Quick Facts / Company Snapshot
- Company Name: Vesuvius plc
- Headquarters: 165 Fleet Street, London EC4A 2AE, United Kingdom
- Industry: Molten metal flow engineering and technology
- Total Revenue (2024): £1,820.1 million
- Trading Profit (2024): £188.0 million
- Operating Profit (2024): £153.7 million
- Return on Sales (2024): 10.3%
- Free Cash Flow (2024): £61.0 million
- Statutory EPS (2024): 33.5p
- Headline EPS (2024): 43.3p
- Total Employees: More than 11,000
- Production Sites: 54 across 6 continents
- Sales Offices: 68 across 40 countries
- R&D Centres of Excellence: 6
- R&D Investment (2024): £36.9 million (2.0% of revenue)
- Products Launched (2024): 33 new products
- Lost Time Injury Frequency Rate (2024): 0.52 per million hours
- Dividend per Share (2024): 23.5 pence
- Net Debt to Adjusted EBITDA (2024): 1.3x
- Return on Invested Capital (2024): 8.4%
Company Overview
Vesuvius plc is a global leader in molten metal flow engineering and technology, providing high-technology products and solutions to industrial customers who operate in challenging high-temperature conditions. The company focuses heavily on technological differentiation, dedicating significant resources to innovation to help clients solve the most complex problems within their production processes.
- Vesuvius primarily serves the steel and foundry industries globally.
- The company operates through two main segments: the Steel Division and the Foundry Division.
The organisation is structured to be entrepreneurial, decentralised, and non-matrixed, empowering local decision-making while maintaining a cohesive global strategy. The overarching mission of Vesuvius is to shape the future by creating innovative solutions that make industrial processes safer, more efficient, and more sustainable.
- The company’s CORE Values are Courage, Ownership, Respect, and Energy.
- Vesuvius utilises the services of more than 2,000 directly supervised contractors alongside its core workforce.
Business Segments
Vesuvius plc separates its core operations into two distinct business divisions: the Steel Division and the Foundry Division. These segments allow the company to provide targeted, bespoke solutions to its primary customer bases.
Steel Division
The Steel Division is the largest operating segment, generating £1,343.8 million in revenue during 2024, which accounts for 73.83% of the company’s total revenue. This division reported a trading profit of £153.0 million, achieving a robust return on sales of 11.4%. The division is focused on supplying refractory products, systems, and solutions that increase efficiency, productivity, quality, and safety for steel producers.
- Flow Control: Revenue of £769.0 million (42.25% of total revenue). This business unit provides consumable ceramic products, systems, robotics, and digital services for continuous casting.
- Advanced Refractories: Revenue of £535.6 million (29.43% of total revenue). It supplies specialist refractory products designed to enable equipment to hold molten metal safely.
- Sensors & Probes: Revenue of £39.2 million (2.15% of total revenue). This sub-segment supplies products that enhance the monitoring and control of production processes.
Foundry Division
The Foundry Division, operating under the Foseco brand, generated £476.3 million in revenue in 2024, representing 26.17% of total revenue. The division achieved a trading profit of £35.0 million with a return on sales of 7.4%. It is a world leader in the supply of consumable products, technical advice, and application support to the global foundry industry.
- Primary customers include both ferrous and non-ferrous foundries serving diverse end-markets.
- The division mitigates market downturns through significant market share gains and technological differentiation.
History and Evolution
The history of Vesuvius stretches back over 100 years, beginning with its foundations in the American steel boom. In 1916, the Vesuvius Crucible Company was established in Pittsburgh by the Arensburg brothers and Arthur Jackman. Their mission was to manufacture the most effective clay graphite crucibles for melting steel to support the soaring industrial demand.
- By 1919, the company was pioneering developments in the stopper head category.
- The Foundry Division traces its roots to 1932 when Eric Weiss and Dr Kossy Strauss set up Foundry Services Ltd in Birmingham, UK.
Throughout the 20th century, both Vesuvius and Foseco launched generations of transformative technology. Foseco introduced Feedex powder and Ferrux anti-piping covers in the 1940s, while Vesuvius pioneered Viso, an isostatically pressed product essential for the continuous casting of steel. In 2014, Vesuvius expanded its technological capabilities by acquiring Process Metrix, LLC.
- In 2017, a new R&D centre for Advanced Refractories was opened in Visakhapatnam, India.
- Today, the company operates 6 distinct R&D centres and invests millions annually to maintain its technological edge.
Products and Services
Vesuvius plc offers a massive portfolio of highly specialised products across its operating segments. These are generally critical consumable products coupled with advanced mechatronics and technical advice.
Flow Control Products
The Flow Control segment generated £769.0 million in revenue, which is 42.25% of the total company revenue. The products provide end-to-end continuous casting solutions, shifting from the ladle to the mould.
