Swiss Steel to cut 800 jobs amid weak demand
ZURICH, Nov 15 (Reuters) -Swiss Steel Group STLN.S will cut around 800 jobs in its home market of Switzerland and abroad due to weak demand in European manufacturing, low production levels, and a subdued growth outlook, the steelmaker said on Friday.
"The cuts are painful, but unfortunately unavoidable," Swiss Steel CEO Frank Koch said in a statement.
The steps aim at ensuring the long-term optimization and security of Swiss Steel's production sites in Switzerland, Germany, and France, the company said.
The cuts primarily affect European production sites and the sales organization. They will bring down the company's number of employees to less than 7,000 in the first half of 2025.
In Switzerland, 130 of 750 jobs at the Emmenbruecke plant are due to go and the cuts will affect production and administrative areas. Natural attrition alone will likely not suffice, necessitating lay-offs of around 80 staff, the company said.
Writing by Dave Graham, editing by John Revill
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