JINDALSTEL

Adds detail in paragraph 7 on Thyssenkrupp extending production cuts at French sites

By Christoph Steitz and Neha Arora

FRANKFURT/NEW DELHI, March 25 (Reuters) - Discussions of a possible sale of Thyssenkrupp's TKAG.DE steel unit to Jindal Steel International could be called off due to differences over pension liabilities, investments and energy costs, four people familiar with the matter said.

While talks over a sale of Thyssenkrupp Steel Europe (TKSE) are ongoing and could still result in an agreement, a deal is now seen as less likely after nearly six months of due diligence and discussions, the people said.

The companies could decide to officially stop negotiations as soon as next month, one of the people said.

Shares in Thyssenkrupp fell 4% following the Reuters report.

Thyssenkrupp has tried to sell TKSE several times in the past decades, pursuing everything from listings to spinoffs and joint ventures to outright sales of the cyclical high-cost business.

STALLED TKSE SALE THREATENS THYSSENKRUPP DIVESTMENT STRATEGY

Failure to sell TKSE would be a setback for Thyssenkrupp CEO Miguel Lopez's plan to turn the storied German engineering group into a holding by divesting stakes in all of its business divisions ranging from car parts to clean-tech.

Thyssenkrupp announced on Thursday that it will extend production cuts at its sites in Isbergues in France. It said production would be shut down completely from June to September, putting 1,200 jobs at risk in Germany and France.

Among the factors complicating talks are 2.4 billion euros ($2.8 billion) of pension liabilities tied to TKSE - a hurdle in past sales efforts - as well as differing ideas over how much future investment is needed, the people said.

In addition, there has been growing unease at Jindal Steel International over rising energy costs in Europe, the second source said. Energy costs in Europe were already higher than in the United States and Asia, and they have soared further as a result of the Iran war.

Thyssenkrupp said on Wednesday confidential talks with Jindal Steel International and labour representatives continued, adding that matters of valuation, obligations and future investments would need to be agreed between the parties.

Jindal Steel International, the international steel arm of the Naveen Jindal Group, had no immediate comment.

Earlier this month, Lopez said the group would continue with TKSE's restructuring "with or without Jindal," while Thyssenkrupp's deputy supervisory board chairman, Juergen Kerner, last week said talks had stalled.

Lopez has also said that planned EU measures to protect the bloc's underperforming steel sector had boosted investor sentiment and strengthened Thyssenkrupp's position in negotiations.

Jindal Steel International in September made an indicative offer for TKSE that includes the completion of a green steel production site in Duisburg and a more than 2-billion-euro ($2.31 billion) commitment to establish additional electric arc furnace capacity.

($1 = 0.8622 euro)

(Reporting by Christoph Steitz in Frankfurt and Neha Arora in New Delhi;
Editing by Matthew Lewis and Joe Bavier)

((christoph.steitz@thomsonreuters.com; +49 30 220 133 647))

March 24 (Reuters) - Jindal Steel Ltd JINT.NS:

• JINDAL STEEL LTD - COMPLETES 6 MTPA EXPANSION AT ANGUL, CAPACITY NOW 12 MTPA

Source text: ID:nBSE9cMYS3

Further company coverage: JINT.NS

((Reuters.Briefs@thomsonreuters.com;;))

Adds Jindal Steel International comment in paragraph 7

FRANKFURT, March 20 (Reuters) - Talks to sell Thyssenkrupp's TKAG.DE steel division to India's Jindal Steel International are not making progress and the long-awaited deal must not be stalled for months, the German company's deputy supervisory board chairman said on Friday.

Juergen Kerner, who is also the deputy head of Germany's IG Metall trade union, said labour representatives had presented Jindal, which has been doing due diligence on Thyssenkrupp's steel unit, also known as TKSE, since October, with a detailed questionnaire.

WORKERS LEFT IN LIMBO

"We were promised answers, but these have subsequently been postponed several times. Apparently, the discussions between Thyssenkrupp AG and Jindal are taking longer than expected," Kerner said in a statement.

"So things are not moving forward, and that is a bad thing," Kerner said because workers could not "afford to be left in limbo for months".

In September, Jindal made a non-binding bid for TKSE, Europe's No. 2 steelmaker, creating a new opportunity for parent Thyssenkrupp to part with a volatile business that it has sought to sell for years.

