Jindal Steel International, a part of the Naveen Jindal group, has submitted a non-binding offer to Germany-based thyssenkrupp Steel to buy its steel business, a statement said on Tuesday.
“We believe in the future of green steel production in Germany and Europe. Our goal is to preserve and grow thyssenkrupp’s 200-year industrial legacy and help transform it into Europe’s largest integrated low-emission steel maker,” Narendra Misra, director of European operations of Jindal Steel International, said in a statement on Tuesday.
The official said his company looks forward to a constructive dialogue with thyssenkrupp AG and its employee representatives.
Without sharing any financial details, Jindal Steel International said it has submitted a non-binding offer to thyssenkrupp AG and will enter into discussions with the company to acquire its steel segment.
Jindal has presented a forward-looking concept for thyssenkrupp Steel that could help make decarbonisation more affordable, it said, adding that the plan would secure steel production in Germany and create new business opportunities.
Among other things, the proposal includes completing the DRI project in Duisburg and establishing additional electric arc furnace capacity with a financial commitment of more than €2 billion.
As part of the proposed deal, Jindal Steel has proposed that the group’s hydrogen-ready DRI plant in Oman, which is slated to start operations by 2027, will provide supply security to thyssenkrupp Steel’s capacity and also accelerate the shift towards low-carbon steelmaking.