Steel Dynamics, Inc. · NASDAQ:STLD
Steel Dynamics — Merger or Acquisition (January 2026)
9 slides from Steel Dynamics's merger presentation, Jan 5, 2026
Slide 1: Overview of Non-Binding Indicative Offer to Acquire BlueScope's North American Operations
Overview of Non-Binding Indicative Offer to Acquire BlueScope’s North American Operations January 5, 2026
Slide 2: Forward Looking Statements
NON-BINDING INDICATIVE OFFER TO ACQUIRE BLUESCOPE’S NORTH AMERICAN OPERATIONS Forward Looking Statements This presentation contains some predictive statements about future events, including statements related to the non-binding indicative offer to potentially acquire BlueScope North America, conditi
Slide 3: Geographically synergistic North American assets that complement our existing operations
NON-BINDING INDICATIVE OFFER TO ACQUIRE BLUESCOPE’S NORTH AMERICAN OPERATIONS Geographically synergistic North American assets that complement our existing operations North Star BlueScope BlueScope North America Operations² BlueScope N.A. Metals Recycling (3 locations) Coated Products (7 locations)
Slide 4: Key investment highlights
NON-BINDING INDICATIVE OFFER TO ACQUIRE BLUESCOPE’S NORTH AMERICAN OPERATIONS Key investment highlights 1 Cultural fit – entrepreneurial spirit and commitment to health, safety, and sustainability Highly synergistic across our steel, steel fabrication, metals recycling, and 2 aluminum operating plat
Slide 5: Consistent with our capital allocation framework, committed to growth, shareholder returns, and investment grade ratings
NON-BINDING INDICATIVE OFFER TO ACQUIRE BLUESCOPE’S NORTH AMERICAN OPERATIONS Consistent with our capital allocation framework, committed to growth, shareholder returns, and investment grade ratings Best-In-Class Strong Cash Flow Strong Balance Significant Strategic Performance Generating Business M
Slide 6: Non-binding indicative offer overview
NON-BINDING INDICATIVE OFFER TO ACQUIRE BLUESCOPE’S NORTH AMERICAN OPERATIONS Non-binding indicative offer overview BlueScope / • BlueScope is an Australian publicly traded steel company (ASX:BSL) BlueScope North • BlueScope’s North American operations are primarily comprised of a 3.3-million-ton fl
Slide 7: Appendix
Appendix 7
Slide 8: Overview of SGH Ltd
NON-BINDING INDICATIVE OFFER TO ACQUIRE BLUESCOPE’S NORTH AMERICAN OPERATIONS Overview of SGH Ltd Revenue AUD $10.7bn¹ SGH Ltd (ASX: SGH) is an Australian-based public company with diversified operating businesses and investments across EBITDA AUD $2.1bn¹ industrial services, energy, and media. • 10
Slide 9: EBITDA and Adjusted EBITDA reconciliations
NON-BINDING INDICATIVE OFFER TO ACQUIRE BLUESCOPE’S NORTH AMERICAN OPERATIONS EBITDA and Adjusted EBITDA reconciliations Dollars in millions 2020 2021 2022 2023 2024 2025TTM1 Net Income (Loss) $571 $3,247 $3,879 $2,467 $1,550 $1,133 Income Taxes (Benefit) 135 962 1,142 752 433 294 Net Interest Expen
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