Swiss Steel Group successfully completes divestiture of Eastern European entities
Lucerne, October 31, 2023 – Swiss Steel Group, a leading producer of special long steel solutions, is pleased to announce the successful completion of the divestiture of several distribution entities in Eastern Europe. This strategic move towards a global distribution network that promotes and sells own mill products represents a milestone in the ongoing implementation of Swiss Steel Group's vision for the future and the continuation of its strategic program, SSG 2025.
In February 2023 IMS group, a division of JACQUET METALS, a well-established leader in the distribution of specialty metals, and Swiss Steel Group signed an agreement for the sale of entities in the Czech Republic, Poland, Slovakia, Hungary, Lithuania, Estonia and Latvia that have generated a total net revenue of EUR 158 million and an EBITDA of EUR 12 million in 2022 with 267 employees. This collaborative approach underlines the commitment of both organizations to provide high-quality products and services to their valued customers.
The divestiture allows Swiss Steel Group to streamline its operations and bolster its focus on core strengths, positioning the company for increased competitiveness and long-term growth. Swiss Steel Group reaffirms its commitment to maintaining its existing mill-direct business in the respective countries.
This marks the second significant agreement between Swiss Steel Group and JACQUET METALS, following the successful sale of distribution entities in Germany, Austria, Belgium, and the Netherlands in 2015. This transaction further strengthens the enduring business relationship between the two companies which will continue to cooperate as reliable partners.
For more information:
Vice President Corporate Marketing and Communications
Swiss Steel Group
P: +41 41 581 4121
About Swiss Steel Group
Swiss Steel Group with headquarters in Lucerne (Switzerland) is one of the world’s leading producers of special steel long products. Thanks to the exclusive use of steel scrap in electric arc furnaces, the Group is one of the most relevant companies in Europe in the circular economy and is among the market leaders in the field of sustainably produced steel - Green Steel. Swiss Steel Group has its own production and distribution entities in over 30 countries and, through its strong local presence, offers a wide range of individual solutions in the fields of engineering steel, stainless steel, and tool steel. Swiss Steel Group is listed on the SIX Swiss Exchange and generated a revenue of over EUR 4 billion in 2022 with approximately 10,000 employees.