• Revised offer of A$32.35 per share, representing a 47% premium to BSL's undisturbed share price
• Total equity value for BSL of A$15 billion (US$11 billion)
• SGH to retain BSL's Australia + Rest of World operations, SDI to acquire North American operations

SGH Ltd (SGH) and Steel Dynamics, Inc. (SDI) have confirmed that they have submitted a revised Non-Binding Indicative Offer (NBIO) to acquire 100% of BlueScope Steel Ltd (BSL). The revised offer of A$32.35 per share (equivalent to A$34.00 per share prior to deductions of A$1.65, consisting of BSL's $1.00 per share unfranked special dividend and A$0.65 unfranked interim dividend) represents a compelling value proposition and highly attractive premium for BSL shareholders. The increased purchase price represents SGH and SDI's best and final offer in the absence of a superior competing proposal for all or a material part of BSL. The consideration represents a total equity value for BSL of A$15 billion (US$11 billion) to be comprised entirely of cash. The revised offer implies significant premiums to undisturbed trading metrics, including a 47% premium to BSL's adjusted closing share price at the initial proposal, a 14% increase to the adjusted initial proposal price, a 56% premium to BSL's 52-week volume-weighted average share price, and a 32% premium to BSL's 15-year high share price. If the proposal is implemented, SGH would on-sell BSL's North American operations to SDI, and SGH would retain the remaining BSL 'Australia + Rest of World' operations. The proposed acquisition is closely aligned with SGH's stated capital allocation criteria and presents a highly strategic opportunity for SDI shareholders.