Thyssenkrupp Charts a Dual Course: Materials Spin-Off Vote Nears as Steel Weighs Its Own Exit
Published on 07/20/2026 at 07:51 | Redaktion boerse-global.de
Thyssenkrupp’s transformation into a financial holding is gathering pace, with a pivotal shareholder vote on the spin-off of its marine and defence division, tk-accelis, scheduled for 7 August. Just days later, on 13 August, the group will publish its third-quarter results for the 2025/2026 financial year. The two events will offer a clear gauge of how far the conglomerate’s top-to-bottom restructuring has already progressed. At the same time, the future of the steel business — once the heart of the company — remains wide open, with a possible initial public offering or spin-off now back on the table.
Chief Executive Miguel López used a Capital Markets Day on 20 July to underline the holding strategy, but the spotlight fell squarely on tk accelis, the materials trading segment, rather than the steel unit. Talks with Indian group Jindal Steel International over a stake in thyssenkrupp Steel Europe remain suspended since early May, with neither side setting a date for their resumption. “The conditions for a profitable continuation of thyssenkrupp Steel are better than they have been for a long time,” López said, pointing to a completed restructuring agreement with IG Metall and a framework deal for the HKM site in Duisburg’s southern area as key milestones.
The regulatory environment is also shifting in Thyssenkrupp’s favour. From 1 July, the EU slashed its duty-free steel import quotas by 47% to 18.3 million tonnes a year and doubled the safeguard tariff to 50% when those quotas are exceeded. The move is designed to protect European producers and strengthens the hand of anyone looking to take Thyssenkrupp Steel public. JPMorgan analyst Dominic O’Kane responded by lifting his price target on the stock from €11.80 to €12.80 on 10 July, though he kept a “Neutral” rating, citing the effectiveness of the EU measures and an expected recovery in steel prices in the second half.
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Operationally, however, the company has had to contend with two headwinds that are not of its own making. Low water on the Rhine — the river gauge at Kaub falling below 50 centimetres — forced Thyssenkrupp Steel Europe to cut back blast-furnace production at its Duisburg site. The company is now relying on external shallow-draft vessels to keep customers supplied, pushing logistics costs sharply higher. Separately, the group’s US defence subsidiary, Atlas Elektronik, was hit by a ransomware attack from the group calling itself “The Gentlemen”. Thyssenkrupp Marine Systems confirmed the security breach but disputed the attackers’ claim that one terabyte of data was stolen, adding that no sensitive military information is believed to have been compromised.
The stock closed on Friday at €11.82, essentially unchanged on the day. Over the past month it has gained 12.25%, and it is up 27.45% year to date — a sign that investors are buying into the restructuring narrative. Even so, the share price remains 10.76% below the 52-week high of €13.24 set back in October 2025. Whether the current Capital Markets Day and the upcoming vote can generate fresh upward momentum will become clear in the coming weeks as the market digests the latest strategic signals from Essen.
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