UBS cuts Voestalpine as EU tailwinds seen priced in

Voestalpine AG

08/06/2026 12:28

** UBS downgrades the Austrian steelmaker Voestalpine VOES.VI to "neutral" from "buy", citing limited upside following a strong run
** "While margins in Europe are likely to improve on tightening quotas & Carbon Border Adjustment Mechanism (supporting EU steel prices/spreads), we believe this is largely priced in at current levels," the broker says
** The EU has enforced a carbon levy on high-emission imports since January and is set to halve steel import quotas from July 1
** Voestalpine's share price has risen nearly 50% since October's announcement on EU safeguard measures
** Broker notes concerns over potential steel demand erosion in the EU due to the Iran war, which could cap further price upside if the Strait of Hormuz remains closed
** UBS raises its price target to €50 ($57.6), expecting EBITDA growth of 44% by 2027/28 – driven by Voestalpine's railway systems division    
** Shares down 1.4%   

($1 = 0.8683 euros)

 (Reporting by Danny Callaghan)
 ((danny.callaghan@thomsonreuters.com))