Australian industrial investor SGH, controlled by media magnate Kerry Stokes, together with US steel producer Steel Dynamics, has tabled a new all-cash bid valued at around A$13.2 billion (approximately US$8.9 billion) to acquire BlueScope Steel, Australia’s largest steelmaker.

The proposal, which represents roughly A$30 per BlueScope share and a material premium to recent trading levels, sent the company’s stock up more than twenty percent on the Australian Securities Exchange as markets reacted to the potential deal.

Under the arrangement outlined by the consortium, SGH would acquire BlueScope’s Australian, Asia-Pacific and other non-North American operations, while Steel Dynamics would take control of the prized North Star mill and other units in the United States.

The structure reflects a negotiated carve-up of the business rather than a single consolidated buyer for the whole company.

BlueScope confirmed it had received the unsolicited and indicative offer in December but has not entered into exclusive due diligence nor agreed to proceed.

The board disclosed that it has rebuffed three prior takeover approaches from Steel Dynamics or groups involving it, including earlier bids in late 2024 and early 2025 that valued the company at lower levels.

The latest proposal is being evaluated for its conditional terms and execution complexities.

Market observers noted that, while the premium on offer has lifted BlueScope’s equity value, some investors and analysts remain cautious, asserting that the bid may need enhancement to secure shareholder and board backing.

Large institutional holders have highlighted BlueScope’s strong asset base, strategic land developments and ongoing business prospects as factors weighing against a quick acceptance of the current price.

Leadership change at BlueScope, with an incoming chief executive set to assume the role later this month, adds a further dimension to the company’s strategic deliberations.

SGH’s chief executive has argued that the geographic split would allow both the domestic Australian business and the North American arm to thrive under focused ownership, and pledged continuity in key local management if the deal proceeds.

Steel Dynamics, already a significant US producer, views the acquisition of the North Star mill as a strong fit with its existing operations near Ohio and Indiana.

The fresh bid follows a wave of heightened merger and acquisition activity in the global steel industry, shaped in part by trade policy developments and shifting competitive dynamics.

BlueScope’s approach to the offer and potential responses from shareholders will be closely watched, with implications for the future of one of Australia’s most prominent industrial corporations.