By Pierre Bertrand


Voestalpine AG on Wednesday confirmed its earnings outlook for fiscal 2023 on the back of a rise in first-half earnings, driven by strong demand and high product prices.

The Austrian steel-products manufacturer confirmed its guidance for the year ending March 31 of earnings before interest, taxes, depreciation and amortization in the range of 2.3 billion to 2.4 billion euros ($2.32 billion-$2.42 billion), which it had raised in October from its previous guidance of approximately EUR2 billion.

After-tax profit for the first six months of the fiscal year rose to EUR715 million from EUR486 million in the prior-year period on sales that grew 37% to EUR9.3 billion.

The company said economic sentiment gradually deteriorated over the first half of its business year and that economic forecasts are becoming increasingly pessimistic. It warned that it expects the global economy to cool substantially during the second half of the business year.


Write to Pierre Bertrand at pierre.bertrand@wsj.com


(END) Dow Jones Newswires

11-09-22 0223ET