Resumen de Vesuvius pursues margins ahead of growth in refractories
Francois Wanecq, Vesuvius' CEO, said that persistent weakness in Western Europe's steel markets was partially offset by sales in the ''dynamic'' Middle East market, while the re-establishment of pricing power in China had been at the expense of revenues.
Wanecq noted that market conditions had remained ''challenging'' in 2013, as a result of the hangover from the steep depression in the global market for steel in H2 2012, and the reduction in spending in the mining sector, which had weakened demand for foundry castings.
Looking ahead, the company said: ''We expect the underlying trading environment during 2014 to be broadly similar to that experienced in 2013,'' adding that it was continuing to pursue improvements in operational efficiency, which it hopes will boost trading margins and working capital performance over the coming year.
