Kortrijk, Belgium-based Bekaert, one of the world's largest steel cord and wire manufacturers, has announced that in the first quarter of the current year it achieved consolidated sales of €884 million, falling 2.2 percent compared to the first quarter of the previous year. Bekaert reported an annual volume growth of 5.5 percent which was fully offset by significantly lower wire rod prices.
According to Bekaert's statement, sales in Europe, the Middle East and Africa (EMEA) in the first quarter decreased by two percent, while sales in North America declined by four percent, sales in Latin America went down by twelve percent and sales in the Asia-Pacific region increased by six percent, all year on year.
Bekaert stated that its strong start to 2016 is expected to continue in the second quarter. However, the company perceives more uncertainty for the second half of the year, as it sees a risk that the tire markets will then slow. The company also projects a significant impact from continued economic and political instability in Latin America and from postponed investments and low activity in global oil and gas markets, partially offset by the solar markets remaining strong.