Belgium-based Bekaert, one of the world’s largest steel cord and wire manufacturers, has announced its financial results for 2023.
In the given year, the company achieved consolidated sales of €4.3 billion, down by 13.5 percent year on year, driven by lower volumes and an unfavorable impact from exchange rate movements, while its EBITDA decreased by 5.1 percent compared to the previous year to €561 million, and its EBITDA margin rose to 13.0 percent from 11.8 percent in 2022.
In addition, the company stated that it decided to close two Steel Wire Solutions plants in India and Indonesia in December 2023.
Bekaert said it anticipates modest sales growth in 2024 even if economic uncertainties continue.
