ThyssenKrupp Elevator AG

History

2025: Shutdown of 2 steel mills due to German industrial crisis

On December 11, 2025, Thyssenkrupp Electrical Steel (TKES) - the electrical steel division of German industrial group Thyssenkrupp - announced the shutdown of two steel plants. This measure is caused by a high level of import pressure and tense market conditions.

Plants in Gelsenkirchen (Germany) and Isberg (France) will be completely shut down from mid to late December 2025, the company said in a press release. From January 2026, the Isberg facility plans to operate at 50% of its capacity for at least four months. This decision was made in response to a sharp increase in imports of anisotropic electrical steel, mainly from Asian countries.

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Фото: Reuters

On the official portal of Thyssenkrupp, it is specified that import supplies have tripled since 2022, and in 2025 they increased by another 50%. Their price is significantly lower than the cost of production in the EU. This led to a reduction in orders and underutilization of European production facilities.

TKES CEO Marie Jaroni said the company intends to maintain production in Europe and is working on measures to protect the domestic market to ensure fair competitive conditions and save 1,200 jobs at plants in Gelsenkirchen and Isberg. These measures should also protect consumer companies in the value chain, which also suffer from increased unfair competition.

According to the press service of the company, Thyssenkrupp Electrical Steel is one of the two remaining manufacturers of anisotropic electrical steel in Europe. This material, used in substation transformers and wind generators, is necessary for the transition to green power.

TKES products are also important for maintaining a powerful European production base, improving the sustainability and security of the region's energy supply, and ensuring strategic autonomy. Europe

Despite the crisis, the market for anisotropic electrical steel remains attractive: according to TKES, global demand for this product will triple by 2050.^[1]

2020: ThyssenKrupp sells its elevator business for more than $17bn

Giant industrial conglomerate ThyssenKrupp says it has successfully completed the sale of its elevator business, another milestone in the company's transformation.

The deal was closed after all responsible bodies approved the sale to a consortium led by Advent International and Cinven.

The buyer was a consortium led by Advent International

ThyssenKrupp reached an agreement with the consortium to buy the elevator business earlier this year. With the closure, the company received a contractual purchase price, which reportedly amounted to $17.2 billion.

The transaction will directly lead to a significant reduction in the ratio of debt to free funds and a significant increase in capital. Thus, the group's balance sheet performance will improve significantly.

Part of the revenue will be used selectively for the development of business areas in which an attractive target profit can be achieved. In addition, the funds can be used for the necessary restructuring measures.

However, due to the uncertain economic situation caused by the coronavirus, the company will maintain the maximum possible flexibility in the exact distribution of funds.

To ensure liquidity during the coronavirus crisis, ThyssenKrupp has opened a €1 billion credit line under a special KfW (German state bank) program. The company did not attract this line of credit, and it will end with the closure of the elevator transaction.

The sale of the elevator business, which employs more than 50,000 employees, was a difficult decision that was not easy for everyone, but was necessary in the interests of the entire group of companies. Billions in revenue will be a tailwind to transform ThyssenKrupp. Closing the deal is another milestone in this process of change. We continue to focus all our efforts on substantially improving the performance of other businesses. We wish our colleagues at Elevator further success and all the best for the future Martina Merz, CEO of ThyssenKrupp

The completion of the transaction will lead to personnel changes among employee representatives on the ThyssenKrupp supervisory board.

After the shutdown, Suzanne Herberger, chairman of ThyssenKrupp Elevator's manufacturing board, will leave ThyssenKrupp's supervisory board. She will be replaced by Tekin Nasikkol, chairman of ThyssenKrupp Steel Europe's general production board.

Sale of lift business - a key element of strategic reorganization of ThyssenKrupp begun ​​ last year.

The essence of the strategy is the transformation of ThyssenKrupp into a powerful "group of companies" with an independent business, a strong umbrella brand, a thrifty holding company and an emphasis on systematically improving the efficiency of all enterprises.