Bekaert takes financial action following pandemic impact

After a good start to 2020 with encouraging results, Belgium-headquartered steel wire specialist Bekaert is projecting significant impact from the Covid-19 pandemic in the second quarter of 2020, Kallanish learns from the company.

In this context, and as part of other actions to mitigate as far as possible the impact of the pandemic on the financial position of the group, “… the board of directors has decided to propose to the annual general meeting of shareholders on 13 May to reduce the dividend payment by half and to postpone the payment from 18 May 2020 to 20 November 2020,” the company says in a note.

The board of directors also intends to reduce its fees by -10% in line with the salary reduction for the executive and senior management, the group says.