voestalpine completes investigations into earnings-improving accounting errors

2024-09-18 |

voestalpine has completed the investigation initiated in February 2024 following the discovery of earnings-improving accounting errors at a German company in the Metal Forming Division. The comprehensive investigation by a specialized auditing firm and a German law firm was launched in the aim of identifying the causes and responsibilities for the accounting errors and deriving improvement measures. Now that the results of the investigation are available, it remains clear that all accounting consequences of the accounting errors in the 2023/24 financial statements have been retroactively corrected and fully taken into account, that no outflow of funds took place, and that the initial suspicion against the persons responsible has been proven to be correct.

The results of the investigation have confirmed the previous findings. Based on these results and in line with voestalpine’s policy of zero tolerance for such misconduct, voestalpine has filed criminal charges against two former members of the Management Board of the German subsidiary concerned in connection with these incorrect bookings.

It was particularly important to me that the facts of the case have now been fully clarified. The case is now closed for voestalpine. We will continue to develop our control mechanisms and have already filed charges against the persons responsible.

Herbert Eibensteiner, CEO of voestalpine AG

The damage caused by these accounting errors amounts to a figure in the low single-digit million-euro range as of today. Steps are being examined and prepared with the aim of claiming these damages.

The voestalpine Group

voestalpine is a globally leading steel and technology group with a unique combination of materials and processing expertise. voestalpine, which operates globally, has around 500 Group companies and locations in more than 50 countries on all five continents. The voestalpine Group has been listed on the Vienna Stock Exchange since 1995. With its premium products and system solutions, voestalpine is a leading partner to the automotive and consumer goods industries, as well as to the aerospace and energy industries. The company is also the global market leader in railway systems, tool steel, and special sections. voestalpine is committed to the global climate goals and has a clear plan for transforming steel production with its greentec steel program. In the business year 2023/24, the Group generated revenue of EUR 16.7 billion, with an operating result (EBITDA) of EUR 1.7 billion; it has around 51,600 employees worldwide.

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