A Thyssenkrupp spokesperson said talks with Jindal Steel were ongoing, also referring to comments by CEO Miguel Lopez last week, who said that discussions covered valuation and future investments and that TKSE would be made fit for the future, with or without Jindal.

A spokesperson for Jindal Steel International said it remained in discussions with Thyssenkrupp and was convinced its "industrial concept for Thyssenkrupp Steel offers a clear vision for low-emission and competitive steel production in Germany".

Kerner's comments were first reported by German newspaper Rheinische Post.

Earlier this month, Flacks Group, a U.S. investor in distressed assets, signalled it could step in as potential buyer of TKSE if current talks fall through.

Lopez said in February that planned EU measures to protect the bloc's struggling steel sector have boosted investor sentiment and strengthened Thyssenkrupp's position in the talks with Jindal.

A solution for TKSE, which is closely tied to Germany's industrial history, is seen as the centrepiece of the CEO's strategy to turn the sprawling group into a holding.

(Reporting by Christoph Steitz, writing by Ludwig Burger, editing by Thomas Seythal and Tomasz Janowski)

((ludwig.burger@thomsonreuters.com; ))

March 11 (Reuters) - Jindal Steel Ltd JINT.NS:

• DECLARED PREFERRED BIDDER FOR THAKURANI-A1 IRON ORE BLOCK IN ODISHA

Source text: ID:nBSE98mRpY

Further company coverage: JINT.NS

((Reuters.Briefs@thomsonreuters.com;))

LONDON, March 5 (Reuters) - U.S. investment fund Flacks Group would be "ready to bid" for the steel division of Germany's Thyssenkrupp TKAG.DE should current efforts to sell it fail, its Chief Executive Michael Flacks told Reuters on Thursday.

Shares in Thyssenkrupp turned positive on the news to trade 1.5% higher at 1415 GMT.

(Reporting by Andres Gonzalez; writing by Christoph Steitz; Editing by Toby Chopra)

((christoph.steitz@thomsonreuters.com; +49 30 220 133 647;))

FRANKFURT, Feb 12 (Reuters) - Thyssenkrupp TKAG.DE on Thursday unveiled 401 million euros ($477 million) in expenses to fund far-reaching job cuts at its steel division, as the German industrial conglomerate continues talks with India's Jindal Steel over a sale of the business.

As a result of the charges, Thyssenkrupp's first-quarter net loss widened to 353 million euros. Analysts polled by LSEG had, on average, expected a net profit of 32 million euros for the period.

($1 = 0.8411 euros)

(Reporting by Christoph Steitz. Editing by Jane Merriman)

((christoph.steitz@thomsonreuters.com; +49 30 220 133 647;))

Adds TKSE CEO comment in paragraph 4, Vallourec reaction in paragraphs 7-8

By Christoph Steitz and Tom Käckenhoff

FRANKFURT/DUESSELDORF, Feb 6 (Reuters) - Germany's Salzgitter SZGG.DE on Friday said it planned to buy out the co-owners of steel joint venture HKM to become the company's sole owner from mid-2026, potentially ending a dispute with Thyssenkrupp over the future of the ailing business.

A solution around HKM, owned by Salzgitter, Thyssenkrupp Steel Europe (TKSE) and France's Vallourec VLLP.PA in a 50-30-20 split, could end years of uncertainty over the struggling company that employs 3,000 staff.

It could also remove a hurdle in Thyssenkrupp's ongoing talks to sell TKSE to India's Jindal Steel International, with HKM's fate being one of the unsolved issues after the group came under pressure from cheaper rivals and weakening demand.

"The agreement represents an important milestone...setting Thyssenkrupp Steel on an even keel as we move into the future," TKSE CEO Marie Jaroni said.

Under the plans, Salzgitter would buy the stakes of its co-owners for an undisclosed sum and continue as HKM's sole owner from June, while also severing HKM's supply ties with TKSE in 2028, four years earlier than currently planned.

In a joint statement, Thyssenkrupp TKAG.DE and Salzgitter - Germany's two biggest steelmakers - said the agreement depended on a positive assessment of HKM's future commissioned by Salzgitter, as well as Vallourec agreeing to sell its stake.

French steel tubes maker Vallourec said in a statement it was open to selling its stake in HKM, adding its strategy no longer required participation in the joint venture.

