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Voestalpine steps up to cut cost as business climate worsens

Steel News - Published on Wed, 01 May 2019

Reuters reported that Austrian steel producer Voestalpine is preparing for a weaker economic environment during its 2019/2020 fiscal year, its chief executive said, adding the company was implementing further program to cut costs and increase efficiency. Voestalpine CEO Wolfgang Eder at an event in Duesseldorf said that “It’s no secret that we’re preparing for a much worse economy, citing fears of a slowdown in the global automotive industry, uncertainties regarding new emissions tests and demand in China plus trade tensions with the United States.”

Mr Eder said that Voestalpine likely achieved earnings before interest, taxes, depreciation and amortisation of 1.55 billion euros (USD 1.73 billion) and earnings before interest and taxes of 750 million euros during the 2018/2019 business year which ended in March in line with previously revised targets.

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Posted By : Ratan Singh on Wed, 01 May 2019
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