The crisis-plagued steel producer Swiss Steel is losing the support of its major shareholder Peter Spuhler, the boss of Stadler Rail. Spuhler’s representatives on the board of directors, Barend Fruithof and Oliver Streuli, are resigning with immediate effect.
This resignation is related to the decision by Spuhlers PCS Holding AG, which was reported in the press, not to participate in the upcoming capital increase “and/or a possible exit,” Swiss Steel said. The board of directors will now consist of 5 members, which is sufficient according to the statutes.
The “Sonntagszeitung” reported at the weekend that Spuhler was preparing an orderly exit. He confirmed rumors that he “does not want to take part in the capital increase at Swiss Steel because the required conditions have not been met by either Big Point or the board of directors,” according to the newspaper. Big Point is the company owned by Amag owner Martin Haefner, the largest shareholder in Swiss Steel with a 33 percent stake.
Huge loss for 2023
Spuhler has decided not to take part in the planned capital increase of 300 million euros, but will remain a shareholder until further notice, said Swiss Steel. The company confirmed that he was looking for an “orderly exit”. Spuhler holds around 20 percent of the group.
Ten days ago, the central Swiss company Swiss Steel reported a huge loss for the 2023 financial year and subsequently announced a capital increase of at least 300 million francs.