Voestalpine cuts 2020 revenue target by a quarter to 15 bln eur
VIENNA Dec 17 (Reuters) - Austrian specialty steel and car parts maker Voestalpine slashed its 2020 revenue target by a quarter to 15 billion euros ($16.3 billion), it said on Thursday, blaming in part low global growth and slumping raw materials prices.
Voestalpine Chief Executive Wolfgang Eder told Reuters in August that low prices for commodities including iron ore, aluminium, coal and titanium had derailed the revenue target.
Voestalpine stuck to its 2020 profitability targets of an earnings before interest, tax, depreciation and amortisation (EBITDA) margin of 14 percent and an earnings before interest and tax (EBIT) margin of 9 percent. ($1 = 0.9216 euros) (Reporting By Shadia Nasralla; editing by Francois Murphy)
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