farnborough international airshow capital markets … · 2016-08-17 · farnborough international...

of 86 /86
voestalpine AG www.voestalpine.com voestalpine AG Farnborough International Airshow Capital Markets Day 2016

Upload: phungduong

Post on 11-Jun-2018

227 views

Category:

Documents


0 download

Embed Size (px)

TRANSCRIPT

Page 1: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

www.voestalpine.com

voestalpine AG

Farnborough International Airshow

Capital Markets Day 2016

Page 2: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Part I

Aviation 2016

Aircraft Raw Material Demand

Global Supply Chain

Aviation Industry China

Part II

voestalpine: A member of the club

Special Steel Division

Metal Forming Division

Conclusion

07/12/2016 CMD2016 – Farnborough International Airshow 2

Agenda

Page 3: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

www.voestalpine.com

Highlights and Insights

Aviation 2016

Page 4: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

The global aerospace market offers a steady growth

within the next years.

The global Aerospace market outlookBoeing current market outlook -

Fleet in service evolution 2014-2034:

Boeing and Airbus comprise two-thirds of

materials consumed for aerospace globally

This duopoly strongly influences behavior of

entire aerospace supply chain.

Boeing 36%

Airbus 30%

GE 5%

CFM Intl 4%

CFM 3%

Rolls-Royce 3%

Embraer; 2%

Pratt & Whitney 2%

other; 15%

2015 Aircraft material demand by OEM707kt per year

21.600

43.560

1.420

38.050

-17.510

0

5.000

10.000

15.000

20.000

25.000

30.000

35.000

40.000

45.000

50.000E

nd o

f ye

ar

201

4

Rem

ove

dfr

om

serv

ice

Con

vert

ed to

freig

hte

r

New

deliv

erie

s201

5 to 2

03

4

End o

f ye

ar

203

4

Nu

mb

er

of

Air

cra

fts

removed build Total fleet

Source: Boeing Current Market Outlook 2015Source: ICF Analysis

07/12/2016 CMD2016 – Farnborough International Airshow 4

Page 5: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Aircraft Market Outlook 2034

asks for 38.050 new aircrafts

7%

70%

13%

9%

1%

Delivery units

Large wide-body

Medium wide-body

Small wide-body

Single aisle

Regional Jet

Source: Boeing Current Market Outlook 2015

World Market Value: 5.570 $b

New deliveries: 38.050 Airplanes

Average airplane value: 150 ($M)

Asia38%

Europe19%

North America

21%

Latin America

8%

Middle East8%

C.I.S.3%

Africa3%

60% of new aircrafts go

into emerging markets.

07/12/2016 CMD2016 – Farnborough International Airshow 5

Page 6: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Main Drivers of the Aviation Industry

07/12/2016 CMD2016 – Farnborough International Airshow 6

New Aircraft Delivery Demand

Air travel demandAirlines‘ ability to acquire

new aircraft

Economic

Growth

Oil Price vs.

Air Fare

Aircraft

Retirements

Availability of

aircraft financing

Sources

Airlines

Finance

Page 7: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Different forecasts, different approach

Airline Monitor

Top down approach from global

passenger growth rate to world fleet.

demand oriented 5.1% RPM1

Average build rate in 2035 is 2,500 AC

Major OEMs (Boeing and Airbus)

Bottom up approach from backlog and

projected orders to build rate.

Supply oriented Airbus 4.6% RPM1

Boeing 4.9% RPM1

Average build rate in 2035 is 2,450 AC

07/12/20167

1 Revenue Passenger Miles

Source: Airline Monitor 02/2016, Boeing Current Market Outlook 2015, Airbus

Global Market Forecast 2015

CMD2016 – Farnborough International Airshow

1.300

1.800

2.300

2.800

2014 2019 2024 2029 2034

Airline Monitor

Boeing CMO

Page 8: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

0

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

Nu

mb

er

of

Air

cra

fts

Retired, scrapped, others

Increase in fleet

The average growth rate was increased

to ~3.7% per year until 2035

Retired small regional jets will be replaced by larger single-aisle aircrafts

Retirement age increases to 27-30 years

Source: Airline Monitor 06/2016

Average Growth rate 2016-2035:

