BlueScope Steel Market Analysis and Financial Overview

• . . BlueScope Steel Raw Materials and Freight Iron Ore and Coking Coal ➤ Announced price increases effective 1 July 2004. Scrap ➤ Port Kembla - less than 1.0 mtpa (50% external). North Star Joint Venture - approximately 1.8 mtpa. Freight Largely insulated from record rates in FY2004. Contract renewal dates staggered. Will increase from FY2005. Page 11

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