Thyssenkrupp Navigates a Thicket of Stake Cuts, Union Demands, and Restructuring Milestones

Norway’s sovereign fund trims holding below 3%; IG Metall pushes for Steel Europe independence after Jindal talks fail. Stock up 59% from March low.

Thyssenkrupp enters June with more moving parts than a gearbox assembly line. The sprawling industrial group is simultaneously absorbing a reduction in Norway’s state ownership, fending off fresh pressure from IG Metall over the future of its steel unit, and pushing forward with two discrete structural carve-outs. The stock, which has recovered sharply from its March trough, is so far taking the crosscurrents in stride.

Norway Trims to Below 3%, Market Barely Blinks

Norway’s sovereign wealth fund, managed by Norges Bank, has lowered its holding in Thyssenkrupp from 3.16% to 2.86%. The disclosure, made in a mandatory voting-rights notification dated 2 June, means the Scandinavian investor now sits just under the 3% threshold that triggers a formal declaration. In absolute terms, the fund retains close to 17 million voting rights.

No strategic rationale accompanied the filing, and market participants are treating the move as routine portfolio rebalancing rather than a sign of waning confidence. The stake remains large enough — just shy of 3% — for Norway to still be considered a relevant shareholder. “It’s too small a reduction to interpret as a vote of no confidence,” one Frankfurt-based analyst noted.

The stock barely flinched. On Tuesday, Thyssenkrupp shares traded at €11.40, down 0.6%. That mild dip masks a more aggressive recovery over the past two months: from the 52-week low of €7.15 hit in late March, the equity has climbed roughly 59%. The 50-day moving average of €9.51 sits well below the current price, and the relative strength index of 64 indicates neutral-to-slightly-positive momentum.

IG Metall Seizes the Moment After Jindal Talks Collapse

While the ownership change is a footnote, the main event this week is the escalating standoff between management and labour. Jürgen Kerner, deputy chairman of IG Metall, has publicly called on CEO Miguel López to open negotiations aimed at a full separation of the Steel Europe division — a push that carries new weight after the breakdown of partnership discussions with India’s Jindal Steel International.

In an interview with the WAZ newspaper, Kerner said the union was prepared to back a path to independence for Steel Europe, provided talks are conducted “at eye level” with the workforce. He argued that the current market environment, buttressed by political support pledges, makes the timing favourable. The language is not new, but the context is: Thyssenkrupp now lacks an external partner for its steel operations, and the union is rushing to fill the vacuum.

López has previously sketched out a vision of Thyssenkrupp as a financial holding company, with operating divisions spinning off while the parent keeps a controlling stake. The model was tested in October last year when Marine Systems was carved out with Thyssenkrupp retaining 51%. Labour leaders are now demanding that the same template be applied to Steel Europe — though the financing of a green steel transformation, which requires billions in capex, remains conspicuously unresolved.

Two Structural Moves Signal the Direction of Travel

Behind the rhetoric, concrete changes are already underway. On 1 June, Thyssenkrupp completed the sale of its stake in the Hüttenwerke Krupp Mannesmann GmbH (HKM) joint venture in Duisburg-Huckingen to Salzgitter AG. The disposal reduces complexity in the Steel Europe portfolio; long-term supply agreements for slabs will keep HKM feeding Thyssenkrupp’s mills at least until 2028.

Separately, details have emerged of a newly incorporated subsidiary, Thyssenkrupp Calvion GmbH, which has been operational since May. Calvion bundles technologies from the Polysius unit — oxyfuel applications for cement, direct-air-capture processes, green quicklime production, and phosphogypsum recycling. The goal is to accelerate the commercialisation of carbon-capture solutions, a field that Brussels is increasingly prioritising.

Operational Picture: Orders Surge, Cash Remains a Drag

The strategic noise plays out against a mixed operating backdrop. In the fiscal second quarter, order intake jumped 32% year-on-year to €10.6 billion, though revenue slipped slightly to €8.4 billion. Adjusted EBIT improved to €198 million. For the full year, management remains cautious: operating profit is expected in a range of €500 million to €900 million, but the bottom line is forecast to show a net loss of between €400 million and €800 million. Free cash flow is projected to be negative by €300 million to €600 million.

What’s Next: Board Meeting and EU Tariff Clock

The next milestone is the supervisory board meeting on 16 June, which will discuss the structure and timeline for the Materials Services division. Meanwhile, a potentially supportive tailwind is building from Brussels: tougher EU import rules for steel are expected from July 2026, which could curb cheap foreign supplies and offer a structural boost to domestic producers like Thyssenkrupp. For now, investors are watching the operating recovery — orders rising, cash still bleeding — while the chess pieces around Steel Europe, Calvion, and the shareholder register continue to shift.