Swiss Steel Group

Swiss Steel Group is the current name of the steel business historically associated with Schmolz + Bickenbach. Based in Lucerne, Switzerland, the group is a listed producer and distributor focused on specialty steels rather than the mass production of ordinary flat steel. Its portfolio has included stainless long products, tool steels, engineering steels and other high-value grades used in demanding industrial applications. The business traces its origins to 1919, when Arthur Schmolz and Oswald Bickenbach established a steel trading company in Düsseldorf. The company adopted the Schmolz + Bickenbach name in 1937 and subsequently expanded from trading into processing and steel production. A major change came in 2003, when the family-controlled Schmolz + Bickenbach Group acquired a majority interest in the listed Swiss Steel company. Swiss Steel had been formed in Emmenbrücke in 1996 through the combination of the former Von Moos Stahl and Von Roll Stahl businesses. During the 2000s, the group assembled a broader European and North American specialty-steel platform. It acquired German producers Edelstahlwerke Südwestfalen and Edelstahl Witten-Krefeld, which were later combined as Deutsche Edelstahlwerke; acquired the French Ugitech group; and purchased the Chicago-based A. Finkl & Sons Group. These transactions expanded its capabilities in stainless long products, tool steel and other long-steel categories. The group also divested a stake in Stahl Gerlafingen as it concentrated more heavily on higher-quality steels. The corporate structure was reorganized in 2006, when much of the operating activity of Schmolz + Bickenbach KG was integrated into Swiss Steel AG and the listed company was renamed Schmolz + Bickenbach AG. In 2007, the Swiss subsidiary Von Moos Stahl was renamed Swiss Steel. The group later relocated its headquarters from Düsseldorf to Lucerne in 2015 and acquired French steelmaker Ascometal in 2018. The company has also experienced periods of significant financial and governance pressure. Acquisitions, high debt and difficult steel-market conditions contributed to a strained financial position in the early 2010s. The group reported a substantial loss for 2012 and considered capital increases while dealing with management departures, shareholder disputes and the departure of board chairman Michael Storm after allegations concerning misappropriated funds. In 2013, Schmolz + Bickenbach KG entered an arrangement with Renova Group affiliate Venetos, resulting in a substantial new shareholder position and a subsequent capital increase. Further restructuring and financing efforts followed. The company announced a capital increase in 2019, and shareholders approved a capital increase of approximately 200 million euros in December 2020. The registration of the new shares was reportedly blocked by opposing shareholder Liwet Holding at the relevant Lucerne offices. From September 2020, the corporate identity was changed to Swiss Steel Holding AG, with Swiss Steel Group used as the group brand. Swiss Steel Group's market proposition is based on metallurgical expertise, specialized grades, processing know-how and supply-chain support for industrial customers. Its products serve sectors that require controlled mechanical properties, wear resistance, corrosion resistance or reliable performance under high loads. The group has historically presented itself as a leading global producer of tool steel and stainless long products, while its geographic footprint has included European production and distribution operations together with North American activities.

