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‘Very disappointing’: Steel Dynamics CEO slams BlueScope over takeover knockback

In his first public remarks on Steel Dynamics’ takeover bid, CEO Mark Millett criticised BlueScope’s response to the offer and its performance in North America.

Hugo Mathers
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Steel Dynamics' flat roll steel operation in Columbus, Mississippi. Steel Dynamics.

The chief executive of BlueScope Steel suitor Steel Dynamics has taken aim at BlueScope chair Jane McAloon, describing her emphatic rejection of his company’s $30-per-share takeover proposal as “very disappointing”.

In his first public comments since the takeover bid was announced on 5 January, Steel Dynamics co-founder, chairman and CEO Mark Millett said the joint approach with Ryan Stokes-controlled SGH was “not an opportunistic foray to acquire assets on the cheap”.

“Our actions are intentional and strategic, not opportunistic,” Millett told investors during an earnings call overnight.

“The offer is compelling, reflecting the value of BlueScope's business appropriately and is significantly higher than the value its shares have ever realised in over 15 years.”