~ 3.7% per year

07/12/20168 CMD2016 – Farnborough International Airshow

Page 9: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Aerospace a cyclical business with downturn

approximately every 8-10 years

0

200

400

600

800

1.000

1.200

1.400

1.600

Year 1970 1975 1980 1985 1990 1995 2000 2005 2010

To

tal

delivere

d a

ircra

fts total delivered aircrafts

The 70‘s

recessionEnergy price

recession

Gulf war

Tech bubble

and 9/11

-74%-42%

-50% -35%

Financial

market

meltdown

Source: Airline Monitor, Aircraft History, 02/2016, GE Aviation marketing analysis, Ascend

07/12/20169 CMD2016 – Farnborough International Airshow

Page 10: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Market Trends

Low oil price supports airline profitability

A change in aftermarket due to a slight overshoot in aircrafts

China economy development

The need for a MoM Middle of the Market Aircraft is heavily discussed

Some sign that a slow down maybe underway but no evidence so far

07/12/2016 CMD2016 – Farnborough International Airshow 10

Airbus and Boeing stay with their aggressive production plans

Page 11: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Aerospace: Further a growth market!

Airline Monitor and major OEM forecast an

average growth of ~3.7% per year from

2016-2035.

Airbus and Boeing have a

backlog of >12,000 aircrafts

representing 8-10 years of steady

production.

Highest load factor of aircrafts ~80%

and parked fleets are 10-15 years low.

Source: Airbus, Boeing, Ascend, BCC analysis

© Homato

07/12/2016 CMD2016 – Farnborough International Airshow 11

Page 12: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

www.voestalpine.com

voestalpine AG

Outlook 2020

Aircraft Raw Material Demand

Page 13: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Aluminum

Steel

Superalloys

Titanium

other

composites

~707 ktons

2015 Aircraft Raw Material Demand

07/12/2016 CMD2016 – Farnborough International Airshow 13

Aluminum

Steel

Superalloys

Titanium

Other

composites

~12bUSD

The aggregated „fly to buy“ ratio is ~ 6

Source: ICF International

Page 14: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Aluminum

Steel

Superalloys

Titanium

other

composites

~740 ktons

2020 Aircraft Raw Material Demand

07/12/201614

Aluminum

Steel

Superalloys

Titanium

Other

composites

~12,5bUSD

The aggregated „fly to buy“ ratio is ~ 6

Source: ICF International; calculation with same commodity prices

CMD2016 – Farnborough International Airshow

+0.7%

+1.9%

+4%

+5.8%

-0.7% (CAGR p. year)

Page 15: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Majority of the aerospace material demand for

value added is US based, followed by Europe

07/12/2016 CMD2016 – Farnborough International Airshow 15

Aerospace raw material demand ~707ktons

North America

Europe

Asia

other

by Region*

Air Transport

BGA**

Heli

Military

by Market

*) Region where most value-added work is performed

**) Business and General Aviation

Source: Aerolytics, 12/2015 Sheet and Plate Study

Page 16: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

www.voestalpine.com

voestalpine AG

Aviation Industry

Global Supply chain

Page 17: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Business Characteristics Aircraft

Limited players

Zero defect approach

Trust (track record, safety), relationship and market power are key

decision criteria

Highly conservative business behavior

(to become “member of the club”)

Price pressure

Serial business (small scale)

Defined products through very tight specifications

“Frozen” technologies

Strict management of failures

Low level of differentiation through the product/service portfolio

Product characteristics typical for “Operational Excellence”

The business

with the highest

entry barrier for

mission critical

parts/materials

07/12/2016 CMD2016 – Farnborough International Airshow 17

Page 18: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

A challenge to the supply chain!

OEMs monitor their supply chain with frequent

capacity audits and ramp-up control

The supply chain is ready for the next growth

peak, OEM requested supplier to make

investment

Possible over-capacity will have to be managed

solely by supplier

Supplier’s constantly high performance over the

next 3-4 years will guarantee them pole position

in the following multi-year-bids

© Homato

07/12/2016 CMD2016 – Farnborough International Airshow 18

Page 19: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

The global Aerospace Value chain is worth ~600bUSD

and employs more than 2.3 Million people*)

07/12/2016 CMD2016 – Farnborough International Airshow 19

North America

~1,100,000 people

~310bUSD

Europe:

~600.000 people

~175bUSDAsia*)

