Thyssenkrupp: Goldman's Stake Slips to 4.25% While Morgan Stanley Builds and the Steel Question Lingers

Goldman Sachs has trimmed its aggregate holding in Thyssenkrupp, disclosing a position of 4.25% — down from 5.08% in its previous notification. The regulatory filing, published yesterday, covers both voting rights attached to shares and positions held through instruments. The split between the two components tells a more nuanced story than the headline number suggests.

Voting rights derived directly from shares rose to 1.01%, up from the 0.88% Goldman reported on Monday. The instrument-based portion, by contrast, fell back to 3.24% from 4.21%. In other words, the lower aggregate figure is not a uniform retreat: the bank added to its physical equity stake while reducing its exposure through derivatives. Monday's filing had itself flagged an increase in the overall position from a prior 4.30%.

Morgan Stanley moved in the opposite direction. The house reported total voting rights of 7.96%, up from 7.46% previously — a higher aggregate position, in contrast to Goldman's latest disclosure.

Those stake movements are the immediate news, but the bigger question for shareholders concerns the group's restructuring. A possible flotation of the steel division is being positioned as the next stage in Thyssenkrupp's break-up, following the completed spin-off of tk accelis, which began trading on 28 October. Reuters reported the same day that CEO Miguel López views a steel listing as the logical next step in the group's independence drive.

The steel unit's path to separation now becomes the central test. Bulls would want the stated possibility to harden into a firmer transaction perspective, with detail on structure and economics carrying more weight than a restatement of strategic intent. The completed tk accelis spin-off offers a reference point — proof that one step of the separation has actually been delivered — but confidence in the next leg depends on whether the steel listing gains substance.

The bear case leans on the industry backdrop. dpa-AFX attributed a decline in European steel stocks on 28 October to disappointing guidance from SSAB on fourth-quarter pricing in its US business, with Thyssenkrupp among the sector names caught in the downdraft. Should such pricing pressure weigh on expectations for the steel division, any listing plan would need to convince both strategically and economically under tougher conditions.

The next hard checkpoint is 8 December, when Thyssenkrupp is scheduled to publish its annual report for fiscal 2025/2026. The company announced the date on 29 October, and the calendar also includes an annual press conference alongside an analyst and investor conference. Investors will then be able to weigh operating performance against the strategic narrative — and any further detail on a possible steel IPO would serve as an additional catalyst.