Thyssenkrupp: Duisburg Direct-Reduction Plant Pushed to 2029 as LBBW Trims Target to EUR 18
Published on 11/06/2026 at 20:41 | Editorial boerse-global.de
Thyssenkrupp's flagship green-steel project has slipped two years down the calendar. According to media reports published today, the direct-reduction plant in Duisburg is now expected to enter service in 2029 rather than 2027 — a delay a company spokesperson confirmed, pointing chiefly to the engineering phase. The European Commission, for its part, cited construction hold-ups.
The revised timetable shifts the horizon against which investors will judge the decarbonisation drive. A constructive reading is still possible, provided the extra time yields a robust plant design and a workable hydrogen supply. What matters now is execution: whether the group can hold to the reworked schedule.
Subsidy terms loosened to allow a gradual hydrogen ramp-up
On the tkH2Steel project, Thyssenkrupp Steel said the amended funding conditions have now become legally binding. They permit a more flexible, step-by-step increase in the hydrogen share — a concession the company attributes to the slower-than-expected build-out of the hydrogen market and to higher hydrogen costs than originally assumed. Brussels confirmed, according to the company, that the changes are compatible with EU state-aid rules. A fresh hydrogen tender is in preparation, and its design will be a key test of whether the adjusted framework translates into an economically viable path.
The interplay between construction progress and hydrogen procurement is the crux. A completed plant would count for as much as the terms on which Thyssenkrupp can secure its hydrogen. Progress on both fronts would give a firmer basis for assessment; a combination of further construction slippage and unfavourable procurement conditions would force investors to scale back expectations for pace and viability.
Should investors sell immediately? Or is it worth buying Thyssenkrupp?
LBBW cuts fair value but keeps its buy call
In its assessment of the equity on Wednesday, LBBW lowered its price target to EUR 18 from EUR 19 while reaffirming its buy recommendation — a change to the target, not to the rating. The shares added 0.5% today, though they have shed 12% over the past 30 days.
The next hard date on the diary is 8 December 2026, when Thyssenkrupp plans to publish its 2025/2026 annual report alongside its yearly press conference and a gathering with analysts and investors. Those events should offer scope to gauge any commentary on project progress and the hydrogen tender.
Nucera commissions Indian chlor-alkali plant
Elsewhere in the group, thyssenkrupp nucera reported a completed commissioning yesterday: a chlor-alkali facility for Kutch Chemical Industries Limited in Padana, India, with an annual capacity of 220,000 tonnes of caustic soda.
Thyssenkrupp at a turning point? This analysis reveals what investors need to know now.
At thyssenkrupp Rasselstein, around 300 employees in Andernach downed tools temporarily on Sunday, according to IG Metall, as the first warning strikes got under way in the metal and electrical industry pay dispute. A voting-rights notification from Goldman Sachs Group published on Monday also disclosed a threshold crossing in thyssenkrupp AG, dated 27 October.
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