Jindal Steel submits bid for Thyssenkrupp’s German steel unit

Thyssenkrupp on Tuesday said it has received a non-binding bid from India’s Jindal Steel for its steel division, Thyssenkrupp Steel Europe (TKSE), without disclosing further details. The company stated it would closely examine the offer, with particular attention to economic sustainability, the continuation of its green transformation, and the protection of employment at its steel sites.

Following the announcement, Thyssenkrupp shares traded 2.1% higher, reflecting investor optimism over the potential deal. 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.

The potential transaction has drawn attention from Germany’s powerful IG Metall labour union, which had previously criticised Kretinsky for not sharing details on his strategic plans as a co-shareholder. Juergen Kerner, Thyssenkrupp’s deputy supervisory board chairman and a senior IG Metall member, welcomed the news, calling it “good” and urging quick, substantive discussions to address key open questions concerning the steel division.

The company’s statement emphasised that the review of the bid would focus on economic feasibility, green transformation goals, and employment protection, highlighting Thyssenkrupp’s commitment to balancing financial, environmental, and social considerations.

The non-binding nature of the Jindal Steel offer means the process is still at an early stage, but the development marks an important step in Thyssenkrupp’s ongoing restructuring of its steel business. Stakeholders will be watching closely as discussions progress, particularly regarding how the potential deal could impact the company’s green initiatives and workforce at TKSE.

Shares of Jindal Steel ended 0.6% higher at a price of ₹1,052.70 on the BSE.