Vesuvius acquires Sidermes but reduces 2015 capex programme

• Autores: Josie Shillito
• Localización: Industrial Minerals, ISSN 0019-8544, Nº. 573, 2015 (Ejemplar dedicado a: Junio)
• Idioma: inglés
• Texto completo no disponible (Saber más ...)
• Resumen

  • Vesuvius' acquisition of Italian industrial probes supplier Sidermes underscores its commitment to new technology. The refractories producer delivered stable results in the first four months of 2015, but is cautious about the backdrop of declining steel and foundry production. As a result, Vesuvius is deferring capital expenditure decisions and reducing its existing capex programme by one third.

    The refractories producer delivered like-for-like sales of Pounds 474.9m ($749.75m*) in the first four months of 2015, a 2.9% drop from the same period a year earlier. For the remainder of 2015, Vesuvius expects a similar performance as foundry demand continues to soften and steel capacity dwindles.

    Despite the ongoing weakness in the global steel market, Vesuvius managed to keep revenues in the steel division broadly steady. Sales during the first four months of 2015 edged down 3.6% to Pounds 320.6m. The World Steel Association's (worldsteel) global steel production figures fell by 1.7% over the same period.