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Voestalpine sees no hit from Volkswagen scandal - Wirtschaftsblatt
November 3, 2015 / 3:05 PM / 2 years ago

Voestalpine sees no hit from Volkswagen scandal - Wirtschaftsblatt

VIENNA (Reuters) - Austrian speciality steel and car parts maker Voestalpine has seen no hit to its orders from the scandal at Europe’s No.1 automaker Volkswagen, the head of its metal forming division told Austrian newspaper Wirtschaftsblatt.

“At the moment we don’t see any (changes). We see a slight shift in our production to petrol engines from diesel engines. But one could interpret this as normal fluctuation,” Peter Schwab said in the interview released ahead of publication on Wednesday.

“We are working through our orders, we continue to produce the same way we used to.”

Volkswagen was facing fresh questions on Tuesday after U.S. regulators widened their accusations of emissions-test cheating against the German carmaker to include the luxury Porsche brand previously run by its new CEO.

Voestalpine’s metal forming division makes 12 percent of its 2.3 billion euros ($2.5 billion) in revenue from Volkswagen orders. The company had overall group revenue of 11.2 billion euros in the 2014-15 financial year.

Schwab said for him it was “unimaginable” that Volkswagen would stop its orders. “VW is an unsinkable ship,” he said.

If orders from VW were to stop, it would take Voestalpine one or two years to compensate with orders from other carmakers, he added.

Voestalpine Chief Executive Wolfgang Eder told German magazine Capital last month that he expected Volkswagen’s emissions scandal to affect the car part supplier industry.

“VW is probably going to try to recoup part of the cost through paying lower prices to its suppliers,” he said.

A Voestalpine spokesman declined to comment on price negotiations ahead of the publication of the company’s full-year results next week, adding the Schwab interview had been conducted around the middle of last month.

Reporting by Alexandra Schwarz-Goerlich and Shadia Nasralla; Editing by Mark Potter

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