BlueScope rejects $14.2bn bid as too low, leaves door open for revised offer
Plus the funding opportunities closing soon, Jacinda Ardern and more
BlueScope Steel has rejected a revised $14.2 billion takeover proposal from Kerry Stokes-controlled SGH and US steelmaker Steel Dynamics, telling the consortium its $34-per-share offer is effectively worth only $31 once a planned $3-per-share shareholder return is factored in.
The board, chaired by Jane McAloon, stopped short of closing the door. In a letter published to the ASX on Thursday, it indicated it would engage further if the consortium raised its price and dropped conditions it described as “onerous”: including hard exclusivity, no-shop and no-talk clauses, and a demand for unanimous board recommendation before due diligence begins.
BlueScope shares fell 2.3 per cent to $27.71. Milford portfolio manager Greg Cassidy told the Australian Financial Review the market was pricing in reduced deal probability, with the valuation gap between the parties the central obstacle.
The stakes for the Illawarra are significant. If the bid succeeds, SGH would retain BlueScope’s Australian operations - anchored by the Port Kembla steelworks - while Steel Dynamics takes the North American business. That split would reshape the ownership structure of one of the region’s largest employers and most strategically important industrial sites.
This was Steel Dynamics’ fifth (and “final” they said) attempt to acquire BlueScope, and the second joint bid with SGH.
New BlueScope CEO Tania Archibald, in the role since February 1, announced a substantial lift in interim profit last week, strengthening the board’s hand in holding out for a higher price.
Former PM sets tongues wagging
New Zealand’s third female Prime Minister, Jacinda Ardern, sparked interest aplenty when she was spotted in the Illawarra recently.
The high-profile former pollie was keeping a low-profile at a community expo with New Zealand’s longest-serving female politician Dame Annette King.
Kiama Mayor Cameron McDonald recounted his meeting with Ms Adern to Region Illawarra before the plot thickened. A “spokesperson” confirmed to the Murdoch media the woman who, in 2017, became the world’s youngest female head of government, is living in Australia after she was seen checking out properties on Sydney’s northern beaches.
Ms Ardern walked away from New Zealand’s top job in 2023 after six years in the top job. A documentary about that time, called Prime Minister, premiered at the Sundance Film Festival in January 2025 to positive reviews.
Some of the state funding opportunities closing soon
Given the rate the first part of the year is disappearing it seemed only fair to share a handful of state grants and funding opportunities closing soon.
There are grants that close before March 6, but even a last-minute application deserves full attention so we’re thinking that’s cutting it too fine.
Opportunities closing soon are:
2026 Inclusive Environments Funding Program - Quarter 2 Payments (not-for-profit)
Up to $20,000. Closes: March 6
Funding is available to Community Preschools for minor construction and specialised equipment or furniture to enable children with disability and additional needs to participate in the educational program on the same basis as their peers
From $10,000 to $40,000. Closes: March 10
Fostering Innovation Sponsorship Program - Round 4 - is designed to support activities that enable the innovation ecosystem to connect, learn and develop.
2026/27 Investing in Women (business, not-for-profit)
From $25,000 to $750,000. Closes: March 13
This is an open, competitive grant for: — Incorporated not-for-profit organisations — Social enterprises — Majority women-owned and managed small businesses
2026 Aboriginal Languages Revival Program (not-for-profit)
From $1,000 to $30,000. Closes: March 13
The Aboriginal Languages Revival Program provides grant funding from $1,000 to $30,000 to support eligible Aboriginal Community organisations, groups and individuals to commence or build on smaller scale Languages revival projects or activities.
Crew Development Program 25/26 - Stream B: Production Management & Post-Production Supervision departments (individual)
Opportunity: Intensive training and paid placements. Grant Value: $0 - $500. Closes: March 16
The Crew Development Program offers intensive training and paid production placements (with mentorship) for NSW entry-level and mid-career crew from underrepresented backgrounds.
2026 NAIDOC Grants Program (not-for-profit)
From $1000 to $5000. Closes: March 22
Aboriginal Affairs NSW (AANSW) supports the holding of events and activities in NSW by eligible community-based organisations and groups that align with the 2026 NAIDOC Week theme.
All-Ages Live Music Venue Program - EOI (business)
$100,000 (ex GST) to deliver a series of all-ages events (minimum 3). Closes: March 23.
The All-Ages Live Music Venue Program supports dedicated NSW live music venues with a track record of delivering all-ages contemporary music events, and a commitment to collaborating with young people to program events that build new audiences.
Digital Games Seed Development Program 2025-26 (business, individual)
Up to $30,000 as a grant. Closes: March 23.
Targeted at emerging and small-medium enterprise digital game creators, the fund will provide a grant of up to $30,000 for early-stage game development.
To check out more opportunities from the state government, go here
For potential funding at a local government level, check out what Wollongong, Shellharbour, Kiama and Shoalhaven councils have to offer by hitting the applicable council name.
Hot ticket
Why not wind down your weekend with some sweet live music? Way Dynamic, with all their minimalist folk-pop, baroque pop and art rock, will do it for you at Franks Wild Years on Sunday, March 1. McKimmie is the support. Get down to 3/2a Raymond Rd, Thirroul between 3pm-5.30pm. Tickets here