PR Newswire·Jan 5, 2026, 5:22 PM ET

SGH and Steel Dynamics confirm the submission of a NBIO to acquire BlueScope Steel Ltd

SGH Ltd & Steel Dynamics, Inc. submitted a Non-Binding Indicative Offer to acquire 100% of BlueScope Steel Ltd via a scheme of arrangement.
The proposed deal involves SGH retaining BlueScope's "Australia + Rest of World" operations while SGH sells BlueScope's North American assets to Steel Dynamics.
The offer price is AUD$30.00 per share, representing a 27% premium to the closing price on 11 December 2025, a 33% premium to the 3-month & 52-week volume-weighted average prices, & a 15% premium to the 15-year high.
The total equity value for BlueScope is AUD$13.2 billion, with the consideration subject to reduction for any cash dividends paid after 12 December 2025.
SGH & Steel Dynamics have entered a 12-month exclusivity agreement & anticipate no material obstacles in obtaining regulatory approvals.
SGH proposes offering one or two Board positions for BlueScope directors, while both acquirers intend to retain key management teams for their respective regional operations.
The transaction will be funded through existing cash reserves & available debt financing, requiring no new equity issuance.
SGH appointed Barrenjoey & Goldman Sachs as financial advisors, while Steel Dynamics appointed JP Morgan as its financial advisor.
The proposal remains non-binding & is subject to due diligence, a binding scheme implementation deed, & shareholder approvals, with no certainty that a transaction will be completed.