Herbert Eibensteiner0:05
Good morning, ladies and gentlemen. Thank you for the invitation. I'm happy to be here to talk about our daily challenges. Let me briefly introduce voestalpine with a few numbers: revenue of 16.7 billion euros, EBITDA of 1.7 billion euros, almost 52,000 employees worldwide, and 500 companies in 50 countries. We are very internationally positioned. Our daily challenges are diverse. Starting from the top left: the war in Ukraine and the Middle East. Much has been said about the war in Ukraine and its impact on energy, gas, and raw material supply. But the Middle East is also not far from us. If you can no longer sail through the Suez Canal, Chinese and others take at least two weeks longer to reach Europe. Only the west European ports are available and they are all overcrowded. When goods are on the train, they have to go through Germany, which has the worst rail infrastructure in all of Europe. Anyone who is supplied internationally knows what that means. European politics could probably fill an entire lecture series, as could international climate and climate policy. In Europe, we have received an enormous number of regulations, and in recent years the regulatory framework has mainly prioritized the Green Deal, not industrial policy and competitiveness as promised. During election campaigns, one often hears that competitiveness must be considered, but reality is different. International climate goals are important, but what was promised has not been delivered. We invest and transform our processes, but energy supply and infrastructure investments have fallen far short of what is necessary. There is a subsidy race in Europe, and the level playing field does not even exist within the single market. Even the same EU laws are implemented differently in each country. Austria is the world champion at over-implementing EU laws. When we talk about competitiveness, we also have to talk about gas and electricity prices within Europe. Inflation and the actions of central banks in Europe and the US aim to slow the economy and reduce inflation. The ECB has succeeded perfectly, while the US has not yet fully succeeded because its economic situation is more robust. Government debt in Europe and the US is also a major issue. Investors are wondering whether Europe is still the right market to invest in. Capital markets in Europe are heavily indebted, and confidence in Europe as an investment market is declining. Bureaucracy is excessive, and there must be no restrictions on technology. For example, hydrogen: we want to switch to hydrogen, but it has to be the greenest hydrogen, which is a huge challenge. Energy costs are a major issue, and we need to act strategically to secure our raw material supply. Global supply chains are vulnerable, and trade intensity is declining. The shortage of skilled workers is a global problem, and finding good, talented people is difficult everywhere. In this dynamic environment, we want to grow. It is important to increase future viability and resilience. Companies in Austria have shown in recent years that they have become more resilient. We want to continue growing while decarbonizing steel production. Internationalization in a changed trade environment means for us that we invest where the markets are, not just act from Europe. An example is warehouse technology: for America we have built a fully automated production in the USA. We invest in technology and innovation to remain competitive. Innovation cycles must be maintained to be successful in the long term. Our task as managers is to find the paths that still exist and develop them further. Thank you for your attention.
