The refractory industry, not being the main branch of the Russian economy, is crucial to leading industries such as metallurgy, machinery, fuel and energy, military-industrial complex. Analysis of technical and economic state of the industry has identified the problem in continuous increased competition from foreign companies-producers of refractories. Carrying out and an estimation of economic efficiency of modernization of refractory industry is the actual problem which decision will allow to raise efficiency of the enterprises of the refractory industry and to define the further directions for successful development of industry.