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Steel Dynamics Targets BlueScope In A Surprise Bid—4 Strategic Wins If It Closes!

Steel Dynamics has taken a bold step toward global expansion by making a joint A$13.15 billion (~US$8.8 billion) acquisition offer for Australian steel producer BlueScope Steel. The offer, made in partnership with Australian conglomerate SGH, values BlueScope at A$30 per share—a 26.8% premium to its December 11 closing price and a 22.7% premium to its most recent closing price. Under the proposed structure, SGH would acquire BlueScope’s entire share base and subsequently divest its North American assets to Steel Dynamics. This strategic move marks a culmination of persistent efforts by Steel Dynamics, which had previously tabled three unsolicited bids—two consortium-led and one solo offer—all of which were rejected. As of Q3 2025, Steel Dynamics is navigating softer pricing and margin compression but remains committed to strategic M&A as a growth lever, and this BlueScope bid could redefine its competitive posture in global steel markets.