SGH Ltd and Steel Dynamics Inc. → BlueScope Steel
announcedSGH and US steelmaker Steel Dynamics proposed splitting up BlueScope: SGH would keep BlueScope's Australian and Asian operations while Steel Dynamics took the North American business. Unresolved as of mid-2026 after four rejections from BlueScope's board.
The buyers argued BlueScope's businesses would be worth more split apart and run by regional specialists than combined under one ASX-listed roof, most recently backing a revised A$32.35/share (A$15bn) offer.
BlueScope's board rejected the approach four times, arguing the company is "worth considerably more than what was on the table" and that shareholders are better off with BlueScope's own steel-cycle upside.
BlueScope shares had already run up more than a fifth over the prior two sessions on takeover speculation; on the day of the January 2026 rejection, shares dipped as much as 1.6% intraday before closing 1.12% higher at A$29.87, just under the $30 offer.
Analysts noted BlueScope had virtually no net debt, meaning the bidders were effectively proposing to use BlueScope's own clean balance sheet to help fund the takeover — a point BlueScope's board cited in rejecting it.
Deal mechanics
SGH: Barrenjoey and Goldman Sachs (financial), Allens (legal). Steel Dynamics: J.P. Morgan (financial), Ashurst (Australian legal), Skadden Arps and Barrett McNagny (US legal)
Not individually named; BlueScope's board is reviewing with its own financial and legal advisers
Proposed all-cash at A$32.35/share (best-and-final NBIO), with SGH to acquire all of BlueScope and then on-sell the North American business to Steel Dynamics
Not publicly disclosed
Not publicly disclosed; a structure involving US-based Steel Dynamics would likely require FIRB clearance
Both bidders say the offer is funded from existing cash reserves and debt facilities, with no planned equity raise