Australia BlueScope Steel Board Rejects Improved $10.67 Billion (AUD 15 Billion) Buyout Offer from Australia SGH & United States Steel Dynamics to Buy & Split Businesses in All-Cash Deal, Previous Offer of $8.8 Billion (AUD 13.2 Billion) All-Cash Deal Which was +27% Premium to Closing Price (11/12/25)
28th February 2026 | Hong Kong
Australia BlueScope Steel board has rejected the improved $10.67 billion (AUD 15 billion) offer from Australia diversified group SGH ($13 billion market value) & United States Steel Dynamics ($28 billion market value) to buy & split businesses of BlueScope Steel, which is higher than previous offer of $8.8 billion (AUD 13.2 billion) in all-cash deal. In 2026 February, Australia diversified group SGH ($13 billion market value) & United States Steel Dynamics ($28 billion market value) made a final improved $10.6 billion (AUD 15 billion) offer to buy & split businesses of Australia BlueScope Steel from previous offer of $8.8 billion (AUD 13.2 billion) in all-cash deal, which represented +27% premium to closing price (11/12/25). In 2026 January, Australia BlueScope Steel board rejected the $8.8 billion (AUD 13.2 billion) buyout offer from Australia SGH & United States Steel Dynamics to buy & split businesses of BlueScope Steel in all-cash deal, representing +27% premium to closing price (11/12/25). In 2026 January, Australia diversified group SGH & United States Steel Dynamics made an offer to buy & split businesses of Australia BlueScope Steel for $8.8 billion (AUD 13.2 billion) in all-cash deal, representing +27% premium to closing price (11/12/25). BlueScope Steel – With over 16,500 people across 15 countries, BlueScope is a leading international supplier of steel products and solutions for building and construction markets. Australia’s largest manufacturer, BlueScope’s portfolio of brands includes COLORBOND®, ZINCALUME® and TRUECORE® steels and the LYSAGHT® range of building products.
“ Australia BlueScope Steel Board Rejects Improved $10.67 Billion (AUD 15 Billion) Buyout Offer from Australia SGH & United States Steel Dynamics to Buy & Split Businesses in All-Cash Deal, Previous Offer of $8.8 Billion (AUD 13.2 Billion) All-Cash Deal Which was +27% Premium to Closing Price (11/12/25) “
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Australia $13 Billion Diversified Group SGH & United States $28 Billion Steel Dynamics Make Final Improved $10.6 Billion (AUD 15 Billion) Offer to Buy & Split Businesses of Australia BlueScope Steel from Previous Offer of $8.8 Billion (AUD 13.2 Billion) All-Cash Deal Which was +27% Premium to Closing Price (11/12/25)
19th February 2026 – Australia diversified group SGH ($13 billion market value) & United States Steel Dynamics ($28 billion market value) have made a final improved $10.6 billion (AUD 15 billion) offer to buy & split businesses of Australia BlueScope Steel from previous offer of $8.8 billion (AUD 13.2 billion) in all-cash deal, which represented +27% premium to closing price (11/12/25). In 2026 January, Australia BlueScope Steel board rejected the $8.8 billion (AUD 13.2 billion) buyout offer from Australia SGH & United States Steel Dynamics to buy & split businesses of BlueScope Steel in all-cash deal, representing +27% premium to closing price (11/12/25). In 2026 January, Australia diversified group SGH & United States Steel Dynamics made an offer to buy & split businesses of Australia BlueScope Steel for $8.8 billion (AUD 13.2 billion) in all-cash deal, representing +27% premium to closing price (11/12/25). BlueScope Steel – With over 16,500 people across 15 countries, BlueScope is a leading international supplier of steel products and solutions for building and construction markets. Australia’s largest manufacturer, BlueScope’s portfolio of brands includes COLORBOND®, ZINCALUME® and TRUECORE® steels and the LYSAGHT® range of building products.
