Thyssenkrupp’s EBIT Surprise Sharpens Focus on June Board Showdown Over Steel and Strategy
09.06.2026 - 16:23:27 | boerse-global.de
Investors usually brace for bad news from Thyssenkrupp’s steel division, but second-quarter numbers delivered an unexpected jolt of optimism. The group’s adjusted EBIT jumped to €198 million from a mere €19 million a year earlier, driven largely by a sharp drop in raw-material costs and the first fruits of a painful restructuring programme. The headline net loss for the period persisted, however, underscoring the cost of a transformation that is far from complete.
That earnings surprise sets the stage for a critical supervisory board meeting in June, where the conglomerate’s next big move will be decided. The board must choose the fate of the Materials Services division—either a spin-off or a sale. Either option could unlock billions of euros in cash, a sum that would help finance the group’s pivot from an unwieldy industrial conglomerate to a leaner financial holding. The separation of Automation Engineering has already been completed, proof that management is serious about shedding non-core units.
Thyssenkrupp’s old problem child, Steel Europe, is being kept in-house for now, but under a strict self-rescue plan. The centrepiece is a bet on green steel, with the company pressing ahead with a direct-reduction plant in Duisburg that will ultimately run on hydrogen. That expensive bet just got a powerful political tailwind. The European Union has approved new trade measures that will take effect in July 2026, lowering import quotas and introducing a “melt and pour” tracing mechanism to expose where steel is first smelted. Brussels estimates that global overcapacity could reach 721 million tonnes by 2027—more than five times annual EU consumption. The new safeguards are designed to level the playing field for European producers.
Should investors sell immediately? Or is it worth buying Thyssenkrupp?
The stock market’s reaction on Tuesday was muted but telling. Shares slipped 2.63 percent to €11.11, though the pullback came after a strong run that has left the stock up about 31 percent over the past twelve months and roughly 17 percent since January. The 52-week low now looks distant. Still, the 56 percent volatility reading reflects lingering investor unease. Free cash flow remains negative as the restructuring eats up capital, and management’s guidance for the full year calls for an adjusted EBIT between €500 million and €900 million alongside a net loss of up to €800 million.
The June board decision on Materials Services will be the next major catalyst. A clear resolution could give the share price another leg higher, but the hard work of turning the steel division around—and the EU’s shield against cheap imports—will keep the story in play for months to come.
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