Belgium-based steel cord and wire manufacturer Bekaert has announced that it has achieved consolidated sales revenues of €3.35 billion in the first nine months of 2023, down by 12.7 percent year on year, driven by pricing reflecting lower raw material costs.
The company stated that the disposal of its Steel Wire Solutions businesses in Chile and Peru has been completed.
While the outlook remains uncertain, Bekaert anticipates its consolidated sales revenues to amount to €4.3 billion in 2023, reflecting the ongoing reversal of raw material cost inflation and the normalization of energy surcharges. The company expects the challenging demand environment to continue in most regions into first quarter of 2024.