Kortrijk, Belgium-based Bekaert, one of the world's largest steel cord and wire manufacturers, has announced that it plans to restore long-term profitability amid the changed market environment.
The measures to readjust Bekaert's global sawing wire operations started in December 2011 and will lead to a reduction of 1,850 jobs. Accordingly, Bekaert will cut 1,250 jobs in China and 600 jobs in Belgium. In order to optimize its organizational and cost structure on a global scale, Bekaert aims to reduce its overall global cost structure by €100 million annually in the forthcoming years.
According to Bekaert's statement, difficult market conditions in the solar energy sector have affected the manufacturing plant in Aalter, Belgium, causing management to consider stopping all sawing wire activities in Aalter.