Bekaert posts strong Q1 results

ERJ staff report (DS)

Kortrijk, Belgium - In the first quarter of 2011 Bekaert achieved consolidated sales of € 918 million and combined1 sales of € 1 233 million, an increase of 32.3 percent and 29.4 percent respectively, compared to the first quarter of 2010.

Bekaert does not split out its different segments, such as steelcord, but said of its Asian business, “Notwithstanding a slowdown in demand at the end of the first quarter in China, and increasing difficulty in passing on raw materials price increases in general, Bekaert realised a 46 percent sales growth in Asia Pacific. The robust growth was supported by a high utilisation of increased capacities in China, India and Indonesia, combined with a further changing product mix and favorable currency movements.:

The company added, “In the automotive sector, sales demand continued to perform strongly in all markets, but slowed down towards the end of the first quarter in China.

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Press release from Bekaert

Bekaert: Global spread to offset China stutters

Reuters (Belgium)