The large Austrian steel company reduced its profit forecast due to the war with Iran.
Austria's steel company Fuestalpine announced that due to the increase in energy and transportation costs caused by the war with Iran as well as additional tariffs in the US, it has reduced its operating profit forecast for the current fiscal year.
The company announced on Wednesday that it expects its earnings before interest, tax and depreciation to be between 1 billion and 600 million and 1 billion and 700 million euros by the end of March 2027. The previous estimate of the company was one billion and 850 million euros.
The profit in the second quarter of this company also reached 3.690 billion euros with a decrease of 4.5%. Fuerteventura shares fell 7.3% in trading today, hitting their lowest level since July.
The company also announced that demand in the automotive industry is still weak, but the railway infrastructure markets and the aviation industry performed better.