Uncertainty among employees Is this the end of Switzerland's largest steel producer?

The Swiss steel manufacturer Swiss Steel is in a deep crisis. Its stock market value has fallen dramatically, production is at a standstill and employees are on short-time working. Behind closed doors, uncertainty is growing.

Switzerland's largest steel manufacturer, Swiss Steel in Emmenbrücke LU, is on the verge of collapse. In recent months, the company's stock market value has fallen dramatically from CHF 550 million to CHF 117 million. The share price is also showing no signs of recovery.

During a visit to the Swiss Steel site on Monday, "20 Minuten" made a depressing observation: most of the employee parking spaces were empty, the shutters on the windows were down and only a few lights were on. "20 Minuten" managed to talk to some of the employees. They confirmed that the machines were currently at a standstill.

One employee said: "Swiss Steel is not producing at the moment. I don't know why myself." He did not comment on the company's financial problems: "I don't deal with the stock market." As a maintenance employee, he was not affected by the production break: "It even has advantages for me. I can concentrate fully on my work."

Short-time working until at least the end of October

Another employee expressed a similar lack of interest in what was happening with the shares: "The main thing is that we can work at the moment." However, he confirmed to "20 Minuten" that the central production furnace is currently shut down: "The furnace should be running every day, but it's not." For him, the absence of employee cars in the parking lots is a clear sign that production is at a standstill.

According to the company, production employees are currently on short-time working - at least until the end of October. However, there are plans to return to normal operations from November, as another employee explained: "I'm not worried about being made redundant." He himself is not affected by the short-time working, as he works in a different area.

Stricter safety measures and confidentiality obligation

In addition to short-time working, the introduction of new guidelines also caused uncertainty among employees. A few weeks ago, they had to sign a confidentiality agreement to regulate the handling of confidential information. One employee explained: "We haven't been allowed to say anything for a month now." During the conversation, he pointed to the surveillance cameras on the site and added: "There are surveillance cameras here, I have to get on with my work now."

Surveillance on the Swiss Steel site is nothing new. The site has been monitored by cameras for years. Photography or filming is strictly prohibited, as signs on the site make clear.

Swiss Steel has not yet commented to the media.