Risk management
Active risk management, as understood and regularly applied within the voestalpine Group, aims to safeguard the company’s long-term existence and enhance its value, and is therefore a key success factor. The Group systematically identifies, analyzes, and evaluates significant risks at an early stage. This is achieved through a standardized risk management process conducted several times a year, as well as through internal control systems that form an integral part of the organization. Continuous risk monitoring ensures that appropriate risk-mitigation measures can be taken in a timely manner. In the interests of sustainable, responsible, and value-oriented corporate governance, risk management is an integral part of decision-making and business processes in all areas of the company and hierarchical levels. It also includes the responsible use of resources and care for the environment, as well as compliance with regulatory requirements. Risk management extends to both the strategic and operational levels and is a key element for sustainable corporate success.
The voestalpine Group’s operational risk environment (such as the failure of critical production facilities or critical IT systems, risks associated with decarbonization, raw material availability and energy supply, disruptions to logistics and supply chains, the impact of geopolitical conflicts, structural change in European industry, and potential financial risks) remained unchanged compared with the previous year. The main risk areas and their risk-mitigation measures, which are presented and described in detail in the voestalpine Group’s Annual Report 2025/26 (Annual Report 2025/26 – “Report on the Company’s Risk Exposure”), therefore remain valid for the half-year management report. In addition, with regard to individual risk areas, it should be noted that the geopolitical environment remained tense in the first half of the 2026/27 business year, and the wars in the Middle East and Ukraine continued to influence global oil and natural gas prices and, consequently, transportation costs. Furthermore, the trade policy environment between Europe and North America was characterized by a high degree of uncertainty due to the continued application of U.S. tariffs and further protectionist measures by the U.S. (provisional additional duties1). Low water levels on the Danube and the resulting bottlenecks in rail traffic hampered the delivery of finished products.
Drawing on experience gained from past economic and financial crises and, in particular, from recent periods of crisis and uncertainty, additional measures to minimize risk have been implemented in recent years, primarily focusing on business operations. These are also described in detail in the 2025/26 Annual Report and have been, and continue to be, consistently pursued. In a still challenging economic environment, various developments (such as trade-policy-driven market interventions in the form of tariffs and provisional additional duties1 or sanctions resulting from changed geopolitical conditions or from heightened vulnerabilities to cyberattacks resulting from the increasing use of AI applications) and their potential impacts are continuously monitored, assessed, and, where necessary, supplementary countermeasures are devised. Reorganization programs that have been initiated, as well as general efficiency measures, are also being consistently pursued with these considerations in mind.
For the risks identified in the past within the voestalpine Group, specific mitigation measures have been developed and implemented or are currently being implemented. These measures aim to reduce the potential financial impact and the likelihood of occurrence. Based on the established risk management system, the risks of the voestalpine Group are regularly assessed and appropriately managed. From today’s perspective, there are no identifiable risks that could jeopardize the company’s continued existence.
1 Countervailing duties, anti-dumping duties