N.V. Bekaert S.A. (BEKB.BR) Stock Analysis & Winston Score

Bekaert is a Belgian company that makes steel wire and related products used in tires, construction, agriculture, and industrial equipment. Its most important product is steel cord — thin strands of steel woven together — which tire manufacturers embed inside rubber to make tires stronger and safer. Bekaert is one of the largest steel wire transformation companies in the world, supplying major tire brands and construction firms across dozens of countries. Bekaert earns money by buying steel rod, processing it into specialized wire products, and selling those finished goods to industrial customers. The company operates in over 40 countries, with significant production in Europe, Asia, and Latin America, giving it a broad global footprint. Its main competitive advantage is deep technical expertise in wire drawing and coating processes built over more than 140 years. The key risk is that thin margins — as seen in its low gross and operating margins — leave little cushion when raw material costs rise or demand from the automotive and construction sectors weakens.