The end of the lockdown in the first quarter of the business year 2020/21 led to an incremental recovery in demand. The extent of the rebound depends on both regions and market segments. The second business quarter is expected to see seasonally slightly weaker demand over the summer, as usual, for example, due to customer shutdowns. Hence a more informed assessment of both the strength and the sustainability of this economic recovery will have to wait until the end of the second business quarter. Given the ongoing volatility in an uncertain market environment affected by COVID-19, the voestalpine Group will continue to focus on cost management and earnings stabilization. At the same time, our efforts to manage working capital will remain high and investments will remain low in order to strengthen the Group’s cash flow as well as its balance sheet structure.
Against this backdrop, we will stick to our forecast expressed at the beginning of the business year pursuant to which the voestalpine Group is expected to generate EBITDA of between EUR 600 million and EUR 1 billion in the business year 2020/21.