Swiss Steel announces job cuts in Germany
Swiss Steel has announced further restructuring that will affect sites in Germany and lead to further job cuts, CEO Frank Koch said in an interview.
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Swiss Steel announces job cuts in Germany
Koch did not give any specific figures regarding the planned job cuts in his interview with the SonntagsZeitung. He said the move would make the company’s dependence on the German automotive sector “significantly lower once again”.
+ Read about the Swiss steel industry in crisis
The aim, he said, was to restructure the production sites so that they could return to making operating profits in a sharply contracted market. According to Koch, Swiss Steel has already halved its workforce from 13,000 to 6,500 employees.
Koch cited balance sheet restructuring as a further step. The company is not disclosing any details on this. “Our plan is to return to operating profitability from 2028,” he said.
At this point the company will be significantly smaller and more focused.
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