Kortrijk, Belgium-based Bekaert, one of the world's largest steel cord and wire manufacturers, has announced its financial results for 2011, stating that it has achieved sales growth in all markets except China.
Bekaert's gross profit for 2011 decreased by 27.7 percent year on year to €651 million. The consolidated sales of the company in 2011 amounted to €3.3 billion, increasing by 2.4 percent compared to the previous year. The increase in sales can be attributed to the strong sales during the first half of the year. While all the other markets registered growth in sales for 2011, sales in the Asia-Pacific region declined by nine percent year on year.
Regarding the 2012 outlook, Bekaert expects uncertainty and price pressure to continue in most markets, given the global expectations.