Investment company Vanguard has increased its stake in Australian steel manufacturer BlueScope Steel to 6.04 per cent, up from its previous holding of 5.0 per cent. Vanguard lodged a substantial shareholder notice on Tuesday, formally outlining the change in its ownership position. This move comes after BlueScope’s board rejected a buyout proposal from SGH, controlled by Kerry Stokes, and US-based Steel Dynamics. The rejected offer was pitched at $30 per share.
BlueScope owns the Port Kembla steelworks in Wollongong and operates the fifth-largest steel business in the United States. The company’s decision to reject the buyout was supported by its largest shareholder, AustralianSuper, which holds more than 13 per cent of BlueScope’s shares. The increased stake by Vanguard signals continued investor interest in the steelmaker following the recent buyout offer.
BlueScope Steel is a major Australian steel company with operations spanning manufacturing sites in Australia, New Zealand, Asia, and North America. It is also one of the largest manufacturers of painted and coated steel products, globally.
