Jindal Steel bid lifts Thyssenkrupp shares to highest level in over four years

Shares of Thyssenkrupp AG surged to a four-and-a-half-year high in Frankfurt after the German conglomerate received a non-binding indicative offer from Jindal Steel International for its steel division.

The stock jumped nearly 9% in Tuesday’s trade to touch €11.83 — its highest level since May 2021. The rally also lifted Thyssenkrupp’s market value to about €7.3 billion ($8.6 billion). The counter has tripled in 2025, as investors bet Thyssenkrupp will benefit from a European defense boom.

Trading volumes also spiked, with 6.4 million shares changing hands, more than double the 30-day average of three million. Bloomberg estimates suggest volumes could reach 8.41 million shares by day-end.

Steel Europe, Thyssenkrupp’s steel arm, reported $10.5 billion in FY25 revenue, accounting for 27.5% of group revenues of $38 billion, according to Bloomberg data. The unit has long been under strategic review as the company struggles with weak demand, rising costs, and heavy investment needs for decarbonisation.

Also Read: Jindal Steel submits bid for Thyssenkrupp’s German steel unit

“We believe in the future of green steel production in Germany and Europe,” said Narendra Misra, Director of European Operations at Jindal, adding that the group’s goal is to “preserve and grow Thyssenkrupp’s 200-year industrial legacy and help transform it into Europe’s largest integrated low-emission steelmaker.”

Thyssenkrupp said its management board will carefully review the proposal, weighing the steel unit’s long-term viability, green transition, and jobs impact, while not disclosing the size of the offer.

Jindal Steel, part of the family-owned Naveen Jindal Group, operates across Europe, Asia, Africa and the Middle East. The company generated €12 billion in FY25 revenues, with an EBITDA margin of 22%, backed by a strong balance sheet and low net leverage of €1.2 billion.