Swiss Steel to Cut 800 Jobs Amid Weak Demand

SEATTLE (Scrap Monster):  Steelmaker Swiss Steel Group will cut about 800 jobs in Switzerland and abroad due to weak demand in the European industrial sector, low production levels and restrained growth forecasts. This is stated in the message of the company.

As noted, these steps are aimed at ensuring the long-term optimization and security of Swiss Steel’s production sites in Switzerland, Germany and France. They complement the current SSG 2025 strategy and restructuring program, which has already achieved significant cost savings.

The cuts will primarily affect European production sites and the sales organization and are in the final stages of planning. In the first half of 2025, the number of employees of Swiss Steel Group will be reduced to less than 7 thousand people.

In Switzerland, 130 out of 750 jobs will be cut at the Emmenbrück plant, affecting production and administrative areas. According to Swiss Steel, natural attrition alone is likely to be insufficient, so about 80 employees will have to be laid off.

Commenting on the planned measures, CEO Frank Koch said that the layoffs are painful but inevitable.

As GMK Center reported earlier, global trade unions are concerned about the cumulative loss of tens of thousands of jobs in the steel sector and related industries worldwide. In particular, they are calling for an increase in the current low level of public investment to launch infrastructure projects and stimulate demand for steel.

Courtesy: www.gmk.center