(Bloomberg) — BlueScope Steel Ltd., which rejected a takeover bid from Steel Dynamics Inc. and SGH Ltd. last month, plans to push for growth in the US through an expansion of its North Star operations and premium products.

“We do see significant growth opportunities over time in the US, but a lot of it we think will be pursued through organic means” rather than acquisitions, Chief Executive Officer Tania Archibald said in a Bloomberg TV interview on Monday. She added the company had “plenty of capacity to fund ongoing growth” from its current balance sheet.

Most Read from Bloomberg

The Australian steelmaker aims to increase annual capacity at its North Star mill in Ohio from 3 million to 3.3 million tons, with plans to potentially grow beyond that level. It will also look to tap a “large market in the US” for its premium business supplying coated and painted steel to the building industry. The expansion would be based on the successes in Australia, New Zealand and Asia.

Bluescope last month knocked back what it called a “highly opportunistic takeover proposal” of A$13.2 billion ($9.3 billion) or A$30 a share from Steel Dynamics and SGH. The deal, which was the latest in a series of unsuccessful bids, would have seen the company split into two businesses, with Steel Dynamics taking the US operations and SGH the steelworks in Port Kembla, Australia.

While the firm will “consider any offers that might come our way,” Archibald said BlueScope is focused on handing cash back to investors. “What we’re doing is ramping down that capital spend, and ramping up returns to shareholders,” she said.

After reporting strong financial results on Monday, the company announced a A$310 million share buyback program and a new policy to distribute at least 75% of free cash flow to investors. Total returns to shareholders are likely to hit A$3 a share, Archibald said.

First-half underlying profit more than doubled to A$382 million from A$176.4 million a year earlier. The company forecasts second-half underlying EBIT of $A620 million to A$700 million.

BlueScope shares dropped 2.5% at 2 p.m. in Sydney.

–With assistance from Andy Clarke.

Most Read from Bloomberg Businessweek

©2026 Bloomberg L.P.