SYDNEY, June 29, 2026, 07:02 AEST
- BlueScope closed Friday at A$33.46, 1.6% under the headline revised bid of A$34.00. That’s still 3.4% higher than BlueScope’s own A$32.35 adjusted estimate of the bid.
- The stock gained 0.7% last week. The S&P/ASX 200 (INDEXASX:XJO) dropped 0.73% in the same period.
- Five-day average volume was around 1.03 million shares, lower than the 2026 daily average of 1.33 million shares.
ASX cash trading had yet to start at 07:02 AEST, with standard Sydney hours from 9:59 a.m. to 4:00 p.m. Monday through Friday. BlueScope Steel Limited ASX:BSL last changed hands at A$33.46—right around the level that stalled the last takeover. Any fresh move will likely have to grapple with price, not just topping up a premium.
The clean number here is the spread to the old offer. SGH Limited (ASX:SGH) and Steel Dynamics Inc. (NASDAQ:STLD) updated their bid to A$34.00 a share. But BlueScope said the A$1.65 in declared dividends brings that down to A$32.35, warning that if more distributions are announced the board would put the assessed scheme price at A$31.00.
| Reference point | A$/share | Gap from A$33.46 Friday close |
|---|---|---|
| Headline revised offer | 34.00 | -1.6% |
| BlueScope price with A$1.65 in declared dividends | 32.35 | +3.4% |
| Board-estimated scheme value including more 2026 payouts | 31.00 | +7.9% |
This is important since BlueScope isn’t trading at an obvious merger discount anymore. A bidder basing terms on the February price would be under the current market. At A$34.00, an offer would barely clear Friday’s closing price—less than a 2% premium, and that’s without factoring in scheme risk.
BlueScope shares ticked up, but volume was light. The stock ended the session 0.7% above last Friday at A$33.24, with about 1.03 million shares traded daily over the past week. That’s below the 2026 average of 1.33 million a day. So far this year the stock is up 39.01% and has gained 45.29% in FY2026.
| Measure | BlueScope | S&P/ASX 200 |
|---|---|---|
| Friday close | A$33.46 | 8,764.2 |
| Weekly move | up 0.7% | down 0.73% |
| Five-session average volume | 1.03 million shares | n/a |
The broader index gained 0.18% on Friday, finishing at 8,764.2, but was down 0.73% for the week. ABC’s market report pointed to weaker global shares and falling commodity prices weighing on Australian equities late in the week.
BlueScope’s January defense leaned on its own figures, which investors have been measuring against the stock. The company said it aims for A$200 million in cost and productivity gains in FY2026 and is targeting A$500 million extra annual EBIT by 2030. It also called out a 1,200-hectare land portfolio, noting that a West Dapto deal puts possible overall value at up to A$2.8 billion over time.
BlueScope Chair Jane McAloon called the bid in January an “attempt to take BlueScope from its shareholders on the cheap”. The company said in February it was open to more talks if the consortium dealt with valuation and deal terms.
Jamie Hannah, deputy head of investments at VanEck, which holds stakes in BlueScope and SGH, said to Reuters in February that BlueScope had “good operations” and the price could “materially increase” over the medium term. Greg Cassidy, senior analyst at Milford Asset Management, also told Reuters he still thinks a deal could happen because BlueScope’s directors “haven’t outright said no”. Reuters
BlueScope’s investor news page on Monday showed no updates newer than May 22, with the latest item titled “BlueScope Board and Committee Changes”. On the company’s home page, the most recent financial results posting was for the 1H FY2026 results presentation. BlueScope
