Austrian steelmaker Voestalpine AG has announced its financial results for the first quarter ended June 30 of the financial year 2022-23.
The company posted a net profit of €615 million for the first quarter, compared to a net profit of €259 million recorded in the same quarter of the previous financial year. In the first quarter, the revenues of the company amounted to €4.6 billion, up 37.7 percent year on year. In the given period, the company’s EBITDA was €879 million, increasing by 68.3 percent year on year. Voestalpine posted a record quarterly performance in the first quarter.
According to Voestalpine’s statement, demand for the company’s high quality steel products was good in all segments despite the war between Russia and Ukraine, massive increases in energy prices, ongoing supply chain bottlenecks, and logistic disruptions.
The company does not assume a continuation of earning performance for the remainder of the business year 2022-23 on the record level posted for the first quarter, amid increasingly pessimistic economic forecasts. Voestalpine said it expects its EBITDA to be about €2 billion in the business year 2022-23.