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BlueScope investor& analyst visit

April 29, 2014

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Important BlueScope notice

THIS PRESENTATION IS NOT AND DOES NOT FORM PART OF ANY OFFER, INVITATION ORRECOMMENDATION IN RESPECT OF SECURITIES. ANY DECISION TO BUY OR SELL BLUESCOPESTEEL LIMITED SECURITIES OR OTHER PRODUCTS SHOULD BE MADE ONLY AFTER SEEKINGAPPROPRIATE FINANCIAL ADVICE. RELIANCE SHOULD NOT BE PLACED ON INFORMATION OROPINIONS CONTAINED IN THIS PRESENTATION AND, SUBJECT ONLY TO ANY LEGAL OBLIGATION TODO SO, BLUESCOPE STEEL DOES NOT ACCEPT ANY OBLIGATION TO CORRECT OR UPDATE THEM.THIS PRESENTATION DOES NOT TAKE INTO CONSIDERATION THE INVESTMENT OBJECTIVES,FINANCIAL SITUATION OR PARTICULAR NEEDS OF ANY PARTICULAR INVESTOR.

THIS PRESENTATION CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS, WHICH CAN BEIDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY SUCH AS “MAY”, “WILL”, “SHOULD”,“EXPECT”, “INTEND”, “ANTICIPATE”, “ESTIMATE”, “CONTINUE”, “ASSUME” OR “FORECAST” OR THENEGATIVE THEREOF OR COMPARABLE TERMINOLOGY. THESE FORWARD-LOOKING STATEMENTSINVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSEOUR ACTUAL RESULTS, PERFORMANCE AND ACHIEVEMENTS, OR INDUSTRY RESULTS, TO BEMATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCES OR ACHIEVEMENTS, ORINDUSTRY RESULTS, EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS.

TO THE FULLEST EXTENT PERMITTED BY LAW, BLUESCOPE STEEL AND ITS AFFILIATES AND THEIRRESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS, ACCEPT NO RESPONSIBILITY FORANY INFORMATION PROVIDED IN THIS PRESENTATION, INCLUDING ANY FORWARD LOOKINGINFORMATION, AND DISCLAIM ANY LIABILITY WHATSOEVER (INCLUDING FOR NEGLIGENCE) FORANY LOSS HOWSOEVER ARISING FROM ANY USE OF THIS PRESENTATION OR RELIANCE ONANYTHING CONTAINED IN OR OMITTED FROM IT OR OTHERWISE ARISING IN CONNECTION WITHTHIS.

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North Star BlueScope Steel

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Senior Management Team

PRESIDENTMIGUEL ALVAREZ

VP OPERATIONSJEFF

JOLDRICHSEN

VP FINANCEJOE BUDION

VP HUMAN RESOURCESRICH MENZEL

VP SALES & MARKETING

MIKE HANSON

VP BUSINESS DEV. & PROCUREMENT

HECTOR MARQUEZ

Miguel Alvarez; joined company in Feb 2010, comes from BlueScope’s Steelscape business, where he was President for 6 years

Jeff Joldrichsen; with company since start up, comes from Cargill’s North Star Steel business Joe Budion; started up the company, returned to Cargill for several years and came back 6

years ago Rich Menzel; came from Cargill’s North Star Steel business and has been with company since

start up Mike Hanson, joined the company 13 years ago, came from Cargill’s North Star Steel business Hector Marquez; joined company in Oct 2010, comes from BlueScope’s Steelscape business

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To be the preferred supplier in the steel industry by being the benchmark for safety, quality, service and on-time delivery

North Star BlueScope Steel is a 50-50 joint venture between Cargill, Inc. and BlueScope, established in 1995– Current production capacity of 2.2M short tons versus initial capacity of 1.6M short tons– Original construction capital cost was US$500M (100%); since then company has invested about

US$200M, which includes installation of a new bag house to upgrade emissions control

Our Mission

Cargill, based in Minnesota, is a producer and manufacturer of food, agricultural, financial, industrial products and services. Cargill employs over 143,000 people in 67 countries.