- VISO (isostatic tubes, stoppers, and nozzles): Accounts for c.45% of segment revenue (£346.05 million / 19.01% of total).
- SLIDE-GATE (refractories and systems): Accounts for c.35% of segment revenue (£269.15 million / 14.79% of total).
- OTHER (including fluxes, purging plugs, and robots): Accounts for c.20% of segment revenue (£153.8 million / 8.45% of total).
Advanced Refractories Products
Generating £535.6 million (29.43% of total revenue), this unit provides consumable products to the steel and industrial processes industries. These solutions are designed to hold molten metal safely.
- UNSHAPED (AlSi and basic monolithics): Accounts for c.55% of segment revenue (£294.58 million / 16.18% of total).
- SHAPED AND OTHER (including bricks and precast): Accounts for c.45% of segment revenue (£241.02 million / 13.24% of total).
Foundry Products
The Foundry division generated £476.3 million (26.17% of total revenue), providing customisable products and process technology that improve casting quality.
- FEEDING AND FILTRATION: Accounts for c.40% of segment revenue (£190.52 million / 10.47% of total).
- BINDERS AND COATINGS: Accounts for c.30% of segment revenue (£142.89 million / 7.85% of total).
- OTHER (including crucibles and melt-shop products): Accounts for c.30% of segment revenue (£142.89 million / 7.85% of total).
Sensors & Probes Products
Generating £39.2 million (2.15% of total revenue), these solutions are primarily data-driven mechanisms that preserve the purity of the steel as it moves through the production process. They enhance the control and monitoring of precise high-temperature processes.
Brand Portfolio
Vesuvius plc goes to market through several strong, historically significant brands that command premium pricing due to their technological differentiation.
Vesuvius
The primary brand of the Steel Division, Vesuvius represents 73.83% of total revenue (£1,343.8 million). The brand is synonymous with high performance, safety, and molten metal flow engineering. Notable product brands under this umbrella include DuraPlate L-Tech, an advanced ladle slide-gate plate, and DuraSleeve, designed to extend casting duration.
- LG34™ ladle-gate systems and SEM3085M advanced tube-changer systems are critical equipment innovations.
- Basilite Quickstart eliminates the need for energy-intensive flame drying of tundish linings.
Foseco
Foseco is the dedicated brand for the Foundry Division, representing 26.17% of total revenue (£476.3 million). Known globally, Foseco helps customers improve casting quality and foundry efficiency. Key sub-brands include SOLOSIL, an environmentally-friendly inorganic binder, and SEMCO, fast-drying and colour-change coatings.
Geographical Presence
Vesuvius maintains a massive global footprint across 40 countries, with a strategy that places manufacturing and sales close to its global customer base.
Europe, Middle East and Africa (EMEA)
This region is the largest contributor to the Group, generating £603.1 million in 2024, which is 33.14% of total revenue. The region accounts for 4,309 employees and maintains non-current assets of £510.7 million.
- Revenue from the UK specifically was £50.7 million.
- Key expansion includes Skawina, Poland, for VISO and slide-gate production.
Asia-Pacific
Asia is a high-growth region for the company, contributing £583.5 million or 32.06% of total revenue. The company employs 6,260 people in this area, making it the largest region by headcount.
- The non-current assets located in Asia total £244.9 million.
- Major sites include Vizag, Kolkata, and Pune in India, as well as Yingkou and Changshu in China.
Americas (North and South America)
The Americas generated £633.5 million combined, accounting for 34.80% of total revenue. North America specifically generated £487.8 million (26.80% of total), while South America contributed £145.7 million (8.00% of total).
- The region employs 3,146 people across the two continents.
- Monterrey, Mexico, is a key site for Flow Control VISO manufacturing.
- The company’s first carbon-free major manufacturing site is located in Rio de Janeiro, Brazil.
Financial Performance Analysis
Despite challenging macro-economic dynamics, particularly in the Foundry and European Steel markets, Vesuvius delivered a resilient and steady financial performance in 2024. The company maintained strict pricing discipline, passing along cost adjustments while expanding market share in specific territories.
- Underlying revenue growth experienced a slight contraction of 1.8%.
- The Return on Invested Capital (ROIC) was 8.4%.
- Trade working capital intensity improved to 22.9%, demonstrating strong capital management.
