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Jun 4, 2009, 7:01 GMT

Steelmaker voestalpine sees annual profit fall by 18.6 per cent

Vienna - Austrian steelmaker voestalpine AG reported Thursday that net profits fell by 18.6 per cent in the 2008 to 2009 business year, with strong results in the first half softening the impact of the economic slump. Net profit fell to 612 million euros (871 million dollars), whilst operating profit decreased by 11.9 per cent to 1.02 billion euros in the year ending in March. Despite a drop in sales volumes and prices from the third quarter, overall revenue reached a record 11.63 billion euros, 10.9 per cent more than in the previous 12 months. The economic downturn has taken its toll on voestalpine's employees. Its global workforce has been reduced by 8 per cent to around 41,000 staff between last October and mid-April. In Linz, where the company has its headquarters, nearly 60 per cent of the 10,000 workers are working short-time and receive 10 per cent less pay. The company said it would implement 'an additional extensive cost optimization programme' and would re-examine investments, without providing details. Voestalpine's management said it expected to end the current business year with a positive operating profit. It foresees sales and profits to pick up in the second half of the year, in line with an easing of the economic situation.

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