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Quarterly results significantly exceeded market expectations

The Austrian steel company Voestalpine in the first quarter of the 2022/2023 financial year increased its revenue by 32.8% compared to the same period last year, to €4.647 million. Preliminary data published on the company’s website informed about it.

The company’s EBITDA in April-June 2022 reached €877 million, which is 62.4% more than the first quarter of the 2021/2022 financial year.

The company’s profit for the first three months more than doubled to €691 million. Quarterly results significantly exceeded market expectations.

Based on current performance, the company expects to generate EBITDA of approximately €2 billion for the 2022/2023 financial year.

As GMK Center reported earlier, following the results of the 2021/2022 financial year, the company increased revenue by 36.9% year-on-year, to €14.9 billion. EBITDA doubled year-on-year to €2.3 billion.

Voestalpine aims to cut CO2 emissions by 2030 by 30%. By 2050, the company aims to move to carbon-free steel production. Originally a steelmaker planned to reduce emissions are only 80%.