arnhem and operational headquarters in Vienna, the group expanded through organic investments and targeted acquisitions to build a vertically integrated global platform that spans raw material sourcing, refractory production, recycling and performance-based services.
- Legal form: Public limited company (Dutch law), official seat Arnhem, Netherlands; office in Vienna, Austria.
- Primary listing: London Stock Exchange (ticker RHIM); secondary listing: Vienna Stock Exchange.
- Index membership: Constituent of the FTSE 250 Index.
- Vertical integration: mines → refractory production → recycling → on-site performance & services.
| Metric (2024) | Value |
|---|---|
| Revenue | €3,487 million |
| Operating income | €242 million |
| Net income | €154 million |
| Reported employees | ≈15,000 |
| Global footprint (sites & facilities) | 65 main production sites, 12 recycling facilities, >70 sales offices |
| Employees & contractors (broader) | Over 20,000 worldwide |
The company's business model monetizes a mix of products and services: proprietary refractory materials sold to steel, cement, non-ferrous, glass and other high-temperature industries; engineered linings and installation services; recycling and reuse programs; and long-term performance contracts. This mix, backed by upstream access to magnesite and other raw materials, supports margins through cost control and captive supply advantages.
- Customer base: global heavy industries requiring heat-resistant linings (steel, cement, glass, non-ferrous, petrochemical).
- Revenue drivers: replacement cycles, capacity expansions in core industries, aftermarket services and performance contracts.
- Capital allocation: investment in mining assets, production automation, recycling capabilities and regional service hubs.
More detail: RHI Magnesita N.V.: History, Ownership, Mission, How It Works & Makes Money
RHI Magnesita N.V. (RHIM.L): Ownership Structure
RHI Magnesita N.V. (RHIM.L) positions itself as the global leader in refractory solutions for high-temperature industries. Its declared mission is to deliver sustainable high-temperature industry solutions worldwide, empowering modern life, while its vision is to be the driving force of the refractory industry and to become a €10 billion company. Safety, integrity and a customer-focused corporate culture - supported by innovation, openness, pragmatism and performance - underpin the group's strategy. The company explicitly links growth with sustainability, seeking to integrate economic prosperity, social responsibility and environmental stewardship across operations.- Core values: safety first, integrity, customer focus, innovation, pragmatic execution.
- Strategic priorities: safety leadership, product & process innovation, sustainability leadership, and industry consolidation.
- Stakeholder approach: value creation through partnerships with customers, suppliers, communities and investors.
| Metric | Latest reported / approximate |
|---|---|
| Annual revenue | ≈ €4.0 billion |
| Adjusted EBITDA | ≈ €600-700 million |
| Employees | ≈ 13,000 |
| Production & service sites | ~100 sites across ~35 countries |
| Public listing | Primary listing in Europe (traded as RHIM.L in some markets) |
- Public shareholders (institutional investors and retail) constitute the bulk of the free float, with large institutional holders often representing a significant share of voting rights in line with peers in the industrial materials sector.
- Management and board hold meaningful but minority equity positions aligned with long-term performance incentives.
- Strategic grouping: the company pursues growth by acquisitions and consolidation in the refractory market, which affects shareholder composition over time through M&A and capital markets activity.
- Revenue drivers: sales of refractory materials, engineered solutions, installation and services to steel, foundry, cement, non-ferrous and other high-temperature industries.
- Margin drivers: product mix (specialty refractories vs. commoditized products), aftermarket services, vertical integration of magnesia and raw material sourcing, operational efficiency and scale.
- Sustainability & capital allocation: investments in energy efficiency, recycling and lower-emission processes aim to reduce lifecycle costs for customers and align with investor expectations on ESG.
RHI Magnesita N.V. (RHIM.L): Mission and Values
RHI Magnesita N.V. (RHIM.L) positions itself as the world's leading supplier of refractory products, systems and services for high-temperature industrial processes, driven by safety, sustainability and customer performance. Its stated mission emphasizes delivering long-term, lifecycle value to customers through materials science, engineering know‑how and increasingly digitized service offerings while reducing environmental footprint and maximizing circularity.- Customer focus: minimize downtime and total cost of ownership through performance-based contracts and engineered lining concepts.
- Safety-first culture: rigorous workplace safety standards across mining, production and installation activities.
- Sustainability & circularity: expanding recycling, alternative raw materials and energy-efficiency measures in production and furnace linings.
- Innovation: materials R&D, digital monitoring (sensors/systems) and machinery to extend refractory life and process efficiency.
- Raw material extraction and processing: company-owned and contracted mines produce magnesite and dolomite; internal production of dead-burned magnesia (DBM) and fused magnesia (FM).
- Manufacturing: >65 main production sites produce bricks, monolithics (mixes, mortars, castables), mortars and specialty components.
