Austrian steelmaker voestalpine AG has announced preliminary earnings for the first nine months of the business year 2018-19 (ends March 31), with an EBITDA of around €1.1 billion and an EBIT of around €525 million, which are below market expectations.
The company said that this is due, on the one hand, to a significantly higher impact on earnings from the ramp-up of automotive activities in voestalpine Automotive Components Cartersville, US, as well as to related one-off effects from provisions due to external transfers of orders.
Due to lower earnings for the first nine months and a further expected economic slowdown in the last fiscal quarter, the management board of voestalpine has adjusted the earnings forecast for the full business year 2018-19 and as of now expects an EBITDA of approximately €1.55 billion and an EBIT of approximately €750 million for the year.