Event: voestalpine will report Q3'09/10 results on Thursday, 25 February at
7.30am CET (6.30am UK time). We are forecasting headline pre-PPA EBIT of Eu145m
and EPS of Eu0.35. There is a conference call at 11am (CET)/12pm (UK time).
Dial-in number +44 (0) 20 7784 1036, conference ID# 5360540.

For the divisional pre-PPA EBIT we are forecasting cEu85m in Steel (Q2'09/10
Eu46.5m; Q3'08/09 Eu108.8m); cEu5m in Automotive (Q2'09/10 Eu0.8m; Q3'08/09
Eu3.5m); cEu10m in Profilform (Q2'09/10 Eu4.7m; Q3'08/09 Eu20m); cEu50m in
Railways (Q2'09/10 Eu56.5m; Q3'08/09 Eu79.3m); and Eu5m (Q2'09/10 -Eu4m;Q3'08/09
Eu39.1m) for the Specialty Steel Division.

Voest consolidated post-PPA EBIT and EPS forecast should come in at Eu111m
(Q2'09/10 Eu70.4m; Q3'08/09 Eu196.2m) and Eu0.20 (Q2'09/10 Eu0.05; Q3'08/09
Eu0.44), respectively.

Catalysts: we believe that voest will translate the expected increase of raw
material costs in 2010, into significant price uplift of the new contracts with
the automotive industry, expected to be renegotiated in July. The Company should
also benefit from the recovery of the US OCTG and receive a nice boost from the
increased profitability of the seamless pipe segment whose production came in
below 50% capacity in H1'09/10. Specialty Steel should also see some signs of
improvement going forward as the apparent destocking through the value chain has
not translated yet into positive effect on voest P&L.

Valuation: voest is trading at 10.1x P/E and 5.6x EV/EBITDA on our 2010/11E with
still a quarter to go before entering in the FY2011/12 when, supposedly,
catalysts for the still lagging businesses (Specialty Steel and OCTG) should all
turn positive.