On October 18, 2024, thyssenkrupp announced the sales of its Indian subsidiary thyssenkrupp Electrical Steel India Private Ltd. to JSW Steel Limited and JFE Steel Corporation, for around EUR 440 million.

This sale is for strategic marketing reasons. Dennis Grimm, the spokesman of the Executive Board of thyssenkrupp Steel, said that the high cost of supplying raw materials to India from thyssenkrupp's German steelworks will undermine the company's competitiveness in India in the long run. It is not economically feasible for the company to establish its raw material production locally and cannot compete with local competitors.

The deal is expected to be closed in the next few months.

The earnings from the sale will be used to strengthen the steel division's green transformation, including activities of thyssenkrupp Electrical Steel.

ThyssenKrupp will put more focus on the growing markets in Europe and North America in the future due to the high demand for grain-oriented electrical steel in the global energy transition.