Jindal Steel International, a part of the Naveen Jindal Group, has made a non-binding bid to buy Germany’s biggest steelmaker, Thyssenkrupp Steel Europe (TKSE). The Indian conglomerate confirmed the bid on Tuesday but kept quiet about the financial terms. Thyssenkrupp, which has been looking for a strategic solution for its beleaguered steel division for years, stated it would examine the proposal closely, with regard to economic feasibility, employment, and the sustainability of its “green transformation.”Thyssenkrupp stocks rose almost 8% in Frankfurt after the announcement, underscoring investor confidence in the move.
Green Steel Focus and Long-Term Vision
Jindal Steel argued that the offer it has made to TKSE was to ensure that it attains German steel production in addition to reducing the cost of decarburization. The company underlined that it pays attention to green steel through the mention of its new hydrogen-ready Direct Reduced Iron (DRI) facility in Oman. Starting its work in 2027, the plant will become the source of low-carbon steel to Thyssenkrupp, a stable supply of materials, and support the transition to sustainable production.
Narendra Misra, Jindal’s European business head, emphasized that the offer is aimed at “retain and build up the 200-year-old legacy of Thyssenkrupp” and remake it into Europe’s biggest low-emission steelmaker. The Indian company also showed it was willing to take on TKSE’s pension liabilities, which gave more credence to its offer.
Worker and Market Reactions
The bid has been embraced by staff representatives. Juergen Kerner, a board member of workers at Thyssenkrupp, characterized the bid as good for employees, citing Jindal’s availability of raw materials and its experience with green transformation. This is timely for TKSE, which last year said it aims to slash 11,000 jobs — 40% of its workforce — by 2030 unless it finds a long-term partner.
However, Jindal may face competition from Czech billionaire Daniel Kretinsky, who holds a stake in the steel division through EPCG and has been in talks over a potential joint venture. Thyssenkrupp has previously indicated it is considering a 50:50 venture with Kretinsky, though discussions remain ongoing.
The deal would be the most recent European expansion by Jindal, which acquired Vitkovice Steel in Czechoslovakia in 2024. In the case of Thyssenkrupp, the sale of the steel unit is one of the many attempts to streamline its portfolio and improve the bottom line.
