Voestalpine reports 3rd quarter results
Austrian steel producer Voestalpine AG has recently posted its third quarter results. According to the report, Voestalpine increased its sales by 7.2% to €3'401.5 million, earnings before interest rate (EBIT) increased from €155.4 to €196.3 million, up by 23% and the net income increased from €36 million to €106.8 million. Moreover, the company decreased its net financial debt from €832.8 million to €723.1 million. Moreover, in the first nine months of 2003, investments of Voestalpine are recorded as €333.6 million. As previously reported by SteelOrbis, under the scope of “Linz 2010” investment program, Voestalpine AG established a hot dip galvanizing plant. In 2004, the company will also prolong its investments. A new coil coating plant will start operations in spring of 2004, for which an investment of €54 million will be made.