Money Buzz! Europa

Tag: Voestalpine

  • Voestalpine AG revenues fell by 21.9% to EUR 5.1 billion

    Voestalpine AG revenues fell by 21.9% to EUR 5.1 billion

    Voestalpine decrease in revenue by 21.9% from EUR 6.5 billion to EUR 5.1 billion stems from smaller delivery volumes and lower prices.

    Profit before tax fell year over year from EUR 163 million to EUR –268 million, and profit after tax from EUR 115 million to EUR –276 million.

    Voestalpine generated substantially higher operating cash flow of EUR 563 million and free cash flow of EUR 281 million.

    Net financial debt decreased from EUR 4.5 billion to EUR 3.5 billion thanks to good cash flow.

    Year over year, the number of employees in the Voestalpine fell by 6.5% to 47,917. In October 2020, about 2,500 employees in Austria, about 1,200 in Germany, and about 1,800 internationally had been registered for short time work or similar models (particularly Brazil, Sweden, South Africa, France, Great Britain).

  • Voestalpine cuts up to 550 jobs in Styria, Austria

    Voestalpine cuts up to 550 jobs in Styria, Austria

    The Austrian steel group Voestalpine suffered heavy losses in the 2019/20 financial year and recorded a loss of EUR 216 million, compared with a profit of EUR 459 million the year before.

    “We are in the process of negotiating a social plan for around 500 to 550 employees”, Group CEO Herbert Eibensteiner said in a conference call on Wednesday, cited by Heute.

    There will be around 250 jobs in Kindberg and up to 300 in Kapfenberg. Apprenticeships and research jobs are not affected by the savings.

    In Styria, Voestalpine currently employs around 3.500 people on short-time schedule, almost a third of the workforce.

    Global steel demand is expected to fall 6.4% this year due to the COVID-19 pandemic’s impact on industrial and construction activity, before bouncing back next year, according to the World Steel Association.

    Voestalpine expects demand to further slow over the summer, partly due to seasonal shutdowns, and hopes to be better able to assess further order development after September.