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Voestalpine in the Midst of an Accounting Scandal and Weak Quarterly Results
Voestalpine AG, one of Europe's leading steel and technology groups, is currently facing a double crisis. In addition to a massive drop in profits in the first quarter of the business year 2024/25, the company is struggling with the consequences of an accounting scandal that spanned more than a decade and only became public in June 2024.
Linz steelworks in a panoramic view. / Picture: © Wikimedia Commons; Christian Wirth, Wirthi, CC BY-SA 3.0 Unported DEED (https://creativecommons.org/licenses/by-sa/3.0/deed.en)
The Group announced that it had filed criminal charges against two former managing directors of a German subsidiary for “profit-enhancing accounting errors”. The scandal revolves around a German subsidiary of Voestalpine's Metal Forming Division, whose name is not being disclosed due to ongoing investigations. Between the…
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