BlueScope is a flat steel producer for the domestic Australian, NZ and US markets and is a leading international supplier of steel products and solutions principally focused on the global building and construction industries

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Our Competitive Advantage

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Safety Core Value 100% involvement from employees:

– Safety audits every month– Near miss incident reporting and

investigations– Incident investigation of serious

incidents

Home Safety Program Record Highlights in FY2013

– Lowest RIFR rate for plant– 12th time in 16 years of operations without a

Lost Time Injury (achieved 3 years without a LTI in Jan-14)

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2011 2012 20132009 20102005 2006 2007 2008

Lost time injuriesRecordables

Actual Number of Incidents

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Employ over 360 dynamic, highly skilled, and flexible workforce

Our high performance workforce is completely non-union and company has never had to contend with collective labor contracts, work stoppages, nor layoffs in our entire plant history

Turnover has been low (less than 5%) over the past six years

A profit sharing plan aligns the interests of employees with the Company’s performance– Approximately 50% of overall compensation is “at Risk”, in other words tied to weekly bonus

and annual profit sharing based on production performance metrics, safety, and earnings

Our People

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Strategically Located

Mill located at Delta, Ohio (20 miles west of Toledo)

Directly within one of the largest scrap steel surplus regions in North America

Situated one mile south of the Ohio Turnpike (I-80/I-90) and connected to a Norfolk Southern rail line

Most customers within 250 mile radius of mill (currently around 90%)

Near a number of major manufacturing hubs

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Flat Rolled Market

Sources: NSBSL, AISI, Steel Research Associates

Approximately 26M short ton p/a U.S. domestic market for hot rolled coil (excludes use for in-house re-rolling)

NSBSL has increased U.S. domestic HRC market share to 8% in FY2013, and maintained near 100% capacity utilization post GFC

Capacity Utilisation – NSBSL vs U.S. Steel Industry Producers

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End Markets and Customer Base

Automotive builds were strong in 2013: Industry Sales of 15.6M units versus 14.5M in 2012

Application of our steel includes: Industrial (tanks, rail cars, barges, cylinders), Agriculture (grain bins, ag equip.), Construction (guardrail, tubing, metal structural), Automotive (non-exposed auto parts)

End Markets Customer Base

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Trading Conditions in June 2014 Half

Capacity utilization and sales volume remain aligned at 100% of capacity

Metal margins (spreads) so far this half are similar to first half 2014

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Benchmark in Customer Satisfaction

Customer satisfaction (Jacobson Survey)

Since 1992 Jacobson & Associates has conducted continuous surveys of more than 2,000 major steel customers in North America

Customers use a 10 point scale to measure their overall level of satisfaction with supplier in the areas of:– Quality– Delivery– Service

This is the 12th year in a row North Star BlueScope has received the highest rating from the Jacobson Survey

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Production Overview Production facilities were built

between 1995 and 1996, making the mill among the newest in North America

State of the art equipment includes:– Two Fuchs (Germany) Electric Arc Furnaces– A Sumitomo (Japan) Caster– A Danieli (Italy) Hot Strip Mill

Originally built with production capacity of 1.6 million tons per year– Since expanded to the current level of 2.2

million tons per year by increasing caster thickness and ongoing process improvements

Located on 524 acres

Norfolk Southern rail line is connected at the southern boundary of the property

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Production Levels

Company produces solely hot rolled coil of various grades Mill has been operating at high capacity utilisation since December 2009 More than 400 trucks come to the facility every day to deliver raw materials Finished products breakdown

– Medium Carbon – 20% (construction applications)– Low Carbon – 26% (used in auto parts)– High Strength Low Alloy (HSLA) – 47% (auto accessories & components)– Boron – 7%

2.172.122.152.00

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2.112.052.051.981.781.801.731.64

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Production Volume (million short tons)

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Raw Materials

Pig Iron

Recycled Scrap

NSBSL Feed Stock Needs

2.3M tons

2.1M

Tons HRC

Principal raw materials:– Pig Iron – raw iron with high carbon content (typically 3.5%-5.0%)– Scrap – recycled metal suitable for reprocessing. Scrap types include: Clips, #1 Frag, #2 Frag, Plate &

Structural, Roll Mill Scrap. Prime and obsolete scrap in broadly equal proportions.– Alloys – various alloys of iron such as ferroalloys (which have a high proportion of one or more elements such

as silicon, manganese, or nickel) that are added to steel refining process to increase corrosion resistance, hardness, formability and/or strength

Yield

2.1M Tons HRC

– Pig Iron sourced from Brazil, Russia, and Ukraine

– Shipped via vessels, to New Orleans or the Port of Toledo

– At NOLA, pig iron is transferred to river barges and shipped to either Cincinnati, OH or Naples, IL.