"Vallourec views the agreement reached between (Thyssenkrupp and Salzgitter) as an important step towards a potential divestment. Vallourec will thoroughly analyse the terms of the agreement in the coming days."

(Reporting by Christoph Steitz and Tom Kaeckenhoff, Editing by Linda Pasquini, Kirsten Donova)

((christoph.steitz@thomsonreuters.com; +49 30 220 133 647;))

Jan 30 (Reuters) - Jindal Steel Ltd JINT.NS:

• JINDAL STEEL Q3 CONSOL NET PROFIT 1.9 BILLION RUPEES

• JINDAL STEEL Q3 CONSOL TOTAL REVENUE FROM OPERATIONS 130.27 BILLION RUPEES

Source

Further company coverage: JINT.NS

((Reuters.Briefs@thomsonreuters.com;))

BERLIN, Jan 26 (Reuters) - Global trade is being severely disrupted by military conflicts and a trade war launched by the United States, creating a new normal for businesses in the form of uncertainty, not stability, according to German industrial firm Thyssenkrupp on Monday.

"We are witnessing the demise of the rules-based order of the past decades," the company's Supervisory Board Chairman Siegfried Russwurm said in a speech released ahead of the group's annual general meeting scheduled for January 30.

"These new conditions confront business constantly with new political interventions without imparting any reliable economic stimulus. If one thing has emerged as the current 'new normal,' it is the lack of stability in our commercial conditions, which is attributable to political factors."

(Reporting by Christoph Steitz; editing by Matthias Williams)

((christoph.steitz@thomsonreuters.com; +49 30 220 133 647;))

Adds market reaction, trader comment in paragraph 6

By Christoph Steitz, Tom Käckenhoff and Neha Arora

FRANKFURT/DUESSELDORF/NEW DELHI, Jan 7 (Reuters) - Germany's Thyssenkrupp TKAG.DE could sell its steel division to India's Jindal Steel International in several steps, four people familiar with the talks said, as the two sides try to strike a deal for the complex business.

Jindal Steel has been conducting due diligence on Thyssenkrupp Steel Europe (TKSE) since October after making an indicative bid for Europe's second-largest steelmaker. The deal is key for Thyssenkrupp as the submarines-to-car parts group seeks to become leaner and more focused.

One option under discussion would see Jindal take a majority stake in TKSE, likely 60%, in a first step, with the remaining 40% acquired later in two 20% tranches or in one go, depending on progress in restructuring, the people said.

A phased transaction would give Thyssenkrupp more flexibility to address about 2.5 billion euros ($2.9 billion) in pension liabilities tied to TKSE - a major hurdle in previous sale attempts, one of the people said.

Details of how a gradual takeover could be structured and its impact on debt obligations have not previously been reported. Due diligence is ongoing and terms could still change, the people said.

Shares in Thyssenkrupp rose as much as 4.9% to the top of Frankfurt's midcap index .MDAXI following the Reuters report, with one trader saying a sale of TKSE was "getting more concrete after years of finding no buyer".

JINDAL STEEL DELEGATION SET FOR JANUARY VISIT TO GERMANY

A sale of TKSE would end years of efforts to find a buyer for an asset that, while central to Germany's industrial heritage, has been volatile and costly to run amid tougher Asian competition.

For Jindal Steel International, the international steel arm of the Naveen Jindal Group, it would mark a major expansion into Europe after buying smaller Czech peer Vitkovice Steel in 2024.

Thyssenkrupp said in a statement that all aspects of the transaction - including valuation, obligations and future investments - would be discussed during due diligence and any contract talks.

"We cannot comment on individual statements, which at this stage can only represent an interim status," it said.

Jindal Steel International had no immediate comment.

A second source said a Jindal delegation was scheduled to visit Germany in January for a technical review of TKSE's Duisburg plant, after a planned December trip was postponed.

A phased takeover would also keep Thyssenkrupp involved in TKSE's restructuring, a third source said.

Thyssenkrupp CEO Miguel Lopez said last month that Jindal Steel was an optimal fit for TKSE, adding that a sweeping restructuring plan to cut jobs and capacity had prompted the Indian group's interest.

Lopez said Thyssenkrupp still had a plan B if talks with Jindal Steel International fail, without giving details.

