Swiss Steel Group is adjusting its capacities due to the current economic conditions and the persistently weak demand. At the same time, the realignment of the entire sales organization will continue as planned. Specifically, capacities in Switzerland and abroad are to be reduced to the extent of around 800 full-time positions.
These measures are aimed at ensuring the long-term optimization and security of its production sites in Switzerland, Germany, and France. They complement the ongoing SSG 2025 strategy and restructuring program, which has already achieved significant cost reductions. The continued weak demand in the European manufacturing industry, low production levels, and the modest growth outlook among Swiss Steel Group’s key customers necessitate further adjustments.
Through this program, Swiss Steel Group will further reduce 530 jobs and adjust an additional 270 full-time positions in a cost-equivalent manner by reducing weekly working hours. For additional capacity adjustment, the weekly contractual working hours at Deutsche Edelstahlwerke in Germany will be reduced by approximately 15%. These steps will be implemented promptly to take full effect in 2025. As a result, Swiss Steel Group will reduce its workforce to under 7,000 employees by H1 of 2025.
