Despite record investment of more than EUR 1.3 billion in the business year 2015/16 – due to largely finalizing important future-oriented projects, such as the new wire production in Donawitz, the new heavy plate mill in Linz, several automotive component plants worldwide, and the direct reduction plant in Corpus Christi, Texas – the gearing ratio (net financial debt in percent of equity) of 58.2% as of March 31, 2015 was reduced to 54.5% as of March 31, 2016. This trend shows yet again that the high-tech/high-quality growth strategy that the voestalpine Group has been pursuing for many years is not mutually exclusive with sound financial management despite the high level of investment, but on the contrary, adds value and provides for a secure future. The most significant factor was stable and solid development of earnings that made an increase of the equity base possible by a healthy 10.5% from EUR 5.1 billion at the end of the business year 2014/15 to EUR 5.7 billion as of the end of the business year 2015/16. Despite the massive expansion in investment activity in the past twelve months, net financial debt rose only slightly by 3.4% from EUR 3 billion as of March 31, 2015 to EUR 3.1 billion as of March 31, 2016. At 48,367 employees (FTE), a plus of 2%, the workforce of the voestalpine Group has again reached a new record.