Steel Wire Company Sheds Almost 2,000 Jobs
BRUSSELS (AP) — The steel wire company Bekaert has announced it is shedding 1,250 jobs in China and 600 in its Belgian home base to face market uncertainty and bad economic times.
The company said Thursday it is downsizing its operations and 11,000-strong staff in China following low demand for sawing wire, overcapacity and a drop in prices.
The drop in employment from 2,700 in its home base is linked to competitive pressure from abroad and a drop in the market for solar panels.
Ahead of the restructuring, Bekaert employed 28,000 people worldwide and had 2010 sales totaling €4.5 billion ($5.9 billion).