The German industrial group Thyssenkrupp has suspended negotiations with the Indian company Jindal Steel International regarding the potential sale of its steel division, according to Reuters.

In recent years, CEO Miguel López has made significant progress in transforming Thyssenkrupp into a holding company. In particular, during his tenure, the company has spun off its hydrogen and naval shipbuilding divisions into separate publicly traded entities. However, the negotiations with Jindal have fallen through amid López’s efforts to further restructure Thyssenkrupp.

Plans to sell the struggling steel business proved more difficult to implement. Although neither side explained why the talks broke down, López noted in his statement that the outlook for the steel business is “better than it has been in a long time,” citing improved conditions across the continent.

Reuters reported in March that negotiations on the deal, which began in September, could be called off due to disagreements over pension obligations, investments, and energy costs.

As a reminder, for the first quarter of the 2025/2026 fiscal year (October–December 2025), Thyssenkrupp reported a net loss of €334 million. The company recorded restructuring costs for its steel business—funding large-scale job cuts—in the amount of €401 million ($477 million).

As reported by GMK Center, the American investment fund Flacks Group had previously been prepared to make an offer to acquire Thyssenkrupp’s steel division if attempts to sell it failed. Flacks Group’s primary focus is currently on Italy, but the fund is interested in large steel companies.