Steelmaker Voestalpine sees recovery in auto industry

BERLIN (Reuters) - Speciality steelmaker Voestalpine VOES.VI reported a fourth consecutive quarterly loss on Tuesday with demand still subdued by the pandemic, but said a gradual recovery was underway.

The company, which specialises in making finished parts for the automotive, aerospace and rail industries, said there had been a “considerable rebound” in major sectors in the second quarter, including in the European and the U.S. automotive industry, as well as in consumer goods and construction.

It posted a loss of 206 million euros ($243.5 million) for the July to September period, its second quarter, compared with a profit of 24.8 million euros in the prior-year period.

Voestalpine's comments echo those from Japan's biggest steelmaker Nippon Steel 5401.T, which has raised its annual crude steel output plan partly due to a strong recovery in demand from automakers. The world's largest steelmaker ArcelorMittal MT.LUMT.AS has also reported improved demand in all regions.