Thyssenkrupp weighs summer shareholder meeting on materials unit spin-off, sources say

Kloeckner & Co SE

20/05/2026 12:40

By Christoph Steitz

FRANKFURT, May 20 (Reuters) - Thyssenkrupp is considering holding an extraordinary general meeting in the summer to let investors vote on a potential spin-off of the German firm's materials trading division MX, two people familiar with the matter said.

The deliberations underscore CEO Miguel Lopez's efforts to move on with the company's overhaul towards a holding company structure, despite a recent setback after talks to sell Thyssenkrupp's steel division to Jindal Steel collapsed.

Thyssenkrupp, whose supervisory board is convening on Wednesday, could decide to send out official invites to shareholders next month, the sources said, meaning a potential EGM could take place in late July or early August.

No firm decisions have been made and the timetable could change, the people said.

MX, which employs more than 15,000 people and accounts for more than a third of Thyssenkrupp's sales, saw adjusted operating profit nearly triple to €81 million ($94 million) in the second quarter for a margin of 2.6%, the group said last week.

MX's quarterly revenues rose 5% to €3.19 billion.

Sources had told Reuters in February that MX's second-quarter performance would be key in determining the division's capital market readiness, adding a spin-off of the business could take place as soon as this year.

Thyssenkrupp said it was confident MX could be successfully brought to the capital market even in a challenging environment, declining to comment on the possible timing.

     Plans to hive off MX come as consolidation in the materials sector has picked up, with smaller German rival Kloeckner & Co KCOGn.DE being acquired by U.S. firm Worthington Steel WS.N after a recent merger of Ryerson RYN.N and Olympic Steel.

Under Lopez, Thyssenkrupp has already listed or spun off its hydrogen and marine divisions in a bid to simplify the conglomerate that makes everything from auto parts to cement plants.

($1 = 0.8595 euros)

(Reporting by Christoph Steitz; Editing by Hugh Lawson)

((christoph.steitz@thomsonreuters.com; +49 30 220 133 647))