($1 = 0.8538 euros)

(Reporting by Christoph Steitz, Tom Kaeckenhoff and Neha Arora. Additional reporting by Aditya Kalra. Editing by Adam Jourdan, Mark Potter and Alexander Smith)

((christoph.steitz@thomsonreuters.com; +49 30 220 133 647))

Adds details throughout

By Vivek Kumar M

Dec 31 (Reuters) - Shares of major Indian steel companies climbed between 2% and 5% on Wednesday after the country imposed a three-year import tariff on select products to curb cheap shipments from China.

The levy, locally known as a safeguard duty, will be imposed at 12% in the first year followed by 11.5% in the second year and then 11% in the third year.

Tata Steel TISC.NS and JSW Steel JSTL.NS rose 2.4% and 5%, respectively, leading gainers on the benchmark Nifty 50 .NSEI index. Steel Authority of India SAIL.NS and Jindal Steel JINT.NS also added 2.5% and 3.5%.

"Post announcement of the safeguard duty, the domestic steel prices are currently at about 13% to 15% discount to the landed cost of imports from China, providing sufficient headroom for price hikes by domestic manufacturers," said Sunny Agrawal, head of fundamental equity research at SBICAPS Securities.

The move follows the Directorate General of Trade Remedies' findings of a sharp surge in imports causing injury to domestic producers.

Earlier, the government had implemented a temporary 12% duty for 200 days in April . While that shorter duration caused investor uncertainty, the new three-year window provides long-term protection for local players, according to the analyst.

The metal stocks .NIFTYMET hit a record 11,189.8 points on the day, gaining as much as 1.7%. The sectoral gauge has risen in 12 of the previous 14 sessions, supported by firm prices for copper, aluminium and silver.

A rise in commodity prices is driven by expectations of two U.S. Federal Reserve rate cuts in 2026, improved Chinese demand and supply shortages, as per analysts.

The domestic metal index has jumped roughly 29% in 2025, outperforming the Nifty 50's 10% advance.

(Reporting by Vivek Kumar M; Editing by Mrigank Dhaniwala, Janane Venkatraman and Nivedita Bhattacharjee)

((VivekKumar.M@thomsonreuters.com;))

Dec 29 (Reuters) - Jindal Steel Ltd JINT.NS:

• JINDAL STEEL - TO DOUBLE STRUCTURAL STEEL CAPACITY AT RAIGARH TO 2.4 MTPA

• JINDAL STEEL - WILL DOUBLE EXISTING STRUCTURAL STEEL CAPACITY TO 2.4 MTPA BY MID 2028

Source text: [ID:]

Further company coverage: JINT.NS

((Reuters.Briefs@thomsonreuters.com;;))

By Christoph Steitz and Tom Käckenhoff

FRANKFURT/DUESSELDORF, Dec 11 (Reuters) - Thyssenkrupp's TKAG.DE steel unit said it will temporarily shut down production of electrical steel in Europe, a key material used in wind turbines and power grids, blaming cheap imports from Asia that it warns are putting an additional 1,200 jobs at risk.

The move, previously unreported, highlights the struggles of Europe's steel sector in the face of global trade frictions that have caused Chinese rivals to sell excess capacity on the continent, undercutting them by as much as a quarter, according to industry sources.

Thyssenkrupp Steel Europe (TKSE), Europe's second-largest steelmaker, is already cutting or outsourcing 11,000 jobs in response to the crisis, as talks about a sale to India's Jindal Steel International are entering a critical stage.

A further 1,200 job cuts would lift the total cuts to about 45% of TKSE's workforce from 40%.

TKSE will close its electrical steel plants in Germany and France from mid-December until the end of the year, the company said, adding its Isbergues site in France would be operating at half its capacity from January for at least four months.

"Grain-oriented electrical steel is indispensable for Europe's energy infrastructure and the energy transition," TKSE CEO Marie Jaroni said.

"We are strongly committed to maintaining production in Europe and are currently working to ensure effective market protection in order to guarantee fair competition for this strategically important product."

Imports of grain-oriented electrical steel (GOES), which is currently not covered by EU plans to cut tariff-free steel import quotas by almost half and impose a 50% duty for excess shipments, have tripled over the past three years, according to Eurostat data.

So far in 2025, imports of GOES have increased by around 50%, the data shows, a direct consequence of stiffer U.S. steel tariffs that have diverted supplies to Europe, a trend also seen in other industries.

