Australia’s largest steelmaker is the target of a takeover bid by a consortium that includes a Kerry Stokes-controlled entity.

SGH, formerly known as Seven Group Holdings, has teamed up with the US-based industrial metals group Steel Dynamics to make an all-cash offer for BlueScope Steel.

The offer of $30 per share values BlueScope at $13 billion, and is a premium to its share price close of $24.45 on Monday.

If the bid is successful, BlueScope will be broken up with SGH planning to on-sell its North American operations to Steel Dynamics, while retaining the Australian steel and Asia coated products and the New Zealand and Pacific islands businesses.

“We believe BlueScope’s Australian business is a strong strategic fit for SGH, and we have a proven track record of driving performance improvement in domestic industrial businesses,” SGH chief executive Ryan Stokes said.

“We intend to leverage our disciplined operating model and capital allocation approach to deliver better outcomes for stakeholders.”

Steel Dynamics chief executive Mark Millett said the North American assets, which include BlueScope’s North Star flat rolled steel mill and building and coated products businesses, will fit in well with its existing operations.

The takeover offer is now being considered by BlueScope, which on Monday night told shareholders it had been approached by the predators on December 12.

BlueScope also confirmed it had previously rejected three separate unsolicited approaches in 2025 and 2024, all of which involved Steel Dynamics.

“These approaches were rejected as they significantly undervalued BlueScope and its future prospects,” it said in a statement.