Bekaert sees 80 percent growth in China steelcord in first nine months
ERJ staff report (DS)
Kortrijk, Belgium -- NV Bekaert SA saw strong sales growth in the first nine months, based primarily on higher selling prices, driven up by raw materials price increases. The advanced wire business which includes Bekaert's steelcord and beadwire businesses saw consolidated sales grow by 34 percent to Euro 1802 million in the forst nine months, while combined sales (including pro-rata shares from joint ventures and subsidiaries) rose by 27 percent to Euro 2882 million. The company did not release profit figures.
The unit Steelcord China saw sales rise by a massive 80 percent, while sales of steelcord in other regions increased by only 3 percent, suggesting lower volumes in Europe and North America, albeit at higher prices. Bekaert said "Weakening volumes in Western Europe and North America were compensated by higher price levels reflecting rising raw material costs in steel cord others." The company added, "Increased demand matched by Bekaert's local production capacity, combined with a broad and dedicated product portfolio, explain the continued growth in steel cord China."
Bekaert will publish its full-year results on 20 Feb., 2009.
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Press release from Bekaert
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