Jindal Group Makes Takeover Offer for Thyssenkrupp’s Steel Division

India’s Jindal Group has submitted a takeover proposal for the steel division of German industrial major Thyssenkrupp AG, marking a significant development in the company’s long search for a new owner of its struggling steel business. The non-binding offer signals Jindal’s intent to strengthen its global footprint while helping Thyssenkrupp reposition itself for the future.

Thyssenkrupp, once a symbol of German industrial might, has been working to dismantle its traditional conglomerate structure. The steel unit, which employs around 26,000 people, has been burdened by soaring energy costs, rising interest rates, and persistently low steel prices. Losses, heavy investments, and pension obligations have further complicated any potential deal, with past suitors making “negative bids” due to the unit’s high financial needs.

By expressing interest, Jindal Group brings not only financial backing but also expertise in green steelmaking. The company has promised investments in hydrogen-based production technology, including completing a new plant in Duisburg that replaces coal with hydrogen in the steelmaking process. It also aims to introduce modern electric furnaces, positioning Thyssenkrupp as Europe’s leading low-emission steel producer.

Thyssenkrupp confirmed it will carefully evaluate the proposal, weighing long-term viability, employment security, and sustainability. Labor unions welcomed the move, describing it as “fundamentally good news” given Jindal’s access to raw materials and commitment to green transition.

Thyssenkrupp’s shares surged nearly 8% in Frankfurt following the announcement, reflecting investor optimism. The company’s stock has tripled this year, largely supported by expectations of growth in its defense business, which continues to draw strong demand in Europe.

Jindal Group, one of India’s largest industrial conglomerates, has been actively expanding its global presence across steel, power, and infrastructure. With this latest bid, Jindal positions itself as a serious contender in reshaping Europe’s steel landscape while reinforcing its ambition to become a leader in sustainable steel.

If the deal progresses, it could mark a turning point for both companies—helping Thyssenkrupp exit years of financial strain while offering Jindal a stronger foothold in Europe’s industrial sector.