Q1 2019 Vesuvius PLC Trading Update Call Transcript
Good morning, and welcome to the Vesuvius 2019 Q1 Trading Update Call being held in conjunction with an AGM. I will now hand over the call to Patrick André, Chief Executive of Vesuvius plc.
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Good morning, everybody. So I propose to first give you the main highlights of our trading update and then answer your questions. Regarding the market, the trend in overall market conditions remain unchanged, since we announced our 2018 full year results at the end of February, which means that the slowdown in both the steel and foundry markets which we mentioned at that time is continuing as we speak. And as a result, our sales in Q1 remain in line with our sales in Q1 last year, but this improved the price components. The steel market has been declining in the world outside China by 0.8%, and if you exclude also the U.S., which remain a bright spot in the world outside China, the decline in the steel market is even bit more pronounced, minus 1.7%. In the foundry market, the
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