VIENNA Feb 17 Austrian steelmaker Voestalpine
is expected to announce a new two-year cost-savings
plan of around 500 million euros ($684 million) next month,
analysts said on Monday.
The company, which is battling steel market oversupply and
weak demand from the energy sector, told analysts on a
conference call last week it would most likely announce such a
plan in the second half of March.
Voestalpine, whose last, 620 million-euro savings scheme is
coming to an end, did not say how big the new one would be but
said it would run for the next two business years.
Erste Bank analyst Franz Hoerl wrote in a note: "The volume
of the new programme is said to be not too much smaller (we
guess around 0.5 billion euros)."
Another analyst who declined to be named said he expected it
to be "several hundred million", while Baader Bank analyst
Christian Obst wrote last week he expected "more than 300
million euros" in the next three years.
A company spokesman said Voestalpine was still working on
the details of the plan.
($1 = 0.7307 euros)
(Reporting by Alexandra Schwarz-Goerlich; Writing by Georgina
Prodhan; Editing by Mark Potter)