Belgium-based steel cord and wire manufacturer Bekaert SA has announced that it will shut down its Australian steel cord plant, Bekaert Australia Steel Cord Pty Ltd, by the end of the year.
The company statement regarding the planned closure reads, "this follows an extensive review of business performance which has included customer and market outlooks, financial performance, plant operations and sourcing alternatives and....the employees, customers and suppliers have been advised of the closure which will occur by the end of the year, after all customer supply contracts and commitments for 2007 have been completed".
Bekaert Australia Steel Cord Pty Ltd is a joint venture business formed in 1986 by Bekaert and OneSteel Pty Ltd, which supplies steel cords and hose wires to tire and hydraulic hose manufacturers in Australia, New Zealand and Southeast Asia.