Thyssenkrupp’s High-Wire Act: Submarine Ambitions Meet Steel Headwinds
13.06.2026 - 16:24:34 | boerse-global.de
Thyssenkrupp’s stock has climbed roughly 17% since the start of the year, a clear market nod to the radical overhaul CEO Miguel Lopez is driving. Yet behind that rally lies a stark contradiction. While the group sheds non-core assets and pushes individual divisions toward capital-market readiness, the German steel industry is nursing its deepest wounds in 15 years. Last week, around 1,700 workers marched in Berlin and Völklingen, with IG Metall warning that the conglomerate’s green steel ambitions could be diluted as the government revises EU emissions trading rules next month.
The tension is most visible in the group’s newly minted materials distribution arm. On June 10, the former Materials Services unit was rebranded as tk accelis, a name intended to sharpen its market identity and accelerate internal growth. The numbers justify the move. In the second fiscal quarter, the division posted a 5% rise in revenue to €3.2 billion, while adjusted operating profit surged 179% year-on-year. Thyssenkrupp’s ambition is clear: each business unit must prove it can stand on its own before a potential spin-off or partial listing.
External factors are also shifting in the group’s favour. The European Union is set to introduce a 50% punitive tariff on certain steel imports in July, a direct attempt to shield domestic producers from cheap Asian supply. Combined with the forthcoming recalibration of the EU’s Emissions Trading Scheme, the policy mix could redefine the profitability of Thyssenkrupp’s steel division — just as the company pours billions into its “tkH2Steel” direct-reduction plant in Duisburg, aiming for full carbon neutrality by 2045.
Should investors sell immediately? Or is it worth buying Thyssenkrupp?
Meanwhile, a far bigger prize beckons beyond steel. Thyssenkrupp Marine Systems (TKMS) is vying for a Canadian government contract covering up to twelve Type 212CD conventional submarines. A decision could land as early as this month. Such a mega-order would instantly cement TKMS’s standing in the global defence market and give Lopez the leverage he needs to push ahead with a planned separation of the naval unit. The executive team recently sold the remaining stake in the Terni stainless steel plant to Arvedi, freeing up further capacity for these strategic moves.
At the market close on Friday, Thyssenkrupp shares stood at €11.36, comfortably above both the 50-day moving average of €10.07 and the 200-day line. The stock has recovered nearly 60% from its March trough of €7.10, but volatility remains extreme: the 30-day annualised reading tops 52%. For investors, the immediate catalyst is the Canadian submarine decision, though a sustained breakout toward the 52-week high of €13.24 will depend on whether Lopez can prove that newly independent units like Nucera and tk accelis can create lasting value even as the steel heartland continues to struggle.
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Thyssenkrupp Stock: New Analysis - 13 June
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