Business News
Austrian steelmaker Voestalpine issues gloomy outlook
Nov 17, 2011, 12:32 GMT
Vienna - Austria's biggest steelmaker, Voestalpine, said Thursday that its annual earnings would fall below last year's, as manufacturers and consumers have been spending cautiously amid the ongoing European debt crisis.
Operating profit would drop 10 per cent to some 900 million euros (1.21 billion) in the business cycle ending in March, chief executive Wolfgang Eder said.
The construction sector in Europe and the electrical and consumer goods industries have shown weakness in past months, according to the company.
At the same time, Voestalpine announced that it boosted its net profit by 39 per cent to 346 million euros in the first half of its business year.
Revenue rose 15 per cent to 5.98 billion euros.
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