Steel Dynamics, SGH Make $8.8 Billion BlueScope Bid (Correct)

US steelmaker Steel Dynamics Inc. and Australian conglomerate SGH Limited made a joint A$13.14 billion ($8.8 billion) takeover offer for BlueScope Steel Ltd., helping the American company grow its presence in midwestern states.

SGH Limited, a Sydney-based company controlled by billionaire Kerry Stokes, proposed acquiring Australia’s largest steelmaker at A$30 per share — a 23% premium to the most recent closing price. It would then plan to sell its North American assets to Steel Dynamics Inc, according to a statement from BlueScope on Monday.

The bidders confirmed the offer in a statement Tuesday morning in Sydney.

“We ...