trending Market Intelligence /marketintelligence/en/news-insights/trending/UlihrYXXCvXPgWdf0fZOsw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Voestalpine further cuts FY'20 EBITDA forecast

Mining Exploration Insights - April 2020

Mining Exploration Insights December

Mining Exploration Insights: Dip in gold drilling weighs on results

State of the Market: Mining Q2-2019


Voestalpine further cuts FY'20 EBITDA forecast

Austrian steelmaker Voestalpine AG further slashed its fiscal 2020 EBITDA forecast as it flagged an impairment charge of €280 million across its key business segments.

Full-year EBITDA is now expected at about €1.2 billion from the previously lowered €1.3 billion, according to a Dec. 16 news release.

The impairment charges includes a €200 million write-off in Voestalpine's steel division, mainly driven by high iron ore prices and low scrap prices on its direct reduction plant in Texas.

The company also flagged €40 million in write-offs at its automotive plant in Cartersville, Ga., due to lower-than-expected production and higher personnel costs.

Voestalpine also estimated special write-offs and restructuring costs of about €35 million at its Buderus Edelstahl GmbH unit in Germany, where 1,500 jobs may be cut amid uncertainty in the automotive sector and rising imports and costs.

About €20 million in intangible assets will be written off at voestalpine Tubulars GmbH & Co KG due to the impact of U.S. tariffs on European steel and aluminum products.

Voestalpine said it will implement cost-cutting measures to save €50 million by the end of the fiscal year and at least €100 million by fiscal 2020/2021.

The company plans to recommend a full-year dividend below the prior year's €1.10 per share.