The steel wire transformation and coating technologies firm announced the one-off charge in its full-year 2025 results, where it reported consolidated sales of €3.7bn ($4.37bn).

The temporary halt at the Bekintex site in Wetteren was announced in October, with Bekaert citing slow green hydrogen market development for the “foreseeable future.”

“Slower growth in the hydrogen end market required adjustment to bring footprint in line with demand outlook,” the company said in its results.

Bekaert makes porous transport layers for PEM and AEM electrolyser systems, which distribute electrical current and fluid across the surface of membranes.

Despite the halt in activities at the facility, the company said it was “maintaining flexibility to scale up when demand improves.”

The manufacturing pause comes amid a broader downturn in the electrolyser sector, which faces slow orders due to project delays.

Additionally, electrolyser manufacturing capacity is outpacing green hydrogen project installations.

Hydrogen Europe estimates the EU already hosts 12GW electrolyser manufacturing capacity. Yet annual deployment is expected to remain below 5GW through the end of the decade, only climbing slightly to around 6GW in 2030.