• Proposal to acquire BlueScope for AUD$30.00 (USD$20.04) per share, representing a 27% premium
• SGH to retain BlueScope's Australia + Rest of World operations, SDI to acquire North American operations
• Complementary fit with SGH's industrial services and SDI's steel, fabrication, and recycling businesses

SGH Ltd (ASX:SGH) and Steel Dynamics, Inc. (NASDAQ/GS:STLD) have submitted a non-binding indicative offer (NBIO) to acquire 100% of BlueScope Steel Ltd (ASX:BSL) by way of a scheme of arrangement. The proposed acquisition price of AUD$30.00 (USD$20.04) per share represents a compelling value proposition, including a 27% premium to BSL's closing share price, 33% premium to the 3-month and 52-week volume-weighted average share prices, and a 15% premium to BSL's 15-year high share price. If the proposal is implemented, SGH would retain BSL's Australia + Rest of World operations, including Australian Steel Products, Asia Coated Products, and New Zealand and Pacific Islands businesses, while SDI would acquire BSL's North American operations, including the North Star Flat Rolled Steel Mill and Building and Coated Products North America businesses. SGH and SDI believe the independent enterprises in Australia + Rest of World and North America are not strategically compatible and would benefit as stand-alone businesses under new ownership. The proposed acquisition is closely aligned with SGH's capital allocation criteria and would leverage its disciplined operating model and industrial expertise to drive performance improvement. SDI's acquisition of the North American assets would complement its existing steel, steel fabrication, and metals recycling platforms. Both SGH and SDI have strong balance sheets and access to debt financing to fund their respective transaction contributions, with no equity raising required. The proposal remains subject to customary conditions, including due diligence, binding documentation, and regulatory approvals.