CONVEYOR belts supplier, General Beltings Holdings says it wants to focus on consolidating market share in energy and cement manufacturing sectors amid strong headwinds in mining set to affect downstream demand for its products.
The mining sector is a key market for the group which also supplies chemicals.
The group anticipates that demand for its products will decline as a result of the declining prices of minerals, which have already led to some mining companies cutting labor expenses.
This follows a marginal drop in total volumes-a key indicator of demand, which fell 2,5 percent to 921 metric tonnes in the year ended December 31, 2023 from 944 metric tonnes previous year due to lacklustre demand in the economy.