Core Viewpoint - BlueScope's board is open to further engagement with Steel Dynamics and SGH if they address specific issues raised by the company [1] Group 1 - BlueScope Chair Jane McAloon indicates a willingness for continued discussions with Steel Dynamics and SGH [1]

Group 1: Market Overview - The ASX is experiencing an upswing, influenced by Wall Street's continued advance, with ASX 200 futures indicating a potential +0.9% increase [1][3] - European markets reached record highs, with the FTSE up by +1.2% [2] Group 2: Company Earnings - Qantas (ASX:QAN) reported a profit increase of $71 million, totaling $1.46 billion, and announced a $150 million share buyback along with a dividend of 19.8 cents [4] - Sigma Healthcare (ASX:SIG) saw a 23% rise in half-year net profits, reaching $379 million, and will pay a 2-cent dividend [5] - Super Retail (ASX:SUL) experienced a rise in sales but reported a 20% drop in profits due to discounting in the auto and sports sectors [4] Group 3: Other Company News - BlueScope Steel (ASX:BSL) rejected a fifth bid from SGH Limited and Steel Dynamics, valuing the offer at $14.2 billion as too low compared to its fundamental value [5] - Corporate Travel (ASX:CTD) plans to resume trading in Q2 following a forensic accounting review expected to conclude in March [5] Group 4: Commodity Prices - Iron Ore prices increased by +2.1%, now selling at $98.80 per tonne [6] - Brent Crude oil gained +0.3%, priced at $70.98 per barrel [6] - Gold is currently selling at $5,191 per ounce, while US natural gas futures rose by +3% to $2.88 per gigajoule [7]

Core Viewpoint - Steel Dynamics has shown a positive performance with an 8.7% increase in shares since the last earnings report, outperforming the S&P 500, raising questions about the sustainability of this trend leading up to the next earnings release [1] Financial Performance - For Q4 2025, Steel Dynamics reported earnings of $1.82 per share, an increase from $1.36 year-over-year, surpassing the Zacks Consensus Estimate of $1.72 [2] - Net sales for the fourth quarter reached approximately $4.4 billion, a 14% year-over-year increase, but fell short of the Zacks Consensus Estimate of $4.54 billion [2] Segment Highlights - Steel operations generated net sales of $3.14 billion, an 18.7% increase year-over-year, with steel shipments of about 3.3 million tons, exceeding the consensus estimate of 3.29 million tons [3] - The average external product selling price for steel was $1,107 per ton, up from $1,011 year-over-year, but down from $1,119 in the previous quarter, beating the consensus estimate of $1,092 per ton [3] - Metal recycling operations reported net sales of $463 million, a 4% decrease year-over-year, with ferrous shipments of approximately 1.52 million gross tons, up 7% year-over-year, surpassing the consensus of 1.44 million gross tons [4] - Steel fabrication operations had sales of around $347.3 million, down 12.3% year-over-year, with shipments of 138,375 tons, a 5.2% decrease year-over-year, missing the consensus estimate of 142,000 tons [5] Financial Position - The company ended the quarter with cash and cash equivalents of $769.9 million, a 31% increase year-over-year, while long-term debt rose to approximately $4.18 billion, a 49% increase [6] - Cash flow from operations was $272.7 million, down 21.4% year-over-year [6] Outlook - Steel Dynamics anticipates improved trade conditions and a favorable interest rate environment to bolster steel and aluminum demand, particularly for low-carbon, U.S.-made metals [7] - The commissioning of the Columbus aluminum flat rolled mill and San Luis Potosí slab center is progressing well, with expectations for strong long-term growth and value creation [7] - Estimates for the stock have been trending upward, indicating a positive outlook, with a Zacks Rank of 3 (Hold), suggesting an in-line return in the coming months [11]

