Belgium-based steel cord and wire manufacturer Bekaert has announced its financial results for the first half this year.
In the first half, the company posted consolidated sales revenues of €1.95 billion, down by 5.2 percent year on year. Its EBITDA decreased by 10.1 percent compared to the same period of last year to €259 million, while its EBITDA margin decreased to 13.3 percent from 14.0 percent in the first half of 2024.
According to statement, rising tariffs and intensifying trade tensions have added to the uncertainty faced by Bekaert, along with its suppliers and customers. Since the first quarter results, US steel tariffs have climbed from 25 percent to 50 percent, making it increasingly challenging to pass these costs through the supply chain and leading to delays in some orders.
Following a period of resilience in the second quarter, the tariff uncertainty and weakening economic outlook have started to have an impact on demand. Bekaert expects demand to decline across many of its end markets during the second half of 2025.
Given these lower volumes, combined with higher tariffs and current exchange rates, the company forecasts slightly lower sales in 2025 compared to 2024. Nevertheless, cash flow remains strong, thanks to the focus on working capital management and reduction in capital expenditure.