BlueScope Slips After $8.8 Billion Steel Dynamics, SGH Takeover Bid Rejected

Dow Jones

01/08

By Rhiannon Hoyle

Shares of Australia's BlueScope Steel fell slightly after the company rejected a roughly US$8.8 billion takeover bid from Indiana-based Steel Dynamics and Australian conglomerate SGH.

BlueScope's stock was down by 1.0%, at 29.57 Australian dollars, equivalent to US$19.87, in early trading in Sydney on Thursday.

The steelmaker late Wednesday said its directors had unanimously rejected the takeover proposal, under which SGH would acquire BlueScope for A$30 a share in cash and then sell its North American businesses to Steel Dynamics.

The shares remain well above the A$24.45 price they were trading for before the approach was made public late Monday.

The proposal followed three unsuccessful bids involving Steel Dynamics since late 2024: two from a different Steel Dynamics-led consortium and one from the U.S. steelmaker alone.

"This is the fourth time we've said 'no,' and the answer remained the same--BlueScope is worth considerably more than what was on the table," BlueScope Chair Jane McAloon said.

A spokesman for SGH said the company isn't expecting to issue a statement Thursday. A spokesperson for Steel Dynamics couldn't immediately be reached.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

January 07, 2026 18:36 ET (23:36 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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