Swiss Steel announces job cuts in Germany amid restructuring

Swiss Steel has announced a further restructuring plan involving job cuts at its German locations to address significant financial losses. CEO Frank Koch stated that the move aims to reduce the company's dependence on the automotive sector and reposition production sites to achieve operational profits within a shrinking market.

The company has already reduced its workforce from 13,000 to 6,500 employees. While specific numbers for the upcoming cuts were not disclosed, the company is also pursuing balance sheet restructuring with the goal of returning to profitability by 2028.

Financial pressures include a reported loss of 311 million euros last year. Additionally, new EU protective measures against steel imports have impacted operations, specifically reducing duty-free export volumes for Switzerland by approximately 35 percent. The company is currently in discussions with the EU and the Swiss government to seek a resolution.