voest presents figures

Less revenue! Crisis in Europe takes its toll on steel giant

After the first quarter of 2024/25, voestalpine's earnings after tax amounted to EUR 150 million.(Bild: voestalpine)

The accounting scandal at a German metal-forming company, which came to light years ago, has caused a great deal of turmoil at voestalpine since the beginning of June. However, the steel group also has to contend with a sometimes challenging market environment, especially in Europe. As a result, revenue declined in the first quarter of 2024/25.

"In an extremely difficult environment, especially for European steel companies, we were able to perform very well both in steel production and in the processing areas," says Herbert Eibensteiner, CEO of voestalpine, which published its figures for the first quarter of 2024/25 on Wednesday.

Profit after tax at EUR 150 million after the first quarter 
The Linz-based steel and technology group reported revenue of EUR 4.1 billion, which represents a decline compared to 2023/24, when revenue amounted to EUR 4.4 billion after the first quarter. Earnings after taxes also fell slightly to 150 million euros.

Our high-quality steel products are in great demand in the most technologically demanding segments, such as the railroad and aerospace industries.

Herbert Eibensteiner, Vorstandschef der voestalpine

voestalpine points to "persistently weak economic momentum" and a "very poor economic environment" in Europe, which the Group managed by Eibensteiner is able to compensate for thanks to its broad positioning. The rail infrastructure and aviation sectors, for example, are developing particularly strongly, while the renewable energy segment is also generating good demand.

Accounting scandal: investigation underway
The outcome of the investigations into the accounting scandal uncovered in February at a German voestalpine Metal Forming company, where figures had been embellished for years, remains open. The investigation is ongoing and there is no final report yet. According to voestalpine, it will not be possible to decide whether civil or criminal charges will be brought until the results are available.