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The Management Board of the steel and technology Group regards the current historically low share price as an attractive opportunity to purchase its own shares. As voestalpine announced today, the company plans to buy back a maximum of ten million shares, or up to 5.6% of its share capital. The share buyback program will start on November 10, 2022 and is scheduled to end on July 10, 2023.
Impairment losses reduce EBIT of the second business quarter.
voestalpine is successfully expanding its position as technology and innovation leader and has budgeted around EUR 196 million for research and development (R&D) in the current business year. The steel and technology group appreciates that R&D projects positively contribute to sustainability. Research priorities include digitalizing the production processes, developing innovative products, and converting to climate-neutral steel production.
Today, high-performance materials and sophisticated special forgings from voestalpine are indispensable in the aircraft models of the world’s largest manufacturers. Only recently, the High Performance Metals Division of the voestalpine Group secured not only a contract extension, but also several new and extensive orders for the supply of heavy-duty structural parts from American airplane manufacturer Boeing. In addition, prestigious Munich-based company MTU Aero Engines has commissioned voestalpine to supply highly critical forged parts over the coming years, for installation in a variety of aircraft models including the Airbus A320neo. The total volume of orders to 2030 amounts to around three hundred million euros.
To be able to meet the growing demand for high-quality high-strength steels in the future, in the next few years voestalpine will be investing almost EUR 100 million in the expansion of the hot-dip galvanizing lines at the Linz site. The investment will make it possible to further increase the production quality of zinc-coated and uncoated cold-rolled strip products. Construction work will start in August with hot-dip galvanizing line 4; the technological ramp-up is scheduled for 2025/26. This will allow the site to significantly increase the volume of ultra-high-strength steels.
In addition to direct greenhouse gas emissions from production (Scope 1), the Group is now also setting itself ambitious goals to reduce Scope 2 emissions (energy-related) and Scope 3 emissions (raw materials, transport, etc.). These target reductions will be scientifically evaluated within the framework of the independent Science Based Targets initiative (SBTi) to ensure their compatibility with the Paris goals, and, following detailed examination, validated correspondingly.
Based on this excellent first quarter and the current expectations for the remaining Business Year 2022/23, the Management Board of voestalpine AG expects an EBITDA in the amount of approximately EUR 2 billion for the entire Business Year 2022/23 (outlook to date: EBITDA between 1.8 billion and 2 billion EUR).
Despite the challenging environment, in the business year 2021/22 voestalpine AG recorded the best results in the company’s history. These record results are reflected in this year’s dividend: at the 30th Annual General Meeting, a dividend of EUR 1.20 per share was approved for the business year 2021/22. This represents an increase of 140% over the previous year (EUR 0.50). The Annual General Meeting, which once again was held at the Linz Design Center after a two-year pause due to the pandemic, accepted the proposal of the Management Board and Supervisory Board. The dividend shall be paid out starting on July 18, 2022 (ex-dividend date is July 14, 2022).