Swiss Steel cuts 800 jobs – 80 redundancies in Switzerland
Published: Friday, Nov 15th 2024, 08:40
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The steel group Swiss Steel is cutting hundreds of jobs, including in Switzerland, due to the current economic conditions and persistently weak demand. At the same time, the realignment of the entire sales organization is to continue as planned.
This is intended to secure the production sites in Switzerland, Germany and France, Swiss Steel announced on Friday. The adjustments complement the ongoing SSG 2025 strategy and restructuring program.
Its implementation has already led to significant cost reductions, according to the report. However, as demand in the European manufacturing industry remains weak, production levels are low and the growth prospects of the Swiss Steel Group's relevant customers are subdued, further adjustments are required.
The Group is therefore cutting 800 full-time positions. The capacity reduction is already in the final planning stage and will mainly affect the European production sites and the entire sales organization. It consists of 530 job cuts and a reduction in working hours for a further 270 full-time positions.
To this end, the collectively agreed weekly working hours at the German subsidiary Deutsche Edelstahlwerke will be reduced by around 15 percent. These steps will be implemented so quickly that they will largely take effect as early as 2025, according to the statement. Swiss Steel Group will therefore already reduce its workforce to below 7,000 in the first half of 2025.
130 jobs lost in Switzerland
In Switzerland, Swiss Steel is cutting 130 of the current 750 jobs at its Emmenbrücke plant. This reduction affects both production and administrative areas. It is expected that natural fluctuation will not be sufficient for this. The company therefore expects to have to make 80 employees redundant.
©Keystone/SDA
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