Jindal Steel International is in talks to acquire Germany’s Thyssenkrupp Steel Europe through a phased deal.
A report claimed that the proposed buyout could start with a 60% stake sale.
Thyssenkrupp said that valuation, obligations and future investments would be decided during due diligence and contract negotiations.
Jindal Steel International, the unlisted overseas arm of the Naveen Jindal Group, may acquire Germany’s Thyssenkrupp Steel Europe (TKSE) through a phased deal, according to a new report. The two sides have been in talks since October.
News agency Reuters reported that the buyout could be executed in stages, beginning with the sale of a 60% stake, followed by two tranches of 20% each, depending on progress in restructuring.
1 January 2026
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In a statement, the German firm told Reuters that all aspects of the transaction, including valuation, obligations and future investments, would be discussed during due diligence and any contract negotiations.
Thyssenkrupp Steel Europe is Germany’s largest steelmaker and Europe’s second-largest flat steel producer, with a production capacity of 10.3 mtpa. Its parent, the Thyssenkrupp Group, has been trying to sell the company since 2019 as part of efforts to become leaner and more focused.
In July 2024, Thyssenkrupp sold a 20% stake in TKSE to Czech billionaire Daniel Kretinsky’s EPCG, with discussions ongoing for a 50:50 joint venture. That move was criticised by union IG Metall for a lack of strategic clarity.
Jindal Steel’s bid now directly challenges Kretinsky’s plan. In September 2025, IG Metall welcomed Jindal’s approach, although unresolved valuation concerns and around €3 billion in pension liabilities remain major hurdles.
According to the latest report, a phased buyout would give Thyssenkrupp more flexibility to address the pension liabilities.
Citing sources, Reuters said a Jindal delegation is scheduled to visit Germany in January for a technical review of TKSE’s Duisburg plant, after a planned December trip was postponed. A phased takeover would also allow Thyssenkrupp to remain involved in TKSE’s restructuring.
Thyssenkrupp CEO Miguel Lopez said last month that Jindal Steel was an optimal fit for TKSE, noting that a sweeping restructuring plan involving job and capacity cuts had drawn the Indian group’s interest. Lopez added that Thyssenkrupp has a plan B if talks with Jindal Steel International fail, without providing further details.
