Jindal Steel makes non-binding offer for Thyssenkrupp steel unit
News of Jindal Steel's approach sent shares in Thyssenkrupp up by as much as 7.9 per cent, closing the day up 4.4 per cent, reaching their highest value in more than four years.
- Sep 17, 2025,
- Updated Sep 17, 2025 8:25 AM IST
Thyssenkrupp confirmed on Tuesday that it has received a non-binding offer for its steel division from Jindal Steel International, a subsidiary of the Naveen Jindal Group. The bid marks the latest development in Thyssenkrupp’s efforts to divest from its steel business, which generated 10.7 billion euros (£9.2 billion) in sales last year. The company stated it would assess the bid “particularly with regard to economic sustainability, the continuation of the green transformation and employment at our steel sites”.
The bid from Jindal Steel International, which follows a series of unsuccessful sale attempts, comes at a critical period for Thyssenkrupp as it pursues a strategy to become a leaner, more focused operation. The company has struggled to overcome significant pension liabilities related to Thyssenkrupp Steel Europe (TKSE), estimated at around 2.7 billion euros (£2.3 billion). Jindal Steel International indicated it would be prepared to take on these pension obligations as part of any agreement, according to a person familiar with the matter.
News of the approach sent shares in Thyssenkrupp up by as much as 7.9 per cent, closing the day up 4.4 per cent, reaching their highest value in more than four years.
Jindal Steel International’s statement outlined its commitment to maintain steel production in Germany, ensure the completion of a green steel production site at Duisburg, and invest over 2 billion euros (£1.7 billion) to develop further electric arc furnace capacity.
Narendra Misra, director of European Operations at Jindal, said, “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.”
Last year, Thyssenkrupp sold a 20 per cent stake in TKSE to Czech billionaire Daniel Kretinsky, with plans to eventually divest an additional 30 per cent and form a 50-50 joint venture. However, this move faced criticism from IG Metall, the influential German labour union, which stated Kretinsky had not provided information about his strategic plans as a co-shareholder.
Commenting on Jindal’s bid, Juergen Kerner, Thyssenkrupp’s deputy supervisory board chair and senior IG Metall member, remarked that “news about the offer was good and that deeper discussions should start as soon as possible”.
Thyssenkrupp confirmed on Tuesday that it has received a non-binding offer for its steel division from Jindal Steel International, a subsidiary of the Naveen Jindal Group. The bid marks the latest development in Thyssenkrupp’s efforts to divest from its steel business, which generated 10.7 billion euros (£9.2 billion) in sales last year. The company stated it would assess the bid “particularly with regard to economic sustainability, the continuation of the green transformation and employment at our steel sites”.
The bid from Jindal Steel International, which follows a series of unsuccessful sale attempts, comes at a critical period for Thyssenkrupp as it pursues a strategy to become a leaner, more focused operation. The company has struggled to overcome significant pension liabilities related to Thyssenkrupp Steel Europe (TKSE), estimated at around 2.7 billion euros (£2.3 billion). Jindal Steel International indicated it would be prepared to take on these pension obligations as part of any agreement, according to a person familiar with the matter.
News of the approach sent shares in Thyssenkrupp up by as much as 7.9 per cent, closing the day up 4.4 per cent, reaching their highest value in more than four years.
Jindal Steel International’s statement outlined its commitment to maintain steel production in Germany, ensure the completion of a green steel production site at Duisburg, and invest over 2 billion euros (£1.7 billion) to develop further electric arc furnace capacity.
Narendra Misra, director of European Operations at Jindal, said, “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.”
Last year, Thyssenkrupp sold a 20 per cent stake in TKSE to Czech billionaire Daniel Kretinsky, with plans to eventually divest an additional 30 per cent and form a 50-50 joint venture. However, this move faced criticism from IG Metall, the influential German labour union, which stated Kretinsky had not provided information about his strategic plans as a co-shareholder.
Commenting on Jindal’s bid, Juergen Kerner, Thyssenkrupp’s deputy supervisory board chair and senior IG Metall member, remarked that “news about the offer was good and that deeper discussions should start as soon as possible”.