Thyssenkrupp Extends Jacobs Contract at Hydrogen-Ready Duisburg Plant as Chinese Output Cuts Lift Steel Sentiment
Published on 09/28/2026 at 09:10 | Editorial boerse-global.de
Thyssenkrupp has locked in continuity on one of its most closely watched construction sites. Engineering services provider Jacobs confirmed it will carry on overseeing project management, construction and assembly supervision for the steel division's hydrogen-capable direct reduction plant in Duisburg — a multi-billion-euro undertaking designed to churn out 2.5 million tonnes of steel annually and positioned as the centrepiece of the group's decarbonisation drive.
For the Essen-based industrial stalwart, the extension amounts to another layer of operational certainty around its flagship project. It lands amid a broader overhaul that has gathered pace since the steel unit's spin-off was set in motion more than a month ago — a stretch during which the stock has climbed 22.6%. Shares were quoted at EUR 15.40 in pre-market trading, leaving them just 2.9% shy of their 52-week high.
A Helping Hand From Brussels
Relief for the steel business is also arriving from EU regulators. According to Reuters, provisional safeguard measures on grain-oriented electrical steel and downstream products took effect on 25 September, combining import quotas with minimum prices while the European Commission's investigation continues. The aim is to shield the European market from price distortions.
That regulatory backstop sits alongside the group's push to recast itself as an industrial holding company. Late last week it emerged that an initial public offering for materials trading arm tk accelis is being targeted for the end of 2026, with the parent intending to retain a 51% majority stake.
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China's Output Discipline Steadies the Sector
Momentum for European steel names has also come from Asia. Leading Chinese producers signalled they would step up cuts to output and inventories, a move that lent the sector noticeable support on Friday and lifted Thyssenkrupp along with it, according to dpa-AFX. The prospect of thinner supply from Asia eases concerns about sustained export pressure on international markets — and for Thyssenkrupp the effect showed up directly in the trading session, with the stock adding 3.7% to close at EUR 15.39, still 2.9% below its 52-week peak.
Production curbs in China are widely read as a bellwether for the industry as a whole. Lower shipments temper the global glut and can help anchor prices across regional markets on a more durable footing.
Jefferies Sees Prices Turning
Signs of recovery are surfacing in Europe too. Analysts at Jefferies noted on Wednesday that customer destocking is now largely complete, and on that basis expect European steel prices to rise again by next year — a tailwind for producers' margins. On Friday the broker reiterated its "Buy" rating on Thyssenkrupp with a price target of EUR 13. Chatter about potential sale talks, as reported in the media, added further movement to the stock.
Presentations scheduled in London are meant to walk investors through how the organisational separation will be executed.
Guidance and Milestones
The restructuring steps and market backdrop are reflected in the group's financial targets. According to media reports, Thyssenkrupp raised the lower bound of its forecast for adjusted operating profit in the 2025/26 fiscal year to EUR 600 million, putting the target range at EUR 600 million to EUR 900 million.
On-time delivery of the Duisburg plant and the planned partial flotation of the trading activities remain the key waypoints for the group's next chapter.
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