Belgian steel wire cord maker Bekaert plans to double its output in China by building a third plant and increasing production at its two existing plants, Reuters reported. The new plant, which would cost between m180m and m200m, has a target initial capacity of 10,000 tonnes of tyre cord a year.
The company said the steel tyre cord market in China had grown since 1997 by an average of more than 25 per cent annually and was expected to double again in less than four years. Bekaert, which produces 45,000 tonnes of tyre cord in China each year, has a market share of more than 40 per cent.
