Voestalpine to Book Around EUR200 Million in Write-Offs
By Cecilia Butini
Austrian steelmaker Voestalpine AG said Thursday that it would
book around 200 million euros ($237.2 million) in write-offs in its
current fiscal year 2021.
The write-offs are due to impairment losses at its Voestalpine
Texas site and "to a lesser extent" at Voestalpine Tubulars and
will have an impact on the company's earnings before interest and
They are non-recurring and aren't cash-effective and won't have
an impact on company earnings before interest, taxes, depreciation
and amortization, Voestalpine said.
The decision concerning the write-offs became necessary "due to
global market changes accentuated by the Covid-19 pandemic," the
Voestalpine also said it expects its Ebitda for the fiscal year
ending March 31 to come in a range of EUR800 million-EUR1 billion,
assuming no new restrictions are put in place to curb the spread of
It has previously guided for Ebitda between EUR600 million and
Write to Cecilia Butini at email@example.com
(END) Dow Jones Newswires
October 22, 2020 09:44 ET (13:44 GMT)
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