Calderys Group

Calderys is a France-headquartered global leader in monolithic refractories and continuous casting fluxes, formed through the 2023 merger with American refractory giant HarbisonWalker International (HWI). Backed by Platinum Equity, the company generates estimated annual revenue of €1.6 billion with approximately 7,000 employees across 60+ production sites worldwide.

Business Overview

Calderys holds the undisputed #1 global market position in monolithic (unshaped) refractories — a product category that includes castables, gunning mixes, ramming mixes, and plastics used for lining and repairing high-temperature industrial furnaces. Unlike shaped brick competitors, monolithic refractories offer faster installation, greater design flexibility, and reduced maintenance downtime — attributes increasingly valued in modern steelmaking. The companys complementary strength in continuous casting fluxes — including mold powders, tundish fluxes, and ladle treatment powders — creates a comprehensive steelmaking consumables portfolio.

The 2023 HWI acquisition was transformative, adding 19 former HarbisonWalker plants across the United States and dramatically improving Calderyss competitive position in the North American market. The 2025 commissioning of the CAPES flagship facility in Odisha, India, represents the largest single-site greenfield refractory investment globally, with integrated acidic monolithic, basic monolithic, and tap-hole clay production lines. The facility incorporates solar power generation and rainwater harvesting, embodying the companys commitment to sustainable manufacturing.

Key Strengths

• #1 global market position in monolithic refractories with the industrys broadest product portfolio
• Transformative HWI merger creating true three-continent manufacturing capability
• CAPES mega-facility in India positioned to capture the worlds fastest-growing steel market
• Diversified end-market exposure reducing cyclical vulnerability across steel, cement, petrochemical, and incineration
• Successful $300 million senior notes issuance demonstrating strong credit market access

Challenges & Outlook

As a private equity-backed entity, Calderys must balance long-term strategic investments with the eventual requirement for investor exit — a dynamic that could drive further M&A activity or a public listing within 2-3 years. The post-merger integration of Calderys and HWI operations remains an ongoing operational challenge, particularly in harmonizing ERP systems and manufacturing quality standards. Looking ahead, Calderys is well-positioned to benefit from the global shift toward electric arc furnace (EAF) steelmaking, which consumes disproportionately more monolithic refractories than traditional blast furnace routes.