Belgium-based Bekaert, one of the world’s largest steel cord and wire manufacturers, has announced its financial results for the first nine months of 2022.
In the January-September period, the company achieved consolidated sales of €4.33 billion, up by 21.8 percent year on year, despite the ongoing challenges from cost inflation, high energy costs, supply chain disruptions, and deteriorating demand in key markets.
The company expects the weak demand environment to continue in most regions, particularly in Latin America and EMEA (Europe, the Middle East and Africa).
While the outlook remains uncertain and fast changing, Bekaert anticipates its consolidated sales to amount to €5.7 billion in 2022, increasing by €900 million compared to 2021.