Thyssenkrupp Swaps Jindal Deal for Steel IPO as Amundi Reduces Holding

Thyssenkrupp pivots from selling its steel unit to Jindal to pursuing a stock-market listing, citing improved market conditions and a new labor deal. Amundi trims stake as restructuring accelerates.

Thyssenkrupp has shelved talks with India’s Jindal Steel International and will instead pursue a stock-market listing for its steel division, marking a sharp shift in the conglomerate’s restructuring playbook. Chief executive Miguel López cited improved market conditions and a fresh labour deal with IG Metall, alongside tougher EU trade measures, as reasons to keep Thyssenkrupp Steel Europe within the group but under a new ownership structure. Jindal remains a potential partner, but no longer as a buyer.

The change of direction comes as one of Europe’s largest asset managers, Amundi, trimmed its exposure to Thyssenkrupp. The French group disclosed on 21 May that its voting rights fell to 4.69% from 5.10%, slipping below the mandatory reporting threshold. The adjustment, effective 18 May, was triggered by share trades; Amundi holds no direct voting rights but attributes 4.54% via instruments and a further 0.15% from around 959,000 voting rights. Thyssenkrupp’s shareholder register includes roughly 200,000 investors, with the Alfried Krupp von Bohlen und Halbach-Stiftung holding 21%, institutions 74% and retail 19%.

The shareholder move is a side note to the main story driving Thyssenkrupp’s equity narrative: the conglomerate’s ongoing breakup. The group has already listed its marine division TKMS as a standalone company in October 2025, retaining a 51% stake, while hydrogen subsidiary Nucera is also publicly traded. Next in line is Materials Services, the trading arm that generated €5.78bn in first-half sales. Thyssenkrupp is considering an extraordinary general meeting this summer to vote on its demerger.

The steel IPO plan is the centrepiece of the transformation. The division had been in exclusive talks with Jindal since September 2025, but those negotiations have been paused by mutual agreement. López said the outlook for the steel business is better than it has been in a long time, helped by the tariff deal and EU anti-dumping measures. Still, the sector faces headwinds: the European Commission has cut its 2026 growth forecast for Germany to 0.6%, and high energy prices linked to the Iran conflict are squeezing margins.

Meanwhile, the former elevator unit TK Elevator, sold in 2020, is causing turbulence. Around 500 employees protested in Düsseldorf against a planned sale to Finnish rival Kone, with IG Metall threatening stiff resistance. Kone and the consortium of Advent, Cinven and the RAG-Stiftung have agreed to combine their elevator businesses; an extraordinary general meeting of Kone on 3 June will decide on the acquisition.

The restructuring momentum has lifted Thyssenkrupp’s shares, but technical indicators flash caution. The stock recently traded at €10.96, having closed at €10.60 on Thursday, and is up around 13% year-to-date after an earlier 11% gain. The 14-day relative strength index stands at 87.4, deep in overbought territory. The shares have rallied more than 53% from a 52-week low of €7.15 reached in late March and now sit about 21% above their 50-day moving average. The 52-week high of €13.24 remains roughly 20% away.

The upcoming extraordinary general meeting on the Materials Services demerger will be an early litmus test for López’s strategy. If the IPO for Steel Europe proceeds without protracted labour disputes, it could pave the way for a leaner Thyssenkrupp. But with activist shareholders, union pushback and a fragile macro backdrop, the path remains uncertain.