Vesuvius plc (VSVS.L), on Wednesday, issued a trading update for the period 1 January to 30 April 2024, and reported that the performance in the period was in line with its expectations.
The steel end markets experienced subdued conditions at the onset of the year, in line with expectations. However, India demonstrated continued growth compared to the corresponding period of the previous year, while the EEMEA region showed signs of recovery from a low base following the 2023 earthquake in Turkey.
During the first quarter, steel production volumes in the EU27+UK region remained subdued, although they showed improvement compared to the previous quarter. Notably, Chinese steel exports saw a significant increase, leading to the implementation of trade protection measures in certain countries, particularly in South America.
The company stated that the fundamentals for the Steel and Foundry markets remain positive and the company continues to implement its significant strategic initiatives, including capacity expansions in its higher-margin Flow Control business globally, and investment in capacity for Advanced Refractories and Foundry in Asia.
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