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On September 16, India’s Jindal Steel International announced that it had submitted a non-binding takeover offer for Thyssenkrupp Steel Europe, L485Q steel, the steel business unit of Germany’s Thyssenkrupp AG.
ThyssenKrupp stated that its executive board will carefully evaluate the proposal, focusing on its economic viability, the continuity of its green transformation strategy, and job security at existing steel production sites. The company did not disclose further details.
ThyssenKrupp has made several attempts to sell its steel business.L485Q steel, In May 2024, Czech billionaire Daniel Kretinsky, through his holding company EPCG, acquired a 20% stake in ThyssenKrupp, and the two sides have since negotiated further acquisitions.
Jindal Steel has reportedly proposed a forward-looking development plan for ThyssenKrupp Steel Europe. This plan includes completing the Duisburg Direct Reduced Iron (DRI) project and adding electric arc furnace capacity, with a funding commitment exceeding €2 billion (approximately US$2.4 billion). L485Q steel, The head of Jindal Group's European operations stated that the goal is to help ThyssenKrupp transform into Europe's largest low-emission integrated steel manufacturer, leveraging Jindal's investment capabilities and global network to build a strong and competitive future for ThyssenKrupp Steel in the European market, participate in global growth, and leverage corporate synergies, while supporting key downstream industries such as automotive.
ThyssenKrupp is currently building its first direct reduced iron plant in Duisburg, with plans to begin hydrogen operation between 2028 and 2029. The project has received €2 billion (approximately US$2.16 billion) in funding from the German government, covering two-thirds of the total project cost.
