thyssenkrupp: Between Spin-Off and Realignment
The transformation of the Essen-based industrial group thyssenkrupp is moving forward, but the stock market is merely shrugging it off. The supervisory board has approved the spin-off of the materials trading division tk accelis, which is set to go public in 2026. Shareholders will receive 49% of the shares, while the group will retain a majority stake for the time being. Many investors had anticipated this decision, which is why the market reaction was muted. Analysts are calling it a classic “sell the news” dynamic. Especially since the decision still needs to be finalized at the annual shareholders’ meeting in August. By spinning off tk accelis and TKMS, CEO Miguel Lopez is consistently pursuing the goal of transforming thyssenkrupp into a financial holding company with independent subsidiaries.
The operating metrics paint a mixed picture. Order intake rose by 32% to EUR 10.6 billion in the second quarter (ending March 31), primarily thanks to large naval contracts. Adjusted EBIT climbed significantly to EUR 198 million. Nevertheless, restructuring costs and the strained economic situation are weighing on the overall picture. At least the EU has nearly halved the duty-free import quotas for steel, which provides relief for European producers. At the same time, the subsidiary thyssenkrupp Electrical Steel is struggling with low-cost imports from Asia, which account for more than half of the electrical steel market. The anti-dumping investigation in Brussels could provide a remedy here.
The naval division TKMS is increasingly becoming a reliable pillar of earnings. A Canadian submarine order for up to 12 Class 212CD units, valued at over EUR 10 billion, has catapulted the order backlog up by more than 50%. The strategic partnership between Canada, Germany, and Norway creates long-term prospects. At the same time, the Group is pursuing its decarbonization strategy, albeit with delays. The hydrogen-capable direct reduction plant in Duisburg will now not go into operation until 2027. A supply contract for green steel from Sweden secures the supply in the interim, even though it is not primary steel. The stock is currently trading at around EUR 11.64.
Strategic Resources: Realigning Its Raw Material Supply
The fact that the University of Oulu has selected the vanadium-rich magnetite concentrate from the Mustavaara project for its hydrogen testing program is more than just a nice side note. The EUR 17 million FutSteel project aims to electrify the entire steel production chain, and Strategic Resources is supplying the material needed for this. Companies that get involved early in such research collaborations often have a better hand later on when pilot projects turn into actual supply contracts. In any case, the company has positioned itself in a market segment that promises significant growth potential.
Meanwhile, in Québec, the core business is progressing as planned. The required responses to the environmental agency’s inquiries have been submitted. This means the authorities now have all the necessary documentation for approving the pelletizing plant in Saguenay, with an annual capacity of 4 million metric tons. The existing infrastructure, including a gas pipeline, affordable hydropower, and an ice-free deep-water port, is already in place. This will save on high investment costs and shorten the time to profitability for the plant. And the fact that the provincial government of Québec is a shareholder significantly reduces execution risk. Not only are costs shared, but so are the political headaches.
That leaves vanadium, which has potential beyond steel. Strategic Resources is working with Tyfast Energy to determine whether vanadium oxide is suitable for lithium-vanadium batteries. The market for stationary storage is growing. If the company can indeed produce 40,000 metric tons of vanadium per year, it would have no competition in North America, as no one on the continent is currently mining vanadium as a primary product. This is precisely what Strategic Resources could leverage to strategically position itself as a producer of critical raw materials. The stock is currently trading at around CAD 0.29.
Energy Fuels: Transformation into a Western Commodity Heavyweight
Energy Fuels has long recognized that its uranium deposits hold more than just nuclear fuel. The White Mesa Mill is the only facility in the US capable of recovering vanadium from mined ores, and that is no minor detail. The Pinyon Plain and La Sal mines contain significant vanadium concentrations, which are separately recovered during processing. Vanadium production occurs only when the market price is right. In total, a potential annual capacity of 2–3 million pounds is available. With this “silent” option, the company is sharpening its profile as a multi-metal supplier without incurring high additional costs.
The core uranium business is running at full speed in the first half of 2026. With approximately 1.6 million pounds of production by the end of June, Energy Fuels has already met its lower annual forecast by mid-year. Monthly production volumes exceeded 265,000 pounds. Production costs of USD 9–12 per pound are at historically low levels, ensuring margins even amid price volatility. The Pinyon Plain Mine and the La Sal Complex are consistently supplying ore, while the White Mesa Mill is operating at high capacity. This solid operational business forms the foundation for investments in the rare earths and magnet manufacturing sectors.
The strategic focus is gradually shifting toward rare earths. Energy Fuels acquired the magnet manufacturer Vacuumschmelze GmbH & Co. KG (VAC) for approximately USD 1.9 billion. This not only provides access to established customer relationships, which date back an average of over 30 years, but also to a state-of-the-art factory in South Carolina with an annual capacity of 2,000 metric tons, which can be expanded to 12,000 metric tons. Added to this is the planned acquisition of Australian Strategic Materials, which operates a commercial metal processing plant in South Korea. Energy Fuels is thus closing the gap from the mine to the magnet and positioning itself as the first fully integrated Western supplier outside of China. The USD 725 million in government funding from the US Office of Strategic Capital underscores the initiative’s strategic importance. The stock is currently trading at around USD 13.58.
The commodities year 2026 shows that the race for strategic independence is in full swing. thyssenkrupp is pushing ahead with its challenging transformation into a financial holding company, while operational strengths in the marine sector are offsetting the strained situation in the steel business. Strategic Resources impresses with a dual strategy. Not only is vanadium for future battery storage promising, but so are the iron ore pellets from Québec, which are indispensable as a key raw material for green direct reduction. Energy Fuels, in turn, is leveraging its uranium business as a solid foundation to become the first fully integrated Western supplier of rare earths through the acquisition of VAC.
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