Steel Dynamics, Inc. and SGH Ltd confirmed their best and final non-binding indicative offer of A$32.35 per share (equivalent to A$34.00 pre-dividend adjustments) to acquire 100% of BlueScope Steel Ltd, representing a total equity value of A$15 billion (US$11 billion) in cash. The offer is subject to customary due diligence, binding agreements, and regulatory approvals.
Key takeaways
SGH Ltd and Steel Dynamics, Inc. submitted revised NBIO of A$32.35 per share for 100% of BlueScope Steel Ltd (BSL)
Total equity value A$15 billion (US$11 billion), entirely cash
47% premium to BSL’s adjusted closing price of A$23.66 on December 11, 2025
14% increase from initial proposal of A$28.35
Post-close, SGH to on-sell BSL’s North American operations to SDI
Subject to due diligence, binding scheme deed, shareholder and regulatory approvals