- Recycling & circular services: 12 recycling facilities recover and re-process spent refractories for reuse, lowering raw material consumption and landfill.
- Engineering & installation services: design of lining concepts, installation supervision, onsite maintenance, predictive services and turnkey relines.
- Digital & equipment: sensors to monitor lining condition, specialized installation machinery and proprietary software for performance monitoring.
- Sales & support: regional sales offices and local service teams provide technical support and logistics.
| Metric | Figure |
|---|---|
| Employees & contractors | Over 20,000 |
| Main production sites | 65 |
| Recycling facilities | 12 |
| Sales offices | More than 70 |
| Primary product categories | Magnesite/dolomite raw materials, DBM, fused magnesia, refractory bricks, mixes, mortars, castables, precast shapes |
| Service offerings | Engineering design, lining installation & supervision, maintenance, recycling, sensors & digital monitoring, machinery |
- Product sales: bulk and specialty refractories (bricks, monolithics, precast shapes) and internally produced raw materials (magnesite ore, DBM, fused magnesia).
- Project & engineering revenue: turnkey lining projects, relines and customized refractory systems billed as project work.
- Service & performance contracts: long-term performance-based agreements, maintenance, on-site technicians and predictive monitoring fees.
- Aftermarket & spare parts: sensors, installation machinery, tools and consumables.
| Metric | Recent value (approx.) |
|---|---|
| Annual revenue | ≈ €3.4 billion (recent fiscal year, approximate) |
| Adjusted EBITDA | ≈ €530 million (recent fiscal year, approximate) |
| Net debt | ≈ €1.1 billion (approx.) |
| Workforce | >20,000 employees & contractors |
| Global sites | 65 production sites, 12 recycling facilities, >70 sales offices |
- Vertical integration reduces exposure to raw material volatility and supports margin capture across the value chain.
- Engineering-led approach and service contracts create sticky customer relationships and recurring revenue streams.
- Global footprint and local service capability shorten lead times for critical replacements and on-site support.
- Investment in recycling and digital monitoring improves sustainability credentials and customer ROI on linings.
RHI Magnesita N.V. (RHIM.L): How It Works
RHI Magnesita N.V. (RHIM.L) is a global supplier of refractory products, systems and services for high-temperature industrial processes. The company captures value across a vertically integrated chain - from mined magnesite ore through processed refractory raw materials, manufactured bricks and castables, to engineered lining systems, installation, monitoring and recycling - and monetizes that chain via product sales, long-term service contracts, performance-based agreements and aftermarket parts and consumables.- Primary revenue streams: sale of refractory products (bricks, mixes, castables, mortars), sale of internally produced raw materials (dead-burned magnesia, fused magnesia, magnesite ore), engineered installation & supervision services, maintenance & lifecycle contracts, hot repairs and recycling services, and digital/sensor/machinery solutions.
- End markets include steel, cement, non-ferrous metals, glass, lime, energy & waste-to-energy, chemicals and other heat-intensive industries.
- Geographic footprint: production and sales across Europe, Americas, APAC (notably China and India), and MEA - enabling proximity to raw materials and customers, and local service delivery.
- Vertical integration: owning mines and raw-material processing plants reduces input cost volatility, secures supply and supports specialized product formulations (e.g., dead-burned magnesia, fused magnesia) that command higher margins.
- Product portfolio breadth: standard refractories (bricks, monolithics) generate transactional revenue; engineered linings, installation and performance contracts provide higher-margin, recurring service revenue.
- Aftermarket and lifecycle services: hot repairs, maintenance contracts and recycled refractory materials extend customer relationships and diversify cash flow beyond initial installations.
- Digital & equipment: sensors, condition-monitoring and installation machinery enhance upsell opportunities and allow performance-based pricing tied to reduced downtime and longer lining life.
- Mining and raw-material processing: extraction of magnesite ore, production of DBM (dead-burned magnesia) and FM (fused magnesia) for internal use and third-party sales.
- Manufacturing: refractory bricks, modules, precast shapes, castables, mortars and specialized high-purity products tailored to customer process chemistry and temperature regimes.
- Engineering & services: lining design, pre-assembly, on-site installation, commissioning, supervision, scheduled maintenance, emergency repairs and recycling of spent refractories.
- R&D & application labs: material science development to improve thermal shock resistance, erosion resistance, slag resistance and to reduce energy losses for customers.
| Metric | Value (FY 2023, approximate) |
|---|---|
| Group revenue | €3.4 billion |
| Adjusted EBITDA | €460 million |
| Net debt | €1.1 billion |
| Capital expenditure | ~€180 million |
| Employees | ~12,000 |
- Raw material cost exposure (magnesite, energy): integration into mining and DBM/Fused-MgO production stabilizes margins versus third-party procurement.
- Product mix: higher share of engineered solutions and services increases gross margin vs commodity refractories.
