Swiss Steel to cut 800 jobs amid weak demand

Swiss Steel Holding AG

15/11/2024 08:55

ZURICH, Nov 15 (Reuters) - Swiss Steel Group  STLN.S 
will cut around 800 jobs in its home market of Switzerland and
abroad due to weak demand in European manufacturing, low
production levels, and a subdued growth outlook, the steelmaker
said on Friday.
    "The cuts are painful, but unfortunately unavoidable," Swiss
Steel CEO Frank Koch said in a statement.
    The steps aim at ensuring the long-term optimization and
security of Swiss Steel's production sites in Switzerland,
Germany, and France, the company said.
    The cuts primarily affect European production sites and the
sales organization. They will bring down the company's number of
employees to less than 7,000 in the first half of 2025.
    In Switzerland, 130 of 750 jobs at the Emmenbruecke plant
are due to go and the cuts will affect production and
administrative areas. Natural attrition alone will likely not
suffice, necessitating lay-offs of around 80 staff, the company
said.
    

 (Writing by Dave Graham, editing by John Revill)
 ((dave.graham@thomsonreuters.com; Reuters Messaging:
dave.graham.thomsonreuters.com@reuters.net))