Austrian steelmaker Voestalpine AG has announced that it has increased its earnings forecast for the financial year 2022-23 compared to the previous forecast in August, despite the pessimistic economic outlook for the coming months.
Accordingly, the company expects its EBITDA for the given financial year to be in a range of €2.3-2.4 billion, including the non-recurring effects from the land sale in the High Performance Metals Division in Germany. Positive one-off effects of approximately €120 million from the land sale are expected in the second half of 2022-23.
Voestalpine posted a record quarterly performance in the first quarter and forecast its EBITDA to be about €2 billion in the business year 2022-23, as SteelOrbis previously reported. This outlook was based on the assumption of a strong economic slowdown in the second half of the business year. Based on the latest economic forecasts, this is indeed becoming apparent, but somewhat later than Voestalpine originally expected.