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André Helfenstein, the former CEO of CS Switzerland, has secured new roles on the Board of Directors for the Gaydoul Group and Amag Leasing AG, marking his transition from banking to other sectors. His experience in corporate finance is expected to enhance capital procurement and leasing operations. Additionally, he will join the Baloise Board of Directors at the next Annual General Meeting, following the establishment of his consulting firm, Metis e4i GmbH.
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 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.
Swiss Steel has firmly denied insolvency rumors, asserting it is in regular contact with lenders despite reports of financial distress. The company, which recently raised capital, is facing significant losses and low demand, particularly from the struggling German automotive sector. The outlook for the remainder of the year remains volatile, with expectations of continued challenges in the market.
Martin Haefner
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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