CANBERA (dpa-AFX) - SGH Ltd (SGH.AX) confirmed that, together with Steel Dynamics Inc. (STLD), it has submitted a Non-Binding Indicative Offer (NBIO) to acquire 100% of BlueScope Steel Ltd (BSL.AX) through a scheme of arrangement.
Under the Proposal, SGH would retain BlueScope's 'Australia + Rest of World' operations - including Australian Steel Products, Asia Coated Products, and New Zealand and Pacific Islands businesses - while Steel Dynamics would acquire BlueScope's North American operations, such as the North Star Flat Rolled Steel Mill and Building and Coated Products businesses.
The offer provides BSL shareholders with a wholly cash consideration of A$30.00 (US$20.04) per share, representing a 27% premium to BSL's closing share price at the time of submission. This values BlueScope at A$13.2 billion (US$8.8 billion), offering shareholders an immediate and certain uplift in value.
SGH and Steel Dynamics have entered into a 12-month exclusivity agreement and committed significant resources to advance the transaction. They do not anticipate material obstacles in securing regulatory approvals, which are customary for acquisitions of this scale. The Proposal price will be adjusted for any dividends paid by BSL after December 12, 2025, the NBIO submission date.
The Proposal remains subject to due diligence, agreement of a binding scheme implementation deed, and shareholder and regulatory approvals. Both companies acknowledge there is no certainty the Proposal will proceed to completion.
To ensure continuity, SGH intends to offer one or two Board positions to current BSL directors and retain key management for the Australian operations. Steel Dynamics likewise plans to retain key leadership for the North American businesses.
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