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Ad-Hoc News from 13 March 2012

13 March 2012 | 

Management Board of voestalpine AG agrees reserves of EUR 205 million in the rails segment

Today, Tuesday, the Management Board of voestalpine AG agreed to set aside EUR 205 million in reserves to cover any risks relating to the antitrust proceedings relative to rails deliveries in Germany, as well as the planned closure of TSTG Schienentechnik GmbH & Co KG (“TSTG”), part of the voestalpine Group. The reserve will be reflected in the annual financial report as of March 31, 2012. From today’s perspective, this reserve will cover all costs related to the closure of rail production in Duisburg, as well as all risks associated with the antitrust proceedings.
TSTG is being closed as a consequence of the site’s lack of economic viability which makes it impossible to sustain competitive production of rails. Closure is subject to the participation and co-determination rights of the employee representatives and will be effected by the end of 2012 at the earliest.