SDI on Tuesday described the latest proposal as its best and final offer. Under the, SGH would acquire all of BlueScope and then sell BlueScope North American assets to SDI. 

BlueScope rejected SGH and SDI's previous offer, saying that it undervalued the company. The company said it is evaluating the latest offer. 

"Consistent with BlueScope’s half year results release, the (board of directors) is committed to optimizing value for its shareholders across all of its businesses and continues to regularly assess all options to accelerate realization of this value." 

SDI said it continues to believe the revised proposal is strategically sound. 

"The revised proposal continues to present a highly strategic opportunity for SDI shareholders and would uniquely complement SDI’s steel production, coating, metals recycling, and building products platforms. The proposed transaction is also closely aligned with SDI’s capital allocation and credit profile framework," it said. 

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