Swiss Steel denies insolvency rumours

Swiss Steel has "categorically denied" rumors of insolvency proceedings. This is the ailing steel group's response to media reports that the company could soon run out of money despite the recent capital increase. + Get the most important news from Switzerland in your inbox "Despite reports to the contrary, the Swiss Steel Group is in regular and constructive contact with all lenders," the company stated on Friday. Last weekend, both the NZZ am Sonntag and the SonntagsZeitung reported that Swiss Steel's financial situation had deteriorated further. According to the reports, the company is on the verge of collapse. In banking circles, the question has therefore already been raised as to whether the steel producer will be able to meet its credit terms next spring. + Swiss Steel workers demonstrate to save plant It was only in April that Swiss Steel raised fresh money with a capital increase. However, the company is still burning through cash, resulting in an adjusted operating loss ...