EU policy boosts thyssenkrupp in Jindal talks: Lopez Borrego
The increasingly supportive EU policy environment is improving steelmakers’ valuations and playing into the hands of thyssenkrupp during its negotiations to sell a stake in its Steel Europe business to India’s Jindal Group, says thyssenkrupp group chief executive Miguel Lopez.
CBAM came fully into force from 1 January, while the new EU steel trade regime to replace existing safeguards is anticipated to begin from 1 July.
“The sentiment has turned into a positive one for the last four months. We have seen increases in [EU stock market listed steel companies’] share prices of around 50% and more. So there is a clear positive sentiment,” Lopez said during thyssenkrupp’s earnings call on Thursday monitored by Kallanish.
“It is also clear that this is due to the tariff situation, as mentioned before, and the limitation also of the import quota for Europe. And of course, the idea of resilience – and I’ve been reporting, you remember about the steel summit with [German] Chancellor [Friedrich] Merz and also talks that we had directly with [European Commission President] Ursula von der Leyen and her team. So yes, there is a clear positive sentiment here. And of course, that will have, for sure, to get into an input for the conversations with our colleagues from Jindal, no doubt about that,” he added.
The German industrial conglomerate remains in “intense” due diligence discussions with Jindal, he said. Its aim remains to sell a majority stake to the Indian group.
CBAM and the new trade regime have not had a tangible impact so far but do present an upside potential.
“It is expected that we will see improved pricing after the tariffs will be introduced in Europe,” Lopez said. “And also the CBAM – concrete CBAM actions will, I believe, also help. We will not see anything this fiscal year around it because we expect the European Union to decide on the tariffs around May, June. And until then everything is really getting into the orders; we will see an impact for sure next fiscal year. But the likelihood that we see this fiscal year some positive effects already in our view is, for the time being, very limited.”
Work on the Duisburg direct reduced iron plant continues to move ahead “with full commitment”, he noted. Formwork and reinforcement operations and major concreting work have been completed for the tower of the DRI plant and the two smelters, as have extensive construction measures for the plant’s technical infrastructure.
Salzgitter to downsize and continue operating HKM steel plant
German steel producer Salzgitter has outlined a conditional strategy to keep operations running at the Hüttenwerke Krupp Mannesmann (HKM) steel plant in Duisburg, even as its joint venture partners move toward an exit. However, the company made clear that continued operations would require a substantial downsizing of the facility.
HKM is currently owned by thyssenkrupp Steel with a 50% stake, Salzgitter with 30%, and French pipe producer Vallourec holding the remaining 20%. Both thyssenkrupp and Vallourec have signaled their intention to withdraw from the venture, prompting Salzgitter to assess scenarios under which the plant could remain active.
According to Salzgitter, a continuation of operations would likely involve a sharp reduction in capacity—from the current level of around 4.2 million tonnes per year to roughly 2–2.5 million tonnes. The restructuring plan under consideration also includes replacing blast furnace production with electric arc furnace technology and significantly reducing the workforce, potentially from about 3,000 employees to nearly 1,000.
The company stressed that any takeover of the remaining shares would depend on clear preconditions. These include cost-sharing by the exiting shareholders for restructuring measures and layoffs, as well as firm steel procurement commitments from thyssenkrupp covering the next two to three years.
Adding to the uncertainty surrounding the plant’s future are ongoing arbitration proceedings between Salzgitter and thyssenkrupp. These disputes relate to financial responsibilities tied to restructuring and post-withdrawal liabilities, with outcomes that could materially influence the feasibility of maintaining HKM operations.
While Salzgitter has not ruled out a future for the Duisburg facility, the company’s statements underline that any continuation would be fundamentally different in scale and structure from HKM’s current configuration.
Thyssenkrupp to cut GOES production in Germany and France amid import surge in EU
Thyssenkrupp Electrical Steel (tkES), a subsidiary of German steelmaker Thyssenkrupp, has announced significant production cutbacks and temporary shutdowns at its Gelsenkirchen (Germany) and Isbergues (France) plants, citing a dramatic rise in low-priced imports, mainly from Asia, that has destabilized Europe’s grain-oriented electrical steel (GOES) market.
Starting mid-December, both plants will fully halt production until the year-end, while the Isbergues facility will operate at only 50 percent capacity for at least four months beginning January 2026. The company warns that approximately 1,200 jobs at both sites are now at risk.
