thyssenkrupp stock gains as hydrogen tender moves closer

thyssenkrupp Steel is preparing a new long-term hydrogen supply tender for its tkH2Steel project in Duisburg after revised public funding terms were finalized. EUROMETAL reported the development on Wednesday, November 4, citing the company and outlining a more flexible path for increasing hydrogen use at the planned direct reduction plant.

The company announced on October 30 that the amended funding terms had been finalized. The changes followed European Commission approval under European Union state-aid rules and reflect a tougher hydrogen market, including slower development of production capacity, transmission pipelines and import infrastructure. Green hydrogen prices have also remained above the levels assumed in the original project framework.

Flexible hydrogen ramp-up

Under the revised arrangement, the plant can increase its hydrogen share in line with availability, economic feasibility and customer demand. The facility is designed to run on natural gas, hydrogen or a mixture of both, allowing commissioning to proceed while supply conditions develop.

thyssenkrupp Steel said the new tender will use information from an earlier process covering hydrogen prices, available volumes and supply chains. The tender is expected to begin shortly, but the announcement does not represent a signed supply contract or establish the final cost of hydrogen for the project.

The company retains the long-term objective of moving toward production based exclusively on hydrogen. It also said the plant could cut carbon dioxide emissions by more than 50 percent against existing coal-based blast furnace production even when operating entirely on natural gas. That interim capability gives the project more room to advance, while the eventual emissions profile will depend on the pace and economics of the hydrogen ramp-up.

Large Duisburg investment remains underway

The project includes a direct reduction plant and two melting units. The planned annual direct reduced iron capacity is 2.5 million tons, while expected emissions savings could reach 3.5 million tons annually. Formwork, reinforcement and major concrete pouring for the plant tower and the melting units have been completed, with construction continuing.

Philipp Conze, chief financial officer of thyssenkrupp Steel, said the revised funding decision provides planning certainty for continued construction. He also indicated that commissioning will be shaped by current market conditions, while the objective of lower-carbon steel production in Duisburg remains unchanged.

For investors, the tender is an execution milestone rather than a completed supply agreement. Greater flexibility can reduce the immediate risk of a rigid hydrogen timetable, but future operating costs, supply availability and customer demand will determine whether that flexibility translates into attractive economics. The project therefore advances, while its final energy mix and commercial returns remain linked to external market conditions.

The real-time quote of thyssenkrupp stock traded at EUR 12.75 on Lang & Schwarz at 11:42 CET on Wednesday, November 4, 2026, 2.00 percent above the Xetra close of Tuesday, November 3, at EUR 12.50.

German equities remain shaped by the broader DAX market environment, while investors will focus on the tender process and further construction progress for the Duisburg project.

More news and analyses on thyssenkrupp stock will track the next funding, supply and commissioning steps.