Jindal Steel Team to Assess Thyssenkrupp Steel Assets

In order to assess the operational and financial elements of Thyssenkrupp Steel's assets, in which the group company managed by Naveen Jindal has shown interest, a delegation from Jindal Steel International is scheduled to travel to Germany shortly.

Discussions regarding the possible purchase of Thyssenkrupp AG's steel division were started in September when Jindal Steel International made a non-binding bid. Industry sources claim that the company is currently getting ready to dispatch representatives to Germany in order to carry out a thorough evaluation of the facilities owned by Thyssenkrupp Steel.

A technical inspection of the plant's machinery as well as a more comprehensive examination of the company's activities will be part of the evaluation. According to sources, talks could potentially take place with the site's employees because Thyssenkrupp Steel is thought to have pension liabilities of about 2.7 billion euros.

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The steel complex in question located in Duisburgabout 550 km from Berlinhas an annual production capacity of over 11 million tonnes (MTPA) and is approximately 50 years old. The Jindal Group is a multi-regional industrial conglomerate that has investments in mining, steel, and energy. By acquiring this steel unit, it would increase its worldwide presence.

Narendra Misra, Director of European Operations at Jindal Steel International, had previously said: "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 steelmaker." An email sent to Jindal Group seeking a response remained unanswered.