(Jan 7): BlueScope Steel Ltd rejected an US$8.8 billion (RM35.68 billion) takeover bid by US steelmaker Steel Dynamics Inc and Australian conglomerate SGH Ltd. The company’s board unanimously decided the offer “very significantly” undervalued BlueScope, it said in a statement on Wednesday (Jan 7). Steel Dynamics and SGH — controlled by billionaire Kerry Stokes — offered A$30 (RM82) per share for the Australian steelmaker. The US buyer would have taken over the North American facilities and SGH would have retained the remainder if the takeover proposal had been accepted. The company owns a steel mill in Ohio, about 80 miles from a Steel Dynamics-owned operation, as well as a building products business.

Source: The Edge Markets January 07, 2026 10:23 UTC