Jindal Steel International lodged a non binding proposal for Thyssenkrupp Steel Europe offering over €2B to accelerate decarbonisation through completing a Duisburg direct reduced iron plant plus new electric arc furnace capacity while signalling willingness to absorb pension liabilities. Existing investor Daniel Kretinsky holds 20% creating a contested stewardship narrative. Labour concerns over possible 11,000 role reductions & the speed of green transformation shape negotiations likely influencing valuation structure & timeline 1 7 10.