– Pig Iron is then railed to North Star

– Scrap procured from a 250 mile radius

– Best third party reference price series to look at is AMM CBP#1 bushelling Chicago

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Production ProcessScrap Receiving and Loading Scrap metal and pig iron delivered to mill via truck or

railcar and stored in segregated piles on the scrap storage yard

Magnetic crane in the scrap storage yard picks up these raw materials and transfers them to rail cars which transport the scrap to the processing plant

Scrap crane’s magnets pick up these raw materials and load them into scrap buckets. These buckets are sent to the furnaces for charging

Twin Electric Arc Furnaces Scrap is fed into one of the Company’s two Fuchs Electric

Arc Furnaces, which are heated by charged electrodes to ~1650°C

The EAFs are capable of melting the scrap into 190 short tons of liquid steel every 40 minutes and are lined with brick called refractory that acts as insulation and prevents the melted steel from burning a hole through the EAFs

Impurities and slag in the scrap float to the top of the EAFs during the melting process and are separated out and processed by Fulton Mill Service for eventual use in concrete or asphalt

Production Process

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Twin Ladle Metallurgical Furnaces Liquid steel drains from the EAFs into ladles that are

transported to the ladle metallurgical furnaces, which are designed to control chemistry, cleanliness and temperature for optimum slab quality and throughput

Within the ladle metallurgical furnaces, 18” electrodes re-heat the steel while additives, alloys, flux, and wire are added to create various metal grades to meet customer specifications

Chemicals mixed into the steel at this point in the process include carbon, boron, aluminum, titanium, and vanadium

Slab Casting Machine Steel mixture is transferred from the ladle metallurgical

furnaces to the Sumitomo slab caster, which molds the steel into rectangular slabs ~4” thick (102 mm) and up to 60” wide (1560 mm)

The slab casting machine has twelve segments and a pendulum shear to cut slabs to customer lengths

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Rolling Mill Steel slabs leave the slab caster and enter the tunnel

furnace, which heats the slabs to make them pliable for the Danieli rolling mill. This is a continuous process

Rolling mill consists of eight stands, including two roughing stands and six finishing stands. The roughing stands flatten the slabs into longer and thinner slabs, while the finishing stands roll the steel according to customer specifications for gauge and width

Steel strip is cooled on the laminar flow run out table. After cooling, the steel is transferred to the down coilers, which roll the steel into coils and band/number them

Finished Goods, Shipping & Storage Finished coils are moved to the coil storage yard on-site,

where they sit for two to three days to cool before customer pick-up. Finished product is loaded onto railcars or trucks with a crane or forklift at the loading station

70% of finished goods are shipped out via truck and the remaining 30% are shipped by rail

Production Process

Raw Materials Sourcing Review Project

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What is Directly Reduced Iron (DRI)?

DRI is an iron rich substitute for pig iron and prime scrap in EAF steelmaking, replacing pig iron’s exposure to coking coals with natural

gas

Cold DRI Hot Briquetted IronHot DRI

Hot DRI can be fed directly from production into an EAF, reducing the energy requirements to melt the iron feed.

Cold DRI is transportable, however, is flammable when exposed to moisture, generally requiring a nitrogen blanket.

HBI is a compressed form of DRI that makes is more transportable than Cold DRI. It is typically of lower carbon content.

Iron Ore pellets are produced from concentrated iron ore fines, carbon rich natural gas is then flowed over these pellets in a reactor to produce direct reduced iron (DRI) pellets.

Iron Ore Pellets

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DRI Process

Generic Midrex technology process flow Generic Tenova HYL ZR technology process flow

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Main Cost Components of DRI

Pig iron prices are essentially driven by iron ore and coking coal, which comprise over 70% of the pig iron cost base

DRI has a lower unit cost, and can readily substituted for both pig iron and prime scrap

Conversion Costs

Natural GasIron Ore

Indicative Cost Structure of DRI Production

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Value Drivers and Diligence Questions

Key driver of value is cost differential between current raw material feed mix of pig iron and scrap steel versus DRI and scrap steel raw material feed mix

Cash cost benefit of a DRI-based feed mix relative to a pig iron based feed mix are:– Price of coking coal (drives of pig iron prices) relative to natural gas (drives DRI costs)– Sustainable economic price spread to raw materials costs for pig iron producers (‘hot metal

spread’)– High degree of correlation between scrap prices (both prime and obsolete) and pig iron prices

Therefore our review of DRI feasibility is focussing on these factors, together with:– Main costs (eg delivered iron ore pellets, gas etc)– Plant technology options– Plant location options (which directly impact how DRI is fed to the EAFs – eg cold vs hot DRI –

which in turn impacts productiveness of EAF operations)

Summary

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Summary

We are focused on: The safety of our employees and contractors Servicing our customers Building on our quality capabilities Retaining our #1 Customer Satisfaction Rating Improving productivity and reducing cost Increasing shareholder value

Questions?

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