[Germany's SHS advances Power4Steel construction with 5 billion USD DRI investment]

The National Bureau of Statistics reported that in September, the manufacturing PMI was 50.1%, up 0.3 percentage points from the previous month, moving into expansion territory. By enterprise size, the PMI for large enterprises was 50.6%, unchanged from the previous month and above the threshold; the PMIs for medium-sized and small enterprises were 49.7% and 48.9%, respectively, up 0.3 and 1.0 percentage points from the previous month, both below the threshold. Among the five sub-indices that make up the manufacturing PMI, the production index, new orders index, and supplier delivery time index were all above the threshold, while the raw material inventory index and employment index were below the threshold. In September, the composite PMI output index was 50.7%, up 1.2 percentage points from the previous month, rising above the threshold, indicating that overall production and business activities of enterprises in China expanded from the previous month. The manufacturing production index and non-manufacturing business activity index, which make up the composite PMI output index, were 51.7% and 50.2%, respectively.

Recently, the National Development and Reform Commission (NDRC), together with the Ministry of Finance, allocated the fourth batch of 62.5 billion yuan in ultra-long-term special government bonds for this year to local governments to support consumer goods trade-ins. With this, the full-year allocation of 250 billion yuan for consumer goods trade-ins has been completed. Going forward, relevant departments will continue to guide local governments in properly managing the pace of work, optimizing fund utilization plans, handling subsidy review and disbursement in a standardized and efficient manner, and cracking down on illegal activities such as fraudulent subsidy claims and misappropriation, so as to effectively leverage the impact of the consumer goods trade-in policy.

Thyssenkrupp Steel updated its restructuring at its Capital Markets Day on 28 September. Under a deal with the IG Metall union, about 11,000 positions will be cut or outsourced; the 4,000 reductions already made are not all direct job losses. Capacity of 11.5 million tonnes a year is being aligned to shipments of 8.7-9 million tonnes, and the separation from Hüttenwerke Krupp Mannesmann (HKM) closed in summer 2026. Restructuring and cost savings should add over 800 million EUR (860 million USD) to adjusted EBITDA, with medium-term targets of 1.2 billion EUR (1.3 billion USD), an 11% margin and positive free cash flow. The firm now prioritises product value over volume, with two-thirds of its portfolio in premium grades, and is building a direct reduction plant in Duisburg. Trade measures since July 2026 cover over 80% of the European flat steel market.