Belgian steel wire and wire rope manufacturer Bekaert is restructuring its business and reducing its presence in more volatile markets. The company is selling its Steel Wire Solutions businesses in Latin America to strengthen its position in faster-growing, higher-margin markets.

Bekaert has signed an agreement with Grupo AG, a Mexican group of companies with different business lines, to sell its steel wire business in Costa Rica, Ecuador, and Venezuela for approximately US$73 million, and it is expected to be completed in the third quarter of this year.

The transaction targets the production and sale of steel wire products for the construction, mining, agriculture, and industrial sectors. The transaction includes Bekaert's shares in BIA Alambres Costa Rica S.A. in Costa Rica, Ideal Alambrec S.A. in Ecuador, and Vicson S.A. in Venezuela, as well as subsidiaries of these companies.