BlueScope Steel Market Analysis and Financial Overview

Balance Sheet - Strength and Flexibility As at A$ Millions 31 Dec 02 30 June 03 31 Dec 03 Assets Cash Receivables 137 91 92 508 650 581 Inventory 766 698 759 Other Assets 268 216 224 Net Fixed Assets 3,171 3,086 2,997 Total Assets 4,850 4,741 4,653 Liabilities Creditors 499 493 412 Interest Bearing 352 168 381 Liabilities Provisions 905 989 973 Total Liabilities 1,756 1,650 1,766 Net Assets 3,094 3,091 2,887 • Net Debt / (Net Debt + Equity) 6.5% 2.4% 9.1% (excluding off balance sheet items) Page 24

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