BlueScope Steel Market Analysis and Financial Overview

. . . Group Headlines (cont.) Interim dividend increased by 33% From 9¢ to 12¢ Fully franked Share buyback status as at 18/2/04 60.7m shares purchased 76.5% of total program Gearing (net debt) 9.1% vs. 2.4% (30/6/03) Significant growth initiatives, principally: ΑΛ Vietnam - new coating / painting facility Thailand - second coating line Acquisition - Butler Manufacturing Company China - new coating / painting facility Page 5

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