BlueScope Gets $8.8 Billion Bid From Australia-US Consortium
(Bloomberg) — BlueScope Steel Ltd has received a A$13.14 billion ($8.8 billion) takeover bid from a consortium of an Australian conglomerate and a U.S. steelmaker.
SGH Limited, a Sydney-based multi-industry company, has proposed acquiring BlueScope for A$30 ($20.03) per share (a 23% premium to the most recent closing price) and then sell its North American assets to Steel Dynamics Inc., BlueScope said Monday.
Steel has long been a sensitive issue in global trade, with the Trump administration imposing high tariffs under the guise of national security to protect US producers. The takeover bid marks the latest move in a series of deals aimed at reshaping industrial supply chains as companies ramp up production capacity amid rising geopolitical tensions.
BlueScope is Australia’s largest steelmaker and has a significant presence in North America, accounting for around 45% of revenue in the company’s 2025 annual report.
The company’s board of directors is evaluating the proposal, which is subject to several conditions as well as regulatory approval, according to the statement. BlueScope said it had previously rejected multiple takeover approaches in late 2024, with a separate consortium led by Steel Dynamics making two bids at $27.50 and $29.00 per share, both of which were unanimously rejected.
Steel Dynamics, headquartered in Fort Wayne, Indiana, has proposed acquiring the entire Australian steelmaker in early 2025, maintaining its North American operations and distributing other assets to BlueScope shareholders. The offer valued the North American business at $24.00 per share and suggested the remaining assets would be valued at at least $9.00 per share, according to the statement.
“These approaches were rejected because they significantly underestimate BlueScope and its future prospects and present significant implementation risk of regulatory consequences,” the company said.
Steel producers have struggled in recent years to cope with a wave of cheap imports from China, where a stagnant construction sector has put pressure on prices. Still, the sector’s strategic importance to the defense industry has revived interest from some investors, particularly in the United States, where steel production is now largely protected by import duties.
(Updates with details.)
More stories like this available Bloomberg.com
