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So Where is this Economy Headed?

November 17, 2011

voestalpine´s macroeconomic overview calls for continued optimism and caution  

In their half year 2011/2012 financial report, voestalpine, a leading global specialty steel firm with headquarters in Austria, cites signs of a strong economy as well as indications of slowing production. With over USD 15 billion in global sales in a wide variety of sectors, voestalpine´s economic observations are worth noting for anyone interested in overall global manufacturing prognoses.

Some highlights:

-Economic development in the US and Europe is suffering from high debt levels and uncertainty regarding the future of the capital and financial markets.  EU and US customer caution has grown since late summer due to concern about public sector debt.

-Demand within the automotive/transportation, mechanical engineering, aeronautic and energy sectors (oil and gas) remains robust.

-The construction, electrical, white goods/appliance and consumer industries lack dynamism.

-European steel companies have reduced production to reflect shifting demand and supply in Europe.

-China, India and Brazil continue to drive global economic growth.

-Early global economic indicators which point downward are causing uncertainty among customers and consumers.

Overall, voestalpine group boosted revenue in the first half of 2011/12 by 15.1% to EUR 5,977.7 million compared to the first half of 2010/11 (EUR 5,191.8 million). Some final words of wisdom from their management board ring true throughout the world: “However, we need to be very clear about one thing: in the future, it will not be sufficient to merely provide each other with loans or give each other haircuts to maintain our standard of living.”

Download the report here