thyssenkrupp AG

thyssenkrupp reported third-quarter revenue of EUR8.8 billion, up 8% year-on-year, while nine-month revenue fell 1% to EUR24.4 billion. Adjusted EBIT for the quarter rose to EUR183 million from EUR155 million a year earlier, and the company narrowed its full-year adjusted EBIT guidance to between EUR600 million and EUR900 million. Net income for the quarter was EUR34 million, supported by approximately EUR400 million in write-ups at Steel Europe related to the HKM exit, though nine-month net income was a loss of EUR311 million due to restructuring provisions. Free cash flow before M&A improved by EUR140 million year-on-year to minus EUR114 million in the quarter, and the company confirmed full-year free cash flow guidance of minus EUR600 million to minus EUR300 million. thyssenkrupp also lowered its full-year sales outlook to a decline of 1% to 3% and reduced capital expenditure guidance to EUR1.2 billion to EUR1.3 billion.

German steel and industrial conglomerate Thyssenkrupp has approved the spin-off of its materials trading unit, tk Achelis, at an extraordinary general meeting. The company will separate 49 percent of the division, while Thyssenkrupp will retain the remaining majority stake. Following the split, tk Achelis could list separately at the end of October. The division operates in 30 countries, employs around 15,500 people, and posted revenue of 11.4 billion euros in the most recent fiscal year, with a potential enterprise value of around 3.6 billion euros. The vote passed with 99.99 percent approval, but major shareholder and asset manager DWS abstained, criticizing plans for Thyssenkrupp to retain significant control after the separate listing.

Lockheed Martin and Rheinmetall signed a memorandum of understanding to jointly produce ATACMS missiles in Germany, marking the first time the U.S.-developed weapon will be manufactured in Europe. The agreement, backed by the U.S. and German governments, aims to establish a joint venture creating a European center of excellence for manufacturing, integration, and distribution of ATACMS across NATO and allied forces. Production will take place at Rheinmetall's Unterluess facility in Germany, one of its largest sites, and is expected to begin as early as next year. The move positions Lockheed Martin to benefit from European defense budgets seeking to replenish stockpiles after diverting significant hardware to Ukraine, while Rheinmetall gains direct exposure to U.S. technology and co-produces a powerful surface-to-surface weapon system used by Ukraine to strike Russian territory. Separately, Rheinmetall halted plans to add 1,000 jobs to its naval shipbuilding division after Germany scrapped the F126 frigate program and decided instead to order smaller Meko A-200 frigates from ThyssenKrupp.

Three of Europe's leading steelmakers are jointly calling for urgent, pragmatic reform of the EU Emissions Trading System, warning that without adjustments the current trajectory risks destroying Europe's industrial base. ArcelorMittal Europe, thyssenkrupp Steel, and voestalpine, which together represent around 60% of Europe's integrated steel production, published their shared position in the Financial Times. They estimate that without reforms, the EU could face a 30–40% decline in steel-intensive manufacturing activity, putting up to 5 million jobs at risk across the value chain. The companies are calling for a temporary pause in ETS cost escalation until key enablers such as competitive electricity prices, affordable green hydrogen, and carbon capture and storage are in place, and for ETS revenues to be directed toward industrial decarbonisation.