The Daily Brief Another Indian steelmaker wants a big piece of Europe
Sep 18, 2025
A deep dive into Jindal Steel's ambitious non-binding offer for ThyssenKrupp's Duisburg plant reveals the potential transformation of its global standing. The discussion also highlights the challenges posed by China’s hyper-competition, or 'neijin', driven by state incentives and oversupply, affecting various industries from steel to EVs. Additionally, quick updates on JSW Paints' new acquisition and SBI's stake adjustment in Yes Bank provide further insights into current market dynamics.
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Jindal's Bold European Ambition
- Jindal Steel made a non-binding offer for ThyssenKrupp's steel arm which owns Duisburg, Europe's largest plant.
- The plant is emission-heavy and needs a costly green rebuild to comply with new EU climate rules.
Why Green Steel Is So Expensive
- Replacing coal blast furnaces with hydrogen and electric arc furnaces slashes emissions but raises costs significantly.
- Europe is pushing hydrogen-ready furnaces which require multi-billion euro investments that buyers must fund.
Evaluate The Full Cost Before Committing
- Assess whether Jindal can fund Duisburg's full green rebuild plus pension liabilities before committing.
- Consider logistic integration from African ore to Oman sponge iron to Duisburg furnaces as a long-term commitment.