Company Announcements
January 7, 2026
BlueScope rejects SDI consortium takeover bid for fourth time
Written by Laura Miller
BlueScope has rejected for the fourth time a takeover offer led by Steel Dynamics Inc., believing the offers to be significantly undervalued.
The Australian steelmaker’s board of directors unanimously rejected the unsolicited, nearly US$9 billion takeover bid proposed by Steel Dynamics Inc. and SGH Limited.
Earlier this week, the companies confirmed media speculation and made public the takeover proposal. The SDI-SGH consortium had offered Australian $30 cash per BlueScope share. They proposed SDI taking over BlueScope’s North American operations, while SGH of Australia would take control of the rest of the company’s operations in Australia and Asia.
“The Board unanimously rejected the takeover proposal on the basis that it very significantly undervalued BlueScope,” the company stated on Wednesday, Jan. 7.
“Let me be clear,” said BlueScope Chair Jane McAloon, “This proposal was an attempt to take BlueScope from its shareholders on the cheap. It drastically undervalued our world-class assets, our growth momentum, and our future – and the Board will not let that happen.”
“This is the fourth time we’ve said no, and the answer remained the same,” McAloon continued. “BlueScope is worth considerably more than what was on the table.”
For an overview of BlueScope’s North American operations, see our previous story on this matter.
Fort Wayne, Ind.-based SDI had not responded to a request for comment as of press time.
