Naveen Jindal Makes Bold €2-Billion Bid for Thyssenkrupp Steel Europe

Mumbai, September 17, 2025: Indian industrialist Naveen Jindal is all set to create a strong foothold for India in the European industrial landscape. In a surprising move, he declared an unsolicited proposal to acquire Thyssenkrupp Steel Europe, sending shockwaves in Europe’s steel market. Routing the offer through Jindal Steel International, his private firm, he has committed to invest €2 billion in green steelmaking. However, nothing is final as of now, because the proposal is yet to receive a nod of approval from the German government and the highly influential IG Metall labour union.

Investment Focus on Decarbonisation

With a strong intent of reducing carbon emissions by installing additional electric arc furnaces, the investment will also aim to complete an under-construction direct reduced iron (DRI) plant in Duisburg, Germany. Industry experts have welcomed Jindal’s proposal as the acquisition aligns with Europe’s aggressive climate goals, as more and more countries push for low-emission steel production.

Competition and Challenges Ahead

The non-binding proposal will be thoroughly evaluated by the Thyssenkrupp board on financial and employment grounds. However, Jindal faces strong competition from Czech billionaire Daniel Kretinsky, who already owns a 20% stake in the steel unit and has signalled interest in increasing his share.

Jindal continues with his attempt at European expansion. Earlier last year, he was unable to acquire Italy’s Acciaierie d’Italia. However, he managed to clinch VÍTKOVICE STEEL in the Czech Republic. If successful with Thyssenkrupp, Jindal would command close to 25 million tonnes of steel capacity globally, joining Tata Steel and ArcelorMittal as Indian players with major European operations. Thyssenkrupp Steel Europe itself has an annual capacity of 11 million tonnes, though the group plans to scale down production to around 9 million tonnes by 2030.

Risks and Opportunities

The bid comes at a sensitive time for Europe’s steelmakers, who face high costs, import competition, and the upcoming Carbon Border Adjustment Mechanism from 2026. Analysts say Jindal’s commitment to low-emission steel could position him favourably, though financing risks and Europe’s subdued demand outlook remain challenges.

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