Talks over Jindal Steel International’s proposed acquisition of Thyssenkrupp Steel Europe are facing fresh uncertainty as disagreements widen over pension liabilities, future investment needs, and rising energy costs in Europe. The report says the deal, once seen as a major strategic move in the European steel sector, is now considered less likely after months of due diligence and negotiations. A key hurdle is the steel unit’s large pension burden, estimated at about $2.8 billion, along with differing views on the scale of capital required to modernise operations and complete green steel projects. Growing concern over Europe’s high energy costs has added further pressure to the discussions. If the deal fails, it would mark another setback in Thyssenkrupp’s long-running efforts to reshape or exit its steel business, while also raising questions about the pace of consolidation and decarbonisation in Europe’s steel industry.