On June 4, the Austrian steel producer Voestalpine Group announced its financial results for the financial year 2008-09.
According to the company's release, in FY 2008-2009 the company recorded a net revenue of €11.6 billion, up by 50.9 percent year on year due to the full consolidation of Australia-based steelmaker Bohler-Uddelholm AG and success in passing on price increases for raw materials and pre-materials during the first half of FY 2008-09, even though the company commented, "The current year is characterized by the worst economic slump since 1945."
During the period in question, Voestalpine's EBITDA declined by 6.1 percent from €1.84 billion to €1.72 billion and EBIT fell by 11.9 percent from €1.15 billion to €1.02 billion year on year, due to the global economic slump.
In addition, the company's profit before tax in FY 2008-2009 decreased by 25.6 percent from €979.6 million to €728.4 million compared to the previous year, while its net income dropped by 18.7 percent from €751.9 million to €611.6 million, due to the decrease in profit from operations and higher financing costs.
Voestalpine's crude steel production totaled 6.81 million mt in FY 2008-2008, down by 10 percent year on year compared to the previous year, due to the downturn in demand from October 2008 on.
During the period in question Voestalpine's export quota rose from 88 percent to 89 percent; Europe remained the most important market by far for the producer, where a total of 78 percent of the group's revenue was generated. In addition to the domestic market, the most important individual markets were Germany, Italy, the US, Brazil, and France.