Swiss Steel withdraws from the stock exchange

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• Swiss Steel is planning to delist from the SIX stock exchange, as the low free float and low trading volume no longer justify the high costs and administrative requirements.
• Shareholders are to vote on the proposal on February 17, while options for over-the-counter trading are being examined.

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The extensive restructuring and reorganization of recent years has led to a shareholder structure characterized by a small number of large, long-term investors, Swiss Steel said in a statement on Friday. As a result, the free float on the SIX is low, the trading volume is limited and the market for the company's shares is largely illiquid.

The benefits of a listing on SIX therefore no longer justify the comparatively high costs and administrative requirements, the statement continued. Shareholders will now be asked to vote on the delisting at an Extraordinary General Meeting on February 17. The possibility of over-the-counter trading is to be examined.

The decision is not influenced by short-term external factors or the economic situation, the statement continued. Swiss Steel has been in a deep crisis for some time and is fighting for its economic survival.

The company recently made headlines by cutting hundreds of jobs. In addition, the National Council granted bridging loans for ailing steel and aluminum production companies.