BlueScope Steel Market Analysis and Financial Overview

Group Headlines . . • · Safety Continued improvement in Lost Time Injury Frequency Rate Continued improvement in Medical Treatment Injury Frequency Rate Strong net profit of $227m continues momentum 6% down on corresponding half (December 2002) 8% up on previous half (June 2003) Why 6% down? Strengthened by: - • higher product prices and continued strong demand Offset by: - stronger A$ - - lower North Star Joint Venture earnings (-$61m for our 50% interest) other, including higher planned R&M costs at PKSW (timing) EPS stable 29.8¢ vs. 30.6¢ Page 4

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