Jindal Steel International looks to buy Thyssenkrupp's German unit

Jindal Steel International, part of the Naveen Jindal Group, has submitted a non-binding offer for Thyssenkrupp Steel Europe, the steel segment of German conglomerate Thyssenkrupp AG. 

In a statement on Tuesday, Jindal Steel International said that it would enter into discuss­ions with Thyssen­k­rupp AG to ac­q­uire its steel seg­ment Thyssenkrupp Steel Europe (thyssenkrupp Steel). 

Thyssenkrupp AG confirmed that it has received a non-binding, indicative offer from Jindal Steel International for the purchase of Thyssenkrupp Steel Europe. 

“The executive board of Thyssenkrupp AG will carefully review this offer, paying particular attention to its economic viability, the continuation of the green transformation, and employment at our steel locations,” it said in an email. 

Jindal Steel brings in a combination of financial strength, global steel expertise and a clear vision for decarbonisation as well as competitive steel production in Germany, the company said. With this plan, the company hopes to secure steel production in Germany and create new business opportunities. 

Narendra Misra, director of European Operations of Jindal, said: “We believe in the future of green steel production in Germany and Europe.” 

“Our goal is to preserve and grow thyssenkru­pp’s 200-year ind­us­trial legacy and help transform it into Europe’s largest integrated low emi­ssion steelmaker,” Misra added. 

Jindal Steel said that it had presented a “forward-looking concept” that could help make decarbonisation more affordable. The proposal, among other things, includes completing the DRI project in Duisburg and establishing additional electric arc furnace capacity with a financial commitment of more than 2 billion euros. 

“Our commitment is clear: with our investment capacity and global network, thyssenkrupp Steel would have a strong and competitive future in Europe, participating in global growth and corporate synergies, while supporting key downstream industries such as automotive”, said Misra. 

The steel business of Naveen Jindal Group generated revenues of around 12 billion euros with an ebitda margin of 22 per cent in FY25. It has a capacity of 12.6 million tonnes, of which about 9.6 mt is in India. The firm has set its sights on 30 mt capacity by 2030, though an acquisition of Thyssenkrupp Steel  — if it goes through  — could accelerate that timeline significantly. Thyssenkrupp Steel capacity is about 11 mt. 

The Naveen Jindal group’s footprint extends across Europe, Asia, Africa and the Middle East, anchored by assets in steel, energy and mining. 

One of the factors in Jindal’s plan for Thyssenkrupp is supply security.