Swiss Steel to lay off 800 workers

Switzerland-based steelmaker plans to reduce workforce to below 7,000 by mid-2025, citing weak demand and challenging economic conditions

By Emir Yildirim

ISTANBUL (AA) – The Swiss Steel Group announced on Friday that it will lay off approximately 800 full-time workers due to ongoing weak demand and challenging economic conditions.

The layoffs will impact employees at the company’s production facilities across Europe and globally. Additionally, weekly working hours at its manufacturing sites in Switzerland, Germany, and France will be reduced.

“Swiss Steel Group will further eliminate 530 jobs and adjust an additional 270 full-time positions in a cost-equivalent manner by reducing weekly working hours,” the company said in a press release.

The group aims to reduce its total workforce to below 7,000 by the first half of 2025.

“These cuts are painful but, unfortunately, unavoidable,” said CEO Frank Koch.

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