Thyssenkrupp Lifts 48% This Year as UBS Upgrade and tk accelis Spin-Off Plan Converge

Thyssenkrupp closed at EUR 13.78, up 6.2%, after UBS lifted ratings on European steel peers; Jefferies raised its target to EUR 16.50.

Thyssenkrupp shares closed Friday's session at EUR 13.78, a gain of 6.2%, but the trigger came from outside Essen. A sweeping re-rating of European steelmakers by UBS set off the advance, pulling the German conglomerate higher in the wake of peers rather than on any company-specific disclosure.

The Swiss bank raised its ratings on several producers, among them Salzgitter, ArcelorMittal and voestalpine. Its argument rests on trade policy: EU import quotas that took effect in July are expected to tighten the supply of foreign steel on the European market noticeably, underpinning the price floor for domestic manufacturers. Media reports suggest Thyssenkrupp Steel Europe stands to benefit from the same protective measures.

Jefferies Doubles Down on the Turnaround Story

Sentiment around the industrial group had already been improving before the sector-wide move. On Wednesday, Jefferies lifted its price target on Thyssenkrupp sharply, from EUR 13.00 to EUR 16.50, while reaffirming its Buy rating. Analyst Tommaso Castello pointed to signs of a fundamental recovery in the steel business alongside progress on the company's pending portfolio measures.

The backdrop for steelmakers arrives at a sensitive moment. Roughly two weeks ago, EU import quotas for specialty steel were already commanding market attention, while Thyssenkrupp Steel simultaneously set out medium-term ambitions of at least EUR 1.2 billion in adjusted EBITDA and a margin of no less than 11%. Internal cost-cutting is expected to contribute more than EUR 800 million at the steel subsidiary.

October 28 Eyed for tk accelis Debut

Beyond the sector environment, concrete corporate steps are pushing the group's realignment forward. According to a Reuters report, Thyssenkrupp is targeting October 28 for the stock market listing of tk accelis. The plan calls for spinning off a 49% stake, leaving 51% of the unit in the parent's hands — a transaction positioned as a key building block in the restructuring of the group.

Thyssenkrupp is also placing selective bets on growth markets and future technologies. On Thursday, the Automotive Technology division opened a new development center for chassis technologies in Pune, India, expanding its global research footprint. Two days earlier, subsidiary thyssenkrupp nucera announced an electrolysis cell assembly facility in Portugal, with investments of between EUR 10 million and EUR 14 million earmarked for the project.

A Strong Year Meets a Busy Calendar

The latest surge caps a powerful run: the stock is up 48% since the start of the year, recovering much of its earlier losses. The combination of regulatory support at the European level and the prospect of operational earnings improvements in the core business has handed market participants solid reasons to buy into the close of the week.

Attention now shifts to the company's dialogue with the capital markets. Thyssenkrupp will present itself to investors at a roadshow in Paris on October 14. The full annual report for fiscal year 2025/2026 is scheduled for release on December 8, 2026.