The Stokes family-controlled listed SGH had teamed up with US firm Steel Dynamics to make a prospective $13.2 billion takeover bid - equivalent to $30 per share - for BlueScope, which reports its interim results next week.
Since the BlueScope board rejected the offer in January, the target has announced a $438 million share buyback, leaving the prospective predators to suggest that means their bid is now effectively $29 a share.
"We think that offer's full and fair ... in our view, that's really up to the other board and shareholders to consider the offer," SGH CEO Ryan Stokes told analysts on Wednesday.
Mr Stokes added SGH genuinely believed that the value of the company today versus the execution risk required was something that should be compelling for BlueScope shareholders.
"But if the shareholders ultimately don't see that, we're comfortable to move on."
Mr Stokes also said while SGH felt comfortable taking on leverage, there were other opportunities for the company.
"We feel the $29 dividend adjust price is full and fair," he repeated.
BlueScope shares fell 0.9 per cent to $28.95 by the close.
SGH reported a first-half net profit of $472.6 million, a small lift from $460.8 million in the prior corresponding period, on Wednesday.
SGH owns construction materials group Boral, equipment hire firm Coates and equipment dealer WesTrac, and retains a 20 per cent stake in the recently merged television, radio and news media groups, Seven West Media and Southern Cross Media.
Underlying earnings before tax were flat at $844 million from a year ago - but up 22 per cent on the second half of 2024/25 - on the back of revenue of $5.4 billion, helped by a strong performance in the Boral arms.
Boral's underlying result was up 10 per cent to a record $284 million, while WesTrac was down one per cent to $348 million, and the Coates business posted a decline of nine per cent to $124 million.
Operating cash flow jumped 32 per cent to $1.1 billion, which helped SGH's shares lift by 3.6 per cent to $50.91.
"We are pleased to deliver a strong result for the first half," Mr Stokes said in a statement.
"It demonstrates the strength of our diversified industrial business."
Mr Stokes, whose father is West Australian billionaire and investor Kerry Stokes, said SGH had entered the second half with "momentum".
BlueScope, which owns the Port Kembla steelworks in NSW as well as key US assets, had branded the SGH-Steel Dynamics as a "highly opportunistic" offer that didn't reflect the true value of its Australian, US and New Zealand assets.
Steel Dynamics is mainly interested in BlueScope's US assets, including the coveted North Star operation, which uses scrap steel to produce hot-rolled coil at a lower cost base than integrated mills.
Its CEO Mark Millett in January defended the offer, saying it was strategic not opportunistic, and noted that it valued BlueScope above what its share price had realised over 15 years.
The SGH-Steel Dynamics offer was made on December 12 but only came to light on January 5 when it was also revealed Steel Dynamics had made three unsuccessful previous approaches to take control of BlueScope.
SGH will pay investors an interim dividend of 32 cents per share, up seven per cent on the previous first half.
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