Thyssenkrupp: A Steel Listing on the Table, a Hydrogen Tender in the Works and a 4.25% Goldman Stake
Published on 11/06/2026 at 10:10 | Editorial boerse-global.de
Two strategic threads are converging for Thyssenkrupp shareholders this week. One is the long-running question of how the steel division eventually stands on its own. The other is the more granular, day-to-day work of securing the hydrogen that will determine whether its flagship decarbonisation project can actually run as planned. A fresh regulatory filing from Goldman Sachs, published yesterday, provides the immediate hook for reassessing both.
The US bank's combined position in Thyssenkrupp shares and financial instruments fell from 5.08% to 4.25%, with the threshold crossed on 29 October. That shift in the shareholder register lands alongside a share price move of -6.8% in the previous session — a reminder that positioning flows and strategic news can pull the stock in different directions on any given day. For investors weighing what to do next, the direction of individual stake changes matters less than whether the company's own projects are translating into tangible progress.
Steel Spinoff Moves to Centre Stage
On the corporate structure front, Reuters reported on 28 October that CEO Miguel LĂłpez views a possible IPO of the steel division as the next step in the group's gradual separation. The same day, tk accelis began trading, completing its spin-off from Thyssenkrupp. That completed carve-out now serves as a benchmark: it demonstrates that the group can, in practice, execute a separation. The open question is whether the steel business can follow with something more concrete than a stated ambition.
What investors would need is detail on how such a transaction would be structured and what economic consequences Thyssenkrupp attaches to it. Until those specifics emerge, the bull case for the restructuring story rests on the company steadily sharpening its strategic roadmap rather than simply restating the goal.
Should investors sell immediately? Or is it worth buying Thyssenkrupp?
Hydrogen Procurement Becomes the Operational Test
Running in parallel is the tkH2Steel decarbonisation project, where the next milestone is a hydrogen tender that Thyssenkrupp Steel is preparing. The amended funding decision became legally binding just over a week ago. According to the company, the revised conditions permit a phased and more flexible ramp-up of the hydrogen share in the process — flexibility that the forthcoming tender will now put to the test.
The direct-reduction plant is designed for 2.5 million tonnes of directly reduced iron per year and, by the company's own figures, can save up to 3.5 million tonnes of CO? annually. Those numbers describe the project's potential. What matters for an investment case is the terms under which Thyssenkrupp can actually unlock it — above all the procurement conditions attached to the tender and whether they fit the planned ramp-up.
The Trade-Off Between Flexibility and Delay
Here the two narratives intersect. Media reports indicate that Thyssenkrupp may use natural gas instead of hydrogen at the Duisburg facility for longer than originally envisaged. That looser framework can be read two ways: as a pragmatic bridge that makes execution easier, or as a sign that the hydrogen transition is slipping further into the future. Which reading prevails depends on delivery — specifically, whether the new tender lays a workable foundation for a step-by-step increase in hydrogen use.
The cautious camp received support from DZ Bank, which on 29 October cut its fair value to EUR 15 from EUR 16 while keeping its "Buy" rating. That combination — a lower target but an unchanged positive stance — captures the current tension neatly: the bank still sees upside, but a smaller one, and the optimistic case now needs operational evidence to back it up.
A December Date With the Numbers
The next scheduled checkpoint is 8 December 2026, when Thyssenkrupp has said it will publish its 2025/2026 annual report, alongside an annual press conference and an analyst and investor call. That gives shareholders a fixed date on which to measure financial performance against strategic promises.
Until then, the calculation is fairly clear. A more confident view gains substance if Thyssenkrupp converts its newly won flexibility into concrete progress — a tender that supports the ramp-up, and a steel separation that moves from possibility toward a firmer transaction perspective. If instead procurement stalls, the transition stretches out, or weak steel prices — European steel stocks fell on 28 October after SSAB's disappointing guidance on fourth-quarter US pricing, with Thyssenkrupp among those caught in the downdraft — weigh on the division's economics, the bar for the restructuring story rises accordingly.
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