BlueScope recently received an unsolicited $30.00 per share cash offer from a consortium involving SGH Limited and US-based Steel Dynamics. Under this plan, SGH would acquire the company before selling BlueScope’s North American divisions to Steel Dynamics.

The board is currently assessing the deal against the firm's internal value, including 1,200 hectares of landholdings and a targeted $500 million annual earnings increase by 2030.

The steelmaker previously rejected three lower offers ranging from $27.50 to $29.00 per share, stating concerns about undervaluation and regulatory risks.

This new proposal remains subject to conditions such as due diligence, shareholder approval, and debt funding. Executives are still evaluating the offer in comparison to the company’s existing capital pipeline and recent asset deals.