In Part A, as of April 2017, Austria's RHI, a backward integrated refractory company is still within the midst of merging with the next biggest competitor, Brazil's Magnesita, while weighing options for future growth. Should the company pursue organic growth options and if so, which ones? Or should the company embark upon another major merger with the market leader, the UK's Vesuvius? Given anemic growth rates in the refractory industry and an aggressive consolidation plan by the Chinese government to create a global refractory giant, the newly installed CEO, Stefan Borgas, is debating the best way forward: organic growth or another major merger? In Part B, as of August 2018, the successfully merged enterprise, RHI Magnesita, is thinking through the next move on their growth path. Should the company diversify into adjacent product types such as high-temperature insulation (HTI) and/or advanced ceramics (AC)?