Thyssenkrupp's Green-Steel Bet Hinges on Duisburg Delivery as Nucera Fires Up India Plant
Published on 11/11/2026 at 11:10 | Editorial boerse-global.de
Thyssenkrupp's investment case now rests less on shifting shareholder registers and more on whether the group can actually deliver its industrial overhaul. The yardstick sharpened this week after media reports that the flagship direct-reduction plant in Duisburg will not start up until 2029, two years later than the original 2027 target. Thyssenkrupp Steel Europe pinned the slippage chiefly on challenges during the engineering phase — a reminder that the hard part of decarbonising steel is technical execution, not the announcement of ambitious timelines.
The company says it is still pursuing possible acceleration measures and insists the delay will not inflate the project's costs. That cost-stability pledge is the strongest card Thyssenkrupp has to play, provided it holds through a longer build-out. Until concrete progress validates the revised schedule, though, the postponed production start argues against pricing in future advances too generously.
Capital-market signals cut both ways
Positioning data from the big banks offered a mixed picture. Morgan Stanley on Monday reported a markedly smaller aggregate holding of voting rights and financial instruments, with the total falling from 7.96% to 4.1%; the threshold was crossed on 2 November. Goldman Sachs moved the other way about a week earlier, lifting its combined attributable position to 5.04% from 4.98%. Both disclosures cover pooled voting rights and financial instruments rather than outright share ownership.
The equity itself finished yesterday's session 1.9% higher at €12.69. LBBW, for its part, remains constructive without being exuberant: on 4 November the bank trimmed its price target to €18 from €19 while keeping its "Buy" rating — a more cautious brand of optimism whose durability will be tested by the company's operating performance.
Should investors sell immediately? Or is it worth buying Thyssenkrupp?
Nucera delivers where it counts
On the operational front, Thyssenkrupp Nucera said on 5 November that it had commissioned a chlor-alkali plant for Kutch Chemical Industries Limited in Padana, in the Indian state of Gujarat. The facility carries an annual capacity of 220,000 tonnes of caustic soda, according to the company, and has already been handed over in running order.
There was a personnel shift as well: Tekin Nasikkol will take over as labour director at Thyssenkrupp Electrical Steel on 1 December, according to n-tv, ending his mandates as an employee representative.
What investors should watch next
Thyssenkrupp's investor-relations calendar lists the Munich Capital Market Conference today, with the publication of the 2025/2026 annual report — alongside the annual press conference and an analyst and investor call — set for 8 December. Both events give management a stage to connect project planning with financial expectations, and a clear read on the next implementation steps would be especially welcome after the Duisburg setback.
Thyssenkrupp at a turning point? This analysis reveals what investors need to know now.
The takeaway for shareholders is straightforward: declared cost stability at the Duisburg project is a genuine point in Thyssenkrupp's favour if it survives the longer timeline, while the delayed start justifies caution until tangible progress backs up the reworked plan. Trust in the stock should be measured against that combination of cost control and execution — not against the ebb and flow of stake disclosures.
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