Voestalpine : Full-year guidance unlikely to be reached in our view
>Q2 2019 even more challenging than Q1 for the steel division - For the Steel division (42% of 2018-19 EBITDA), Q2 is likely to be down: 1/ due to a seasonal impact (reduction in volumes); 2/ slightly lower prices on a sequential basis (decline limited by contractual sales); and 3/ clearly higher raw materials’ costs (lag of 4-5 months) due to an increase in iron ore prices. The good news is that the price of iron ore has started to decline (around $ 96/t vs a peak of...voestalpine is engaged in the production, processing, and distribution of materials made of steel and in research and development in the areas of metallurgy, metal processing, and materials technology. Co.'s steel division focuses on the production and processing of flat steel products. Co.'s special steel division is involve in tool steel and high-speed steel. Co.'s metal engineering division is engaged in turnout technology, rails and treated wire, and tubes. Co.'s metal forming division is involve in tube products and precision strip steel as well as pre-finished system components. Co.'s other activities include heavy plate production, a foundry, and a number of downstream processes.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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