A columnist for the Vienna daily Die Presse called it almost a miracle that Voestalpine, Austria’s largest steel corporation managed its turnround from restructuring case to a star of the stock exchange.

Last year Voestalpine reported its best year in history with sales growing by 25 per cent to €5.8bn and earnings more than doubling. This year’s first quarter produced even better results, and Wolfgang Eder, chief executive, announced that his company would raise prices again this autumn.