Severe pressure on the market
According to Thyssenkrupp Electrical Steel, the EU grain-oriented electrical steel market has reached a critical point:
- Imports have tripled since 2022,
- Imports increased another 50 percent in 2025,
- Imported volumes are priced far below EU production costs.
This has triggered a sharp decline in customer orders and left EU mills with substantial under-utilization of capacity. tkES says immediate stabilization measures are essential to maintain operations, despite long-term demand projections showing that global grain-oriented electrical steel consumption may triple by 2050.
German union discusses ‘best-owner’ practice for thyssenkrupp steel
German union IG Metall and the works council of thyssenkrupp Steel have together launched a so-called “fair and best-owner” agreement process for the sale of the company, Kallanish hears.
Germany’s largest steelmaker is the subject of takeover talks between parent thyssenkrupp AG and India’s Jindal group.
According to IG Metall, a fair and best-owner agreement is a way of providing safety for the steelmaker’s sites, employees, and their co-determination role on the supervisory board. This has been a traditional procedure for all of thyssenkrupp AG’s divestments in recent years, IG Metall notes.
“Our employees need reliability for the future,” says tk Steel’s shop chairman Tekin Nasikkol. “Our future owner must respect existing wage agreements and other agreements. With that I mean primarily the pledge to maintain jobs and sites until September 2030.”
The buyer candidate Jindal has been informed about the procedure, IG Metall says.
Christian Koehl Germany
Thyssenkrupp Steel withdraws from WV Stahl, Thyssenkrupp AG still to decide
In a major shake-up for the German steel sector, Thyssenkrupp Steel, the country’s largest producer, has officially terminated its membership of the German Steel Federation Wirtschaftsvereinigung Stahl (WV Stahl) to be effective from December 31, 2026, according to a media report by German newspaper The Pioneer.
The withdrawal reflects not only financial strain but also a strategic recalibration, as the company seeks to use personnel and financial resources more efficiently during ongoing restructuring.
The sources stated that they do not believe that the company’s withdrawal during talks with Indian investor Jindal is a coincidence. Thyssenkrupp AG is engaged in negotiations with Jindal Steel International, regarding the potential sale of its steelmaking business Thyssenkrupp Steel, as SteelOrbis previously reported.
The move comes at a time when Germany’s steel industry faces mounting economic pressure, with rising energy costs, foreign competition and uncertain government support. The loss of its biggest member marks a severe blow to WV Stahl’s standing as the unified political voice of the industry.
Thyssenkrupp’s decision underscores growing divisions within Germany’s struggling steel industry. Tekin Nasikkol, chairman of the General Works Council at ThyssenKrupp Steel, described the current environment as “catastrophic.”
According to Thyssenkrupp, the decision “does not mean a departure from industry-wide cooperation”, adding that it continues to back WV Stahl’s positions on trade protection, energy pricing and clean-steel development. Additionally, Thyssenkrupp AG – the parent company – is evaluating whether to follow its steel subsidiary and also leave the association.
Thyssenkrupp Steel appoints Marie Jaroni new chief executive
Thyssenkrupp Steel Europe has appointed chief sales and chief transformation officer Marie Jaroni as its new chief executive, effective 1 November, after the contract with predecessor Dennis Grimm was terminated by mutual agreement, the steelmaker says.
Grimm, who never took the ceo title, instead leading the company as spokesman of the executive board and chief operating officer, was rumoured to be stepping down earlier in the week.
Jaroni, who only joined tk Steel’s executive board in October 2024, has also had her contract extended for five years from 1 November 2025. Chief financial officer Philipp Conze has also had his contract extended for the same duration.
Grimm “assumed responsibility for the steel business at thyssenkrupp during a challenging phase and, in addition to numerous operational improvements, played a decisive role in shaping a new industrial concept and initiating the urgently needed restructuring. The Supervisory Board would like to express its gratitude to Dennis Grimm and wishes him all the best and continued success,” says tk Steel supervisory board chairwoman Ilse Henne.
Jaroni assumes interim responsibility for production operations, strategic corporate management, and additional functional areas. The position of chief production officer will be filled in a structured process as soon as possible. Jaroni’s hitherto responsibilities will be taken over on an interim basis by the current head of sales, Georgios Giovanakis.
