PRLog (Press Release)– Apr 08, 2011– BMI believes the Austrian steel industry will be one of the best performing in the EU over the short-tomedium term, following the strong performance of leading Austrian steelmaker Voestalpine in 2010 as it exploited its niche markets in high technology products, according to BMI's latest Austria Metals Report.
In 2010, Austrian crude steel output was up 27.3% y-o-y to 7.21mn tonnes, which was 70,000 tonnes below BMI estimates due to a worse than expected result in December. In common with other EU states, output declined after May before staging a slight recovery in October. Voestalpine's output wa ferrari s at nearly 100% of operational capacity in 2010/11, bolstered by strong export volumes, and the company has benefited from efficiency improvements and cost optimisation programmes. It has bucked the global trend largely as a result of its specialisation in high quality sec audi tors and its relationship with the German automotive industry, which is experiencing a solid recovery, as well as machine making and advanced energy technologies.
BMI believes the current economic environment will lead to stable and full capacity in the Austrian steel industry in 2011 with a relatively secure price level in all divisions. Austria's leading steelmaker Voestalpine is making significant progress in leveraging its advantages in high-quality production, which serves the automotive and machine-making sectors, as well as improving margins with considerable success in efficiency savings and cost reductions in 2010. The company sought to diversify production in order to ride out the recession, although cuts in output are inevitable. The company's products are largely focused on the automotive industry, mechanical engineering, steel structural work, energy, aviation and household goods. It is targeting the energy sector as a growth area, since it has been largely unaffected by the market downturn. It is also aiming to maintain supplies to the railway infrastructure, where global demand is constant due to maintenance and repairs as well as major ongoing projects in different parts of the world. It is also less reliant on the construction sector than its German peers such as ThyssenKrupp and adds value to its production through its stainless steel business, which supplies welders and tool and turbine makers, though all suffered badly during the economic downturn. BMI forecasts 8.0% growth in crude output to 7.78mn tonnes in 2011, a figure that it should stabilise at over the medium term due in part to capacity constraints.
Just as exports helped stimulate output in 2010, dependence on EU markets still poses a downside risk while key markets remain at risk of downturn due to the effects of austerity measures. Between 60 and 80% of Austrian aluminium and steel production is exported, with the automotive industry comprising around 25% of sales. As long as the German industrial machine continues to power ahead though, Austrian exporters will stand to gain. Given that Germany absorbs nearly a third of Austria's exports, suppliers to the German manufacturers are currently in a strong position. BMI forecasts Austrian exports growing 9.8% to 7.63mn tonnes in 2011, taking it to near pre-crisis norms.
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