Along with Poland's Stalprodukt SA STP.WA, TKSE is one of the last remaining European players producing the material, with China's Baowu, South Korea's POSCO 005490.KS and Nippon Steel 5401.T among the biggest exporters to Europe.

(Reporting by Christoph Steitz and Tom Kaeckenhoff;Editing by Elaine Hardcastle)

((christoph.steitz@thomsonreuters.com; +49 30 220 133 647))

ESSEN, Germany, Dec 9 (Reuters) - Thyssenkrupp TKAG.DE has a backup plan for its steel division if talks to sell it to India's Jindal Steel International should collapse, CEO Miguel Lopez told journalists on Tuesday at the group's annual press conference.

"We always have a plan B up our sleeve, which we will communicate when the time comes," Lopez said, adding Jindal Steel was the perfect fit for TKSE and that the assumption was that talks with Jindal will be successful.

(Reporting by Christoph Steitz, Editing by Miranda Murray)

((christoph.steitz@thomsonreuters.com; +49 30 220 133 647;))

Adds context in paragraph 4, Thyssenkrupp comment in paragraph 5

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.

(Reporting by Tom Kaeckenhoff, Writing by Friederike Heine and Christoph Steitz, Editing by Miranda Murray and Louise Heavens)

((friederike.heine@thomsonreuters.com;))

BERLIN, Dec 3 (Reuters) - Thyssenkrupp's TKAG.DE steel division head, Marie Jaroni, estimates a restructuring deal that will cut or outsource about 11,000 jobs will cost the company a three-digit million-euro amount, she told the Frankfurter Allgemeine Zeitung newspaper.

Thyssenkrupp Steel Europe (TKSE) said earlier this week that it had agreed with the IG Metall union to cut or outsource 40% of its workforce and reduce production capacity to a shipping level of 8.7 million to 9 million tons, from 11.5 million at present.

"The restructuring is costing us a mid-three-figure million euro sum. The exact amount depends on how many employees accept which offer," Jaroni said in an interview published on Wednesday.

This will pay off, she added, because the company will have permanently lower personnel costs, "a low three-digit million amount less annually than today," she told the newspaper.

Thyssenkrupp, which has for years tried to dispose of its steel business, in September received an indicative bid for from India's Jindal Steel International for TKSE.

Jindal Steel is currently carrying out detailed due diligence to assess whether to launch a formal binding offer for TKSE, Germany's largest steelmaker with sales of 10.7 billion euros ($12.46 billion) last year.

($1 = 0.8587 euros)

(Writing by Miranda Murray
Editing by Madeline Chambers)

((Miranda.Murray@thomsonreuters.com;))

FRANKFURT, Nov 25 (Reuters) - Worker representatives met at ThyssenKrupp Steel on Tuesday to start a process of agreeing on job security and co-determination if the German group is sold to India's Jindal Steel International, the IG Metall union said.

"A fair and best-owner agreement is intended to provide security for employees, locations, co-determination and the future of TKSE in the event of a possible sale to the Jindal Group," said the union in a statement.

Jindal Steel has made an indicative bid for TKSE, Europe's second-largest steelmaker.

(Reporting by Christoph Steitz
Writing by Madeline Chambers
Editing by Miranda Murray)

((Madeline.Chambers@thomsonreuters.com; +4930220133578;))

Oct 28 (Reuters) - Jindal Steel Ltd JINT.NS:

• APPROVED APPOINTMENT OF GAUTAM MALHOTRA AS CHIEF EXECUTIVE OFFICER

• SEPT-QUARTER CONSOL NET PROFIT 6.38 BILLION RUPEES

• SEPT-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 116.86 BILLION RUPEES

Source text: [ID:]

Further company coverage: JINT.NS

((Reuters.Briefs@thomsonreuters.com;;))

FRANKFURT, Oct 20 (Reuters) - The CEO of Thyssenkrupp TKAG.DE said on Monday that talks with Jindal Steel International over the Indian group's takeover interest in Thyssenkrupp's steel business were intensive and constructive but a deal would likely be a matter of months.

"Talks are ongoing - very intensively," CEO Miguel Lopez told Reuters at the Frankfurt stock exchange, attending the stock market debut of the TKMS TKMS.DE naval vessels unit.

"We'll see what outcome we'll have over the next few months," he added.

