Kortrijk, Belgium-based Bekaert, one of the world's largest steel cord and wire manufacturers, has announced that in the first nine months of 2013 it has maintained stable sales volumes, though with a consolidated sales value of €2.42 billion, down 8.5 percent year on year.
According to Bekaert, unfavorable market evolutions, such as the continued investment delays in energy and construction markets, combined with fierce competition from Asian imports and a significant unfavorable currency translation effect due to the strong euro, drove revenues down further in North America.
Bekaert has exited from unprofitable markets and the company will also cease its operations in Surrey, Canada, and will serve customers from its other manufacturing units in North America, as SteelOrbis previously reported.
Regarding the 2013 outlook, in addition to the usual year-end seasonal effects on volume, especially in the EMEA (Europe, Middle East and Africa) region and North America, Bekaert anticipates demand in Latin America will slow down in line with the GDP trend for the region.