BlueScope Steel Market Analysis and Financial Overview

A$millions EBIT Variance - First Half FY2003 vs. First Half FY2004 500 450 50 400 350 $332m 300 300 250 200 20 150 150 100 100 $50m $11m $59m Higher R&M (30) Employment costs (25) Cost Improvements 19 Dec '02 Superannuation contribution 20 Lower restructuring costs 26 ($61m) ($56m) ($53m) ($38m) $58m $302m 50 50 0 Dec 02 Half Export Prices Domestic Prices Volume / Mix NS JV Exchange Rates Conversion & Raw Material Other Dec 03 Half Other Costs Costs

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