BlueScope rejects revised acquisition offers from Steel Dynamics and SGH

LootboxPhobia · 2026-02-26T06:29:13+00:00

BlueScope Steel stated that the revised acquisition proposals from Steel Dynamics and SGH were not recommended by the board. They will consider negotiations if some concerns are addressed. The acquisition offers from both companies, valued at approximately $11 billion, still require challenges from competitors to increase further.

LootboxPhobia

2026-02-26 06:29:13

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Investing.com – BlueScope Steel (ASX:BSL) announced on Thursday that the revised acquisition offers from U.S. steel manufacturer Steel Dynamics (NASDAQ:STLD) and Australian conglomerate SGH are not sufficient to persuade the board to recommend the deal to shareholders.

The company stated that it remains open to negotiations if the acquirers can address some of its concerns.

Last week, Steel Dynamics and SGH submitted an improved offer valuing their stake at approximately $11 billion. Both companies said they would not raise their bid again unless a competing bidder emerges.

This proposal marks an escalation in Steel Dynamics’ takeover efforts, which have included five bids for BlueScope since late 2024.

BlueScope owns a steel plant in Delta, Ohio, which Steel Dynamics is interested in acquiring due to current U.S. tariffs on imported steel, boosting demand for domestic steel production.

Under the proposal, SGH would acquire all of BlueScope’s assets and then sell the North American operations to Steel Dynamics.

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