Thyssenkrupp holds intensive negotiations with Jindal Steel

German conglomerate Thyssenkrupp is in intensive negotiations with Jindal Steel International regarding its steelmaking business. This was announced by the company’s CEO Miguel Lopez to Reuters at the Frankfurt Stock Exchange.

Lopez called it a good collaboration, but made it clear that the negotiations could take some time.

“We’ll see what the outcome is over the next few months,” he said.

Lopez added that Thyssenkrupp’s goal is to restructure its steel production and carefully evaluate Jindal’s offer, which includes investment commitments for a large green steel facility.

In September, Thyssenkrupp announced that it had received a non-binding offer to acquire its steel division, Thyssenkrupp Steel Europe (TKSE), from Jindal Steel International, part of the Naveen Jindal Group. Financial details were not disclosed, but it became known that the Indian group is ready to invest more than €2 billion in the development of electric arc furnaces and the completion of the green steel production project in Duisburg. In addition, there was talk of a willingness to take on TKSE’s pension obligations of around €2.7 billion.

In October, Czech billionaire Daniel Kretinsky agreed to sell his 20% stake in Thyssenkrupp’s steel division, abandoning plans to set up a joint venture with the German company. As stated in a joint statement by the parties, this decision allows Thyssenkrupp to focus on negotiations with Jindal Steel International.