Voestalpine half-year earnings drop on 'substantial damping of sentiment,' poor trading

Austrian steelmaking group Voestalpine has reported a fall in its earnings for the first half of the business year 2019/20 due to a “substantial damping of sentiment in its economic environment,” the company said in its latest results statement.

The economic downturn in Europe which has been gathering speed in key markets, and the conditions in the European steel market, had depressed earnings, the company said. It added that high import volumes into Europe, where it generates two-thirds of its revenue, combined with weak demand and falling sale prices, had affected earnings in all of the group’s divisions. Trade wars and protectionist barriers had led to the weakening of the export industry, reduced momentum in China...

Published

Carrie Bone

November 07, 2019

19:18 GMT

London