Bekaert Corporation
Metal wire
Bekaert is a global market and technology leader in steel wire transformation and coating technologies. The company's ambition is to be the leading partner for shaping the way we live and move in a safe, smart, and sustainable manner.
Bekaert has a global presence with manufacturing facilities and sales offices in over 40 countries across Europe, North America, Latin America, and Asia. The company employs approximately 24,000 people worldwide and generated combined sales of €5.3 billion in 2023.
Bekaert's core competencies are in steel wire transformation and advanced coating technologies. The company produces a wide range of steel wire products and solutions for various industries including automotive, construction, energy, and consumer goods. Some key product areas include:- Tire reinforcement steel cord (used in 1 in 3 tires globally)- Steel fibers for concrete reinforcement (Dramix brand)- Wire and cables for energy and utilities - Specialty wire products for industrial applications
In recent years, Bekaert has been strategically repositioning itself to focus more on higher growth and higher margin businesses, particularly in areas related to sustainability and the energy transition. This includes developing solutions for:- Renewable energy (e.g. offshore wind mooring systems)- Green hydrogen production- Low carbon construction- Electric vehicle components
The company has set ambitious sustainability targets, including reducing greenhouse gas emissions and increasing the share of revenue from sustainable solutions. Bekaert is investing in innovation and new technologies to drive growth in these strategic areas.
Financially, Bekaert has been focused on improving profitability and cash generation. In 2023, the company reported sales of €4.3 billion, an underlying EBIT margin of 9.0%, and strong free cash flow. Bekaert has a solid balance sheet with low leverage.
Overall, Bekaert appears well-positioned as a global leader in its core markets while also transforming its portfolio to capitalize on emerging opportunities in sustainability and clean technologies. The company's strategy is focused on driving profitable growth and creating value for stakeholders.
