Thyssenkrupp’s Hydrogen Bet Hardens as Law Clears 11 GW Pipeline, While TKMS Targets Indian Submarine Prize
Published on 07/11/2026 at 18:34 | Redaktion boerse-global.de
Thyssenkrupp’s stock closed Friday at €11.50, gaining 1.72% as two transformative strategic developments came into sharper focus. The advance lifts the year-to-date return to 18.90%, although the shares remain 13.17% below the 52-week high of €13.24 hit in October 2025. On a weekly basis, the stock still shows a 3.85% decline, underscoring the volatility that accompanies a group deep in restructuring.
The most immediate catalyst came from Berlin, where the Bundesrat gave final approval on 10 July to the new power plant law. Starting this year, the legislation will auction capacity for 11 gigawatts of hydrogen-ready gas turbines, with a requirement that all facilities switch fully to green hydrogen by 2045. For Thyssenkrupp Nucera, the electrolysis specialist that ranks among the world’s leading suppliers of alkaline water electrolysers, the law opens a direct commercial channel into Germany’s power sector overhaul. The policy shift gained further weight with the appointment of Nucera CEO Werner Ponikwar to the revamped National Hydrogen Council on 9 July, where he will advise the government on implementing the national hydrogen strategy.
On the defense side, Thyssenkrupp Marine Systems (TKMS) has secured a spot on the shortlist for India’s Project 75-I, a submarine program valued at $8 billion to $9 billion. The project envisions six conventional submarines, with first delivery not expected before 2030. TKMS faces stiff competition from France’s Naval Group, Spain’s Navantia and South Korea’s Daewoo. A contract win would be a major boost for TKMS, which has been at the center of internal discussions about a possible spin-off or partial sale — a strong order book from New Delhi would substantially improve its bargaining position.
Should investors sell immediately? Or is it worth buying Thyssenkrupp?
Meanwhile, the steel division is becoming leaner. On 9 July, Thyssenkrupp completed the sale of its 50% stake in Hüttenwerke Krupp Mannesmann (HKM) to Salzgitter AG. The Duisburg mill now belongs wholly to Salzgitter, which plans to invest heavily — including an electric arc furnace — aiming to cut CO? emissions by up to 90%. The change comes at a cost: around 2,000 jobs will be eliminated at the site, a move Salzgitter’s HR director Birgit Dietze described as painful but necessary for long-term competitiveness. For Thyssenkrupp, the exit yields strategic breathing room. Supply contracts between HKM and Thyssenkrupp Steel, originally set to run until 2032, will now end in late 2028, freeing management to focus on the planned joint venture with Czech energy group EPCG.
Technically, the stock is in neutral territory. The relative strength index stands at 54.7, showing neither overbought nor oversold conditions. The shares trade 15.47% above the 200-day moving average of €9.96 and 4.58% above the 50-day line at €11.00. Yet the annualized volatility of 51.95% signals that investors remain cautious about the pace and outcome of the conglomerate’s transformation.
Two key dates in August will provide further clarity. On 7 August, an extraordinary general meeting is expected to shed light on the future of the TKMS marine division and the steel strategy. Just six days later, on 13 August, Thyssenkrupp will publish its third-quarter results, giving markets a fresh look at the financial impact of ongoing disposals and the early stages of the hydrogen-powered growth story.
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