AustralianSuper has turned up the heat on Ryan Stokes-led SGH in the battle for BlueScope, saying a big improvement on a rejected $13.2bn takeover offer is needed to get a deal done.

We support the BlueScope board’s decision to reject the offer and to remain focused on executing the company’s strategy without distraction,” the statement said.

Media billionaire Kerry Stokes made a near $9 billion buyout approach along with U.S.-based long-time suitor Steel Dynamics for Australia's top steelmaker BlueScope in a move that would substantially

AustralianSuper will act as kingmaker in the battle for BlueScope Steel, boosting its stake in the firm to more than 13.5 per cent in the days since a $13.2bn takeover bid from SGH and Steel Dynamics was made public.

The steelmaker’s chief executive Mark Vassella said the unused real estate could be worth $2.8 billion and had not been factored in by the company’s suitors.

Protectionist industrial policies of the U.S. and Australian Governments are the key to a takeover bid for Australian steel maker BlueScope

BlueScope Steel investors said they are hoping a A$13.2 billion ($8.92 billion) buyout bid for the company from SGH and U.S.-based Steel Dynamics will be raised ‍to win their backing to

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