Press release
SGH and Steel Dynamics confirm the submission of a NBIO to acquire BlueScope Steel Ltd
FORT WAYNE, Ind., Jan. 5, 2026 /PRNewswire/ --6 January 2026 AEDT / 5 January 2026 ESTCompany Announcements Office Australian Securities Exchange Limited 20
About this update from Steel Dynamics, Inc.
[{"type":"text","content":"FORT WAYNE, Ind., Jan. 5, 2026 /PRNewswire/ --6 January 2026 AEDT / 5 January 2026 ESTCompany Announcements Office Australian Securities Exchange Limited 20 Bridge Street SYDNEY NSW 2000 Overview In response to media speculation, SGH Ltd (ASX: SGH) confirms it has submitted a Non-Binding Indicative Offer (NBIO), together with Steel Dynamics, Inc. (SDI) (NASDAQ/GS: STLD), for SGH to acquire 100% of BlueScope Steel Ltd (ASX: BSL) by way of a scheme of arrangement (the Proposal). If the Proposal is implemented and following the transaction close, SGH would on-sell BSL's North American operations to SDI, which include BSL's North Star Flat Rolled Steel Mill and Building and Coated Products North America businesses. SGH would retain the remaining BSL \"Australia + Rest of World\" operations, including Australian Steel Products, Asia Coated Products, and New Zealand and Pacific Islands businesses.Compelling opportunity to realise a material uplift in valueThe Proposal provides BSL shareholders with an immediate, certain opportunity to realise a material uplift in value. The Proposal to acquire BSL's shares for a wholly cash consideration of AUD$30.00 (USD$20.041) per share represents a compelling value proposition and highly attractive premium for BSL shareholders, being:27% premium to BSL's closing share price as at the submission of the NBIO2;33% premium to BSL's 3-month volume-weighted average share price3;33% premium to BSL's 52-week volume-weighted average share price4;15% premium to BSL's 15-year high share price5; and18.6x EV / FY25A EBIT and 9.5x EV / FY25A EBITDA6.The consideration represents a total equity value for BSL of AUD$13.2 billion (USD$8.8 billion1). SGH and SDI do not envisage any material obstacles in obtaining the relevant regulatory approvals required, which are customary for an acquisition of this nature. SGH and SDI have also entered into a 12-month exclusivity agreement with each other and have committed significant resources to progress this transaction. In line with transactions of this nature, the Proposal price will be reduced by the quantum of any cash dividends paid by BSL to its shareholders after 12 December 2025 (the NBIO submission date).The Proposal is subject to customary conditions, including completion of satisfactory due diligence, agreement of a binding scheme implementation deed, and receipt ...