BlueScope Steel Market Analysis and Financial Overview

Profitable Through the Cycle ● Continued Strong Net Profit Performance A$ Millions 2000(1) 2001(1) 2002(1) 2003 ! 2003-1H 2003-2H 2004-1H I Revenue 4,898 4,941 4,593 5,302 2,590 2,712 2,619 EBITDA(2) 711 568 412 881 464 417 440 EBIT(2) 445 305 160 611 332 279 302 Net Profit 452 242 210 227 EPS (¢) 57.1(3) 30.6(3) 26.5(3) 29.8(3) (1) 2000 to and including 2002 normalised. (2) Includes net profit/loss for North Star Joint Venture. (3) Weighted average shares on issue 793.0m (FY03-1H); 790.1m (FY03-2H) and 761.7m (FY04-1H). Page 21

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