Jindal sees subsidies as 'important' in potential takeover of Thyssenkrupp steel unit
BERLIN, Dec 5 (Reuters) - Jindal Steel International sees government subsidies in Europe as "an important factor" in its strategy for a potential takeover of Thyssenkrupp's steel division (TKSE), the head of its European business was quoted as saying on Friday.
Jindal wants to make the transition to green steel "because we firmly believe that it makes economic sense," Narendra Kumar Misra told German magazine WirtschaftsWoche in an interview.
Thyssenkrupp, which has for years tried to dispose of its steel business, in September received an indicative bid from India's Jindal Steel International for TKSE.
The company is currently carrying out due diligence on TKSE, Germany's largest steelmaker, before deciding whether to make a firm offer.
Thyssenkrupp said in a statement that due diligence was ongoing, referring to Jindal Steel for any further questions around the strategic rationale of a potential takeover.
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Steel Export Market Prices
| Material | Price | Change |
|---|---|---|
| Stainless Seamless Pipe 304 108*4 mm | $ 2196.65 | 11.34 |
| Stainless Scrap 304 Solid | $ 1296.97 | -12.95 |
| Stainless Bar 321 60 mm | $ 2197.04 | -13.10 |
| Stainless Bar 304 60 mm | $ 1956.28 | -13.25 |
| Stainless HR Coil 304/No.1 6.0 mm | $ 1902.08 | -9.39 |