Voestalpine : Coronavirus pandemic has a significant economic impact on voestalpine and its customers - Short-time work in Austria and other European countries unavoidable

The coronavirus and its direct consequences are having a severe impact on the global economy. Consequently, voestalpine will immediately fall back on the short-time work model in Austria, introduced by the Federal Government in response to the corona crisis and which enables a temporary reduction in normal working hours, for almost all the Group companies in Austria, and, depending upon the respective regulations, will take advantage of similar models being offered right across Europe. The actual extent of short-time work will become clear over the next weeks, and will be determined by the levels of capacity utilization in production. voestalpine will implement alternative measures as appropriate in countries where no such short-time work models are available. Several sites in countries including France, Italy, Peru, Brazil, and the USA have already been temporarily closed. The Management Board is using these measures to minimize the negative impact on employees and voestalpine as far as possible. From the current viewpoint, the impact on the results for the current business year 2019/2020 cannot be sufficiently determined.