Australia's BlueScope Steel rejected a revised A$15 billion takeover bid from a consortium comprising SGH and US-based Steel Dynamics, though it said it remains open to further discussions.

The board said the revised offer of A$34 per share does not reflect the fair value of the company and is insufficient for it to recommend a scheme of arrangement to shareholders. The effective value of the bid falls to A$32.35 after accounting for a A$1 special dividend declared in January and a A$0.65 interim dividend. BlueScope also plans to distribute a further A$1.35 per share to investors in 2026.

BlueScope has now rejected five takeover approaches from Steel Dynamics, including two joint bids with SGH. The company said it would consider further engagement if the consortium improves its proposal and provides more clarity on the valuation of its North American assets, funding structure, and due diligence process.