Voestalpine’s steel division sees improved revenues in FY2011-12

Austrian steelmaker voestalpine AG has announced its financial results for the fiscal year 2011-12 ended March 31, registering a decrease in its net income.
 
Accordingly, voestalpine's net income in the given period came to €413.3 million, down by 30.5 percent compared to the previous year. The revenues of the company increased to €12.05 billion, rising by 10.1 percent year on year.
 
In FY 2011-2012, the company's EBITDA decreased by 18.9 percent year on year to €1.3 billion, which is equivalent to an EBITDA margin decline from 14.7 percent to 10.8 percent. The EBITDA drop is partially attributed to the closure of rail production in Duisburg.
 
According to voestalpine's statement, the improvement in the steel division revenues was due to the uninterrupted demand from premium automobile manufacturers. The special steel division has also achieved significant growth in revenue and operating results, almost reaching its pre-crisis level. The division's revenues increased by 11.9 percent to € 2.9 billion compared to the previous year.
 
During the financial year, the investments of voestalpine Group rose by 35.9 percent year on year to €575 million, of which €560 million were spent on property, plant and equipment.