Austrian steelmaker Voestalpine AG has announced its financial results for the financial year 2022-23 ended March 31.
The company posted a net profit of €1.2 billion for the given year, compared to a net profit of €1.3 billion in the previous financial year. In the 2022-23 financial year, the revenues of the company amounted to €18.2 billion, up 22.1 percent year on year. The company recorded the highest level of revenue and the best operating result in its history in the 2022-23 financial year, surpassing even its record year of 2021-22. In 2022-23, the company’s EBITDA was €2.5 billion, increasing by 8.7 percent year on year.
Voestalpine completed its special steel plant in Kapfenberg in the given year and commissioned test production. The plant will gradually become fully operational in the 2023-24 financial year. Once fully operational, the new plant will produce around 205,000 mt of special steel for the international aerospace, oil and natural gas, and automotive industries.
According to the company statement, assuming that the global economy will not be hit by massive economic distortions on account of central banks’ interest rate polices and that there will be no additional geopolitical tensions, Voestalpine expects its EBITDA to be in the range of €1.7-1.9 billion in the business year 2023-24.
In addition, the company expects to receive funding from Austria for its transition from blast furnaces to electric arc furnaces.