For the period ending 31 March 2024, the company's revenue fell to EUR 16.68 billion from EUR 18.2 billion in the previous year. However, this was recorded as the second highest revenue level in the company's history. ‘After reaching record levels last year, key indicators are returning to normal,’ the company's financial report said.
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) decreased by 34.5% to €1.67 billion, while EBIT fell by 64.9% to €569 million. This decline was due to the slowdown in the global economy and one-off effects such as the planned spin-off of Buderus Edelstahl in Germany and the restructuring of Metal Forming. In addition, cash flow from operating activities more than halved to EUR 1.4 billion.
Nevertheless, the Voestalpine Group increased its workforce by 0.8 per cent to 51,600 employees. The company achieved significant successes in the past financial year. With the inauguration of a special steel plant with an annual capacity of 205 kt in Kapfenberg and the signing of contracts for the construction of two electric arc furnaces (EAF) in Linz and Donauwach, the foundations for the greentec steel programme were laid. The total investment in these projects is estimated at €1.5 billion.
The company's total investments totalled EUR 1.2 billion, up 33.7% on the previous year. ‘In the past financial year, we once again proved our strength and resilience. Despite operating in a highly volatile market, we were able to achieve significant operating results that met market expectations and further strengthen our strategic position in international markets through a number of major investment projects,’ Eibensteiner said.
Voestalpine expects similar market trends to continue in the 2024/2025 financial year and forecasts EBITDA of EUR 1.7-1.8 billion. Earlier this year, the company produced the world's first high-quality green wire rod from hydrogen-reduced iron and scrap metal at its Donavik site. This landmark achievement was realised at the Group's Technikum Metallurgie research centre.
These future-oriented strategic moves by Voestalpine are considered as important steps towards increasing its competitiveness in the global steel market. The company aims to fulfil its environmental responsibilities and become a pioneer in the industry with its investments in sustainable and green technology.
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