Steel Dynamics and SGH Submit a NBIO to Acquire BlueScope Steel

MT Newswires Live01-06 07:01

Steel Dynamics (STLD), together with SGH, said late Monday it has submitted a non-binding indicative offer, or NBIO, for SGH to acquire BlueScope Steel through a scheme of arrangement.

According to the scheme, SGH would on-sell BlueScope Steel's North American operations to Steel Dynamics, including BlueScope's North Star Flat Rolled Steel Mill and Building and Coated Products North America businesses. SGH would keep the rest of BlueScope's Australia and international businesses.

The transaction values BlueScope's stock at a wholly cash consideration of AUD$30.00 ($20.041) per share, offering a 27% premium to the closing share price as of the submission of the NBIO.

The consideration reflects a total equity value for BlueScope of AUD$13.2 billion. SGH and Steel Dynamics do not see any hindrances in regulatory approvals for the acquisition.

The companies have agreed to a 12-month exclusivity agreement and have committed sizable resources to process this transaction. The proposal price will also be lowered by the value of any cash dividends distributed by BlueScope to its shareholders after Dec. 12, 2025.

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