Market Segment
February 17, 2026
SDI and SGH submit 'best-and-final' bid for BlueScope
Written by Laura Miller
Steel Dynamics Inc. (SDI) and SGH Ltd have upped their bid to acquire BlueScope Steel.
The two companies announced late Tuesday afternoon they’ve submitted their “best and final” offer to acquire the Australia-based steelmaker.
Their revised non-binding indicative offer is A$32.35 (US$22.91) per share. That’s a 7.8% increase from the previous bid of A$30.00 per share in early January that was flatly rejected.
The new, all-cash offer represents a total consideration of A$15 billion (US$10.62 billion) for all of BlueScope’s Australian and overseas assets, including the coveted North Star BlueScope EAF mill in Delta, Ohio. The previous bid by SDI and SGH, their fourth offer, was valued at A$13.15 billion.
“The increased purchase price represents SGH and SDI’s best and final offer in the absence of a superior competing proposal for all or a material part of BSL,” the companies stated.
Australian media has reported that BlueScope has been in potential takeover talks with South Korea’s POSCO and Japan’s Nippon Steel.
BlueScope could not be reached for comment by time of publication.
BlueScope CEO Tania Archibald has said the company and its North Star operations will not go cheap. SDI Chairman and CEO Mark Millett has argued that SDI and SGH remain the best fit for the steelmaker.
(For BlueScope’s latest earnings, click here.)
