BlueScope Steel Market Analysis and Financial Overview

Consistently Strong Cash Flows A$ millions Net operating cash flow before borrowing costs and income tax Net investing cash flows 2000 (1) 2001 (1) 2002 (1) 2003 2003-1H 2003-2H 2004-1H 715 631 381 763 386 377 357 - Capital expenditure (90) (105) (162) (183) (76) (107) (99) - Other 10 (6) 8 18 33 (15) (3) Net cash flow before financing 635 520 227 598 343 255 255 & tax Net financing cash flow (493) (295) (198) (8) Payment of income tax (29) (8) (21) (84) Net dividends (75) (3) (72) (155) Net increase in cash held 1 37 (36) 8 (1) 2000 to and including 2002 normalised. Page 27

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