Retail and Consumer - Best Buy, Ralph Lauren, and Nike are expected to benefit from the new 15% tariff, which is 4% lower than previous rates, according to Jefferies analysts [1] - Other retailers like Target and Elf Beauty may also see positive impacts from the tariff reduction [1] E-Commerce Companies - Small and midcap e-commerce stocks may experience mixed effects; Etsy is noted to be the most insulated from tariff volatility due to its diversified trade routes [1] - Chewy and Wayfair are expected to be least impacted as they have already adapted to previous tariffs [1] Paper, Lumber, and Packaging - Local packaging and lumber companies may lose their competitive edge due to the new tariffs, with companies like Clearwater Paper and Rayonier flagged for negative impacts [1] - A survey indicated that U.S. buyers reported lower containerboard prices in February, intensifying pricing pressure from increased European imports [1] Automobiles - Legacy automakers such as Ford and General Motors are unlikely to see relief from tariffs, as most tariffs on the industry remain unaffected by the recent ruling [1] Steel, Aluminum, and Copper - Producers in these sectors, including Steel Dynamics and Alcoa, are expected to remain unaffected as tariffs will continue under Section 232 [1] Emerging Markets - China is anticipated to benefit significantly from the tariff changes, with analysts expecting tariff rates to decline from 32% to around 24% and 27% [1] - Other regions like India and Southeast Asia are also expected to see tariff reductions, with estimates of 4-5% for Southeast Asia and a drop to 14% for India [1]

Group 1: Market Movements - Asian stocks rose in thin holiday trade, influenced by progress in Iran-U.S. nuclear talks and a smaller-than-expected trade deficit in Japan [1] - Japanese markets advanced as exports surged in January and confidence improved in February, providing cautious relief for policymakers [3] - Australian markets closed higher for a third consecutive session, driven by robust first-quarter results from the National Bank of Australia [5] Group 2: Economic Data and Policy - The Reserve Bank of New Zealand maintained its "accommodative for some time" stance after holding interest rates at the lowest level in 3-1/2 years [1] - U.S. commerce secretary announced Japan's $36 billion investment in three projects, including a natural gas plant and a crude oil export facility [4] - New Zealand's benchmark S&P/NZX-50 index jumped 1.65% after the Reserve Bank indicated gradual normalization of rates [6] Group 3: Sector Performance - Technology stocks rallied, while gold stocks were weighed down by falling bullion prices due to easing geopolitical tensions [6] - Financials gained ground in U.S. markets, offsetting declines in software stocks amid concerns over AI investment returns [7]

加皇资本市场认为，SGH和Steel Dynamics对博思格钢铁(BlueScope Steel)提出的上调后的收购要约不太 可能成功。加拿大皇家银行在一份报告中称，每股34澳元（计入股息前）的报价"更多是作为一种向博 思格钢铁(BSL)董事会施压、促其接触并允许SGH/STDL进行尽职调查的工具，而非一次'一击制胜'的出 价"。该券商估计博思格钢铁的周期中点价值在30多澳元区间的中段，并认为一份要约需要"至少"达到 该水平才能成功。加拿大皇家银行称："我们不认为13%的提价足以弥合此前与董事会对其基本面价值 看法之间的差距。"这两家公司在12月份对博思格钢铁提出了每股30澳元的报价。博思格钢铁在悉尼市 场上涨2.5%，报28.71澳元。 来源：滚动播报 ...

Under the revised offer, BlueScope shareholders would receive 32.35 Australian dollars, equivalent to about US$22.93, per share in cash, Steel Dynamics and SGH said. https://t.co/nkOd1oNFqg ...

Core Viewpoint - BlueScope shareholders are set to receive a revised offer of 32.35 Australian dollars, which is approximately US$22.93 per share in cash from Steel Dynamics and SGH [1] Group 1 - The revised offer represents a significant cash payout for BlueScope shareholders [1] - The cash equivalent of the offer is highlighted as being approximately US$22.93 per share [1] - The offer is part of a strategic move by Steel Dynamics and SGH to acquire BlueScope [1]

SGH and Steel Dynamics raised their bid for Australia’s BlueScope Steel https://t.co/PRaeDQg4B9 ...

Core Viewpoint - SGH Ltd and Steel Dynamics have made a final takeover bid of A$15 billion ($10.62 billion) for BlueScope Steel, offering A$32.35 per share, which is a 15.5% premium over their previous offer of A$30 per share [1]. Group 1: Offer Details - The new offer represents SGH and Steel Dynamics' best and final bid in the absence of a superior competing proposal for BlueScope Steel [1]. - The cash offer excludes dividends and is aimed at BlueScope shareholders [1]. Group 2: Financial Context - The total bid of A$15 billion translates to approximately $10.62 billion, with the exchange rate noted as $1 = 1.4118 Australian dollars [1].