~600,000 people

~ 88bUSD

France 8%

200,000

Germany 4%

110,000

UK 4.5%

120.000

Source: TKA 2014, BPac, Market reports Mexico, Morocco, Brazil

*) without Russia

54%

30% 14%

Brazil

~20,000 people

~6bUSD

Page 20: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Different value chains – Different decision criteria

OEM – mainly Boeing and Airbus

Region – North America, Europe, Asia

Material – Aluminum, Steel, Titanium, Superalloys

Modules – aero structure, aero engine, components & systems

Safety level – rotating & non-rotating parts, critical and non-critical parts

07/12/2016 CMD2016 – Farnborough International Airshow 20

Research and

Development

Parts

Manufacturing

System

Assembly

Subsystem

Assembly

Final

Integration

After

Market

Service

Marketing

and Sales

Delivery and

Acceptance

Sales ProductionDevelopment Delivery Service

voestalpine special steel division

OEM integration

Graph: Harvard Business School, Aerospace Cluster in the Toulouse Region, 2013

Page 21: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

0

500

1.000

1.500

2.000

2.500

m€

USA

Europa

Asien

Aerospace – competitive landscape

Steel, Nickel based, Titanium and Aluminum alloys

07/12/2016 CMD2016 – Farnborough International Airshow 21

Page 22: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Supply Chain e.g. metal components

Source: SMR 2012

Melting needs to start in average 2 years before final aircraft assembly

Forging follows ~ a year later

Flexibility thus, is hard to serve but a basic requirement

07/12/2016 CMD2016 – Farnborough International Airshow 22

Page 23: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Key Message OEM: We need to deliver what we have sold!

OEM challenge: to secure a smoothly running supply chain!

Ramp-Up in a global

environments

Ensure sufficient capacity (incl. protecting customer‘s

needs with double sourcing in Low Cost Countries)

On-time delivery Reach and sustain excellent performance

Quality Make it right the first time, zero defect approach

Anticipate and communicate Manage the risk. Ensure timely communication with the

customer

Continuous improvements Reduce waste (recycle, close to net-shape), flow

optimization by local-for-local sourcing

Commercial – added value And for sure … Pressure on costs! Be creative and

propose solutions for optimization

Source: Airbus, Boeing

07/12/2016 CMD2016 – Farnborough International Airshow 23

OEM expectation Supply chain action

Page 24: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

“Directed buy” business model – e.g. forged parts

BIG OEM negotiating

supply conditions with/for

all business partners

ATIVSMPO

TIMETUKAD

Billets e.g. Titanium

Inhouse

Wyman Gordona

b

c

d y z

Machining

OEMa

bc

Subassembly

Wyman Gordon

A&DATI

Böhler

andere

Forge Transaction

OEM

local 2

local 3local 4local 5local 6

local 7

local 8 local 9local 10local 11 local 12

local 13local 14

Special Process

xy

zu

Scrap Processor

07/12/2016 CMD2016 – Farnborough International Airshow 24

OEM assembly

and planning

OEM

BIG OEM negotiating

supply conditions with/for

all business partners

Page 25: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Raw material – Different ways into the market

07/12/2016 CMD2016 – Farnborough International Airshow 25

Melter 1

e.g. Böhler

Melter 1

e.g. Böhler

Machine Shop1Machine Shop1OEM OEM

Tier 1Tier 1

Hot former

Profile Roller

Ring Roller

Closed Die Forgers

Open Die Forgers

Billet, Ingot,

Part made

to a drawing Machined

PartAssembly

Machine Shop1Machine Shop1OEM OEM

Tier 1Tier 1

Global Service

Provider

Distributor 1

Distributor n

Bar

Melter 1Melter 1Melter 1Melter 1

Melter 2Melter 2Machined

Part Assembly

Mill Direct

Distribution

Structure

Source: value case Böhler Aerospace, 2014

Page 26: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

www.voestalpine.com

voestalpine AG

Aviation Industry

China

Page 27: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

12% of aerospace material ready for processing is

needed in Asia, but only 1% demand is for Asian OEMs

07/12/2016 CMD2016 – Farnborough International Airshow 27

2015 Aerospace raw material demand ~707ktons

North America

Europe

Asia

other

by Region*

*) Estimate where most value-added works is performed

Source: Aerolytics, 12/2015 Sheet and Plate Study,

ICF International 05/2016

North America

Europe

Asia RoW

by OEM Region

Page 28: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Comac C919 will gain a market share of 4% on