“Marie Jaroni has succeeded in setting the course for steel with strategic vision, persuasiveness, and great commitment. With her transition to the CEO position, she now has the opportunity to lead thyssenkrupp Steel into a successful future with her management team,” Henne notes.
Jaroni “conducted the crucial negotiations on the restructuring collective agreement in a goal-oriented, consensus-driven, and fair manner. The same applies to the ongoing discussions on the conclusion of the company agreements. This has created a strong foundation of trust for her new role. Philipp Conze stands for the transparency and clarity we need on the way forward,” says supervisory board deputy chairman Knut Giesler.
Adam Smith Austria
Thyssenkrupp idles BF9 at Duisburg on weak demand, import pressure
This information was also confirmed by the company’s spokesperson on the same day.
“Thyssenkrupp Steel has taken blast furnace 9 at the Hamborn plant out of operation,” the spokesperson said. “This is the company’s response to the further consolidation of structural changes in the European steel market. In particular, overcapacity and – to an increasing extent – the pressure of imports are significantly blunting the competitiveness of domestic production.”
The company did not comment on the date of possible restart.
BF 9 has capacity of 1.7 million tonnes per year of pig iron, according to Fastmakrets’ information.
Thyssenkrupp’s Duisburg facility has a designed production capacity of around 11.7 million tpy of pig iron from four blast furnaces (BFs) and produces around 11 million tpy of crude steel per year.
Steel shipments from thyssenkrupp’s steel assets amounted to around 9 million tonnes over the past three years, according to Fastmarkets data.
By the end of 2024, thyssenkrupp already announced plans to cut steel output by 2.5 million tpy, with 11,000 jobs likely to be lost, consequently, Fastmarkets reported.
Market brief
There was a short-lived rebound in apparent demand for flat steel at the end of July and into early August, related to restocking activity, expectations of the implementation of Europe’s Carbon Border Adjustment Mechanism (CBAM) and the introduction of new, tougher, steel safeguard measures to limit import trade flows in 2026.
But in September, prices have stabilized and European mills have struggled to push through increases because of insufficient end-user demand.
In mid-October, shortly after the European Commission had proposed a new, stricter trade measures to replace steel safeguards, European mills started to announce price rises for the first quarter delivery hot-rolled coil.
Under the new plan, only 18.3 million tonnes per year of steel would enter the EU without being subject to tariffs. Steel shipments exceeding that volume would face duty at 50%.
For comparison, carbon steel imports into the EU in 2024 amounted to 26.36 million tonnes, up by 6.4% from 2023’s 24.78 million tonnes, according to European steel association Eurofer.
On October 13 leading European steelmaker ArcelorMittal has raised its offers for HRC scheduled for delivery in December by €20 ($23) per tonne to €630 per tonne ex-works or delivered, depending on the region, sources told Fastmarkets on Monday October 13.
Meanwhile, for January delivery, offers were as high as €650 per tonne ex-works or delivered.
During the steel trade fair Blechexpo, held in Stuttgart on October 21-24, other European mills followed the move, aiming for €620-630 per tonne ex-works for Janaury delivery HRC.
According to both buyers and sellers, the introduction of CBAM and new trade regime was anticipated to heighten uncertainty, thereby limiting new imports or aligning import prices more closely with those in Europe. Consequently, domestic HRC prices were projected to rise.
It remains to be seem if the market can fully absorb the increase, considering lack of real demand.
“We do expect an increase for the first quarter delivery coil, but the question is, how much and for how long it will last since demand from end-users is not rising,” a buyer in Germany said.
Fastmarkets’ daily steel hot-rolled coil index domestic, exw Northern Europe was €600 per tonne on October 23, up by €2.86 per tonne from €597.14 per tonne on Wednesday October 22.
The index rose by €8.75 per tonne week on week and by €21.25 per tonne month on month.
Earlier in October, ArcelorMittal idled one BF at the Fos-sur-Mer plant in France after an accident, halving steel output at the site for at least one month, Fastmarkets reported.
These stoppages along with lower imports could result in some supply tightness in the first quarter 2026 and therefore support a domestic price rebound, sources said.
The market for imported HRC has been very quiet lately because most of the overseas suppliers are offering HRC with delivery in the first quarter of 2026.
Therefore, prices for these tonnages will be subject to EU’s CBAM.
