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Voestalpine's June-quarter profit tanks on weaker steel demand, rising costs

Voestalpine AG blamed a slumping auto industry, rising iron ore prices and weaker demand for its steel products for a drop in fiscal first-quarter profit to €90 million from €226 million in the prior year.

Revenue fell 3.8% year over year to €3.3 billion, EBIT declined 51.6% to €157 million, and EBITDA sank 27.7% to €371 million.

The company said Aug. 7 that carbon emission certificates and startup costs at its automotive plant in Cartersville, Ga., put further pressure on its earnings.

Chairman Herbert Eibensteiner said the company is working to counteract market pressures through cost and efficiency improvement programs in the entire group.

Voestalpine expects to achieve flat EBITDA for the year as it anticipates that the unfavorable situation will be resolved during the second half of its fiscal 2020.