Austrian steelmaker Voestalpine AG has posted a net profit of €259 million for the first quarter ended June 30 of the financial year 2021-22, compared to a net loss of €70 million recorded in the same quarter of the previous financial year. In the first quarter, the revenues of the company amounted to €3.5 billion, up 45.6 percent year on year. In the given period, the company’s EBITDA was €540 million, increasing by 242 percent year on year.
The company stated that its positive business performance in the first quarter this year was mainly the result of the good global economic environment. The European automotive industry was still confronted with semiconductor supply chain problems, consequently, while some automotive manufacturers had to stop production for short periods of time. However, this did not trigger any noticeable decline in demand for the company’s steel products.
Based on the assumption that the current economic momentum will hold, Voestalpine expects its EBITDA to be within a range of €1.9 billion to €2.2 billion in the business year 2021-22.