the single aisle market from 2035 on

07/12/201628

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

2.000

2015 2020 2025 2030 2035 2040

Single Aisle Delivery Forecast per year

Source: Airline Monitor, 02/2016

0

5.000

10.000

15.000

20.000

25.000

30.000

35.000

40.000

2015 2020 2025 2030 2035 2040

World Fleet*

C919

737family

A320family

*) Total world fleet minus retirements

CMD2016 – Farnborough International Airshow

Page 29: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

How Chinese is China’s new passenger jet?

Aircraft structure made in China Airframe, Wing, etc.

Systems made for China Aero Engine, Thrust Reverser

Landing Gears

Auxiliary Power Units (APU)

Fuel System

07/12/2016 CMD2016 – Farnborough International Airshow 29

Some major systems or other critical parts are produced abroad or by foreign

OEM‘s in China.

Page 30: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Though domestic aircraft and parts manufacturers scattered

throughout China, the sector is still underdeveloped…

… and creating a strong demand for reliable imported products and technologies to ensure quality standards

Major opportunities were found in: Aero engine components and technologies and other systems Small niche parts manufacturer & materials Final assembly and Tier1 supplier Services such as design & engineering,

precision machining and training Airport design and construction

companies and ground service General aviation

07/12/2016 CMD2016 – Farnborough International Airshow 30

Source: Aerospace / Aviation Industry Opportunities in Japan & China, 06/2015

Page 31: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

The Chinese Aerospace Industry will only grow

disproportionally with their demand of new aircrafts

Comac‘s market share is estimated 4% on single aisle in 2035

China‘s success in Aviation Industry strongly depends on Western Aviation Safety Agencies‘ Approvals (FAA and EASA)

Lack of talents and technologies urgently require foreign support

The easy to make parts will be made in China – no chance to cope with their price structures

The hard to make parts will open a certain window of opportunity for foreign supplier

07/12/2016 CMD2016 – Farnborough International Airshow 31

Key: How much of foreign OEM’s sourcing strategy will be China?

Page 32: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

www.voestalpine.com

voestalpine AG

Farnborough International Airshow

Capital Markets Day 2016

Part II

Page 33: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

www.voestalpine.com

voestalpine AG

A member of the club:

voestalpine

Page 34: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

voestalpine AG

07/12/2016 CMD2016 – Farnborough International Airshow 35

Key figures for 2015/16

Employees 48,367

Revenue EUR 11,068.7 million

EBITDA EUR 1,583.4 million

EBIT EUR 888.8 million

EBIT margin 8.0%

Page 35: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

voestalpine AG

07/12/2016 CMD2016 – Farnborough International Airshow 36

25%

19%

23%

33%

Steel

Special SteelMetal Engineering

Metal Forming

Revenue (Mio. EUR) 3,753.7

EBIT (Mio. EUR) 220.0

EBIT-;argin 5.9%

Employees (fulltime equivalent) 10.891

Revenue (Mio. EUR) 2,650.9

EBIT (Mio. EUR) 227.2

EBIT-Margin 8.6%

Employees (fulltime equivalent) 13,470

Revenue (Mio. EUR) 2,850.4

EBIT (Mio. EUR) 314.9

EBIT-Margin 11.0%

Employees (fulltime equivalent) 12,675

Revenue (Mio. EUR) 2,224.9

EBIT (Mio. EUR) 194.5

EBIT-Margin 8.7%

Employees (fulltime equivalent) 10,470

Page 36: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

voestalpine AG

07/12/2016 CMD2016 – Farnborough International Airshow 37

Anyone who wants to change the

world can depend on us

We’re the partner of choice worldwide

for demanding product solutions

involving steel and that allow our

customers to stay that decisive step

ahead

We are the world’s market leader

or hold leading positions with all

of our four divisions

Steel Special Steel

Metal Engineering Metal Forming

Page 37: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Böhler Bleche

Böhler Edelstahl

Böhler Profil

Böhler

Schmiedetechnik

voestalpine GroupAerospace companies

Steel

Division

Special Steel

Division

Metal Engineering

DivisionMetal Forming

Division

Böhler Bleche

Böhler Edelstahl

Böhler Profil

Böhler Schmiedetechnik

Villares Metals

Eifeler Group

Edro Engineering

Distribution & Service

Network (NA, EU, Asia)

