By Nikita Periwal
Copyright indiatimes
ANINaveen Jindal
Jindal Steel International, owned by industrialist Naveen Jindal, has given a non-binding offer to thyssenkrupp AG to acquire its steel business, thyssenkrupp Steel Europe, the company said on Tuesday.While it did not disclose financial details for the offer, Jindal Steel International has committed more than 2 billion euros (approximately Rs 20,847 crore) to complete thyssenkrupp’s DRI project in Duisburg, and to establish additional capacity through the electric arc furnace route.Jindal Steel International is the international steel company of the Naveen Jindal group and has a capacity of nearly 4 million tonne, across Oman and Czech Republic. it is, though, not a subsidiary of the India-listed Jindal Steel, which is also owned by the Naveen Jindal group and which is among the largest producers of steel in the country.“We believe in the future of green steel production in Germany and Europe,” Narendra Misra, the director for European operations of Jindal Steel International said. “Our goal is to preserve and grow thyssenkrupp’s 200-year industrial legacy and help transform it into Europe’s largest integrated low emission steelmaker,” he was quoted in a statement.The company is looking forward to a “constructive” dialogue with the company and its employee representatives, they said. The Naveen Jindal group, which has operations across Europe, Asia, Africa and Middle East, generated revenues of around 12 billion euros in fiscal 2025, with an earnings before interest, tax, depreciation and amortization margin of 22%.Live Events“Jindal has presented a forward-looking concept for thyssenkrupp Steel that could help make decarbonisation more affordable,” Jindal Steel International said. “The plan would secure steel production in Germany and create new business opportunities.”German conglomerate thyssenkrupp AG is the largest producer of flat steel in the country with a capacity to produce 11 million tonne of steel each year. The company plans to be net-zero in terms of carbon emissions by 2045. By 2030, it has targeted cutting emissions by more than 30% from its base year of 2018. Jindal’s plant in Oman is scheduled to start operations in 2027, and will provide additional supply security for thyssenkrupp Steel’s capacity. Jindal Steel International also intends to supply iron-ore from its mines in Cameroon to thyssenkrupp’s DRI facility in Duisburg.“This would integrate thyssenkrupp Steel into a fully integrated supply chain from mining to metal processing and ensure its competitiveness across all economic cycles,” the company said.India’s Tata Steel, which is among the largest producers of steel in Europe, recently shut down its blast furnaces and has begun the construction of an electric arc furnace at Port Talbot in UK, which will have the capacity to produce 3 million tonne of steel each year.Add as a Reliable and Trusted News Source Add Now!
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(You can now subscribe to our Economic Times WhatsApp channel)Read More News ontata steelJindal Steel Internationalthyssenkrupp Steel EuropeNaveen Jindalthyssenkrupp AGgreen steel production(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless
