Bekaert achieved solid growth in all markets but China in the first nine months of 2011. In addition to the usual seasonal effects at year-end, Bekaert expects a growing impact from the global financial turbulence and the uncertain economic developments in most markets. Increased competition, stringent credit restrictions and cost increases will continue to create challenging conditions in China in the next quarter.

In solar energy markets, substantial manufacturing overcapacity and persistent low demand drove prices down by more than 50% toward the end of the third quarter. Bekaert expects a further deterioration of price levels in the months ahead.

Although sales volumes were solid in most markets during the first nine months of the year, Bekaert anticipates growing uncertainty and margin pressure, in line with global expectations. Working capital is expected to remain high in the difficult financial and business environment, and the volatility of raw materials prices and exchange rates adds uncertainty to business performance perspectives.

Notwithstanding the above uncertainties, Bekaert remains confident that its strong balance sheet, its broad geographical coverage with a strong position in emerging markets, its extensive product portfolio, and the group's ongoing efforts to further enhance its operational excellence, will enable the company to weather these turbulent times successfully.