- Currency and commodity cycles: steel, cement and non-ferrous metal demand cycles directly influence order books and pricing power.
- Operational efficiency: plant utilization, kiln efficiency and logistics proximity to customer sites reduce cost per tonne delivered.
- One-off product sales: supplying refractory bricks and castables for a furnace rebuild (transactional invoice).
- Installation + warranty: bundled sale of lining plus supervised installation and warranty, higher combined margin and service revenue over the lining life.
- Performance-based contracts: charging according to furnace uptime/throughput improvements or lining lifetime extension, sharing improvement value with customers.
- Recycling & lifecycle services: taking back spent refractories, processing and resale of reclaimed material or safe disposal services.
| Category | Share |
|---|---|
| Steel & metals (end market) | ~45% of revenue |
| Cement & lime | ~15% |
| Non-ferrous, glass, energy, chemicals | ~30% |
| Other / services | ~10% |
- Increase share of engineered projects and service contracts (higher recurring revenue and stickiness).
- Expand digital monitoring and predictive maintenance offerings to monetize uptime improvements.
- Optimize vertical integration to protect margins when raw-material prices rise.
- Drive productivity and regional manufacturing footprint to reduce logistics cost and improve lead times.
RHI Magnesita N.V. (RHIM.L): How It Makes Money
RHI Magnesita N.V. (RHIM.L) is the world's leading supplier of high-grade refractory products, systems and performance-based solutions for high-temperature industrial processes (>1,200°C). The company monetizes its position through a vertically integrated model that captures value across raw-material extraction, product manufacture, application engineering and long-term service contracts.- Primary revenue streams: sales of refractory products (bricks, castables, monolithics), engineered systems, installation & maintenance services, and performance contracts tied to customers' plant uptime and energy efficiency.
- Customer industries: steel, cement, non-ferrous metals, glass, energy, and petrochemical sectors-segments that demand continuous high-temperature performance and lifecycle support.
- Geographic diversification: sales and production across Europe, Americas, Middle East & Africa, and Asia-Pacific to exploit growth in dynamic markets and de-risk regional cycles.
| Metric | FY 2023 (approx.) | Notes |
|---|---|---|
| Revenue | €4.7 billion | Product sales + services across global footprint |
| Adjusted EBITDA | €780 million | Margin driven by mix, scale and service contracts |
| Net Debt | €1.9 billion | Leverage supporting past M&A and capex |
| Employees | ~14,000 | Manufacturing, R&D, field service engineers worldwide |
| Index Listings | FTSE 250; Secondary: Vienna Stock Exchange | Reflects UK prominence and European capital-market presence |
- Vertical integration - control of magnesia and raw-material sourcing lowers input volatility and supports margin stability across cycles.
- Product-to-service upsell - customers purchase not only refractory materials but also installation, predictive maintenance and performance guarantees, increasing lifetime customer value.
- Scale & innovation - R&D and global manufacturing footprint enable cost efficiencies, proprietary products for extreme environments, and tailored solutions that command premium pricing.
- Performance-based contracts - linking fees to uptime, energy savings or extended refractory life aligns incentives and creates recurring, higher-margin revenue.
- Leadership: largest global supplier by revenue and installed base in critical high-temperature segments, giving negotiating power with large industrial clients.
- Growth focus: targeting countries and regions with stronger industrial expansion to capture incremental demand for steel, cement and non-ferrous processing capacity.
- Sustainability push: commitments to reduce CO2 footprint across operations and product lifecycles, recycling and low-CO2 refractories to meet customer decarbonization targets.
- Corporate culture: customer-centricity, innovation, openness, pragmatism and performance, with safety and integrity as non-negotiable principles.
RHI Magnesita N.V. (RHIM.L) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Disclaimer
All information, articles, and product details provided on this website are for general informational and educational purposes only. We do not claim any ownership over, nor do we intend to infringe upon, any trademarks, copyrights, logos, brand names, or other intellectual property mentioned or depicted on this site. Such intellectual property remains the property of its respective owners, and any references here are made solely for identification or informational purposes, without implying any affiliation, endorsement, or partnership.
We make no representations or warranties, express or implied, regarding the accuracy, completeness, or suitability of any content or products presented. Nothing on this website should be construed as legal, tax, investment, financial, medical, or other professional advice. In addition, no part of this site—including articles or product references—constitutes a solicitation, recommendation, endorsement, advertisement, or offer to buy or sell any securities, franchises, or other financial instruments, particularly in jurisdictions where such activity would be unlawful.
All content is of a general nature and may not address the specific circumstances of any individual or entity. It is not a substitute for professional advice or services. Any actions you take based on the information provided here are strictly at your own risk. You accept full responsibility for any decisions or outcomes arising from your use of this website and agree to release us from any liability in connection with your use of, or reliance upon, the content or products found herein.