Roll Forming

Corporation

07/12/2016 CMD2016 – Farnborough International Airshow 38

Metal Forming

Division

92% 8%

Page 38: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Special Steel Division in key figures

Sales by region Sales by customer industry

Automotive

27%

Civil & mechanical

engineering 19%Energy industry 12%

White Goods/

Consumer goods 12%

Aviation

industry 12%

Construction

4%

Other

14%

European Union 53%

(of which Austria 4%)

North America

15%

Asia

17%

South America 8%

Rest of world 8%

39 CMD2016 – Farnborough International Airshow 07/12/2016

Page 39: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Austrian Steel Manufacturing Tradition meets

Aerospace

07/12/2016 CMD2016 – Farnborough International Airshow 40

201619901910 2000 2010

Page 40: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Global Aerospace Value Chain processes

products manufactured by voestalpine

Casting

Forging,

Rolling

Pre-

Machining /

Jet Cutting

Target /

Final

Machining

TestingHeat

Treatment

Special

Process OEMMelting

(Semi-)

Assembly

41

Bohler

Edelstahl

Villares

Metals

Bohler Bleche

Bohler Edelstahl

Bohler Profil

Bohler Schmiede-

technik

Roll Forming

Corporation

Bohler

Edelstahl

Bohler

Schmiede-

technik

Edro

Bohler

Bleche

Bohler

Edelstahl

Bohler

Profil

Bohler

Schmiede-

technik

Bohler

Schmiede

-technik

Edro

Eifeler

Group

Roll

Forming

Corporation

07/12/2016 CMD2016 – Farnborough International Airshow

Voestalpine special steel division

OEM

Page 41: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

voestalpine products in the Aerospace industry

Special Steel Division

Böhler, trusted for advanced metal solutions, global availability

and local services for aerospace!

Engine disc

Landing gear

components

Bar productRoller Track / Wing

Engine Mount

Engine DiscSide load fitting

Sheet and plate

Wire

Fastener

Rail

Landing Gear

Component

Guide vane /

Engine

Turbine ring

07/12/2016 CMD2016 – Farnborough International Airshow 42

Page 42: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Aerospace Material Distribution by voestalpine

special steel division value added services

43

North America: Böhler Uddeholm

Corporation (USA)

Walnut CA

Kent WA

Dallas TX

Böhler Uddeholm

Ltd. (CAN)

Rexdale

Europe: Böhler Uddeholm

Germany

Böhler Uddeholm

France

Böhler Uddeholm UK

Eifeler Group

Asia-Pacific: Böhler Pacific

(SGP)

07/12/2016 CMD2016 – Farnborough International Airshow

Page 43: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

voestalpine Special Steel Division Product Segments

Ba

rs

Bil

lets

Fo

rgin

gs

(o

pe

n &

clo

se)

Sh

ee

ts &

Pla

tes

Pro

file

s (

ho

t

rolle

d)

Wir

e, P

rofi

led

Wir

e

PV

D C

oa

tin

gs

Pre

-Ma

ch

inin

g

Airframe

Structures x x x x x x

Fuselage x x x x

Door surroundings x x x x x

Pylon / Engine Mounts x x x x x

Bearings x x x

Fasteners x x x

Engine

Disks / Blisks x x

Shafts x x x

Bearing x x

Casings x x x

Blades / Vanes xx x

Landing Gear

Structures x x x x x

Brakes x x x

Hydraulic x x

Bolts x

Aerospace

Product Portfolio

07/12/2016 CMD2016 – Farnborough International Airshow 44

Page 44: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Our customers are key to our success!

AS/EN9100 and 9120 Nadcap approvals:

Heat treatment PVD coating Testing

Several customer approvals

07/12/2016 CMD2016 – Farnborough International Airshow 45

Page 45: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

voestalpine will double it’s Aerospace revenue

until FY 2020/21

Special Steel Division:

Growth in closed die forgings, bar and plate

Elimination of growth inhibitors (capacities, approvals, market access to OEMs, etc.)

