Resumen de Vesuvius expects 2015 earnings to be at low end of forecasts
"Since the announcement of our 2015 half year results in July, the group continues to experience headwinds in trading performance due to the ongoing deterioration in global steel and foundry markets," Vesuvius said.
Vesuvius noted World Steel Association figures that showed global steel production for the nine months to the end of September 2015 was 2.4% lower compared to the same period last year. "Although we saw growth in India, this was offset by a decline in China and EMEA and the continuing reduced levels in US production volumes," the company outlined.
[Francois Waneq] was noncommittal about the company's expectations for Chinese and other emerging markets demand, but noted that Indian steel production continues to grow, although Chinese imports were a threat to this market. Lower domestic steel demand in China as a result of slower economic growth in the country had led to an increase in export volumes to around 110m tpa steel, Vesuvius outlined.
