Swiss Steel Group's sales volume in 2024 decreased by 5.1% compared to the previous year, reaching 1,056 kilotons. Due to weak market conditions, the company's revenue dropped by 14.3%, falling to €2.432 billion. However, the company's EBITDA, which was -€102.2 million in 2023, improved to -€35.5 million in 2024, thanks to the measures taken and one-off effects.
In 2024, Swiss Steel Group reorganized its production program and implemented capacity adjustments, including the reduction of approximately 800 full-time positions, in order to increase operational efficiency and optimize costs. As a result, the company’s total workforce decreased by 15.5% compared to 2023, falling to 7,450 employees. The company's revenue decreased by 22.6% from €3.24 billion in 2023 to €2.51 billion.
As part of its 'SSG 2025' strategic transformation plan, the company continued to strengthen its financial structure through the sale of non-core assets and capital increases. The capital increase in April 2024 generated approximately €300 million in gross income, while financial debts were reduced to €711.4 million. By the end of the year, the company’s equity reached €322.8 million, and the equity ratio stood at 19.3%.
Swiss Steel Group CEO Frank Koch provided the following statement regarding the company's current situation and future expectations: "2024 was a challenging year with difficult market positions, but also of substantial progress, which shows our Group is generally on track. The path to full recovery requires timeand, above all, the rebound of our most important market: industrial production. Our continued operational discipline gives us the necessary foundation to respond to market developments with resilience. We remain focused on our strategic priorities, knowing that the groundwork laid in the last years will carry our future success.”
Swiss Steel Group is set to complete its financial debt restructuring in the first quarter of 2025 and has signed significant financial agreements. As part of this, an additional €150 million in financing is expected to be provided by the main shareholder, GravelPoint Holding AG, and group financing will be extended until the end of 2029.
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