The Swiss Times - Swiss News in English

Swiss Steel Faces Major Shift as Spuhler Exits Board

  • By The Swiss Times
  • 25 March 2024

Swiss Steel undergoes significant board restructuring as major shareholder Peter Spuhler’s representatives exit.

Swiss Steel Faces Major Shift as Spuhler Exits Board
Keystone/URS FLUEELER

The crisis-ridden steel producer Swiss Steel is losing the backing of its major shareholder Peter Spuhler, the head of Stadler Rail.

Spuhler’s representatives on the Board of Directors, Barend Fruithof and Oliver Streuli, are stepping down with immediate effect.

Swiss Steel announced on Monday that this resignation was in connection with the decision by Spuhler’s PCS Holding AG not to participate in the upcoming capital increase and/or a possible exit, as reported in the press.

The Sonntagszeitung newspaper reported at the weekend that Spuhler was preparing an orderly exit. According to the newspaper, Spuhler had confirmed rumors that he “does not want to participate in the capital increase at Swiss Steel because the required conditions have not been met by Big Point or the Board of Directors”.

Although he has decided not to participate in the planned capital increase of 300 million euros, he will remain a shareholder until further notice.

Spuhler is seeking an “orderly exit”. Spuhler holds around 20 percent of the Group. Big Point is the company of Amag owner Martin Haefner, Swiss Stell’s largest shareholder with a 33 percent stake.

Ten days ago, the Central Swiss company reported a huge loss for the 2023 financial year and subsequently announced a capital increase of at least CHF 300 million.

©Keystone/SDA

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