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Ryan Stokes earmarks Boral sites for data centres as SGH eyes the AI boom

The SGH boss is tilting his construction and energy assets to capitalise on the AI arms race, while hunting an alternative M&A splash as the chances of a BlueScope deal fade.

Hugo Mathers
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Ryan Stokes (left) and ANZ chief executive Nuno Matos watch the men’s singles final at the Australian Open in January. AAP/Joel Carrett.

SGH chief executive Ryan Stokes is drafting plans to reposition his $17 billion industrial conglomerate around the impending AI infrastructure boom — including repurposing land owned by its construction materials business Boral for data centres.

“If you need a site, we’ve got surplus land within the Boral portfolio, that actually could be positioned around that,” he told Capital Brief on the sidelines of the SGH investor day in Sydney on Thursday.

“For the core inputs ... If you need construction equipment: Coates. Or concrete: Boral. Standby power — the engines of power systems — WesTrac has that.”

But Stokes believes the “obvious option” for his company is gas.

“It’s a huge opportunity, but the challenge in Australia is powering these data centres,” he said.