Thyssenkrupp's Steel Sale Hinges on Cost Split as BlackRock Adds to Its Stake
Published on 11/15/2026 at 03:30 | Editorial boerse-global.de
BlackRock lifted its combined holding in Thyssenkrupp to 5.74%, a regulatory filing published on Wednesday showed, with the stake measured as of 6 November. The position built from shares alone came to 5.14%, while instruments accounted for 0.60%. The disclosure marks an increase from a previous combined total of 5.45%.
The stock gave up 2.1% on Friday. That same session's decline is the only price move either source records, and it came as investors weighed two separate strands of the Thyssenkrupp story: the durability of a possible steel sale to Jindal Steel International and the slipping timetable for the group's flagship green-steel project.
Cost Questions Hold Up the Jindal Talks
At the centre of the sale discussions sit pension obligations, investment commitments and energy costs — the three areas where Reuters reports the two sides remain apart. Whether a deal can be struck turns on how those burdens are divided. A settlement that leaves Thyssenkrupp carrying extensive obligations would blunt much of the benefit of a transaction, so the measure that matters is the residual load the company would retain, not the mere fact of a signing.
For anyone building an investment case around a sale, the economic terms carry as much weight as the agreement itself. A deal that resolves the disputed liabilities in a workable way would give a firmer basis for valuing what stays behind at Thyssenkrupp Steel Europe and what passes to Jindal. A collapse in the talks, by contrast, would remove a central assumption from that case and leave the cost questions to be assessed without the anchor of a partner.
Should investors sell immediately? Or is it worth buying Thyssenkrupp?
The risk runs in both directions. Failure is one path; unattractive contract terms are another, should Thyssenkrupp have to make substantial concessions to get the deal done. Investors betting on a sale need to hold both possibilities in the same decision.
Duisburg Start Pushed Back Two Years
Complicating the investment picture, Thyssenkrupp Steel Europe confirmed on 6 November that its direct-reduction plant in Duisburg will not come on stream until 2029, rather than the originally planned 2027. A company spokesperson pointed to challenges in the engineering phase as the main reason. The project carries a price tag of roughly EUR 3 billion, according to dpa-AFX, with up to EUR 2 billion of that covered by state subsidies. The plant is designed to produce green steel, and the confirmed schedule amounts to a delay of about two years.
That revised timeline feeds directly into the sale negotiations, since the partners would need to agree how such investment obligations are treated in any contract.
Thyssenkrupp at a turning point? This analysis reveals what investors need to know now.
LBBW Trims Target, Keeps Buy Rating
On the analyst side, LBBW cut its price target for Thyssenkrupp to EUR 18 from EUR 19 on 4 November while reaffirming its buy recommendation — a lower target paired with an unchanged positive rating on the shares.
The next scheduled company event is the release of full-year 2026 results on 8 December. Until then, the yardstick for shareholders is the economic quality of any settlement: a deal would convince if it handled the contested obligations in a sustainable way. Positioning for a sale, in the meantime, requires being prepared to price in the talks falling through.
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