Swiss Steel Group's history combines a German steel-trading origin with the consolidation of specialty-steel producers in Switzerland, Germany, France and the United States. Arthur Schmolz and Oswald Bickenbach founded the original Schmolz + Bickenbach business in Düsseldorf in 1919. It began as a steel-trading company and operated under the double name from 1937. The group's later industrial identity developed through the Swiss Steel business. Swiss Steel was established in Emmenbrücke in 1996 as a holding company created through the merger of Von Moos Stahl and Von Roll Stahl, two Swiss steel producers. The business included Steeltec, logistics activities operated by Panlog and Stahl Gerlafingen, which had emerged from Von Roll Holding. In 2003, Schmolz + Bickenbach Group, then still family controlled, acquired a majority stake in the listed Swiss Steel company under the leadership of Michael Storm. Expansion accelerated between 2004 and 2007. The group acquired Edelstahlwerke Südwestfalen in 2004 and Edelstahl Witten-Krefeld in 2005. Those German businesses were combined in 2007 under the Deutsche Edelstahlwerke name. In 2006, the group acquired Ugitech in France and sold 65 percent of Stahl Gerlafingen, reflecting a decision to concentrate on higher-quality steels in the long-product segment. In the same period, most of the operating activities of Schmolz + Bickenbach KG were integrated into Swiss Steel AG, which was renamed Schmolz + Bickenbach AG. The Von Moos Stahl subsidiary adopted the Swiss Steel name in 2007. The purchase of A. Finkl & Sons in Chicago in February 2007 expanded the group's North American presence and strengthened its tool-steel activities. After the acquisition, the group described itself as the world's largest tool-steel producer and a leading global producer of stainless long products. A 2010 capital increase reduced the former Schmolz + Bickenbach KG holding in the listed company from approximately 70 percent to roughly 40 percent. The company entered a difficult period in the early 2010s. Debt associated with acquisitions and weak steel-market conditions produced liabilities of nearly 903 million euros by December 2012. The group reported a loss of approximately 157.9 million euros for the 2012 financial year, while chief executive Benedikt Niemeyer and chief financial officer Axel Euchner left in June 2012 amid internal disagreements. Chairman Michael Storm resigned in December 2011 following allegations involving approximately 1.5 million euros. In 2013, the company pursued legal recovery of approximately 9 million euros plus interest. Ownership and financing became central issues in 2013. The family shareholders associated with Michael Storm initially opposed a proposed capital increase after reducing their own stake. In August, Schmolz + Bickenbach KG entered an arrangement with Renova Group and sold 25.3 percent of the company through the Venetos subsidiary. The transaction triggered a mandatory offer for the remaining shareholders. An extraordinary shareholders' meeting in September 2013 approved a 430 million euro capital increase for Venetos and Schmolz + Bickenbach KG, together with changes to the board. The group subsequently streamlined parts of its distribution network. In 2015 it separated from certain distribution companies in Germany, Austria and the Benelux countries and moved its headquarters from Düsseldorf to Lucerne. The acquisition of Ascometal in February 2018 added another French steel producer to the portfolio. A further capital increase was announced in October 2019. In September 2020, Schmolz + Bickenbach AG adopted the Swiss Steel Holding AG name, while Swiss Steel Group became the principal group identity. In December 2020, shareholders approved an approximately 200 million euro capital increase and announced a new chairman and chief executive. Liwet Holding, an opposing shareholder, reportedly blocked registration of the new shares with the relevant Lucerne authorities. The group therefore entered the 2020s with a reorganized identity but continuing ownership, financing and governance challenges.

1. 2020Corporate identity changes to Swiss Steel Group

   Schmolz + Bickenbach AG is renamed Swiss Steel Holding AG, with Swiss Steel Group used as the group brand.

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2. 2018Ascometal is acquired

   The group adds French steelmaker Ascometal to its specialty-steel portfolio.

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3. 2015Headquarters move to Lucerne

   The group relocates its headquarters from Düsseldorf to Lucerne.

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4. 2007The group expands in tool steel and adopts the Swiss Steel name

   A. Finkl & Sons is acquired in the United States, while Von Moos Stahl is renamed Swiss Steel.

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5. 2006Ugitech joins the group

   The French Ugitech Group is acquired, strengthening the group's stainless long-product activities.

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6. 2005Edelstahl Witten-Krefeld is acquired

   A second German producer is acquired; the two businesses are later combined as Deutsche Edelstahlwerke.

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7. 2004Edelstahlwerke Südwestfalen is acquired

   The group expands its German specialty-steel operations through the acquisition of Edelstahlwerke Südwestfalen.

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8. 2003Schmolz + Bickenbach takes control of Swiss Steel

   The family-run Schmolz + Bickenbach Group acquires a majority of the shares in the listed Swiss Steel producer.

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9. 1996Swiss Steel is formed in Emmenbrücke

   Swiss Steel is established as a holding company following the merger of Von Moos Stahl and Von Roll Stahl.

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10. 1937The double-name business identity begins

    The company begins operating under the Schmolz + Bickenbach name.

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11. 1919Schmolz + Bickenbach is founded

    Arthur Schmolz and Oswald Bickenbach establish a steel-trading company in Düsseldorf.

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High-value specialty-steel production and industrial materials solutions

• Engineering steelSpecialty steel

  Engineering steels are designed for components that require defined mechanical properties, strength and durability. Within the group's historical long-product portfolio, these grades serve industrial applications where predictable performance, machinability and resistance to mechanical loads are more important than commodity volume. They form a core part of the group's positioning around customized and higher-value steel solutions.

