The Austrian steel manufacturer Voestalpine has announced the sale of its subsidiary Buderus Edelstahl. In addition, the Automotive Components division in Germany is to be restructured.
With its High Performance Metals Division, Voestalpine intends to concentrate on the production of high-performance materials and reduce the production of tool steel and engineering steel. In addition to Buderus, which is up for sale, the Voestalpine High Performance Metals Division includes other brands such as Böhler, Uddeholm and the Brazilian company Villares Metals. In the Automotive Components Division, management is maintaining its internationalization strategy and adapting the Metal Forming Division's business to the structural underutilization of capacity in the automotive supply industry in Germany. This includes, among other things, the sale of the German production site in Nagold. Voestalpine is taking this step as part of its strategy to focus the materials business on the highest quality spectrum and to expand the downstream business in promising global segments. The sale of Buderus Edelstahl and the reorganization of the Automotive Components business in Germany would result in one-off write-downs of around EUR 410 million. Source: Voestalpine