Investment in 2 new VAR furnaces

Major new customer approvals

Growth project Value Added Services with aerospace hubs in Germany, USA and Asia

Extension of value chain: finished machined forged aircraft parts

07/12/2016 CMD2016 – Farnborough International Airshow 46

Page 46: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

www.voestalpine.com

voestalpine AG

voestalpine Special Steel Division

Companies, capabilities and

competitive edge

Page 47: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

BÖHLER BLECHE GMBH & CO KG

48 07/12/2016 CMD2016 – Farnborough International Airshow

Page 48: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

State-of-the-art in production

Böhler Bleche is specialized in the production of

cross-rolled sheets and plates.

3-High Mill

2-High Mill

Cold rolling mill

Heat Treatment,

Cutting, Finishing

07/12/2016 CMD2016 – Farnborough International Airshow 49

Page 49: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Faster, Further, Safer

Böhler Bleche currently holds 17

quality system and product approvals

Laboratories and NDT approvals as well as

Nadcap and AS9100.

Such as Airbus, Boeing, Gulfstream, BAE System,

Group Safran, Spirit Aerosystems, Bombardier etc.

07/12/2016 CMD2016 – Farnborough International Airshow 50

750 tons

15-5PH

Heat treatable steel

Creep resisting materials

17-4PH

others

Wing flap

Parts of breaking systems

Engine Casing

Page 50: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

BÖHLER EDELSTAHL GMBH & CO KG

51 07/12/2016 CMD2016 – Farnborough International Airshow

Page 51: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

State-of-the-art in production

07/12/2016 CMD2016 – Farnborough International Airshow 52

50t EAF, 15t IF, AOD, LF, VOD

VIM, VAR, ESR

RF100 rotary forging machine

5.200t forging press

Cogging mill

Multi-line bar mill

Heat treatment

Bar steel surface finishing

Testing

Page 52: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Production Route

07/12/2016 CMD2016 – Farnborough International Airshow 53

Page 53: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Faster, Further, Safer

Böhler Edelstahl holds the major jet engine and airframe manufacturer

quality system approvals

Laboratories and NDT approvals as well as Nadcap and AS9100.

Such as Airbus, Boeing, GE, Pratt & Whitney, Rolls-Royce, etc.

07/12/2016 CMD2016 – Farnborough International Airshow 54

Page 54: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Aerospace Alloys

07/12/2016 CMD2016 – Farnborough International Airshow 55

Major Steel Grades Nickel Grades

Page 55: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Aerospace Alloys

07/12/2016 CMD2016 – Farnborough International Airshow 56

Major Steel Grades

Page 56: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

BÖHLER PROFIL GMBH & CO KG

57 07/12/2016 CMD2016 – Farnborough International Airshow

Page 57: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

State-of-the-art in production

Open rolling mill Computer controlled continuous

rolling mill Drawing bench Heat treatment Testing

High flexibility

07/12/2016 CMD2016 – Farnborough International Airshow 58

Page 58: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Faster, Further, Safer

We roll near net shaped

profiles and bars to

tailor made solutions

For flash butt welded

rings and guide vanes

for aero engines

AS9100

Approvals from Leistritz,

Defontaine and PAG

07/12/2016 CMD2016 – Farnborough International Airshow 59

Static Vane

Turbine Ring –

Exhaust Engine

Turbine Ring –

Engine Casing

Page 59: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

BÖHLER SCHMIEDETECHNIK GMBH & CO KG

60 07/12/2016 CMD2016 – Farnborough International Airshow

Page 60: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

State-of-the-art in production

355MN and 315MN mechanical screw press

Several hydraulic and mechanical hammers

(35mt counter blow hammer)

Heat treatment

Machining, water jet cutting

Ultra-sonic immersion

testing and other NDT

07/12/2016 CMD2016 – Farnborough International Airshow 61

Page 61: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

62

Page 62: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Faster, Further, Safer

Our core competence is the near net forging of

high-alloy steels, nickel-base alloys and titanium alloys

Heat treating and non-destructive testing approved by NADCAP

All major OEM and customer approvals

07/12/2016 CMD2016 – Farnborough International Airshow 63

AerospaceStructuresDiscs

Blades

SpecialForgings

Ni-Basis Stahl Titan

Page 63: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Value added services

07/12/2016 CMD2016 – Farnborough International Airshow 64

Böhler, trusted for advanced metal solutions, global availability and local services for

aerospace.