• Stainless long productsStainless steel

  Stainless long products include long steel forms manufactured in corrosion-resistant grades. They are used in industrial and engineered components where resistance to corrosion, heat or demanding operating environments is required. The group's acquisitions of Ugitech and other specialty-steel businesses supported its historical position as a major producer of stainless long products.

• Tool steelTool steel

  Tool steels are high-performance grades used to make dies, molds, cutting tools and other equipment exposed to wear, pressure or elevated temperatures. The acquisition of A. Finkl & Sons in 2007 materially strengthened the group's tool-steel capabilities and North American reach. The category has historically been one of the group's principal specialty-steel businesses.

• Specialty steel solutionsIndustrial materials

  The group's broader offering covers high-value and high-alloy steel grades supplied in long-product formats and supported by processing, technical expertise and distribution. These solutions target customers whose applications require specific metallurgical characteristics rather than standardized commodity steel. The portfolio has historically served industrial, engineering and manufacturing customers across several regions.

• 2020Approve a major capital increaseOther

  The group was addressing financial pressure and ownership disagreements after announcing another capital increase in 2019.

  What changed. An extraordinary shareholders' meeting approved a capital increase of approximately 200 million euros.

  Aftermath. Registration of the new shares was reportedly blocked by Liwet Holding, an opposing shareholder.

  Approved capital increase. Approximately €200 million approved (December 2020)

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• 2018Acquire AscometalM&A

  The group continued building a European platform in specialty steels.

  What changed. It acquired French steelmaker Ascometal.

  Aftermath. Ascometal became part of the group's French specialty-steel activities.

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• 2015Relocate the group headquartersStrategy

  The group was streamlining its organization and distribution structure.

  What changed. It moved the group headquarters from Düsseldorf to Lucerne and separated from parts of its German, Austrian and Benelux distribution operations.

  Aftermath. The relocation reinforced the company's Swiss corporate identity.

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• 2007Acquire A. Finkl & SonsM&A

  The group sought to strengthen its specialty-steel and tool-steel position outside Europe.

  What changed. It purchased the Chicago-based A. Finkl & Sons Group.

  Aftermath. The acquisition expanded the group's North American activities and contributed to its position in tool steel.

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• 2006Concentrate on high-quality long steelsStrategy

  The group was reshaping a portfolio that included steel production, processing and trading businesses.

  What changed. It sold 65 percent of Stahl Gerlafingen and emphasized higher-quality steels in the long-product segment.

  Aftermath. The move supported a more focused specialty-steel strategy.

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• 2013Shareholder and financing conflictControversy

  The company faced a dispute involving family shareholders, Renova-related investor Venetos and a proposed capital increase. The transaction triggered a mandatory offer for remaining shareholders that reportedly attracted limited acceptance.

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• 2011Storm resignation and alleged misappropriationControversy

  Chairman Michael Storm resigned in December 2011 after allegations that he had misappropriated approximately 1.5 million euros. The company later pursued repayment claims reported at approximately 9 million euros plus interest.

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• 2020Capital increase approved during corporate restructuring

  Shareholders approved a capital increase of approximately 200 million euros, while a dispute with Liwet Holding reportedly delayed registration of the new shares.

  OtherLeadership change
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• 2018Schmolz + Bickenbach acquires Ascometal

  The group acquired French specialty-steel producer Ascometal, strengthening its European specialty-steel portfolio.

  M&A
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• 2015Swiss Steel relocates its group headquarters to Lucerne

  The group moved its headquarters from Düsseldorf to Lucerne as part of a broader organizational reorientation.

  Other
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• 2013Swiss Steel considers a capital increase after a large annual loss

  The company considered raising capital after reporting a 2012 loss of approximately 157.9 million euros and facing high liabilities and difficult steel-market conditions.

  PricingOther
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• 2013Renova affiliate becomes a major shareholder

  Schmolz + Bickenbach KG reached an arrangement with Venetos, a Renova Group subsidiary associated with Viktor Vekselberg, involving a 25.3 percent shareholding and a subsequent capital increase.

  M&AOther
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1. Swiss Steel