Thyssenkrupp Braces for December 8 Report as LBBW Trims Target and Duisburg Green-Steel Start Slips to 2029

Thyssenkrupp's quiet period for management board members and other executives begins today and runs through December 8, the same date the conglomerate has earmarked for publishing its 2025/2026 annual report. The fiscal year covered by that report spans October through September. The annual press conference and an analyst and investor call are both scheduled for the same day, according to the company's calendar.

LBBW Cuts Target but Keeps Buy Rating

LBBW trimmed its price target on Thyssenkrupp on Wednesday to EUR 18 from EUR 19 while reaffirming its "Buy" rating — a lower target that came without any change to the investment recommendation. At Friday's close the stock stood at EUR 11.86, well below the revised target.

Goldman and Morgan Stanley Lift Stakes

Goldman Sachs reported on Friday that its total voting rights in Thyssenkrupp had reached 5.01%, up from 4.25% previously. The mandatory disclosure, reflecting the position as of November 2, breaks the holding down into voting rights from shares, at 0.68%, and instruments, at 4.34%.

Morgan Stanley also disclosed a larger overall position. Its mandatory filing published on October 30 showed 7.96% versus 7.46% before, with the threshold crossed on October 26. Of that total, 5.28% stemmed from share-based voting rights and 2.67% from instruments.

Duisburg Decarbonisation Pushed Back Two Years

Attention is also on a delay to Thyssenkrupp Steel Europe's decarbonisation project in Duisburg. According to a report by dpa-AFX on Friday citing a European Commission document, the direct-reduction plant is now slated to go into operation in 2029 rather than 2027 as originally planned. A Thyssenkrupp Steel Europe spokesperson confirmed the postponement, attributing it largely to the engineering phase.

Revised funding conditions will allow a more flexible, step-by-step ramp-up of the hydrogen share, according to the company. Thyssenkrupp Steel is preparing a new hydrogen tender for that purpose.

Hydrogen Alliance and Wage Demand

On the hydrogen front, Thyssenkrupp took part in a joint initiative of European companies. On October 27, the European Resilience Alliance presented a roadmap for investment in an EU-wide value chain for clean hydrogen. Thyssenkrupp said it was among the companies that presented the roadmap, which aims to enable investment along that European supply chain.

Separately, IG Metall on Monday demanded a 5% pay increase for workers in the northwest German steel industry. Thyssenkrupp Steel belongs to the bargaining region covered by that demand.