BlueScope (BSL AU): SGH And SDI's Latest NBIO - What Say You AusSuper?

Feb 19, 2026

∙ Paid

Back on the 6th January, Kerry Stokes-backed SGH Limited (SGH AU) and Steel Dynamics (STLD US) submitted an A$0.30/share cash NBIO for BlueScope Steel (BSL AU), Australia’s largest steel manufacturer.
BlueScope summarily rejected terms, stating the Offer “very significantly undervalues“ the company. SGH/SDI have now returned with a $32.35/share (best & final) NBIO - $34/share when including A$1.65/share in dividends.
That’s a A$15bn bid. Exclusive due diligence is sought. AusSuper, with 13.5% of shares out, holds the key. No scrip alternative is afforded. My guess is AusSuper is not supportive.

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