Image tarnished

Why the accounting scandal is costing Voest dearly

Many people are upset that Voestalpine hid the accounting scandal in its annual report.(Bild: Markus Wenzel)

Up to 100 million euros at stake! For years, a Voestalpine manager apparently had the figures of a company falsified. The fact that the steel group would have preferred to keep this quiet is upsetting. Although nobody got rich, the accounting scandal has already caused damage. Plus: What makes the manipulating manager tick.

Months after the departure of the former Managing Director of the Metal Forming company in question, it was discovered in February 2024 during internal controlling activities that he had been fudging the figures for years and may have embellished them by up to 100 million euros ... The accounting scandal hidden on page 112 of the annual report leaves investors angry.