A significant divestment by a cornerstone investor has intensified the pressure on Thyssenkrupp, a conglomerate already navigating a complex restructuring. Europe’s largest asset manager, Amundi, reduced its voting rights stake in the German industrial group below the 5% reporting threshold on March 13. This move triggered a sharp sell-off, sending the stock down as much as 10% in a single trading session. The share price now sits at a new 52-week low of €7.72, representing a decline of nearly 42% from its October peak of €13.24.
Strategic Losses and a Costly Green Transition
The timing of Amundi’s reduction—from 5.22% to 4.92% of voting rights—proves particularly challenging. The departure of such a patient, institutional capital holder sends a potent signal to the market regarding confidence.
This sentiment shift comes against a backdrop of deliberate, costly strategic shifts. For the first quarter of the 2025/26 fiscal year, Thyssenkrupp reported revenue of €7.2 billion and an adjusted EBIT of €211 million. However, the bottom line was dragged deep into the red by a €401 million restructuring charge at its Steel Europe division, resulting in a consolidated net loss of €334 million. Management’s guidance for the full year anticipates a net loss between €400 million and €800 million, driven by ongoing provisions within the steel business. These costs are being consciously absorbed to fund the group’s strategic realignment.
Paradoxically, the steel unit is now demonstrating tangible progress in its decarbonization strategy. Starting in 2026, Thyssenkrupp Steel will supply the BMW Group with its TÜV SÜD-verified bluemint® recycled steel. This product saves 1.35 tonnes of CO₂ per tonne of hot-rolled band and will be used in the BMW iX3 for exterior skin parts, interior components, and battery housings. The long-term roadmap aims for carbon-neutral production, with a future hydrogen-capable direct reduction plant projected to save up to 3.5 million tonnes of CO₂ annually. The entire portfolio is slated for conversion to climate-neutral steel by 2045.
A Defense Subsidiary Provides Stability
Amidst the turbulence, Thyssenkrupp’s defense subsidiary, Thyssenkrupp Marine Systems (TKMS), offers a pillar of stability. Now independently listed since October 2025, TKMS holds an order backlog of €18.7 billion and has seen its share price appreciate approximately 50% since its initial public offering. Thyssenkrupp retains a 51% stake, making this defense arm a structural anchor for the broader group.
Three Key Dates to Watch
The stock’s trajectory in the coming months is likely to hinge on three critical near-term events, which will serve as a barometer for the restructuring’s credibility.
- End of March 2026: The group’s Materials Services trading division must demonstrate operational improvements. The outcome will determine the feasibility of an IPO, spin-off, or sale, currently targeted for autumn 2026.
- May 12, 2026: The release of the half-year report will provide crucial updates, including the status of negotiations with Jindal Steel and the performance of Materials Services.
- June 1, 2026: The planned transfer of Thyssenkrupp’s stake in Hüttenwerke Krupp Mannesmann (HKM) to Salzgitter AG is scheduled.
These milestones will reveal whether Thyssenkrupp’s transformation is regaining market trust or if downward pressure on its equity will persist.
