Austrian steelmaker Voestalpine AG has announced that it has lowered its earnings forecast for the financial year 2024-25 due to expected lower earnings for the first half this year.
Accordingly, the company expects an EBITDA of around €300 million for the second quarter of the given financial year and €720 million for the first half. Based on the expected earnings figures for the first half of the financial year 2024-25 and the significant economic downturn in Europe, the company expects an EBITDA of around €1.4 billion for the full financial year 2024-25, compared to €1.7 billion in the previous forecast.
In addition, with the sale of Buderus Edelstahl, the company’s high-performance metals subsidiary, Voestalpine is concentrating on high-tech steel grade production and on decreasing its tool steel and engineering steel production, as SteelOrbis previously reported.