LONDON (ShareCast) - (Sharecast News) - Refractory products group RHI Magnesita said on Wednesday that it has "responded well" to challenges presented by the Covid-19 pandemic but still highlighted several impacts to trading as a result of the virus.
While RHI Magnesita said volumes had declined "significantly" in the second quarter 2020, in-line with its customers' volumes, the business remained "resilient", particularly with regards to liquidity.

RHI stated that there had been an "unprecedented" slowdown in customer activity and a "significant fall" in demand throughout May and June, resulting in a "material drop" in revenues across the group's steel and industrial units.

The FTSE 250-listed firm said its cement and Middle East/Asia steel division remained resilient but its performance was offset by the aforementioned weakness in steel trading across Europe, South America and India.

In addition, RHI's said it was continuing to take action to accelerate the delivery of its strategy and to strengthen the business for the longer term.

As of 0910 BST, RHI shares were up 2.36% at 2,516p.

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