Naveen Jindal weighs bid for EU firm Celsa

New Delhi: Jindal Steel's chairman Naveen Jindal is evaluating a 5-billion bid for European steel maker Celsa, people familiar with the matter said. He could face competition from other interested parties, they added.

Jindal has been looking for a gateway into Europe to expand his global steel business after talks to buy Thyssenkrupp Steel didn't materialise. Jindal and Thyssenkrupp were engaged in exclusive negotiations for nine months before talks were terminated in the middle of this year.

'Attractive' Assets


Jindal is said to be evaluating a bid for Celsa through privately-owned overseas companies whose operations are unrelated to the listed Jindal Steel.

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The discussions are preliminary and may not necessarily result in a deal. The Barcelona-headquartered Celsa's manufacturing capacity of 7.5 million tonnes of steel and its product portfolio of long steel products used in the construction industry are said to be attractive.

Clubbed with the listed Jindal Steel, which is targeting steelmaking capacity of over 15 million tonnes, and Jindal's privately owned business in Oman with 3.2 million tonnes of steel capacity, the group's total steel capacity could cross 25 million tonnes, if the acquisition succeeds.

Jindal is also adding 5 million tonnes of direct reduced iron manufacturing capacity in Oman. This could supply raw materials for any large steel making business he acquires in Europe. The group also owns iron ore mines in Mozambique and Cameroon.

Jindal and Celsa did not comment on the matter when contacted. Celsa has operations in France, Spain and Poland.

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Creditors including Strategic Value Partners, Attestor, Deutsche Bank and Golden Tree control Celsa. They own almost 100% stake. The company originally belonged to Spain's Rubiralta family.

The company was turned around after the creditors took control in 2023. They have infused 1 billion through loans, bonds and shares as part of recapitalisation efforts. The company posted a profit in April after twenty-eight months of restructuring efforts.

For the calendar year 2025 it posted revenues of 3.3 billion and earnings before interest, tax, depreciation and amortization of 396 million.