The Global Steel Industry: Innovation, Restructuring and Free TradeBrian Kruger, Chief Financial OfficerDavid Goodwin, Executive Vice President Corporate Affairs17 October 2003

Originally issued by BHP Steel. On 17 November 2003 BHP Steel became BlueScope Steel Limited.

BSL Annual 02/03 Presentation Page 2

FY2003 – A Very Good Start for BSL

Seized market opportunities and drove business improvements

• Revenue $5.3 billion First time above $5.0 billion.

• Despatches 6.8 million metric tonnes Record shipments.

• NPAT $452 million

• EPS 57.1¢

• DPS 22¢ Fully Franked Scheme Booklet Forecast was 20¢ 0/40% Franking.

• Special Dividend 7¢ Fully Franked

• Return on Invested Capital 14.5%

• Net Cash Flow $598 million

• Buyback (30 June 2003) 8.3 million shares 27 August 2003 21.9 million shares.

• Debt Reduced By $540 million To $168 million.

• Gearing (net debt) 2.4%

BSL Annual 02/03 Presentation Page 3

Increased Financial Performance Across All Segments

97

12

57 71

471

44

11984

0

100

200

300

400

500FY02 FY03

Hot Rolled Products New Zealand Steel Coated Products Australia Coated Products Asia

A$ M

illion

s

• PKSW- Slab- HRC- Plate

• NSBHP (50%)• Castrip

• Western Port• Springhill• Packaging Products• Service Centres• Lysaght

EBIT Growth +386% +267% +109% +18%Return on Net Assets (Pre-Tax) 25.7% 10% 9.3% 18.9%

BSL Annual 02/03 Presentation Page 4

North Star BHP Steel – Delta, Ohio

• Ownership– 50 – 50 joint venture between BHP Steel

and North Star Steel– North Star Steel is a wholly owned

subsidiary of Cargill Inc.

• The JV was formed in March 1995; production commenced 1996

• Steel mini-mill at Delta, Ohio

• 100% sales are domestic into North America

• 330 employees

BSL Annual 02/03 Presentation Page 5

Geographic Diversity

Australia 41%

USA (NSBHPS)13%

Total Export38%

NZ4%

Australia 41%

Asia Pacific4%

NZ4%Asia Pacific

5%

Total Export37%

USA (NSBHPS)13%

Americas 14%

Other 10%

Asia 14%

Americas 13%

Other 5% Asia

19%

FY02TOTAL EXTERNAL SALES – 6,028kt

FY03TOTAL EXTERNAL SALES – 6,754kt

BSL Annual 02/03 Presentation Page 6

Capacity upgrades across our business

IndonesiaMetal Coating 90ktPainting 25kt +25kt

Western PortHot Rolling 1.43mtCold Rolling 1.0mt

MC (3 lines) 830kt +58ktPainting (2 lines) 330kt +23kt

BrisbanePainting 88kt

New ZealandIronsand MiningRaw Steel 625ktHot Rolling 750ktCold Rolling360kt

Metal Coating 210kt +24ktPainting 60kt

North Star JVHot Rolling 1.62mt (100%)Castrip JV

Annualised production capacities and approved growth

VietnamMC 125kt

Painting 50kt

Asia / Pacific23 Roll Forming Sites

ThailandCold Rolling 300kt

Metal Coating 175ktPainting 90kt

Port Kembla / SpringhillRaw Steel 5.1mtHot Rolling 2.4mt

Plate 320ktCold Rolling 930kt

Tinplate/Blackplate 450ktMC (3 lines) 750kt +34ktPL (2 lines) 193kt +50kt

MalaysiaMetal Coating 160kt

Painting 70kt

Australia7 Service Centres

17 Roll Forming Sites

BSL Annual 02/03 Presentation Page 7

Safety – World Class Performance

1.82.73.443.74.88

16

29

3533

14

0

5

10

15

20

25

30

35

40

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003

Further 30% improvement in Lost Time Injury Frequency Rate . . .

Our Goal is Zero Harm

Inju

ries r

esul

ti ng

in lo

s t ti

me p

e r m

il lion

man

- hou

rs w

orke

d

* Includes contractors from 1996

BSL Annual 02/03 Presentation Page 8

BHP Steel Limited

BSL Annual 02/03 Presentation Page 9

Beijing International Airport

BSL Annual 02/03 Presentation Page 10

China has enormous potential to further grow steel consumption

Steel Consumption and GDP/Capita

0100200300400500600700800900

100011001200

0 10000 20000 30000 40000

GDP/capital (constant 1995$US)

Usa

ge k

g/ca

pita

Taiwan

China

Korea

Japan

Source: IISI, World Bank, uses crude steel basis

BSL Annual 02/03 Presentation Page 11

BSL Annual 02/03 Presentation Page 12

BSL Annual 02/03 Presentation Page 13

Australia – US FTA

Opportunities for Australian steel include:

• Improved trade dispute resolution mechanisms

• Investment facilitation

BSL Annual 02/03 Presentation Page 14

Steelscape One Millionth Tonne

The Global Steel Industry: Innovation, Restructuring and Free TradeBrian Kruger, Chief Financial OfficerDavid Goodwin, Executive Vice President Corporate Affairs17 October 2003

Originally issued by BHP Steel. On 17 November 2003 BHP Steel became BlueScope Steel Limited.