Bekaert reports strong growth in steel cord for 2008

ERJ staff report (DS)

Kortrijk, Belgium -- Bekaert has reported strong growth in its steelcord business, which contributed to an overall 17.8 percent growth in sales for the 12 months to December 2008.

Bekaert said sales in its advanced wire business grew by 26.4 percent, to euro 2331 million in the 12-month period., while combined sales, which include joint ventures and subsidiaries, grew by 19.2 percent to euro 3690 million.

This growth masked stagnation in most of the world, but huge growth in China. Bekaert's unit, steelcord China grew by a massive 63.7 percent in the year, while other steelcord business grew by only 1.4 pecent in revenues, despite substantial price increases through the year.

The company declined to comment on sales volumes in either China or the rest of the world during the last three months.

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Press release from Bekaert