Business
AGM Statement
AGM Statement.
About this update from Vesuvius Plc
[{"type":"text","content":"\n \nRNS Number : 0357Z Vesuvius plc 15 May 2019 \n\n \n \n15 May 2019 \nAGM Trading Update\n \nVesuvius plc (\"Vesuvius\", the \"Group\"), a global leader in molten metal flow engineering and technology, releases the following Trading Update in conjunction with its Annual General Meeting being held today.\n \nSUMMARY AND OUTLOOK\nThe trend in overall market conditions remains unchanged since we announced our 2018 Full Year Results at the end of February, with the slowdown in growth since the fourth quarter of 2018 continuing throughout Q1 2019. Q1 2019 sales were in-line with Q1 2018 despite the subdued market backdrop and increasing regulatory restrictions.\n \nWe continue to make good progress with our self-help and restructuring programmes and as a result, we anticipate Trading Profit (EBITA) for the full year to be in-line with expectations.\n \nMARKETS\nIn Q1 2019, steel production decreased by 0.8% year-on-year in the world excluding China and grew 4.5% including China. There was continued strength in the US, where steel production grew 6.8% but some weakness in the EU28 where there was a decline of 2.0%. All figures are as reported by the World Steel Association.\n \nIn Foundry, the market environment was mixed, with weakness evident in light vehicles in key markets including Europe, China and India and heavy vehicles in China and India.\nCCPI ACQUISITION UPDATE\nThe i...