BlueScope Shares Slip After Spurning 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 Jackie Edwards and Katharine Gemmell

January 7, 2026 at 11:30 PM UTC

Updated on

January 8, 2026 at 5:42 AM UTC

BlueScope Steel Ltd. shares slipped after it turned down the latest takeover approach from the US’s Steel Dynamics Inc., arguing an $8.8 billion joint offer with Australian conglomerate SGH Ltd. “very significantly” undervalued its assets.

The stock declined 1.6% to A$29.40 in Sydney on Thursday, after adding more than a fifth in the previous two sessions. The board also cited a period of lower steel spreads in Asia as one of the reasons for refusing the A$30 per share offer.