Russian billionaire Viktor Vekselberg has withdrawn as an investor in Swiss Steel. Through his firm Liwet, Vekselberg previously held a stake in the Emmenbrücke-based steel giant but is no longer listed as a shareholder, according to disclosure filings from May. Liwet has also given up its seat on Swiss Steel's board. David Metzger, its representative, did not stand for re-election at the recent annual meeting. Swiss Steel's CEO, Frank Koch, was elected instead, with the company stating this will strengthen the alignment between operational transformation and strategic direction.
© Igor Dolgov | Dreamstime
Vekselberg joined Swiss Steel's predecessor in 2013 but continues to hold stakes in Swiss companies including Sulzer and OC Oerlikon.
Swiss Steel faces challenges from rising electricity costs and reduced demand linked to the war in Ukraine. The firm recently announced 50 layoffs and has requested federal aid.
Source: www.zentralplus.ch