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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A spokesperson for Steel Dynamics couldn't immediately be reached. \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  January 07, 2026 18:36 ET (23:36 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BlueScope Slips After $8.8 Billion Steel Dynamics, SGH Takeover Bid Rejected</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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