Vesuvius PLC on Tuesday said it continues to perform ‘robustly’ but noted a ‘gradual deterioration’ in a key market for the molten metal flow engineering firm.
Shares in the company traded 5.3% lower at 400.40 pence each in London on Tuesday morning.
The London-based firm said in its Foundry unit, it has seen a ‘general slowdown’ outside of India in the four months to October 31. The firm’s financial year runs to December 31.
‘We have seen a gradual deterioration in most Foundry end markets outside of India, particularly in Northern Europe. Steel production levels outside of India have weakened relative to H1 in EMEA, South-East Asia and South America,’ Vesuvius said.
The unit provides foundry consumables services, aiming to reduce casting defects. It offers binders, lining systems and coatings.
Vesuvius said it is still performing ‘robustly’ despite the Foundry woes.
‘We are particularly pleased with the performance of our India business, which exposes us to one of the fastest growing Steel and Foundry production regions worldwide. We are continuing to…
