diff --git a/os/hal/platforms/STM32/mac_lld.c b/os/hal/platforms/STM32/mac_lld.c
index eb87d579d..1a7687d2f 100644
--- a/os/hal/platforms/STM32/mac_lld.c
+++ b/os/hal/platforms/STM32/mac_lld.c
@@ -272,8 +272,10 @@ void mac_lld_init(void) {
     ;
 #endif
 
+#if STM32_ETH1_CHANGE_PHY_STATE
   /* PHY in power down mode until the driver will be started.*/
   mii_write(&ETHD1, MII_BMCR, mii_read(&ETHD1, MII_BMCR) | BMCR_PDOWN);
+#endif
 
   /* MAC clocks stopped again.*/
   rccDisableETH(FALSE);
diff --git a/readme.txt b/readme.txt
index 229f3a8e4..d432bc19b 100644
--- a/readme.txt
+++ b/readme.txt
@@ -85,6 +85,7 @@
 - FIX: Fixed warning in STM32 ICU driver using IAR compiler (bug 3598177)
   (backported to 2.4.3).
 - FIX: Fixed wrong SPI path in platform_f105_f107.mk (bug 3598151).
+- FIX: Fixed PHY powerdown issues not fixed (bug 3596911).
 - NEW: Added support for Olimex board STM32-LCD.
 
 *** 2.5.1 ***