June 3, 2020 / 5:43 AM / a month ago

Voestalpine books 2019/20 net loss due to weak car industry, coronavirus effects

VIENNA, June 3 (Reuters) - Specialty steelmaker Voestalpine on Wednesday reported a net loss for the business year that ended in March, as demand from the car industry further dried up in the wake of the coronavirus crisis and due to internal operational problems.

The Austrian group booked a loss of 216 million euros ($242 million) for the 2019/20 business year after posting a profit of 459 million the previous year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) reached 1.2 billion, but are expected to drop to between 600 million and 1 billion euros in the current business year, the group said.

$1 = 0.8924 euros Reporting by Kirsti Knolle Editing by Michelle Martin

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