(Reporting by Tilman Blasshofer and Christoph Steitz, Writing by Ludwig Burger, editing by Kirsti Knolle)

((ludwig.burger@thomsonreuters.com;))

Adds detail on Kretinsky in paragraph 3, share benchmark in paragraph 4, deputy supervisory board chairman in paragraphs 10-11

By Christoph Steitz and Tom Käckenhoff

FRANKFURT/DUESSELDORF, Oct 2 (Reuters) - Czech billionaire Daniel Kretinsky has agreed to sell his 20% stake in Thyssenkrupp's TKAG.DE steel unit and scrap plans for a joint venture for the business, both parties said in a joint statement, paving the way for a possible deal with Jindal Steel.

The sale ends protracted talks over what could have become a German-Czech steel and energy giant, discussions that have not made any measurable progress since Kretinsky bought a fifth of Thyssenkrupp Steel Europe (TKSE) last year.

Kretinsky has already given up his seat on TKSE's supervisory board, along with another senior executive of his EP Group, a company spokesperson said.

Shares in Thyssenkrupp rose as much as 3% to hit their highest level in nearly six years before trading 0.7% lower at 1208 GMT.

CLEAR PATH FOR TALKS WITH JINDAL STEEL

It now creates momentum for Thyssenkrupp to intensify talks with India's Jindal Steel International, which last month submitted an indicative bid for all of TKSE, a volatile business its parent has sought to divest.

The statement said that Kretinsky's EP Group "respects Thyssenkrupp AG's preference to concentrate on discussions with Jindal Steel International" and that it would be reimbursed for the purchase price it paid to Thyssenkrupp for the TKSE stake.

While both parties have never disclosed the purchase price, people familiar with the matter have put it at around 140 million euros ($164 million).

The news comes amid growing uncertainty over the future of steelmaking in Europe, as the sector contends with cheap Chinese imports, high energy costs and delays to hydrogen-based decarbonisation in one of the most polluting industries.

Kretinsky's EP Group and Thyssenkrupp had the aim of eventually forming a 50/50 joint venture for TKSE, but talks have been fraught with difficulties as powerful unions have accused the Czech businessman of refusing to engage.

"The management board can and must concentrate fully on the talks with Jindal," said Juergen Kerner, Thyssenkrupp's deputy supervisory board chairman and a senior member at IG Metall, Germany's biggest trade union.

"In particular, details on financing must now be clarified quickly, but above all thoroughly. The employee side expects to be involved at an early stage."

($1 = 0.8511 euros)

(Reporting by Christoph Steitz and Tom Kaeckenhoff; Additional reporting by Markus Wacket; Editing by Matthias Williams and Louise Heavens)

((christoph.steitz@thomsonreuters.com; +49 30 220 133 647))

HARARE, Sept 17 (Reuters) - Zimbabwe has agreed a $455 million, 15-year concession deal with the Africa-focused unit of India's Jindal Steel JINT.NS for the refurbishment of a 920 megawatt coal-fired power plant, the energy minister said.

The work on six ageing units at the Hwange thermal power station is expected to take four years, July Moyo said during a post-cabinet briefing late on Tuesday. Jindal Africa will recover its investment from revenue generated by electricity sales from the plant.

The Southern African nation currently only meets around half of its 2,000 MW electricity demand and experiences frequent, extended power cuts due to diminishing capacity at its ageing power plants.

The 1,520 MW Hwange plant, the country's largest, was upgraded in 2023 with the commissioning of two units, which added 600 MW. But its older units were built in the 1980s and are operating at a third of their capacity due to breakdowns.

The Kariba hydropower station, built in the 1960s, completed a 300 MW upgrade in 2018, which boosted its capacity to 1,050 MW. However, its generation capacity has in recent years been affected by drought.

(Reporting by Chris Takudzwa Muronzi; Editing by Nelson Banya and Joe Bavier)

((Nelson.Banya@thomsonreuters.com;))

Adds current level of pension liabilities tied to steel in paragraph 5

By Christoph Steitz and Tom Käckenhoff

FRANKFURT/DUESSELDORF, Sept 16 (Reuters) - Thyssenkrupp TKAG.DE has received a non-binding bid for its steel unit from a division of Indian conglomerate Naveen Jindal Group, the German company said on Tuesday, the latest twist in the group's years-long effort to dispose of the business.

