November 6, 2019 / 6:43 AM / a month ago

Voestalpine cuts profit forecast amid slow demand from carmakers

VIENNA, Nov 6 (Reuters) - Austrian specialty steelmaker Voestalpine on Wednesday lowered its full-year profit forecast amid continued weak demand from the car sector and low steel prices and now expects core profit to fall by around 17%.

The Linz-based group, which generates a third of its revenue from the auto industry, said earnings before interest, tax, depreciation and amortisation (EBITDA) are seen at 1.3 billion euros ($1.44 billion)in 2019/20.

This is largely in line with analyst expectations of 1.39 billion euros, according to Refinitiv Eikon data.

Voestalpine had previously guided for a roughly flat EBITDA of 1.56 billion euros.

$1 = 0.9029 euros Reporting by Kirsti Knolle Editing by Michelle Martin

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