Thyssenkrupp Ends EP Talks, Opens Path for Jindal Steel Bid

Thyssenkrupp has ended its joint venture talks with EP Group concerning its Steel Europe unit, allowing Jindal Steel International to proceed with its acquisition offer. EP Group agreed to return its 20% stake in the steel division to Thyssenkrupp for the original purchase price, clearing the path for Jindal's bid which includes a €2 billion commitment to decarbonize and modernize the steel operations in Germany. Thyssenkrupp's board member emphasized that the company is carefully considering Jindal's non-binding offer, focusing on economic sustainability, green transformation, and employee involvement. The steel division's sale is part of Thyssenkrupp's broader strategy to simplify operations and improve profitability amid ongoing financial challenges. The company has faced difficulties with profitability, reflected in negative net and operating margins, and is seeking a sustainable future for its steel production in Germany. Both Thyssenkrupp and Jindal appear optimistic about the potential deal, which aims to safeguard steelmaking jobs and support environmental initiatives.