The scale of layoffs and capacity reductions that will occur at Swiss Steel is still unknown, despite the announced intentions for further reductions.
At the end of 2024, the company underwent a wave of layoffs (see the Callanish Summary), when the number of employees was reduced to less than 7,000 people. According to CEO Frank Koch, the group has halved its workforce in recent years, from 13,000 to 6,500 currently. This happened after Koch told Sonntagszeitung in an interview that further cuts were expected at the German division of Deutsche Edelstahlwerke. According to him, this measure will minimize the concern's dependence on the automotive industry.
Thanks to the upcoming measures, the loss-making group plans to return to operating profit by 2028, Koch said.
In a statement, Swiss Steel informs Kallanish that in the future the group "will have a generally smaller and more focused structure."
The statement does not provide more details about the cuts. "As soon as current considerations lead to tangible steps, we will inform you about the upcoming process," the company said in a statement.
Author: Christian Kel Germany