Profit and Loss Analysis
The Group Income Statement highlights careful cost control mitigating top-line pressures.
| Metric | 2024 (£m) | 2023 (£m) |
| Revenue | 1,820.1 | 1,929.8 |
| Manufacturing costs | (1,316.4) | (1,391.9) |
| Administration, selling and distribution costs | (315.7) | (337.5) |
| Trading profit | 188.0 | 200.4 |
| Cost reduction programme expenses | (14.6) | 0.0 |
| Provision for future water treatment at disused mine | (9.7) | 0.0 |
| Amortisation of acquired intangible assets | (10.0) | (10.3) |
| Operating profit | 153.7 | 190.1 |
| Net finance costs | (16.2) | (11.6) |
| Share of post-tax profit of joint ventures | 1.1 | 0.9 |
| Profit before tax | 138.6 | 179.4 |
| Income tax charge | (38.3) | (48.8) |
| Profit after tax | 100.3 | 130.6 |
Balance Sheet Analysis
Vesuvius maintains a strong and prudent balance sheet, allowing for continued investment, strategic acquisitions, and shareholder returns. The net debt to adjusted EBITDA ratio stood at a comfortable 1.3x.
- Total non-current assets for the group sit at £1,211.4 million.
- The standalone Company Balance Sheet shows total fixed asset investments of £1,778.0 million.
- Net assets for the Parent Company are £1,100.7 million.
Cash Flow Analysis
The Vesuvius business model is intentionally designed to be highly cash-generative with low capital intensity. In 2024, the business delivered adjusted operating cash flow of £130.3 million, representing a 69% cash conversion rate.
- Free cash flow was £61.0 million, after accounting for cash capital expenditure of £100.8 million.
- During 2024, £63.4 million was utilised for share buyback programmes, and £61.1 million was paid in dividends.
- The company is targeting cumulative free cash flow of at least £400 million between 2024 and 2027.
Board of Directors and Leadership Team
The leadership structure at Vesuvius is separated into the Board of Directors, ensuring robust corporate governance, and the Group Executive Committee, which manages day-to-day operations.
- Carl-Peter Forster: Chairman of the Board. He led the company through strategic refinements and extensive shareholder engagement during the year.
- Patrick André: Chief Executive. Under his tenure, the company has driven aggressive cost reduction and sustainability initiatives.
- Mark Collis: Chief Financial Officer. He oversees the financial strategy, capital allocation, and risk frameworks.
- Eva Lindqvist: Senior Independent Director. Joined the Board in May 2024, bringing over 35 years of global industrial experience, previously serving at Ericsson and Telia.
- Italia Boninelli: Chair of the Remuneration Committee. Joined in June 2024, offering deep HR expertise from the mining and healthcare sectors.
- Robert MacLeod: Chair of the Audit Committee, succeeding Douglas Hurt in the role.
The Group Executive Committee includes:
- Pascal Genest: President, Flow Control.
- Nitin Jain: President, Advanced Refractories.
- Luigi Magliocchi: President, Sensors & Probes.
- Karena Cancilleri: President, Foundry.
Subsidiaries, Associates, Joint Ventures
Vesuvius plc acts as the ultimate parent entity for a variety of global subsidiaries.
- PiroMET: In November 2024, Vesuvius agreed to acquire a 61.65% majority stake in this Turkish refractory company for €26.2 million. The deal was officially completed on 28 February 2025. PiroMET specialises in advanced robotics and gunning solutions.
- The company’s joint ventures generated £1.1 million in post-tax profit during 2024.
- Non-controlling interests (principally minority holdings in Indian subsidiaries) received £13.1 million in profit attributable during the year.
Physical Properties
Vesuvius boasts a vast and highly integrated physical footprint tailored to support localized supply chains.
- The company operates exactly 54 production sites on 6 continents.
- In addition, there are 68 dedicated sales offices.
- Research and Development is concentrated in 6 global centres of excellence.
Segment-wise Performance
The segments experienced varying degrees of resilience amidst tough macro environments.
- Flow Control: Revenue declined slightly on a reported basis by 3.0% but grew 1.3% on an underlying basis to £769.0 million.
- Advanced Refractories: Reported revenue of £535.6 million, an underlying decrease of 2.6%. The segment saw massive double-digit volume increases in India and China, heavily offsetting declines in the Americas.
- Foundry: Revenue fell 10.1% on a reported basis to £476.3 million. The segment suffered severely from double-digit market declines in EU+UK and North Asia.
- Sensors & Probes: Grew 7.0% on an underlying basis to £39.2 million, driven by robust market demand in South America and the introduction of new high-value products.
Founders
The Vesuvius enterprise as it is known today is a unification of several foundational legacies. The Vesuvius Crucible Company was founded in 1916 in Pittsburgh by the Arensburg brothers and their associate Arthur Jackman.
- The Foundry Division, branded as Foseco, was established in Birmingham in 1932.
- Foseco’s founders were Eric Weiss, who led the commercial strategy, and Dr Kossy Strauss, a chemist who developed the initial flux products.
Shareholding Pattern
Vesuvius is a publicly traded entity on the London Stock Exchange. The company routinely returns capital to its shareholders through dividends and share buybacks.
- The 2024 final dividend recommended by the Board was 16.4 pence per share.
- In 2024, the company successfully completed its first share buyback programme.
