Steel Product Producers
RHI Magnesita closes on buy of Pittsburgh’s Resco Group
Written by Laura Miller
February 4, 2025
RHI Magnesita has closed on its previously announced $410 million purchase of Pittsburgh-based refractory group Resco Group.
The Vienna-based global refractory product provider said this is its most significant investment since RHI and Magnesita merged in 2017.
“The addition of Resco Group to the company’s North America operations will significantly increase local-for-local production, improving supply chain security for these critical industries that underpin the economic health of the region,” the company said.
RHI plans to upgrade and increase the capacities of Resco’s 11 plants. Resco, founded in 1946, operates seven plants and two raw material sites in the US, one plant in Canada, and another in the United Kingdom.
“Combining our expertise in refractory solutions with Resco’s strengths in the petrochemical, cement, and aluminum sectors, we aim to broaden our offerings through increased local production and improved supply chain security,” commented Craig Powel, regional president of RHI Magnesita North America.
“We are grateful for Balmoral Funds’ support during their ownership, which helped strengthen our market position, and we look forward to continuing our growth trajectory as part of RHI Magnesita’s global platform,” added Mark Essig, CEO of Resco from 2022 until the sale’s closing.
RHI Magnesita has 67 production sites, 12 recycling facilities, and more than 70 sales offices around the globe.
Laura Miller
Read more from Laura MillerLatest in Steel Product Producers
Nucor moves to stop HRC price slide with $10/ton hike
Nucor is attempting to halt the decline in hot-rolled coil prices with the announcement of a $10-per-short-ton increase in its weekly consumer spot price on Monday.
Fabricator Merrill Steel building $32M+ facility in Arkansas
Steel fabricator Merrill Steel will spend over $32 million to construct a manufacturing facility Osceola, Ark.
Explosion rocks ArcelorMittal’s DR plant in Mexico
ArcelorMittal reported a "strong" explosion at the direct reduction part of its massive Lazaro Cardenas mill in Mexico.
Galvanized steel prices slip while demand remains flat: HARDI
Galvanized steel prices dipped to ~$48/hundredweight in August from the $50-59/hundredweight range during the month of July.
Zekelman Industries creates VP role to accelerate AI adoption
To drive the company-wide adoption of artificial intelligence, Zekelman Industries has created a new role – Vice President of AI and Innovation – and hired Jason Pappas to fill it.