Is the new Steraks a nerf unless you have 2 or 3 other health items?

Tl:dr it is a nerf without a lot of bonus health unless my math is wrong.

It scales off 75% bonus health and if my math is right going from 30% max health to 75% bonus health makes it a poor first or second item.

If we do some maths and say the base health of a champ is 2000 and they buy the new steraks which will have about 400 bonus health giving them 2400 health.

Current steraks would give a 720 health shield and new steraks would give a 300 health shield, not bad so far and good for no longer being a one item defensive wonder.

But if this target buys 600 more health for a total of 3000 the current steraks gives 900 health shield and the new one gives 75% of 1000 for 750.

To break even with current steraks the champion would need close to around 1350 bonus health. Anything more is a small buff.

I guess they want the item to not be so strong on its own but similar to thornmail itll be super meh on most champs without building solely for the effect but amazing on a select few.

Select few being champs with abilities that give tons of bonus health on bonus health.

These guys as extremes.

These guys as amazing ults to boost the steraks shield.