Schmolz+Bickenbach to rename to Swiss Steel

Schmolz+Bickenbach has invited its shareholders to an extraordinary general meeting at which it will decide on a change to its nominal share value and future company name.

The maker of special bar quality steels intends to lower the nominal share price value of its stock from the current CHF 0.30 ($0.33) to CHF 0.15, Kallanish hears. It says it will allocate the amount of the nominal value reduction to reserves and to offset it to eliminate the adverse balance.

The move is one of various options to provide the company with additional financial resources. It comes in reaction to the net loss of around CHF 0.5 billion the group suffered even before the coronavirus crisis had kicked in, and the price loss its stock has suffered since.

The group also wants to change its brand name to Swiss Steel, which has so far denoted only its mill in Emmenbrücke, Switzerland. The rebranding is part of the comprehensive transformation process that the company is currently pushing forward, it says.

“It is essential that this change is also reflected in the brand and name of the company,” the group states. “A new name signals a new beginning and a clear, future-oriented positioning as a strong company with headquarters and stock exchange listing in Switzerland.”