The Krupp Foundation, thyssenkrupp's largest shareholder alongside just under 21%, has signalled approval in principle for spinning off thyssenkrupp Steel, alongside chairwoman Ursula Gather citing restructuring progress, the completed HKM sale to Salzgitter & strong EU safeguard protection as reasons the "time is right." The foundation rarely speaks & avoids operational decisions, so the nod removes a perceived brake rather than supplying a buyer. Attempts alongside Tata, Liberty, EP Group & Jindal have all stalled over who funds an independent steelmaker's pensions, cash & €2 billion-plus green conversion, & the 2025 TKMS listing shows the route works only when the asset is wanted on its own terms .