Voestalpine has posted first quarter profit up 12.2% to EUR 154 million (US$206m), although revenue fell 2.4% to EUR2.83bn (US$3.8bn).

“Despite ongoing inconsistent economic trends in the most important economic regions worldwide, the Voestalpine Group’s results in the first quarter of the business year 2014/15 continued to be solid,” said Voestalpine CEO and chairman, Wolfgang Eder.

In a year-to-year comparison, the technology and capital goods group maintained revenue in the first quarter (1 April – 30 June 2014) at a practically constant level (EUR2.83bn).

The company says the decline by 2.4% in comparison to the previous year is largely due to lower pre-material costs and structural changes within the Metal Engineering Division – the closure of standard rail production in Duisburg.

The development of revenue in the other divisions was mostly stable, although the Steel Division and the Special Steel Division faced slightly lower revenue due to the generally deflationary market environment (falling raw materials costs).

The Metal Forming Division, on the other hand, saw slightly higher revenue.

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