Overview
- SGH and Steel Dynamics confirmed a non-binding A$30-per-share cash proposal lodged on Dec. 12, valuing BlueScope at about A$13.2 billion.
- Under the plan, SGH would acquire BlueScope then on-sell its North American assets to Steel Dynamics, with SGH retaining Australia plus Rest of World operations.
- BlueScope said its board, management and advisers are evaluating the approach after rejecting three Steel Dynamics-linked proposals since late 2024.
- Some investors, including VanEck and Blackwattle, say the price likely needs to be higher to win support, with shares closing at A$29.87 near the offer level.
- The proposal remains subject to due diligence, a binding scheme, and shareholder and regulatory approvals, with the bidders citing cash and available debt funding and no equity raise, and noting no certainty of completion.