Swiss-based special steel producer and distributor Schmolz+Bickenbach has announced that it will propose the approval of a capital increase totaling CHF 330 million (€265 million) at its general board meeting to be held on June 28.
The company plans to use the CHF 330 million to be raised through the planned capital increase to pay back some existing loans and to increase the company's financial flexibility. It stated that it firmly believes that with this capital increase it can take its business forward on a sustainable footing. Given the results for the first quarter indicating that the company is doing well operationally under its new management, the company expects an improvement in results for 2013.