Based on the insights gained from economic and financial crises in the past and their effects on the voestalpine Group—particularly those gained from the COVID-19 pandemic and the Ukraine war—additional steps primarily of a corporate nature have been and are being taken to mitigate the Group’s risk exposure. In particular, consistent application of and follow-up on these measures is designed to
- Minimize the negative effects that even a recessionary economic trend would have on the company by means of relevant planning precautions (“scenario planning”);
- Maintain high product quality along with concurrent continual efficiency gains and ongoing cost optimization;
- Ensure the security of supply chains and energy supplies as best as possible;
- Have sufficient financial liquidity available, even in the event of constricted financial markets; and
- Secure 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 difficulties in the economic environment that continue unabated, any fallout from global (trade) disputes is monitored on a continual basis. Further developments in the Ukraine war and the actions that individual countries resolve to fight it as well as activities aimed at stimulating the economic environment will continue to have a massive impact on economic developments in different regions of the world.
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 operating risks facing the voestalpine Group—over and above global crises and their consequences—are limited and manageable, and that they do not threaten the company’s existence as a going concern. As for the Ukraine war and its associated human, social, geopolitical, and economic ramifications, some of which are still not fully foreseeable, the voestalpine Group will continue to do everything in its power to deal with the situation, which is very difficult for each and every individual and for the company on the whole, to the best of its ability.
