Based on the insights gained as a result of past economic and financial crises and their effects on the voestalpine Group, additional measures—primarily of a corporate nature—were taken in recent years to minimize the Group’s risk exposure; just as in the business year ended, the coming years will see consistent implementation and enhancement of these measures. In particular, these measures are targeted at
- Minimizing the negative effects that even a recessionary economic trend would have on the company by means of relevant planning precautions;
- Maintaining high product quality along with concurrent continual efficiency gains and ongoing cost optimization;
- Having sufficient financial liquidity available even in the event of constricted financial markets; and
- Securing in-house expertise even more efficiently than before with a view to continuing the long-term expansion of the Group’s quality and technology leadership.
Given the ongoing difficulties in the economic environment, a working group is tasked as before with continually monitoring any fallout from the Brexit. Consequences arising from (punitive) tariffs and/or global trade wars are subject to continuous monitoring as well. Further developments in the pandemic and the measures that individual countries put in place to fight the disease and stimulate their economy will have a massive impact on economic developments in the world’s different regions.
Specific measures to hedge the risks previously identified within the voestalpine Group have been developed and implemented. These steps are aimed at reducing potential losses and/or minimizing the likelihood of losses occurring. It must be stated that, from today’s perspective, the risks facing the voestalpine Group above and beyond global crises and their ramifications are limited and manageable. As regards the COVID-19 crisis and its associated global ramifications, which cannot be predicted from today’s vantage point, going forward the voestalpine Group will continue to do everything in its power to overcome this situation, which is very difficult for each and every individual and the company on the whole.