BlueScope Steel rejected a A$15 billion ($10.7 billion) revised takeover bid from a consortium including Steel Dynamics, calling the offer insufficient. The Australian steelmaker said the headline A$34.00 per share price includes A$1.65 in already announced dividends, reducing the effective offer to A$32.35 per share. BlueScope shares fell 5% to A$26.98 on the news.

The company highlighted that its planned A$3.00 per share distribution in 2026 would further reduce the consideration to A$31.00 per share if completed next year. BlueScope's board maintained the proposal fails to address valuation concerns and contains onerous conditions, including hard exclusivity demands before due diligence. The steelmaker wants clarification on the valuation split between its North American and global operations.

Despite the rejection, BlueScope remains open to a transaction at what it considers fair value. The standoff centers on the proposed sale of its North American business to Steel Dynamics and the consortium's debt financing commitments. The A$15 billion bid represents a critical test of whether the consortium can deliver on its ambition to create a global steel powerhouse.