Indian company seeks to buy Germany’s biggest steelmaker
Jindal Steel International, a division of the Naveen Jindal Group, has submitted a non-binding offer for Thyssenkrupp’s steel unit, the Indian conglomerate said on Tuesday.
Jindal did not disclose the financial details of the bid for Thyssenkrupp Steel Europe, Germany’s largest steelmaker.
A non-binding offer is a proposal to purchase or invest in a company, asset, or business, that does not create a legal obligation for the party making the offer to follow through with the transaction.
“Jindal has presented a forward-looking concept for Thyssenkrupp Steel that could help make decarburization more affordable,” the company said. “The plan would secure steel production in Germany and create new business opportunities.”
Jindal plans to support the German steelmaker by supplying low-carbon steel from its new hydrogen-ready DRI plant in Oman, which is set to start operations in 2027. This will help ensure a stable supply and speed up the transition to more environmentally friendly steel production, the company said.
Reuters cited Thyssenkrupp as saying it would closely examine the offer “particularly with regard to economic sustainability, the continuation of the green transformation and employment at our steel sites.”
The Indian company is also willing to assume Thyssenkrupp Steel Europe's pension obligations as part of a potential deal, the news agency added.
Thyssenkrupp is seeking to partially divest most of its businesses in a bid to become leaner and more focused.
Last year, Jindal Steel acquired Vitkovice Steel in the Czech Republic.
