Thyssenkrupp CEO Takes a Hard Line: No Fire Sale on Steel, No Handouts from Berlin

Thyssenkrupp’s chief executive Miguel López is sending a clear message to both Berlin and potential buyers: the industrial conglomerate will not be strong-armed into selling its crown jewels on the cheap. In a pointed interview with Der Spiegel, López rejected the notion of a merger with rival Salzgitter and demanded a higher price for the group’s struggling steel division, while simultaneously dismissing a proposed government energy subsidy as a misguided quick fix.

The comments come as Thyssenkrupp navigates a delicate balancing act between structural transformation and political pressure. Talks with India’s Jindal Steel over a partial sale of the traditional steel business remain ongoing, with Thyssenkrupp still aiming to offload a majority stake. López argues the division’s valuation has improved significantly, citing a new labor agreement that cuts costs, the planned sale of its stake in Hüttenwerke Krupp Mannesmann, and fresh EU steel safeguard tariffs that bolster the unit’s prospects. Should negotiations with Jindal collapse, however, the CEO has slammed the door on a tie-up with Salzgitter, leaving the group with fewer obvious alternatives.

The political dimension is equally fraught. López labeled the mooted €1,000 energy premium for industrial users as poorly conceived, insisting the company’s focus is on long-term structural change rather than short-term subsidies. He also took aim at Brussels, criticizing proposed EU rules for green steel as unprofessional. The regulations mandate climate-friendly material but fail to require European origin, he argued, creating a dangerous dependency on imports from Asia.

Should investors sell immediately? Or is it worth buying Thyssenkrupp?

Behind the scenes, Thyssenkrupp is reshaping its portfolio on multiple fronts. The Materials Services trading division, which generated around €11 billion in revenue, is under strategic review with a sale, spin-off, or IPO possible before year-end. Meanwhile, the group holds a roughly 16% stake in TK Elevator, whose majority owners are targeting an IPO this year that could value the business at up to €25 billion. A listing of the remaining shares in the second half of 2026 is also being weighed.

One bright spot is the defense unit Marine Systems, where order books for surface and submarine vessels are filled through at least 2030. The division has been steadily expanding capacity since acquiring the MV Werften site in Wismar, positioning itself as an operational anchor for the group.

For now, investors remain cautious. Thyssenkrupp shares closed the week at €8.82, down nearly 9% since the start of the year, and trade well below their 200-day moving average. The relative strength index hovers near oversold territory, reflecting market wariness. A quiet period ahead of the half-year results has begun, with the company’s next major disclosure scheduled for May 12, when management will present its interim report for the first six months of the fiscal year. Until then, López’s hard-nosed stance leaves the market waiting for tangible outcomes.