thyssenkrupp Steel told investors on 28 September 2026 that it aims for at least €1.2 billion in adjusted EBITDA and a margin of at least 11 percent in the medium term. It said EU trade protection is helping, and that separating the steel business from thyssenkrupp AG is still the plan.
What happened
At a Capital Market Day in London the company set out its Transform 30+ strategy (thyssenkrupp release):
Reach steel buyers and importers worldwide
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Advertise with Loharo- Targets: adjusted EBITDA of at least €1.2 billion, an adjusted EBITDA margin of at least 11 percent and positive free cash flow.
- More than €800 million of the improvement is to come from measures in its own control. More than half of these are already contracted and being implemented.
- About 4,000 of roughly 11,000 planned job cuts have been made, and the exit from HKM was completed in summer 2026.
- Nearly two-thirds of the portfolio is premium grades. The company serves more than 900 customers through eight processing sites.
thyssenkrupp AG may keep a minority stake after the separation. Uncertain M&A Insights reported the target horizon as three to five years and put FY 2024/25 adjusted EBITDA at €384 million (M&A Insights). Neither figure is in the release.
Why it matters for steel buyers
The most useful line for buyers is thyssenkrupp’s view of the market. It says the trade measures in force since July 2026 now cover more than 80 percent of the EU flat steel market and are supporting prices. That is the largest German flat producer telling investors to expect firmer EU pricing, which matches what we see in European HRC prices as quotas run out.
“Value over volume” and the focus on premium grades suggest thyssenkrupp will protect margins rather than chase tonnage. Buyers of commodity grades should expect less flexibility on price, and possibly on allocation.
What to watch
- Any concrete step on separation: a spin-off, a new investor, or a renewed approach after talks with Jindal were paused in May.
- Progress on the remaining job cuts and the Duisburg direct reduction plant.
- Whether EU safeguard and quota rules stay as strict as thyssenkrupp’s plan assumes.
Ask the Analyst
“500 t HRC from Turkey into Antwerp in January”: landed cost with duty, quota and CBAM in one answer.Ask the Analyst
