Austrian steelmaker Voestalpine triples profit

May 31, 2011, 7:45 GMT

Vienna - Austria's biggest steelmaker Voestalpine reported Tuesday that it more than tripled its profit in the business year that ended in March, owing to strong growth in emerging economies and Europe's economic recovery.

Voestalpine made a net profit of 594.6 million euros (854.9 million dollars) in 2010/2011, compared to 186.8 million euros in the previous period.

Sales shot up 28 per cent to 2.4 billion euros, as prices increased and demand picked up in key industries including automotive, energy and consumer goods.

The company said its operating profit of 984.8 million euros was 2.8 times higher than in the previous business year, owing to the full use of its production capacities.

Voestalpine said it expects to significantly improve its business result in the rest of 2011, despite risks posed by high national debt in some countries and and worries about the stability of the financial sector.