BlueScope Steel decisively rejected a $30-per-share takeover bid from an SGH-Steel Dynamics consortium on December 12, 2025, marking the fourth unsolicited approach the Board has rebuffed since late 2024. The Australian steelmaker's leadership maintains the offer substantially undervalues the company's integrated operations, $2.3 billion transformation program, & anticipated $500 million annual earnings uplift by 2030. The consortium's proposal, which would see SGH acquire all shares before selling North American operations to Steel Dynamics, includes highly conditional financing & numerous execution contingencies. BlueScope's Board emphasizes the company's resilient asset portfolio, improving cash flow trajectory, & significant latent value in its 1,200-hectare land holdings as justification for rejecting bids management characterizes as opportunistic.