On January 7, 2025, the Board of BlueScope unanimously turned down a takeover attempt from a consortium led by SGH Limited and Steel Dynamics. The group offered $30.00 cash per share, but directors labeled the deal highly opportunistic. Because the price would drop by the value of future dividends, the Board argued it essentially strips upside value away from current shareholders.

Chair Jane McAloon said that the offer attempts to grab world-class assets on the cheap, failing to account for an expected $400 to $900 million EBIT increase as steel spreads recover.

BlueScope also pointed to its $2.3 billion capital program and 1,200-hectare land portfolio as untapped wealth. This rejection is the fourth time the company has dismissed the consortium's advances.