By Mauro Orru 
 

Voestalpine AG said Wednesday that it swung to a net loss for fiscal 2020, citing "economic meltdown," nonrecurring effects and the consequences of the coronavirus pandemic which harmed the final quarter.

The Austrian steelmaker posted a net loss of 222 million euros ($247.7 million) for the year ended March 31 compared with a net profit of EUR408.5 million the previous year.

Voestalpine also swung to a loss before interest and taxes of EUR89 million from earnings before interest and taxes of EUR779.4 million, while earnings before interest, taxes, depreciation, and amortization fell to EUR1.18 billion from EUR1.56 billion.

Revenue fell to EUR12.72 billion from EUR13.56 billion.

The company said it would pay a dividend of EUR0.20 a share if approved at the annual general meeting on July 1.

Voestalpine said it expects to achieve Ebitda in a range of EUR600 million and EUR1 billion for fiscal 2021.

"Given the intensifying deterioration in the economic environment on account of Covid-19, we will consistently pursue current programs that are aimed at cutting costs and boosting efficiency," Herbert Eibensteiner, chairman of the management board, said.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

June 03, 2020 02:20 ET (06:20 GMT)

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