Market Chatter: BlueScope Steel Faces Investor Calls to Sell North American Business

MT Newswires Live

Jan 16

BlueScope Steel's (ASX:BSL) major shareholders are urging the board to explore buyer interest in its North American business, Australian Financial Review reported Friday, citing four unnamed sources with knowledge about the matter.

Investors supported rejecting a AU$30 per share takeover bid from SGH (ASX:SGH) and Nasdaq-listed Steel Dynamics during discussions with Chairwoman Jane McAloon and the management team, according to the sources.

However, they urged the board to take action to enhance investor value, noting the potential of the company's US business, saying that buyers are willing to pay high prices, but this is not reflected in the current share price.

While the company was open to exploring various options, it said it was not yet prepared to initiate a formal strategic review, the sources said.

BlueScope Steel did not immediately respond to a request for comment from MT Newswires.

Its shares fell nearly 1% in afternoon trade on Friday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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