Every day there are reports of crises surrounding the VW Group, suppliers are worried about their orders – but one company from Upper Austria seems quite unimpressed. Although AMAG is also feeling the consequences of the weak industrial economy and increasing pressure on prices and volumes, the aluminum producer posted good figures after three quarters.
At 1.078 billion euros, turnover was slightly lower than in the same period last year, a result after tax that, at 54.3 million euros, was also lower than in 2023, but was still top – these figures for the first three quarters of the current AMAG’s financial year presented on Wednesday.
“With the economic situation remaining subdued in many European countries, we have managed to achieve solid results so far,” says CEO Helmut Kaufmann. The aluminum producer from Ranshofen (Upper Austria) supplies the aircraft, automotive, sporting goods and lighting industries, but also has customers in the mechanical engineering, construction and packaging industries. It is precisely this broad positioning that is helping now: “We are also broadly positioned geographically,” Kaufmann emphasizes.
Decrease in Europe, more deliveries to the US and Asia
What has worked well so far? “Thanks to a production location that can serve the entire world, we have been able to further strengthen our market presence,” says the AMAG boss. How are the difficulties in the automotive industry noticeable? “The challenges certainly impact us, but as we supply both the electric car industry and conventional combustion engine manufacturers, we are well positioned in this regard.” The general decline in Europe was offset by deliveries to the US and Asia.
The Ranshofen location is under pressure due to high energy and labor costs. “Local disadvantages are becoming increasingly noticeable, leading to competitive disadvantages even within Europe,” reveals Kaufmann. The systems at the Innviertel plant are all operating, “but not at 100 percent capacity,” he says, “the order status is good.”
“Challenges well managed so far”
While voestalpine recently had to adjust its forecasts for the 2024/25 financial year and announced that it would make less profit than expected, AMAG can stick to the expectations for 2024 published at the end of July, it said on Wednesday. “Challenges affect us no less than other companies. However, so far we have managed to make this happen,” says Kaufmann.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
