Swiss Steel, the largest steel manufacturer in Switzerland, has announced a significant reduction in its workforce, cutting 800 jobs across Germany, Switzerland, and France.

This decision comes as a response to the declining demand in the manufacturing sector, particularly in the automotive industry.

The company, which employs around 7,500 people, will see a 10% reduction in full-time positions.

The cuts will affect sales and production sites, with the most significant impact expected in Witten and Krefeld, Germany.

Swiss Steel aims to achieve cost savings in the hundreds of millions through these measures, which include a 15% reduction in weekly working hours instead of traditional short-time work.

The company is also facing challenges from high electricity costs, which are impacting its competitiveness.

The restructuring is part of a broader effort to adapt to the volatile market conditions and avoid further financial losses.