SYDNEY, Jan 9 (Reuters) - BlueScope Steel's ( BLSFF ) largest

investor, AustralianSuper, said on Friday it supported the

Australian steelmaker's decision to reject a $9 billion takeover

offer from ‌SGH and U.S-based Steel Dynamics ( STLD ).

The pension fund holds ​13.52% of BlueScope, after announcing

on Thursday its ‍stake had increased from 12.5%.

BlueScope ⁠on Wednesday ⁠rejected the SGH and Steel

Dynamics ( STLD ) $A30 per share offer, saying ‌it "very significantly

undervalued" the company ​and accused the acquirors of trying to

buy BlueScope "on the cheap"

"We support ⁠the BlueScope board's ‍decision ​to reject the

offer and to remain focused on executing the company's strategy

without distraction," an ‍AustralianSuper spokesperson said.

"The current offer for BlueScope does not reflect what we

presently believe is the underlying value of the business. Based

on our current valuation, we ​would ‍only support a transaction

that was materially higher than the price of A$30 ​per

share currently proposed."

BlueScope and SGH did not immediately respond to a request

for comment on AustralianSuper's statement.

Australian pension funds are playing an increasingly active

role in corporate buyouts with AustralianSuper scuppering

Brookfield's $10.6 billion ​offer for Origin Energy ( OGFGF ). The

pension fund, which is Australia's largest, said at the time the

bid undervalued Origin.