BRUSSELS, Feb 26 (Reuters) - Belgian steel wire and cable maker Bekaert forecast that weakness at the end of last year would continue in the first quarter of 2015, driven particularly by a downturn in Asia.
The company, whose steel reinforces a quarter of the world's automotive tyres, had already reported its 2014 results last week, saying then that many analysts estimates were too optimistic. That news led to a 5 percent share decline.
Bekaert confirmed those figures on Friday, saying most of its revenue growth was cancelled out by currency movements.
It described its results in Europe as excellent, said its North American business was stable, but said price erosion in Chinese tyre markets had cut profit in Asia, while subdued demand and imports had led to depressed margins in Latin America.
"We expect the low running rate of the fourth quarter of 2014, driven particularly by a downturn in Asia, to continue in the first quarter of 2015," Bekaert said in a statement.
"However, we do expect a positive impact of currency movements as of the first quarter and we anticipate improved demand in the balance of the year."
The company said it was undertaking a number of actions to address the economic environment and its own performance. It added that recently acquired tyre cord and ropes businesses in China, Brazil, Italy, Romania and Turkey would be important contributors to its future performance. (Reporting by Philip Blenkinsop)