They believe in a safety first culture which is very important in their building because of the materials that they will be working with. Their leading presence and comprehensive product portfolio in their main business of total refractory management and services ensures sustainable growth for the mid term. In this fiscal year their was strong marketing conditions in India but their was weak global demand because of the impact of global prices levels. They successfully acquired Dalmia OCL and Hi-Tech Chemicals and they benefits of this were shown in their operations. In fy 23 the company set up a new business in the Iron making vertical. They will focus on on helping their partners face challenges like decarbonisation, domestic refractory supply reliability and, productivity and performance improvement of the iron making plants. This new vertical will help the company grow by leveraging synergies form their acquisition and entering areas in which they are still underrepresented. In fy 23 they enhanced their foundation for their main line of operations. Their main and segments areas are steel and cement but they have now made a few acquisitions to get into the iron side of the segment. Thye also now have a good chance at entering the local to local business for blast furnaces and coke ovens. Their YOY shipment has grown mainly because of all the acquisitions that they have done. Their recent acquisition have also made sure that their portfolio is much more balanced. Since India is one of the biggest markets for refractories and they also have the backing of the RHI Magnesia group which provides them with R&D services they believe that they can capitalise on the opportunities. Apart form all of this they are also looking for ways to enhance productivity inside their own company and so far in the fiscal year 23 they did find a few ways to do that. These efforts have resulted in higher production, increased shipments, and a more diverse product portfolio. While the Indian market has been on the rise their sectors have been declining which have slowed their growth. They have also started to offer robotics service to their steel companies and for their cement companies they have started to do Lining Evaluation Scan. This is very helpful when their cement kiln shut down for whatever reason. Their cost management initiatives worked and resulted in a lot of savings and their liquidity remains high which means that they can easily take up different opportunities. They want to continue growing int heir strategic initiatives of DRI, Iron making, pellets while also capatilising on their existing streghnts in steel, cement, non-ferrous metals and other industrial applications. RHI holds the spot as a premier player in manufacturing top tier refectory products for various industries such as steel, cement, nonferrous metals, and glass. Its offering include magnesia and alumina based bricks and they have a good reputation as a global high quality provider. The merger with orient electrical made them one of the biggest players for refractory. They are mainly split in two different divisions the first one being the steel division and the second one being the industrial division. In fy 24 their steel division contributed to around 76 percent of their operational revenue. For the non steel division the demand for that sector normally follows a longer replacement cycle with the cement is like once year and other materials are more then that. Their R&D team focuses on customising their services to make it better fit their customers. The global steel market is supposed to witness a CAGR of 3.3 percent annually. Summary: RHI is a company that provides refractory services for many things such as steel and glass. They hold a very prominent position in these sectors. They have a very wide range of products in their product portfolio. They finished successfully acquiring a few companies which did help them for a bit in fy 23. Personal thoughts. I think that it is good that they are entering the iron business and that it is good to see that they want to enter more and more different businesses. One thing that I found especially concerning is that the steel market is only going to grow at a CAGR of 3.3 percent for the next 7-8 years and with the big portion of RHI magnesia revenue coming from that is concerning. They can’t exactly alos focus on their second division for revenue because they said that their other then steel division can’t really grow that big cause the demand only comes annually or later. So in my view I don’t think that there is much that they can do for the next few years and maybe longer.