News of the indicative bid for Thyssenkrupp Steel Europe (TKSE) - Germany's largest steelmaker which made 10.7 billion euros ($12.6 billion) in sales last year - sent shares in its parent up as much as 7.9% to their highest level in nearly four and a half years. They closed up 4.4%.

Thyssenkrupp said it would closely examine the offer "particularly with regard to economic sustainability, the continuation of the green transformation and employment at our steel sites".

It did not provide any financial details about the bid, which comes as the German submarines-to-car parts group is seeking to partially divest most of its businesses in a bid to become leaner and more focused.

A sale to Jindal Steel International, the international steel arm of the Naveen Jindal Group, would be a success for Thyssenkrupp after previous attempts to divest TKSE all failed, with pension liabilities of around 2.7 billion euros remaining a key hurdle.

Jindal Steel International, in a separate statement, said its offer would secure steel production in Germany, include the completion of a green steel production site by TKSE in Duisburg, and a more than 2 billion euro commitment to establish additional electric arc furnace capacity.

"Our goal is to preserve and grow Thyssenkrupp's 200-year industrial legacy and help transform it into Europe's largest integrated low emission steelmaker," Narendra Misra, director of European Operations at Jindal, said.

Jindal Steel International, which last year acquired Czech steelmaker Vitkovice Steel, would also be prepared to take on TKSE's pension liabilities in a deal, a person briefed on the matter said.

Thyssenkrupp last year sold a 20% stake in TKSE to Czech billionaire Daniel Kretinsky, with the aim of eventually selling a further 30% stake to eventually create a 50-50 joint venture.

Powerful labour union IG Metall has criticised the move, saying Kretinsky had not provided information about his strategic plans as a co-shareholder.

Kretinsky's EPCG division declined to comment.

Thyssenkrupp's deputy supervisory board chair and senior IG Metall member Juergen Kerner said news about the offer was good and that deeper discussions should start as soon as possible.

($1 = 0.8468 euros)

(Reporting by Christoph Steitz; Editing by Rachel More and Susan Fenton)

((christoph.steitz@thomsonreuters.com; +49 30 220 133 647;))

Aug 12 (Reuters) - Jindal Steel Ltd JNSP.NS:

• JINDAL STEEL Q1 CONSOL NET PROFIT 14.94 BILLION RUPEES

• JINDAL STEEL AND POWER Q1 CONSOL TOTAL REVENUE FROM OPERATIONS 122.94 BILLION RUPEES

Source text: [ID:]

Further company coverage: JNSP.NS

((Reuters.Briefs@thomsonreuters.com;;))

NEW DELHI, Aug 11 (Reuters) - The Indian alloy steel producers' association has filed an anti-dumping petition with the federal trade ministry against cheap imports from China, its senior executive told Reuters on Monday.

India, the world's second-biggest producer of crude steel, has the capacity to make around 18 million to 20 million metric tons per annum of alloy steel, which is used in the auto, defence and aerospace sectors.

"China is selling wire rods of alloy steel at very low prices, and imports have gone up considerably in the last three years, hurting the local alloy steel producers," said Anil Dhawan, director general, Alloy Steel Producers Association of India (ASPA).

Alloy steel wire rods are mainly used for automobiles and their components, Dhawan said.

Dhawan said the anti-dumping petition was filed on July 31 with the Directorate General of Trade Remedies, which falls under the Ministry of Commerce and Industry.

The ASPA's members include JSW Steel JSTL.NS, India's biggest steelmaker, as well as Jindal Steel JNSP.NS, Kalyani Steels KLSL.NS, and Mukand Sumi Special Steel, among others.

In April, India imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China.

(Reporting by Neha Arora; Editing by Sonali Paul)

((neha.dasgupta@tr.com;))

April 30 (Reuters) - Jindal Steel And Power Ltd JNSP.NS:

• JINDAL STEEL AND POWER Q4 CONSOL NET LOSS 3.39 BILLION RUPEES

• JINDAL STEEL AND POWER Q4 CONSOL TOTAL REVENUE FROM OPERATIONS 131.83 BILLION RUPEES

• JINDAL STEEL - DIVIDEND 2 RUPEES PER SHARE

Source text: ID:nBSE6YdBpS

Further company coverage: JNSP.NS

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By Neha Arora

NEW DELHI, March 27 (Reuters) - The Indian alloy steel producers' association plans to soon file an anti-dumping petition with the federal trade ministry against cheap imports from China, its senior executive told Reuters on Thursday.

