Voestalpine increases funding for research

Austrian Voestalpine steel group has decided to increase its funding of research and development and to allocate for this purpose in the new fiscal year, more than 120 million euros, according to MetalBulletin. Last year, the article cost the company a record 111 million euros. According to Chairman and CEO Wolfgang Eder, the strategy is in line with Voestalpine positioning as a leader in world technology in the most advanced and fastest-growing segments of the industry. "In addition to continuing development of new lightweight materials for automotive and consumer products, we also focus on developing technologically advanced and sophisticated materials science applications in the energy sector, such as thermally stable materials that will significantly increase the efficiency of power turbines and aircraft engines" - the head Development Department, Peter Schwab. As reported in the III quarter of this fiscal year, Voestalpine has an operating profit of 244 million euros. On the background of strong financial results Voestalpine increased profit forecast for the full fiscal year to 850 million euros. In turn, the experts believe that the operating profit of the holding could reach 865 million euros. The Austrian company Voestalpine has been producing steel, cars and rail systems. To date, the steel company operates in 60 countries. Ministry of Industry