Switzerland-based steelmaker Swiss Steel Group has announced that it will cut jobs at its production sites in order to optimize its operations for the long-term, due to the current market conditions.
Accordingly, this decision will impact about 800 full-time positions across its production sites in Switzerland, Germany and France, with its implementation expected to be completed next year. Also, the company will reduce its current workforce to under 7,000 employees by the first half of 2025.
In the meantime, Swiss Steel stated that the ongoing weak demand in the European manufacturing industry, low production and the modest growth expectations were behind its decision on workforce adjustment.
