Bluescope Steel

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Annual Report 2004

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The story of BlueScope Steel

FAMOUS ORIGINS

BlueScope Steel is a young company - we came into existence in July 2002 with our spin-out from BHP Billiton and public listing on the Australian Stock Exchange. We believe that our vitality and can-do attitude are a reflection of our youth. However, within our company are five famous businesses with long and substantial steel industry histories covering Australia, New Zealand, the United States and increasingly, the countries of Asia.

Our roots go back to The Broken Hill Proprietary Company Limited, formed in 1885 to mine silver, lead and zinc in outback New South Wales and moving into steel manufacturing in 1915.

John Lysaght (Australia) Pty Ltd was formed in 1918, as demand for steel intensified during the First World War, to serve the Australian building and construction industry. The galvanised steel from Lysaght's English factory was already well known in Australia, and 'corrugated iron' has since become a unique feature of the Australian architectural landscape.

In 1928, Australian Iron and Steel Limited (AIS) was formed to operate a steelworks at Port Kembla in New South Wales, close to the region's rich coal deposits.

AIS was acquired by BHP in 1935, while John Lysaght (Australia) became a wholly owned subsidiary in 1979.

New Zealand Steel was formed in 1968 to convert the ironsands of Waikato North Head, near Auckland, into modern steel products for the New Zealand and export markets. This unique business became part of the BlueScope Steel portfolio in 1989.

Butler Manufacturing Company is an iconic US-based business that began in 1901. It went on to establish highly successful operations in pre-engineered buildings and window, roofing and wall systems. In 1996 the company expanded into China. Butler Manufacturing was acquired by BlueScope Steel on 27 April 2004.

So, while our Company is young, our component businesses have deep roots, and embody many years of skill and experience in the steel industry.

A GROWING REPUTATION

BlueScope Steel is the leading steel company in Australia and New Zealand, and ranks among the top 50 companies on the Australian Stock Exchange. We supply the majority of flat steel products sold in these markets - used in vehicles, houses and landmark buildings. Our products make a big difference to the lives of people in many countries.

Within our portfolio are three very fine steelmaking facilities - Port Kembla in Australia, Glenbrook in New Zealand, and Delta, Ohio in the USA. We also have a network of roll-forming facilities across Australia, Asia and the Pacific that is unmatched by any other steel company. In keeping with our downstream value-adding strategy, we are growing and enhancing our reputation as a global steel solutions company - expanding our existing capacity and constructing new facilities across the Asia-Pacific region.

With the recent acquisition of Butler Manufacturing Company, we are now the leader in pre-engineered buildings in North America and China, and number one in premium steel building products in China.

We supply customers in Australia, New Zealand, Asia, the USA, Europe, the Middle East, the Pacific and elsewhere with purpose-designed products backed by comprehensive after-sales service.

FOCUSED ON THE FUTURE

BlueScope Steel is aiming to enhance its position as an international steel solutions company. This demands ongoing innovation in every aspect of our business. Advances, such as the revolutionary Castrip® thin strip casting process, provide a glimpse of tomorrow's steelmaking technology. Brand building and marketing initiatives will help drive steel into new applications and expand our customer base.

Our global presence has positioned us to grow in conjunction with some of the world's most dynamic economies. BlueScope Steel is a company firmly focused on the future.

Our rollformed products from operations like those in Thailand enable the delivery of innovative building solutions.

DELIVERING QUALITY // Our rollformed products from operations like those in Thailand enable the delivery of innovative building solutions.

BlueScope Steel is aiming to enhance its position as an international steel solutions company. This demands ongoing innovation in every aspect of our business. ICONIC ARENAS // The Melbourne Cricket Ground, above, is one of many landmark sporting arenas around the world that feature BlueScope Steel's products. When the current re-build is complete, the stadium will seat 100,000 people. Our Company has worked with customers like fabricator Alfasi Steel Constructions, and roof manufacturer Fielders, to provide structural steelwork and steel roofing. XLERPLATE®, ZINCALUME® and COLORBOND® steels all feature prominently in the redevelopment.

ICONIC ARENAS // The Melbourne Cricket Ground, above, is one of many landmark sporting arenas around the world that feature BlueScope Steel's products. When the current re-build is complete, the stadium will seat 100,000 people. Our Company has worked with customers like fabricator Alfasi Steel Constructions, and roof manufacturer Fielders, to provide structural steelwork and steel roofing. XLERPLATE®, ZINCALUME® and COLORBOND® steels all feature prominently in the redevelopment.