The German industrial conglomerate Thyssenkrupp finds itself pulled in two starkly different directions. One core business faces severe operational headwinds, while another presents a potential strategic opportunity to unlock significant value for the struggling parent company.
Investor Confidence Amid the Downturn
In a notable show of conviction, the French asset manager Amundi has increased its stake in Thyssenkrupp. As of the reporting deadline of March 24, 2026, Amundi holds 5.23% of the company’s shares. This move by a major institutional investor suggests some market participants may view the current share price weakness as a potential entry point.
The equity’s performance has been challenging. Since the start of the year, Thyssenkrupp shares have declined by approximately 23%, trading well below their key moving averages. The stock recently touched a 52-week low of €7.10, underscoring the intense selling pressure. A subsequent one-day gain of over 5% raises the question of whether this is merely a technical rebound or the start of a more sustained recovery. The answer likely hinges on two critical developments.
Steel Division Feels the Squeeze from Asian Imports
Significant pressure is emanating from Thyssenkrupp’s steel operations. The company’s subsidiary, Thyssenkrupp Electrical Steel, will completely halt production at its Isbergues plant in France from June through September. This four-month shutdown affects around 600 employees.
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This decision is a direct response to the flood of low-cost steel imports from Asia, which have inundated the European market for years. Since 2022, imports of electrical steel into the EU have tripled and now account for more than half of the total European market volume. The Isbergues facility is not an isolated case but a symptom of this broader trend. The plant had already been operating at half capacity since January, following an initial temporary shutdown at the end of 2025. Under these competitive conditions, maintaining economically viable production in high-wage countries like France has become exceedingly difficult.
Elevator Unit Could Provide a Financial Lifeline
In contrast to its steel business, Thyssenkrupp’s elevator division, TK Elevator, represents a potential source of strength. The parent company is evaluating an initial public offering (IPO) as a strategic option to realize the value of its stake. TK Elevator is a global heavyweight, reporting revenue of approximately €9.2 billion in the 2024/25 fiscal year and employing about 50,000 people worldwide. A successful listing could attract substantial capital.
Such a move would provide Thyssenkrupp with increased financial flexibility, particularly if the conglomerate divests additional shares during the listing process. However, no concrete plans or definitive timeline for an IPO have been established yet.
The future trajectory of Thyssenkrupp’s share price appears dependent on material progress with the potential TK Elevator flotation and whether European policymakers in Brussels will implement protective measures to shield regional steelmakers from relentless import pressure.
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