Swiss Steel to consolidate German plants, putting about 1,100 jobs at risk

Swiss Steel disclosed a sweeping overhaul of its German steel business, concentrating manufacturing largely at Witten and maintaining the Siegen plant in a temporary pause. The Hagen and Krefeld sites are being marketed for sale, with closure a possibility if they remain unsold. Approximately 1,100 positions - about one-third of the German staff - face uncertainty.

The firm acknowledges that earlier cost-cutting measures have not restored profitability to its stainless-steel units. It intends to refocus on lucrative aerospace and defence markets while also pursuing a balance-sheet restructuring. Press spokesperson Anina Berger said the main shareholder and banking partners support the plan, though details on financing were not disclosed.