Uncertainties stemming from legislation

      The COVID-19 pandemic may yet cause individual jurisdictions to take a variety of statutory steps that would affect production parameters and the ability of voestalpine AG’s affected subsidiaries to act in a commercial capacity. However, this may also occur on account of additional sanctions and/or any embargoes that are imposed in connection with the Ukraine war (e.g., an EU-wide embargo of Russian energy). In turn, this might lead to massive restrictions in the entire European Economic Area and/or the global economy and trigger wide-ranging ramifications that are almost impossible to predict. Changes in legislation may generally lead to changes in both production parameters and purchasing behavior.