Germany’s Thyssenkrupp AG has confirmed that it has received a takeover proposal for its steel division from India’s Jindal Group, marking a fresh turn in the company’s years-long struggle to find a buyer for its troubled steelmaking arm.
Thyssenkrupp Confirms Non-Binding Offer
On Tuesday, the industrial manufacturer announced that it will carefully examine the non-binding, indicative bid made by Jindal Steel International, the international steel arm of the Naveen Jindal Group. Financial details of the offer were not disclosed. Thyssenkrupp emphasized that the assessment will focus on the economic sustainability of the bid, the division’s green transition plans, and job security for its workforce.
The announcement sparked optimism in financial markets, with Thyssenkrupp’s shares climbing as much as 7.9% in Frankfurt to reach their highest level in nearly four and a half years before closing up 4.4%. The stock has already tripled in value since the start of the year, boosted by expectations that the group will benefit from Europe’s defense spending boom.
Jindal’s Green Steel Promise
Jindal said it intends to inject the funding and technology needed to help Thyssenkrupp Steel Europe (TKSE) decarbonize operations. Its plan includes completing a hydrogen-based direct reduction plant in Duisburg and investing over €2 billion in additional electric arc furnace capacity.
“Our ambition is to secure steel production in Germany, safeguard jobs, and transform Thyssenkrupp into Europe’s largest integrated low-emission steelmaker,” said Narendra Misra, Director of European Operations at Jindal, in a statement.
The Indian conglomerate, which has steel, power, and infrastructure interests globally, also indicated it is prepared to take on TKSE’s pension liabilities, estimated at €2.7 billion.
A Division Under Pressure
Thyssenkrupp Steel, Germany’s largest steelmaker, recorded sales of €10.7 billion in 2024 but has been struggling with heavy losses. In the quarter ending June 30, 2025, it swung to an EBIT loss while sales fell 13% to about €2.45 billion, hit by muted demand from Europe’s auto sector, soaring energy costs, and persistently low steel prices.
The unit currently employs about 26,000 people. Once a cornerstone of Germany’s industrial might, Thyssenkrupp has in recent years dismantled much of its conglomerate structure, selling off elevators and other divisions to focus on smaller, more sustainable operations.
Labour Reaction and Rival Bidders
Germany’s powerful metalworkers’ union IG Metall cautiously welcomed Jindal’s interest. Vice Chair Jürgen Kerner called the bid “fundamentally good news” for workers, citing the group’s access to raw materials and expertise in green steelmaking. He urged management to open deeper discussions quickly.
The steel division has long been a target for investors. Czech billionaire Daniel Kretinsky’s EP Corporate Group acquired a 20% stake in TKSE last year, with plans for a possible joint venture. Kretinsky has also been in talks over a larger deal, though labour representatives have criticized his lack of a clear strategic plan.
A Test for Germany’s Steel Future
The bid by Jindal could prove pivotal for Germany’s steel sector, which is under immense pressure to transition away from coal and adapt to Europe’s decarbonization goals. If accepted, the deal would also underline the growing role of Indian companies in reshaping European heavy industry.
For Thyssenkrupp, a successful transaction would not only bring relief from long-standing pension and restructuring burdens but also ensure that its 200-year steelmaking legacy continues with a renewed focus on sustainability.