- A new programme for a second tranche of £50 million was launched to be completed in early 2025.
Parent
Vesuvius plc serves as the ultimate parent company of the Vesuvius Group. The entity is incorporated and domiciled in England and Wales under the company number 8217766.
Investments and Capital Expenditure Plans
Vesuvius executes a highly targeted capital expenditure framework focused heavily on capacity expansion in growth markets and continuous R&D innovation.
- Total cash capex for 2024 was £100.8 million.
- R&D expenditure was £36.9 million, fully expensed in the income statement.
- The three-year capex capacity expansion programme initiated in 2021 is expected to conclude in H1 2025.
- Going forward, total capex in 2025 is anticipated to reduce to a normalised level of £80 million to £85 million.
Future Strategy
The Vesuvius management team has outlined a clear, medium-term strategic blueprint that targets aggressive cost cutting, geographic capacity realignment, and relentless product innovation.
- Cost Savings Target: The company has increased its recurring annual cash cost savings objective from £30 million to £45 million by 2028.
- Margin Expansion: Vesuvius aims to achieve a Return on Sales of at least 12.5% by 2028.
- New Product Vitality: The company is aiming for over 20% of total sales to come from products launched within the last five years.
- Sustainability Goal: Reach a net zero carbon footprint (Scope 1 and 2) by 2050 at the latest.
Key Strengths
Vesuvius leverages an array of profound competitive advantages that allow it to consistently outperform the underlying market growth.
- Technological Differentiation: The company employs leading material science and fluid dynamics specialists, resulting in 33 new products launched in 2024 alone.
- Global Footprint: With 54 production sites, Vesuvius is deeply embedded in local supply chains, preventing logistical bottlenecks and maintaining proximity to rapidly expanding markets like India and Southeast Asia.
- Pricing Power: The company maintains a track record of net positive pricing, successfully offsetting raw material and labour inflation.
Key Challenges and Risks
Despite its strengths, Vesuvius operates in highly cyclical and geopolitically sensitive end-markets. The Board of Directors actively monitors and mitigates several principal risks.
- End-Market Volatility: The structural weakness of the Steel and Foundry markets in Europe and North Asia severely impacts the Foundry Division.
- Chinese Steel Exports: Subdued global steel production outside of China is heavily pressured by soaring, low-cost Chinese steel exports, which reached 104 million tonnes net in 2024.
- Protectionism and Trade Tariffs: Evolving geopolitical volatility and the imposition of global trade tariffs constantly threaten to disrupt supply chains and input costs.
- Cyber Security: As manufacturing becomes heavily digitalized and reliant on robotics, business interruption due to cyber threats remains a critical, growing risk.
Conclusion and Strategic Outlook
Vesuvius plc concludes 2024 having successfully navigated a brutal macroeconomic environment characterized by flat steel production and severe foundry market declines. Through immediate and aggressive execution of a £40 million cost-saving programme, the company expanded its margins and held its trading profit steady.
Looking ahead, management remains incredibly confident in the mid-to-long-term growth potential of global steel and foundry markets outside of China. While maintaining extreme caution regarding 2025’s immediate economic environment, the completion of major capacity expansions in India, Poland, and Mexico places the firm in a prime position. With an expanded £475 million syndicated bank facility and a freshly upgraded Return on Sales target of 12.5% by 2028, Vesuvius is financially fortified to extract massive value as market volumes inevitably normalize.
FAQ Section
What is the core business of Vesuvius plc?
Vesuvius is a global leader in molten metal flow engineering, providing consumable products, robotics, and highly engineered solutions to the steel and foundry industries.
How much revenue did Vesuvius generate in 2024?
The company generated £1,820.1 million in revenue in 2024, with £1,343.8 million coming from the Steel Division and £476.3 million from the Foundry Division.
What is Vesuvius’s approach to sustainability?
Vesuvius has a goal to reach net zero carbon emissions (Scope 1 and 2) by 2050. In 2024, they reduced CO2e emission intensity by 26.9% compared to 2019 on a pro forma basis.
Who leads Vesuvius plc?
The company is led by Chief Executive Patrick André, alongside Chairman Carl-Peter Forster and Chief Financial Officer Mark Collis.
Where is Vesuvius headquartered?
The company is headquartered at 165 Fleet Street, London, United Kingdom.
Does Vesuvius pay a dividend?
Yes, the company operates a progressive dividend policy and declared a total dividend of 23.5 pence per share for the 2024 financial year.
What is the company’s cost reduction target?
Vesuvius has increased its cost-saving objective, targeting £45 million of recurring annual cash cost savings by the year 2028.
Official Site: https://www.vesuvius.com/
Source: Content on FirmsWorld.com is based on publicly available corporate filings, regulatory disclosures, annual reports, SEC 10-K filings, investor relations materials, and, where applicable, direct communications with the company.
