Belgium-based Bekaert, one of the world’s largest steel cord and wire manufacturers, has announced its financial results for the first quarter of 2022.
In the first quarter, the company achieved consolidated sales of €1.38 billion, up by 23.2 percent year on year. The growth was due to a positive impact from wire rod price changes.
The company stated that demand in China was significantly down due to the combined effect of export constraints, the low domestic business activity level during the Winter Olympics and the Chinese New Year, and the stringent lockdowns from March onwards. The market environment in China remains uncertain and is subject to the further evolutions of the Covid-19- pandemic and the impact of containment measures on demand and the supply chain. Raw material prices have continued to be high, while cost inflation of transportation and energy has surged.