Jindal Steel Deal With Thyssenkrupp at Risk Over Pensions and Energy

30 Mar 2026 CW Team

Talks between Jindal Steel International (JSI) and Thyssenkrupp Steel Europe (TKSE) over a proposed sale are at risk of collapse, Reuters reported. The discussions have been under way for nearly six months of due diligence and could be called off as soon as next month if key issues remain unresolved. The risk of a breakdown has emerged amid disagreements on liabilities, investment obligations and rising operating costs.

Among the principal obstacles are pension liabilities estimated at about US dollar (USD) two point four to two point eight billion (bn), differing assessments of future investment needs and concern over energy costs. The pension burden has been a recurring hurdle in past attempts to dispose of TKSE and is seen as a significant source of negotiation friction. Parties have yet to bridge the gap on how much capital will be required to reposition the business.

JSI earlier made an indicative offer that included completion of a green steel production site in Duisburg and a commitment of more than US dollar (USD) two point three one billion (bn) to establish additional electric arc furnace capacity. There has been growing unease at JSI about higher energy costs in Europe compared with the United States and Asia, a factor exacerbated by the Iran war. Shares in Thyssenkrupp fell four per cent after the Reuters report, reflecting investor concern over the prospects of a deal.

Thyssenkrupp has pursued multiple routes to restructure or sell its steel unit over past decades and a failed sale would represent a setback for the group’s strategy to reshape into a holding. Company representatives have said confidential talks with JSI and labour representatives continued and that matters of valuation, obligations and future investments must be agreed. Observers say any collapse of talks would leave TKSE’s future planning and the parent group’s divestment timetable uncertain.

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