Kortrijk, Belgium-based Bekaert, one of the world's largest steel cord and wire manufacturers, has announced that in 2015 it achieved consolidated sales of €3.7 billion, rising by 14 percent compared to the previous year. In 2015, Bekaert reported a net profit of €105.9 million, increasing from a net profit of €87.5 million in 2014.
According to Bekaert's statement, automotive markets performed strongly in 2015, particularly in EMEA and North America. It raised its market share in tire markets by the acquisition of the former Pirelli steel cord plants and by increased competitiveness in China. Its revenue from automotive markets rose to over 40 percent in 2015 and was a result of growing market share and strong sales on the wave of increased demand.
For the current year, Bekaert projects continued strong performance in EMEA, improved profitability in North America, and upside potential from the turnaround in its business performance in Asia Pacific. In Latin America, Bekaert continues to strengthen its market position in weakening economic circumstances.