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Jindal Steel International has made an offer to buy Thyssenkrupp AG’s steel division, sending the German company’s stock to a 4.5-year high in Frankfurt.
Thyssenkrupp is the 200-year-old German industrial group runs businesses from elevators to submarines, but its Steel Europe arm is the largest flat steelmaker in the region. The division clocked $10.5B revenue in FY25, nearly 28% of group sales.
What’s going on: the steel unit has been under review as Thyssenkrupp struggles with weak demand, rising costs, and heavy decarbonisation investments. Jindal’s surprise bid injected optimism that a deal could revive the division’s fortunes, sparking the stock surge.
The why: Jindal is chasing green steel leadership. Europe is under pressure to decarbonise heavy industries, with governments rolling out subsidies and stricter carbon rules.
Thyssenkrupp’s steel arm, though weighed down by high costs and weak demand, sits at the heart of this transition with deep German industrial roots and a $10.5B revenue base. For Jindal, which already runs a €12B global steel business with healthy margins, the bet is to combine financial strength with Thyssenkrupp’s footprint to create Europe’s largest low-emission steelmaker.
Zoom out: the global steel industry is currently in a tricky spot as demand growth has slowed, but the push for low-emission steel is reshaping the game.
Europe is leading with strict climate rules, forcing steelmakers to clean up fast. Back home, India is the world’s second-largest steel producer, churning out over 140 million tonnes in FY24 and aiming for 300 million tonnes by 2030.
