Thyssenkrupp Ends Talks With EP Group for Steel Europe, Clearing Path for Rival Suitor

By Nina Kienle

Thyssenkrupp ended talks with EP Group on a possible 50-50 joint venture for Steel Europe, clearing the way for rival suitor Jindal Steel International.

The German industrial conglomerate on Thursday said that Czech industrial tycoon Daniel Kretinsky's EP Group has withdrawn from further talks. Thyssenkrupp added that it would acquire the 20% of Steel Europe sold to EP Group for the purchase price it paid.

The news follows India's Jindal Steel making a non-binding offer for Thyssenkrupp's European steel operations in mid-September.

Jindal put forward a plan to decarbonize the business and make its production of steel in Germany competitive, Thyssenkrupp said at the time.

Thyssenkrupp has tried unsuccessfully a number of times to sell its steel business, in an attempt to reduce complexity, boost competitiveness and increase profitability.

In July 2024, EP Group acquired a stake in the business and the agreement at the time provided for further talks on an additional 30% stake with the target of a 50-50 joint venture.

EP Group didn't immediately respond to a request for comment. Thyssenkrupp said both companies mutually agreed to end talks.

Write to Nina Kienle at nina.kienle@wsj.com