Worldwide sales and service network

with 150 warehouse and service sites

in 45 countries

Global #1 in service centers for tool

making

Page 64: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

State-of-the-art in aerospace distribution

Aerospace hub in Germany Düsseldorf AS9120 approval for 8 locations is 6 countries

3 in North America Canada France Germany United Kingdom Singapore

Böhler premium grade Stainless steel and Superalloys

07/12/2016 CMD2016 – Farnborough International Airshow 65

Page 65: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Aerospace Services and Processing

Eifeler Group Physical Vapor Deposition PVD Coating Engine bearing rings All major engine OEM approvals Nadcap

Edro Engineering AS9100 approved machine shop In Walnut California

07/12/2016 CMD2016 – Farnborough International Airshow 66

Page 66: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

www.voestalpine.com

voestalpine AG

voestalpine Metal Forming Division

Companies, capabilities and

competitive edge

Page 67: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Tubes &

Sections

Automotive

Body Parts

Precision

Strip

Warehouse & Rack

SolutionsDivision

€ 2,224 billion in revenue

10,470 employees

Customized special tubes

and sections with a global

presence

Innovative automotive

body parts for lightweight

solutions

Leading competence in

precision strip steel for

demanding applications

Intelligent rack system

solutions for complex

logistical tasks

Center of competence for highly refined

sections, tubes, and precision strip steel

products as well as ready-to-install system

components made of pressed, stamped and roll-

formed parts.

Metal Forming Division

Forming superior solutions

07/12/2016 CMD2016 – Farnborough International Airshow 68

Page 68: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

1949First profiles supplied to

aerospace industry

1967Salt bath solution heat treat

process developed

– W condition forming

1969Initial Boeing long term

contract

1980First profiles delivered

to Gulfstream

Metal Forming Division

in Aerospace1997Dedicated Aerospace

Facility Constructed

2000Roll Forming

Corporation Purchased

by voestalpine AG

2010Ti 6-4 Laser

welded assembly

in production –

patented

1979AM355 profiles

developed for

leading edge

application

2007Titanium welding

development - initial

connect technology

testing

1999Titanium roll

forming testing

2015Ti 15-3-3-3

roll forming sections

2006• Inspection

fixturing

patented

• 5 Axis Contour

process

• Extrusion

Processing

2011Inconel roll

forming

07/12/2016 CMD2016 – Farnborough International Airshow 69

Page 69: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Global Aerospace Value Chain: Metal Forming

Division profiles manufactured by voestalpine

Raw Material

Procurement

Raw Material

ProcessingRoll Forming Heat

Treating

Value Add Operations

Quality Inspections

Sub Assembly

OEM

07/12/2016 CMD2016 – Farnborough International Airshow 70

Tier 1 SupplierOEM

voestalpine RFC Aerospace

Page 70: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

voestalpine @ Aerospace – Strong capabilities in

leading metal forming processesMetal forming processes Lightweight material

Roll forming

Extrusions

Press forming

Laser welding

Operations in-line

Stamping, Bending, Inserts

Operations off-line

Riveting, Joggling, Contouring,

Stretch-bending

Aluminum

Titanium

Tailored blanks

Hybrid solutions

07/12/2016 CMD2016 – Farnborough International Airshow 71

Page 71: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

voestalpine RFC Aerospace

specialized in metal processing Roll forming

Variable gauge thickness for reduced buy to fly ratios

Extrusion Processing

Contouring, machining, and end configuration

Thermal Processing

Solution heat treating and artificial aging

Connect Technology

Multi-axis laser and plasma arc welding

Material grades:

Al-alloys (2014, 2024, 6061, 7055, 7075)

Al-Li-alloys (2090)

Ti-alloys (Ti 15-3-3-3, Ti 6-4)

Inconel

Stainless

07/12/2016 CMD2016 – Farnborough International Airshow 72

Page 72: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Slitting and Roll Reduction