Australia BlueScope Steel Board Rejects $8.8 Billion (AUD 13.2 Billion) Buyout Offer from Australia SGH & United States Steel Dynamics to Buy & Split Businesses in All-Cash Deal Representing +27% Premium to Closing Price (11/12/25)
8th January – Australia BlueScope Steel board has rejected the $8.8 billion (AUD 13.2 billion) buyout offer from Australia SGH & United States Steel Dynamics to buy & split businesses of BlueScope Steel in all-cash deal, representing +27% premium to closing price (11/12/25). In 2026 January, Australia diversified group SGH ($13 billion market value) & United States Steel Dynamics ($25 billion market value) made an offer to buy & split businesses of Australia BlueScope Steel for $8.8 billion (AUD 13.2 billion) in all-cash deal, representing +27% premium to closing price (11/12/25). Announcement (5/1/26): “In response to media speculation, SGH Ltd (ASX: SGH) confirms it has submitted a Non-Binding Indicative Offer (NBIO), together with Steel Dynamics, Inc. (SDI) (NASDAQ/GS: STLD), for SGH to acquire 100% of BlueScope Steel Ltd (ASX: BSL) by way of a scheme of arrangement (the Proposal). If the Proposal is implemented and following the transaction close, SGH would on-sell BSL’s North American operations to SDI, which include BSL’s North Star Flat Rolled Steel Mill and Building and Coated Products North America businesses. SGH would retain the remaining BSL “Australia + Rest of World” operations, including Australian Steel Products, Asia Coated Products, and New Zealand and Pacific Islands businesses. The Proposal provides BSL shareholders with an immediate, certain opportunity to realise a material uplift in value. The Proposal to acquire BSL’s shares for a wholly cash consideration of AUD$30.00 (USD$20.041) per share represents a compelling value proposition and highly attractive premium for BSL shareholders … … The consideration represents a total equity value for BSL of AUD$13.2 billion (USD$8.8 billion1). SGH and SDI do not envisage any material obstacles in obtaining the relevant regulatory approvals required, which are customary for an acquisition of this nature. SGH and SDI have also entered into a 12-month exclusivity agreement with each other and have committed significant resources to progress this transaction. In line with transactions of this nature, the Proposal price will be reduced by the quantum of any cash dividends paid by BSL to its shareholders after 12 December 2025 (the NBIO submission date). The Proposal is subject to customary conditions, including completion of satisfactory due diligence, agreement of a binding scheme implementation deed, and receipt of relevant shareholder and regulatory approvals. SGH and SDI note there is no certainty that the Proposal will result in a transaction.”
Australia $13 Billion Diversified Group SGH & United States $25 Billion Steel Dynamics Make Offer to Buy & Split Businesses of Australia BlueScope Steel for $8.8 Billion (AUD 13.2 Billion) in All-Cash Deal Representing +27% Premium to Closing Price (11/12/25)
6th January – Australia diversified group SGH ($13 billion market value) & United States Steel Dynamics ($25 billion market value) have made an offer to buy & split businesses of Australia BlueScope Steel for $8.8 billion (AUD 13.2 billion) in all-cash deal, representing +27% premium to closing price (11/12/25). Announcement (5/1/26): “In response to media speculation, SGH Ltd (ASX: SGH) confirms it has submitted a Non-Binding Indicative Offer (NBIO), together with Steel Dynamics, Inc. (SDI) (NASDAQ/GS: STLD), for SGH to acquire 100% of BlueScope Steel Ltd (ASX: BSL) by way of a scheme of arrangement (the Proposal). If the Proposal is implemented and following the transaction close, SGH would on-sell BSL’s North American operations to SDI, which include BSL’s North Star Flat Rolled Steel Mill and Building and Coated Products North America businesses. SGH would retain the remaining BSL “Australia + Rest of World” operations, including Australian Steel Products, Asia Coated Products, and New Zealand and Pacific Islands businesses. The Proposal provides BSL shareholders with an immediate, certain opportunity to realise a material uplift in value. The Proposal to acquire BSL’s shares for a wholly cash consideration of AUD$30.00 (USD$20.041) per share represents a compelling value proposition and highly attractive premium for BSL shareholders … … The consideration represents a total equity value for BSL of AUD$13.2 billion (USD$8.8 billion1). SGH and SDI do not envisage any material obstacles in obtaining the relevant regulatory approvals required, which are customary for an acquisition of this nature. SGH and SDI have also entered into a 12-month exclusivity agreement with each other and have committed significant resources to progress this transaction. In line with transactions of this nature, the Proposal price will be reduced by the quantum of any cash dividends paid by BSL to its shareholders after 12 December 2025 (the NBIO submission date). The Proposal is subject to customary conditions, including completion of satisfactory due diligence, agreement of a binding scheme implementation deed, and receipt of relevant shareholder and regulatory approvals. SGH and SDI note there is no certainty that the Proposal will result in a transaction.”
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