Thyssenkrupp Sharpens Steel Separation as EPCG Exits and Profitability Doubles
Published on 09/20/2026 at 11:51 | Editorial boerse-global.de
Thyssenkrupp is entering a decisive stretch in the overhaul of its storied steel division, pairing a dramatic operational turnaround with a surprise change on the shareholder register. The Essen-based conglomerate has scheduled a capital markets day to walk investors and analysts through its blueprint for making Steel Europe a standalone entity — the centerpiece of a wider restructuring that is steadily reshaping the group.
Earnings momentum builds
The steel unit's operating performance has improved markedly. Across the first nine months of the 2025/2026 fiscal year, Thyssenkrupp Steel Europe posted an adjusted EBIT of EUR 373 million, more than double the EUR 177 million recorded in the same period a year earlier. Restructuring charges of EUR 385 million weighed on the same stretch. Efficiency gains and a strict cost-cutting drive — including a hiring freeze and an ongoing reorganization program — drove the improvement.
The trend carried through to group level. In the third fiscal quarter, revenue rose 8 percent to EUR 8.8 billion, while adjusted EBIT climbed from EUR 155 million to EUR 183 million. More than a month ago, the company narrowed its full-year guidance for adjusted group EBIT to a range of EUR 600 million to EUR 900 million.
Capacity cuts and a joint-venture U-turn
The standalone setup comes with painful surgery. Under an agreement running through September 30, 2030, production capacity is set to shrink to between 8.7 million and 9 million tonnes of steel. By the end of fiscal 2028/29, 1,600 jobs are to be eliminated, as management bets on a leaner core to adapt the division to a changed market.
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Ownership is shifting at the same time. EP Corporate Group has signed a contract to sell its 20 percent stake in Thyssenkrupp Steel, abandoning earlier plans for a joint venture. The financial terms were not disclosed; analysts had previously valued the package at roughly EUR 140 million.
Brussels support and a French exit
Help may be arriving from Brussels. According to Reuters, the European Union intends to introduce provisional safeguard measures against imports of electrical steel — a development of considerable importance to Thyssenkrupp, since it could ease the persistent competitive pressure from foreign shipments.
The reshaping of the group is drawing close attention in financial markets. A voting-rights notification showed that French asset manager Amundi cut its holding to 3.05 percent of voting rights as of September 15, down from 4.82 percent previously. Separately, the listing of materials trader TK Accelis on the regulated market of the Frankfurt Stock Exchange is slated for the end of October.
Market response
Despite operational headwinds, optimism has dominated in recent months. The stock closed Friday at EUR 15.34, putting it up 65 percent since the start of the year. With the restructuring path locked in and the ownership structure now clarified, attention turns to executing the capacity reductions and negotiating the division's future setup.
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