European Metals & Mining Weekly

研报英文原文证据摘录

European Metals & Mining Weekly

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Tk Accelis CMD. KIO trading update.

Results wrap: AAL, NHY and SSAB.

Industry Overview

Thyssenkrupp: Setting the stage for higher returns. 27 July 2026

CMD key takeaways: 1) Mid-term adj. EBITDA margin 4-5%, 2) Value chain operating Equity

across sub markets growing above market average growth rate, 3) Strategic priorities: Europe

Adding value added activities to each business, investing and expanding in North Non-Ferrous Metals,Mining &

MineralsAmerica, efficiency optimisation through, 4) Mid-term capex range 0.5-1% of sales per

annum = capex light model, 5) M&A: Assets below margin target need restructuring or Jason Fairclough >>

finding a partner, otherwise will divest, 6) EU safeguard measures: Expect higher Research Analyst

MLI (UK)

material prices to translate into better margins, 7) Corporate costs decline to EUR60- +44 20 7995 0225

70m. (See report: tk accelis CMD) jason.fairclough@bofa.com

Kate McCutcheon >>

KIO: Earnings impacted by rand, rain and lower FOB price ResearchMerrill LynchAnalyst(Australia)

Kumba Iron Ore provided a trading statement with an update on H1 EBITDA and Lawson Winder, CFA >>

headline EPS guidance. According to the company, production was 3% lower following Research Analyst

Merrill Lynch (Canada)

heavy rainfall, with sales volumes down 1%. EBITDA was negatively impacted by a

Reinhardt van der Walt >>

stronger rand and lower realised FOB price. EBITDA is now expected to be between Research Analyst

R10,433m-11,194m. Headline earnings per share is expected to be between R12.68 and MLI (UK)

R13.61. (See report: KIO) Paul Kirjanovs >>

Research Analyst

NHY: Q2 earnings beat. Aluminium prices + premiums up. Felicity Robson >>

Q2 earnings beat.