Voestalpine expects to save €900 million

Austria-based steel producer voestalpine Group has announced that it aims to raise €900 million in the next three years through a company-wide program of optimizing costs and raising efficiency across all four divisions. The company expects no reduction in its workforce under the scope of the efficiency program. It said that the number of employees will remain stable over the medium term.
 
According to voestalpine's statement, the focus of the program lies in the sectors of working capital, logistics optimization, raising energy efficiency and improving raw material costs, as well as new methods of organizing a series of business units.