Thyssenkrupp faces two major events in mid-2026. On August 7, shareholders vote on spinning off the materials unit tk accelis, valued at around 3.5 billion euros. Before that, on July 15, the European Commission will propose reforms to the EU Emissions Trading System (ETS). Steelmakers including Thyssenkrupp warn that rising carbon costs without supporting infrastructure could raise production costs by 50 percent and cut output by 30 to 40 percent. Investors are watching both dates closely. The spin-off could unlock value from the conglomerate structure, while the ETS reform will determine the cost pressure on Thyssenkrupp's steel business. The stock has already fallen about 4 percent after a 70 percent rally earlier in the year. The outcome of these twin catalysts will shape the company's direction for the rest of the decade.
