Australia’s largest steel producer BlueScope Steel Ltd said it has received an indicative takeover proposal worth about A$13.15 billion (approximately US $8.78 billion) from a consortium comprising Australian industrial conglomerate SGH Ltd and U.S. steelmaker Steel Dynamics, Inc. The offer, made on December 12, 2025, consists of A$30 in cash per share, representing a significant premium over BlueScope’s recent share prices.
Under the proposal, SGH majority owned by Australian billionaire Kerry Stokes would acquire all of BlueScope’s shares and then sell the company’s North American operations to Steel Dynamics, while retaining the Australian and other international businesses.
BlueScope’s board has confirmed it is evaluating the proposal. In its exchange filing, the company noted that it had rejected three previous unsolicited approaches from Steel Dynamics–led groups in late 2024 and early 2025, as those bids were considered to undervalue the company and posed regulatory execution risks.
The consortium’s offer comes amid industry challenges and ongoing efforts by BlueScope to balance global operations with competitive pressures. Major shareholders, including pension fund AustralianSuper, have not publicly commented on the proposal.