BlueScope Steel has dismissed a $13.2 billion takeover offer from Kerry Stokes and his US partners. The company called the bid 'drastically undervalued' and said it was an attempt to buy BlueScope 'on the cheap.' The offer came from Steel Dynamics, a US industrial metals firm, teamed with Stokes-controlled SGH Limited. They proposed $30 per share, a 27% premium over the December 12 trading price. This is the fourth time Steel Dynamics has tried to take control of BlueScope unsuccessfully. After the bid became public, BlueScope’s shares jumped 20.6% to $29.48, marking a 17-year high. BlueScope’s chair, Jane McAloon, said in a statement to the ASX, "Let me be clear – this proposal was an attempt to take BlueScope from its shareholders on the cheap. It drastically undervalued our world-class assets, our growth momentum, and our future – and the board will not let that happen." She added, "This is the fourth time we’ve said no, and the answer remained the same – BlueScope is worth considerably more than what was on the table." Stokes and his partners will need to offer a higher price if they want to secure the company’s North American operations.