BlueScope Board Rejects $8.8 Billion Steel Dynamics, SGH Bid

Slit steel coil rolls at BlueScope Steel Ltd. Port Kembla steelworks in Port Kembla, Australia.
Photographer: Brent Lewin/Bloomberg

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By Katharine Gemmell

January 7, 2026 at 8:29 AM UTC

Updated on

January 7, 2026 at 10:16 AM UTC

BlueScope Steel Ltd. rejected the latest takeover approach from US steelmaker Steel Dynamics Inc., arguing a $8.8 billion joint offer made with Australian conglomerate SGH Ltd. “very significantly” undervalued its assets.

The decision is a blow to the ambitions of Steel Dynamics, which had made several previous offers for BlueScope’s North American plants, as it seeks to benefit from steep tariffs imposed by the Trump administration to shield US producers.