Australia’s BlueScope Steel is weighing an improved takeover proposal from a consortium led by US steelmaker Steel Dynamics and Australian conglomerate SGH. The bidders have lifted what they call their “best and final” offer to A$32.35 per share, valuing BlueScope at roughly A$15 billion (about US$11 billion), after the company rejected an earlier A$30-per-share approach in January.

BlueScope said its board will assess the latest bid against the company’s fundamental value, after previously arguing that the business was being significantly undervalued.

Under the consortium’s outline, the group would be split by geography: Steel Dynamics would pursue BlueScope’s North Star steel mill in Ohio and its North American processing network, while SGH would seek control of BlueScope’s key Australian operations, including the Port Kembla steelworks.The renewed interest highlights ongoing consolidation pressure across the steel industry, as producers target scale, resilient earnings, and downstream capability amid fluctuating demand and pricing cycles.

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