Steel Product Producers

RHI Magnesita to buy US-based Resco

April 3, 2024

RHI Magnesita has announced its intention to acquire Pittsburgh-based refractory producer Resco Group for an enterprise value of up to $430 million.

Global refractory provider RHI Magnesita, based in Vienna, Austria, said the buy continues its growth in alumina-based refractories by giving US customers improved product offerings.

Resco makes shaped and unshaped refractories, including products for use in the steel, aluminum, petrochemical, and cement industries. It operates seven plants and two raw material sites in the US, as well as two plants in the UK and Canada.

“I am pleased to report that the acquisition of Resco represents a step-change for our US business and our North American production footprint,” Stefan Borgas, CEO of RHI Magnesita, said in a statement on March 29.

“The acquisition advances our ‘local-for-local’ production strategy and will shorten supply chains, improve our speed of reaction, and increase the security of supply of refractories for our customers. We are listening to our customers and responding to their desires,” he added.

Ethan Bernard

Ethan Bernard is a reporter and editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.