Jindal Steel International has not disclosed the financial details of the bid on Thyssenkrupp\u2019s unit<\/p>\n
Jindal Steel International, a division of the Naveen Jindal Group, has submitted a non-binding offer for Thyssenkrupp\u2019s steel unit, the Indian conglomerate said on Tuesday.
\nJindal did not disclose the financial details of the bid for Thyssenkrupp Steel Europe, Germany\u2019s largest steelmaker.
\nA non-binding offer is a proposal to purchase or invest in a company, asset, or business, that does not create a legal obligation for the party making the offer to follow through with the transaction.
\n\u201cJindal has presented a forward-looking concept for Thyssenkrupp Steel that could help make decarburization more affordable,\u201d the company said. \u201cThe plan would secure steel production in Germany and create new business opportunities.\u201d<\/p>\n
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Jindal plans to support the German steelmaker by supplying low-carbon steel from its new hydrogen-ready DRI plant in Oman, which is set to start operations in 2027. This will help ensure a stable supply and speed up the transition to more environmentally friendly steel production, the company said.
\nReuters cited Thyssenkrupp as saying it would closely examine the offer \u201cparticularly with regard to economic sustainability, the continuation of the green transformation and employment at our steel sites.\u201d
\nThe Indian company is also willing to assume Thyssenkrupp Steel Europe’s pension obligations as part of a potential deal, the news agency added.<\/p>\n
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Thyssenkrupp is seeking to partially divest most of its businesses in a bid to become leaner and more focused.
\nLast year, Jindal Steel acquired Vitkovice Steel in the Czech Republic.<\/p>\n","protected":false},"excerpt":{"rendered":"
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