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Blockbuster Acquisition Proposal as SGH and SDI Eye BlueScope

In a move that could reshape the Australian steel industry, SGH Ltd (ASX:SGH) and Steel Dynamics, Inc. (NASDAQ/GS:STLD) have submitted a non-binding indicative offer to acquire 100% of BlueScope Steel Ltd (ASX:BSL) for a compelling AUD$30.00 (USD$20.04) per share. This proposed deal represents a substantial 27% premium to BlueScope's closing share price.

The strategic plan behind the acquisition is to divide BlueScope's operations, with SGH retaining the Australia + Rest of World business and SDI taking over the North American assets. Both companies believe this separation will allow the independent enterprises to thrive as stand-alone entities under new ownership.

Orthocell Delivers Seventh Consecutive Record Quarter

In other news, Orthocell Limited (ASX:OCC) continues its impressive growth trajectory, reporting a record quarterly revenue of $3.2 million for the period ending 31 December 2025. This marks the company's seventh straight quarter of record results, representing a 45.2% increase year-over-year and a 7% jump from the previous quarter.

Orthocell's Managing Director highlighted the strong performance in existing markets, including initial contributions from the United States, as key drivers behind the outstanding financial results. The company is well-positioned to build on this momentum, with a robust cash reserve of $49.4 million and an anticipated R&D tax incentive refund of $3 million in the coming quarter.

Monadelphous Secures Major BHP Contract

In other industry news, Monadelphous Group Limited (ASX: MND) has been awarded a significant $175 million construction contract with BHP. The contract includes civil, structural, mechanical, piping, and electrical works associated with a car dumper project at Finucane Island in Port Hedland, Western Australia.

Monadelphous Managing Director Zoran Bebic emphasized that the award reflects the company's extensive experience and strong reputation in delivering car dumper projects, further strengthening its long-standing relationship with BHP.

Adisyn Achieves Key Milestone in Graphene Development

Adisyn Ltd (ASX: AI1) has also made an important breakthrough in its graphene deposition development program. The company has successfully demonstrated the low-temperature deposition of an sp²-based carbon layer using an ALD system, a critical requirement for semiconductor integration. This milestone has been independently verified, providing a solid foundation as Adisyn continues to advance its graphene technology.

Looking ahead, Adisyn will progress to the next phase of its development program, including expanding deposition trials, refining processes, and characterizing the deposited films. The company will leverage its international research collaborations to drive further progress towards broader coupon-level testing and, ultimately, wafer-level evaluation.

VBX Discovers High-Grade Bauxite at Wuudagu

Rounding out the day's news, VBX Limited (ASX: VBX) has reported the discovery of thicker, higher-grade bauxite deposits at its Wuudagu E and F plateaus in northern Western Australia. Assay results from 96 exploration drill holes indicate consistently high-quality bauxite profiles, with no historical drilling in these areas.

VBX is targeting an increase in the size and confidence of the Wuudagu resource estimate, with updated resource figures for the existing deposits and initial estimates for the newly discovered Wuudagu E and F plateaus expected in the coming weeks.