UPDATE 2-Voestalpine cuts 2020 revenue target by a quarter

jueves 17 de diciembre de 2015 05:11 GYT
 

* Low global growth and raw materials prices weigh

* Profitability target for 2020 unchanged

* Sees revenues growth from Americas, China (Adds detail on investment plans in Americas, China)

By Shadia Nasralla

VIENNA, Dec 17 (Reuters) - Austria's Voestalpine cut its 2020 revenue target by a quarter to 15 billion euros ($16.3 billion) on Thursday citing mainly low global growth and slumping raw materials prices.

Chief Executive Wolfgang Eder told Reuters in August that low prices for commodities including iron ore, aluminium, coal and titanium had derailed the company's revenue target.

Voestalpine increasingly specialises in making finished parts for the automotive, aerospace and rail industries, with traditional steel production currently generating only about 30 percent of its revenue.

"We will continue to grow more strongly in the most technologically sophisticated and demanding segments and further extend the value chain to the end consumer," Eder said in a statement.

"We also want to extend our expertise in future material technologies, such as powder metallurgy and nickel-based technologies," he said, referring to products used in the transport sectors.   Continuación...