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Swiss Steel Holding reported a net loss of €197 million for FY 2024, a 33% improvement from the previous year, with a loss per share of €7.59, down from €19.34 in FY 2023. Revenue fell by 23% to €2.51 billion, and shares have declined by 4.5% over the past week. Investors should be aware of four warning signs, three of which are significant.
The Swiss forest has faced significant challenges over the past decade due to extreme weather events and pests. Meanwhile, Allianz experts predict a wave of bankruptcies globally, including in Switzerland, as the economy braces for potential turmoil. In financial news, FINMA's director suggests that tightening capital requirements for UBS could be phased in over several years, emphasizing the need for a careful approach. The treatment of UBS is deemed appropriate given its substantial role in the Swiss economy, and the decision on capital requirements will ultimately rest with parliament.
Peter Spuhler, a prominent figure in Swiss industry, has faced significant losses after investing in the now-bankrupt battery startup Northvolt. Known for his leadership in major Swiss companies like Stadler and Swiss Steel, the 65-year-old billionaire's venture into electromobility has not yielded the expected returns.
Peter Spuhler, known for his leadership at Stadler Rail, has built a diverse investment portfolio through his PCS Holding, where he holds significant stakes in various companies. However, many of these investments, including Swiss Steel and Rieter, are currently facing crises. Notably, the insolvent battery manufacturer Northvolt is absent from Spuhler's official holdings list.
Swiss Steel faces escalating challenges as suppliers demand advance payments amid a plummeting share price, which has fallen 11% to below CHF 2, resulting in a loss of CHF 450 million in value since April. The management's misjudgment of market conditions and a delayed job cut announcement have exacerbated the situation, leading to increased pressure from banks and major shareholders. CEO Frank Koch's position is precarious as the company struggles with overcapacity and dwindling confidence.
Politicians are advocating for state-subsidized electricity for steelworks in Switzerland, despite the historical failures of industrial policy. Such interventions distort competition, burden taxpayers, and support wealthy owners, while the steel industry faces chronic overcapacity and declining relevance. Emphasizing structural change has made Swiss industry competitive, and abandoning this path for short-term job preservation is misguided.
Swiss industry faces significant challenges, with companies like Meyer Burger and Swiss Steel announcing substantial job cuts amid a downturn exacerbated by weak global demand, particularly from Germany. High grid fees and protectionist measures further strain the sector, prompting calls for government intervention to support struggling firms.
US President-elect Donald Trump has nominated Robert F. Kennedy Jr., an anti-vaccination advocate, as Secretary of Health and Human Services, aiming to protect citizens from harmful chemicals and misinformation. In business news, Swiss Steel is cutting 800 jobs due to weak demand, while Meyer Burger faces potential collapse after losing its largest customer. German Chancellor Olaf Scholz urged Russian President Vladimir Putin to negotiate peace with Ukraine, condemning the ongoing conflict. Meanwhile, Zurich authorities dismissed managers for sexist and racist behavior in the cleaning service.
Swiss Steel is set to cut 800 jobs globally, including 130 at its Emmenbrücke site, due to persistently weak demand in the European manufacturing sector. CEO Frank Koch stated that the layoffs are painful but unavoidable, as the company struggles with low production levels and subdued growth prospects. The steel industry in Switzerland faces significant challenges, with calls for political support growing amid these cutbacks.
Stahl Gerlafingen, Switzerland's oldest steelworks, faces potential closure amid financial struggles, including a CHF 300-400 million drop in turnover and high electricity costs. Over 400 employees rallied for federal support, as local and national politicians unite to advocate for the plant's survival, emphasizing its systemic importance and climate-friendly practices.
Swiss Steel Holding AG
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Swiss Steel Holding reports narrowed losses despite significant revenue decline in 2024
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