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Swiss Steel denies insolvency rumours

Published on October 25, 2024

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Swiss Steel denies insolvency rumours — Swiss Steel categorically denies rumors of insolvency proceedings Keystone-SDA

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Swiss Steel has "categorically denied" rumors of insolvency proceedings. This is the ailing steel group's response to media reports that the company could soon run out of money despite the recent capital increase.

This content was published on October 25, 2024 - 10:46

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“Despite reports to the contrary, the Swiss Steel Group is in regular and constructive contact with all lenders,” the company stated on Friday.

Last weekend, both the NZZ am Sonntag and the SonntagsZeitung reported that Swiss Steel’s financial situation had deteriorated further. According to the reports, the company is on the verge of collapse. In banking circles, the question has therefore already been raised as to whether the steel producer will be able to meet its credit terms next spring.

+ Swiss Steel workers demonstrate to save plant

It was only in April that Swiss Steel raised fresh money with a capital increase. However, the company is still burning through cash, resulting in an adjusted operating loss (EBITDA) of around €21 million at the end of the first half of the year after a plus of €70 million in the same period last year.

Outlook ‘unchanged’

The Swiss Steel Group is continuing to implement its extensive strategy and restructuring program, the company wrote on Friday: “These efforts have already led to significant cost savings.”

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Fresh capital increase?

The poor performance of the German automotive industry in particular is weighing on Swiss Steel. Capacity utilisation at the German plants is low, which is leading to losses.

According to the NZZ am Sonntag, there is speculation on the market that another capital increase will soon be necessary. It is questionable whether main shareholder Martin Haefner will then step in again. At the beginning of the year, he had vehemently campaigned for the most recent capital increase and also supported the majority of it himself.

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Translated from German by DeepL/mga

This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles.

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