Raw material purchased in master coils, slit to width and roll reduced

Processing Capabilities

07/12/2016 CMD2016 – Farnborough International Airshow 73

Page 73: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

voestalpine @ Aerospace – Know how synergies

Example fuselage cross section

seat rail

cabin cross beam

cargo floor cross beam

cargo lining structure

belly sub-structure

lateral frame

crown frame

bottom ring

modular overhead rack

stringer

belly faring

1

2

3

4

5

6

7

8

9

1

2

3

4 4

5

6 6

9

7

8

10

11

10

11

see case study

07/12/2016 CMD2016 – Farnborough International Airshow 74

Page 74: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

07/12/2016 CMD2016 – Farnborough International Airshow 75

Roll Forming Custom shapes or build to print

Page 75: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Flexible roll-forming decreases buy-to-fly

ratio and process time significantly

Case study: 2nd concept :

07/12/2016 CMD2016 – Farnborough International Airshow 76

voestalpine @ Aerospace – Know how synergies

Page 76: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Joggling Close tolerance joggle positions decrease barrel section assembly time

Processing Capabilities

07/12/2016 CMD2016 – Farnborough International Airshow 77

Page 77: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Contouring 5-Axis Contouring Process –

Hats, channels, extrusions

Long and complex contour

07/12/2016 CMD2016 – Farnborough International Airshow 78

Page 78: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Connect Technology

Laser welded Titanium seat tracks undergo numerous process steps and quality

inspections prior to assembly on the floor grid

Processing Capabilities

07/12/2016 CMD2016 – Farnborough International Airshow 79

Page 79: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

voestalpine products in the Aerospace industry

Metal Forming Division stringers

seat-tracks

floor panel supports

crown frames

engine rings

leading edges for helicopter blades

07/12/2016 CMD2016 – Farnborough International Airshow 80

Page 80: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Metal Forming Division

Aerospace Quality Certifications

ISO 9001:2000 – AS 9100 Rev C

NADCAP – Heat Treating

NADCAP – Non-Destructive Testing

NADCAP - Welding

BAC 5423 – Dye Penetrant Inspection

BAC 5439 – Ultrasonic Inspection

BAC 5602 – Heat Treat

BAC 5686 – Laser Beam Welding of Titanium for Structural Applications

BAC 5946 – Inspection of Alloys

BAC 5962 – Qualification / Certification of Weld operators

BAC 5975 – Fusion Welding of Metals

BSS 7039 – Penetrant Inspection

BSS 7044 - Digital Radioscopic Radiologic Inspection

BSS 7075 – Qualification of Non-Film Radiographic Systems for Weld Inspection

Boeing and Spirit Delegated Source Inspection

ROHS and WEEE Environmental Compliance

ISO 14001:2004

07/12/2016 CMD2016 – Farnborough International Airshow 81

Page 81: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

www.voestalpine.com

voestalpine AG

voestalpine Aerospace

Emerging Technologies

Page 82: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Emerging Technologies are on our Agenda Light weight and high temperature resistance are key.

Material trends: Aircraft structure: Titanium substitutes Aluminum.

Aero engine: Powder alloys, Nickel-based alloys, Titanium

Aluminides and ceramic matrix composites.

Coatings: Applied coatings protect components against wear,

corrosion and increasing process temperatures.

Additive manufacturing „Be the Solution provider (one stop shop) within Additive

Manufacturing Technologies”

Source: Airbus, EADS, GKN, General Electric (GE), GE Avio Aero, MTU Aero Engines, Winbro Group

07/12/2016 CMD2016 – Farnborough International Airshow 83

Page 83: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

voestalpine Special Steel Vision for Additive

Manufacturing

Heat Treatment &

post processingDesign

Customer

consulting

Powder

development

3D-Parts-

manufact.

Powder

production

&

Be the Solution provider (one stop shop) within Additive Manufacturing

Technologies

07/12/2016 CMD2016 – Farnborough International Airshow 84

Page 84: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

www.voestalpine.com

voestalpine AG

Conclusion

Aerospace – a growth market

Page 85: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

Aerospace is a growth market – and we are

committed to it.

Operational excellence, trust & reliability are key success factors

The business with the highest entry barrier for mission critical parts/materials

Market consolidation goes on –OEM‘s interest in having independent supplier will grow.

Price pressure will increase

07/12/2016 CMD2016 – Farnborough International Airshow 86

© Homato© Homato

Page 86: Farnborough International Airshow Capital Markets … · 2016-08-17 · Farnborough International Airshow Capital Markets Day 2016. ... entire aerospace supply chain. Boeing 36% Airbus

voestalpine AG

www.voestalpine.com

voestalpine AG

Farnborough International Airshow

Capital Markets Day 2016