BlueScope advises that it has received another unsolicited, non‑binding, indicative and conditional takeover proposal from the consortium comprising SGH Limited (SGH, ASX:SGH) and Steel Dynamics, Inc. (Steel Dynamics, NASDAQ:STLD).

The proposal would see SGH acquire all of the shares in BlueScope for consideration of $32.35 cash per BlueScope share and then on-sell BlueScope’s North American businesses to Steel Dynamics.

This proposal is attached to this release. It is expressed to be a "best and final" proposal.

The Board of BlueScope, supported by management and advisers, is considering and evaluating the proposal. As part of its evaluation, the Board of BlueScope will consider the proposal relative to the fundamental value of the Company, along with the conditionality and executability of the proposal.

The Board unanimously rejected the prior proposal from the consortium on the basis that it very significantly undervalued BlueScope, as set out in its disclosure to the ASX on 7 January 2026.

Consistent with BlueScope’s half year results release, the Board is committed to optimising value for its shareholders across all of its businesses and continues to regularly assess all options to accelerate realisation of this value.

There is no certainty that the proposal will result in a transaction. BlueScope shareholders are not required to take any action in relation to this matter.

BlueScope will continue to keep the market informed in accordance with its continuous disclosure obligations.

Read the ASX Release.