SGH and Steel Dynamics Confirm A$32.35 Offer to Acquire BlueScope Steel

The revised proposal represents a 47% premium to BlueScope's undisturbed share price.

Published on Feb. 19, 2026

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SGH Ltd (SGH) and Steel Dynamics, Inc. (SDI) have submitted a revised non-binding indicative offer to acquire 100% of BlueScope Steel Ltd (BSL) for A$32.35 per share, representing a total equity value of A$15 billion (US$11 billion). The offer price implies significant premiums to BlueScope's undisturbed trading metrics, including a 47% premium to its adjusted closing share price at the initial proposal and a 56% premium to its 52-week volume-weighted average share price.

Why it matters

The proposed acquisition aligns with SGH's capital allocation criteria and provides an opportunity to support performance improvement through the disciplined application of SGH's operating model. For SDI, the transaction would uniquely complement its existing steel production, coating, metals recycling, and building products platforms.

The details

Under the revised proposal, if the transaction is completed, SGH would on-sell BlueScope's North American operations to SDI, while retaining the remaining "Australia + Rest of World" operations. The offer is subject to customary regulatory approvals, as well as completion of due diligence, agreement of a binding scheme implementation deed, and receipt of relevant shareholder and regulatory approvals.

  • The revised offer was submitted on February 17, 2026.
  • BlueScope declared a A$1.00 unfranked special dividend on January 14, 2026, with an ex-dividend date of January 20, 2026.
  • BlueScope declared a A$0.65 unfranked interim dividend on February 16, 2026, with an ex-dividend date of February 20, 2026.

The players

SGH Ltd

An Australian industrial platform with diversified operations across a range of businesses and a strong capital foundation.

Steel Dynamics, Inc.

A U.S. steel producer with operations in steel production, coating, metals recycling, and building products.

BlueScope Steel Ltd

An Australian steel producer with operations in Australia, North America, and other regions.

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What’s next

SGH and SDI look forward to productive engagement with BlueScope to progress their due diligence requirements, transaction documentation, and to a successful completion of the acquisition.

The takeaway

The proposed acquisition of BlueScope Steel by SGH and Steel Dynamics represents a strategic opportunity for both companies, with SGH positioned to leverage its operating model to support performance improvement in BlueScope's Australia and Rest of World operations, while Steel Dynamics would benefit from the complementary nature of BlueScope's North American business.