Tank Supplier Steyr Eclipses Even Rheinmetall With 541% Rally
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Steyr Motors AG, an Austrian maker of diesel engines used in tanks and military boats, says it can easily double output to meet European demand amid an arms race that’s lifted its stock by more than 540% this year.
The company already made 61% of its €41.7 million ($45.3 million) of revenue last year from deliveries to the defense industry, and that share is set to increase in coming years, CEO Julian Cassutti said in an interview. The stock shot up as much as 76% on Friday, its biggest gain to date.