Reuters quoted Mr Wolfgang Eder CEO of Austrian specialty steel group voestalpine as saying that it hopes prices can rebound in its fiscal second half given low inventories.

He added that "This year we will have sales of at least EUR 11.5 billion, perhaps close to EUR 12 billion, which would be a record. In 2011, the first half was good and the second half less good, and it could be the reverse in 2012. In that case prices as well could recover because customer inventories are filled only weakly."

The company had said last month that its full year operating profit could fall 10% as the debt crisis and troubles in the financial sector hit demand.

(Sourced from www.reuters.com)