Jindal Steel International said on Tuesday that it will enter into discussions with Germany’s Thyssenkrupp AG to acquire its steel segment Thyssenkrupp Steel Europe (TKSE). The Naveen Jindal-led company has also submitted a non-binding offer for TKSE.
"We believe in the future of green steel production in Germany and Europe," said Narendra Misra, Director of European Operations of Jindal. "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."
Jindal Steel stated that it looks forward to a constructive dialogue with Thyssenkrupp AG and its employee representatives. “The Executive Board of Thyssenkrupp AG will examine this offer closely, particularly with regard to economic sustainability, the continuation of the green transformation and employment at our steel sites," Thyssenkrupp said in a separate statement.
Thyssenkrupp, once regarded as a flagship of German industrial strength with businesses in steel, elevators, and heavy engineering, has been steadily retreating from its traditional conglomerate model. Its steel arm, long considered the group’s core, has struggled to return to profitability, pressured by high energy costs, rising borrowing expenses, and persistently weak global steel prices.
Last year, the German industrial group sold a 20% stake in TKSE to Czech billionaire Daniel Kretinsky, with plans to eventually sell an additional 30% to form a 50-50 joint venture.
Jindal has presented a forward-looking concept for Thyssenkrupp Steel that could help make decarbonisation more affordable. The plan would secure steel production in Germany and create new business opportunities. Among other things, the proposal includes completing the DRI project in Duisburg and establishing additional electric arc furnace capacity with a financial commitment of more than €2 billion.
Jindal Steel is part of the family-owned Naveen Jindal Group, with operations spanning Europe, Asia, Africa and the Middle East. In the 2025 financial year, Jindal generated revenues of around €12 billion and delivered profitability of 22% EBITDA Margin, supported by a strong balance sheet and low net leverage of €1.2 billion.