India, the world's second-biggest producer of crude steel, has the capacity to make around 18-20 million metric tons per annum of alloy steel that is used in auto, defence and aerospace sectors.

"There has been an increase in imports of alloy and special steel bars and rods into India continuously from China, Japan, Korea and others, while China is exporting to India these products at very low prices," Anil Dhawan, Director General, Alloy Steel Producers Association of India (ASPA), said in response to a query on the petition.

"ASPA and its members are working with their legal counsel to file an anti-dumping petition with the DGTR (Directorate General of Trade Remedies) in the near future."

The DGTR falls under the federal trade ministry.

The ASPA's members include JSW Steel JSTL.NS, India's biggest steelmaker, as well as Jindal Steel and Power JNSP.NS, Kalyani Steels KLSL.NS, and Mukand Sumi Special Steel, among others.

Earlier this month, India recommended a temporary 12% tax, known locally as safeguard duty, on some steel products for 200 days to curb imports.

India shipped in record quantities of finished steel during April-January and was a net importer, Reuters had reported earlier.

Its finished steel imports from China, South Korea and Japan hit a record high in the first 10 months of the current financial year.

(Reporting by Neha Arora; Editing by Savio D'Souza)

((neha.dasgupta@tr.com;))

Recast with ADI statement in second and fifth paragraph

ROME, March 20 (Reuters) - Italy will begin exclusive talks with an Azeri consortium about the sale of Italian steel company Acciaierie d'Italia (ADI), formerly known as Ilva, Industry Minister Adolfo Urso and ADI said on Thursday.

ADI said in a statement that the consortium investors interested in taking it over are Baku Steel and Azerbaijan Investment Company OJSC, part of the Azerbaijan Business Development Fund.

The company, which is under state administration after struggling to maintain production amid rising energy costs and weak demand, is a major headache for Italian Prime Minister Giorgia Meloni because its closure would have major knock-on effects for the country's manufacturing sector.

"The commissioners (running the company) have pre-announced to me that they will send a formal request today to be authorized to negotiate with the Azeri consortium that made the best proposal," Urso told reporters on the sidelines of an event in Bologna, northern Italy, earlier in the day.

ADI's commissioners took into account several factors in the selection process, including the applicants' financial viability, the industrial sustainability of their proposals, and the projected benefits for employment and local communities, the statement said.

In February, both Baku Steel and the Indian company Jindal Steel International raised their preliminary bids for ADI.

The government took charge of ADI's factories in Italy last year under a special administration procedure, ending weeks of clashes with its then top shareholder ArcelorMittal MT.LU, the world's second-largest steelmaker.

(Reporting by Giuseppe Fonte and Francesca Piscioneri, editing by Gavin Jones, Tomasz Janowski, Gianluca Semeraro and Jan Harvey)

((giuseppe.fonte@thomsonreuters.com; +390680307711;))

March 19 (Reuters) - Shares of Indian steel companies rose in early trade on Wednesday after a government body recommended a temporary tax on some steel products in a bid to curb cheap imports.

An index of metal company shares .NIFTYMET rose 0.8%, with industry leader JSW Steel and Tata Steel among the top ten gainers on the Nifty 50 index .NSEI, which was trading flat.

Shares of JSW Steel JSTL.NS rose 1.5%, while Tata Steel TISC.NS climbed 2.1% as of 9:30 a.m. IST. State-owned SAIL SAIL.NS rose 2.6% and Jindal Steel and Power JNSP.NS gained about 1%.

The Directorate General of Trade Remedies, under the federal trade ministry, has recommended a 12% temporary tax or safeguard duty for 200 days on certain steel products in a bid to curb "serious injury" to the domestic industry.

(Reporting by Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala)

((Manvi.Pant@thomsonreuters.com; +918447554364;))

Feb 27 (Reuters) - Jindal Steel And Power Ltd JNSP.NS:

• JINDAL SAID TO RAISE BID FOR ITALIAN STEELMAKER TO €4 BILLION- BLOOMBERG NEWS

Source text: https://tinyurl.com/2csxtpk9

Further company coverage: JNSP.NS

(Reporting by AnushaDevan Shah)

((AnushaDevang.Shah@thomsonreuters.com;))