LONDON (ShareCast) - - Improved margins in third quarter
- Trading in line with expectations
- Tight cost control

Engineered ceramics company Vesuvius said margins in the third quarter have improved since streamlining its portfolio to focus on higher-value product lines.

In a trading update for the period from July 1st to date, the firm reported the successful implementation of a number of actions to mitigate the effect of the weakness in end-market demand experienced since the third quarter of 2012.

Trading during the period was in line with management expectations.

Steel production trends were mixed with a weakness in Europe, a flat market in North America and growth in the Middle East and China. Global volumes were 4.7% higher than a year ago, according to the World Steel Association.

In foundry, trading was marginally below last year due to poor performance of global mining and North American railroad sectors.

The company mitigated these effects with operational efficiency and management of costs.

“Our focus on working capital management and cash generation remains strong, and we continue to be well financed with a robust balance sheet,” the group said.


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