Turkish offers were indicated at €530 per tonne CFR, inclusive of the anti-dumping duty. According to a local buyer, when factoring in CBAM charges, which are estimated at €55 per tonne, along with unloading and delivery costs, the effective price would approach European levels, at approximately €620–630 per tonne delivered.
Meanwhile, offers from Indonesia were reported at around €470 per tonne CFR, excluding CBAM-related expenses.
Kretinsky to sell Thyssenkrupp Steel Europe stake, opening path for Jindal deal
Czech billionaire Daniel Kretinsky will sell his 20 percent stake in Thyssenkrupp Steel Europe, subsidiary of German steelmaker Thyssenkrupp Steel, ending protracted joint venture talks and paving the way for Thyssenkrupp to intensify negotiations with India-based Jindal Steel International, according to a report by Reuters.
In September this year, Jindal Steel International submitted a non-binding offer to acquire the steel business of Thyssenkrupp, as SteelOrbis previously reported.
Kretinsky’s move closes a chapter that began when his EP Group purchased the stake in 2023, with the aim of building a German-Czech steel and energy giant.
While the sale price was never disclosed, industry insiders valued the original transaction at around €140 million ($164 million). The sale of the stake by Kretinsky will clear the way for Thyssenkrupp to concentrate fully on talks with Jindal Steel, which recently submitted an indicative bid for the entire steel unit.
Jindal Steel prepared to continue thyssenkrupp’s green transformation
Jindal Steel International would continue thyssenkrupp Steel’s transformation to low-emission direct reduced iron-based steelmaking if it were to acquire the German steel giant.
The Indian group submitted a non-binding offer for thyssenkrupp Steel Europe on Tuesday.
“We believe in the future of green steel production in Germany and Europe,” Narendra Misra, Jindal’s director of European operations, is quoted as saying by multiple press reports. Jindal’s goal is “to preserve and grow thyssenkrupp’s 200-year industrial legacy and help transform it into Europe’s largest integrated low-emission steelmaker.”
Jindal would invest €2 billion ($2.4 billion) in the transformation at the Duisburg production plants. According to a report by Reuters, it would also be prepared to take over the company’s pension liabilities.
If acquired by Jindal, thyssenkrupp Steel would benefit from low-emission metallics or slab supply from Jindal’s new plant in Oman, which is scheduled to start operations in 2027, as well as iron ore from its mines in Cameroon.
The offer from the Indian group has been welcomed in principle by parent thyssenkrup AG, which has tried for years to spin off its steel unit. Union IG Metall also welcomed the news, underlining the significance of the green transition and the importance of maintaining jobs.
Incidentally, the offer became public on the day that annual collective wage bargaining talks began between IG Metall and German mill employers. The union is keeping its claims modest this time around. In view of the difficult economic situation, it has not entered the talks with defined wage increase claims. Another meeting will follow at the end of this week.
In the name of thyssenkrupp Steel workers, IG Metall struck earlier this month an agreement with the company on lower wages and working hours, and a reduction of certain standard benefits.
Christian Koehl Germany
Thyssenkrupp Materials Trading signed a purchase agreement for green steel project in Australia
Thyssenkrupp Materials Trading has signed a 100% purchase agreement with Progressive Green Solutions (PGS) for the first large-scale green steel project to be implemented in Geraldton, in the Mid-West region of Western Australia.
The agreement highlights that Western Australia’s renewable energy potential can directly support Germany and the European Union’s decarbonization targets and potentially set a global standard for green hydrogen-based industrial projects. In this context, the region is expected to develop a new value-added manufacturing industry in the long term, while also strengthening German technology and expertise on a global scale.
The project will deepen trade relations between Australia, Germany, and the EU, while also increasing diversity in demand and supply chains. Supported by Western Australia’s Premier Roger Cook and his government, the initiative involves Thyssenkrupp, technology providers SMS Group, Midrex, Thyssenkrupp Nucera, and financial partner KfW IPEX Bank.
Western Australia’s Minister for Mines, Petroleum and Finance David Michael, Parliamentary Secretary David Scaife, and Geoff Baker, a member of the Friends of Clean Energy and Climate Action Group, welcomed the German delegation at the WA Parliament House and expressed their support.
As highlighted by European Union leaders, there is an emphasis that “the time is now not for talking, but for action” to achieve climate goals. The project aims to overcome “greenwashing” criticisms and mark a turning point in genuine green steel exports.
