Trusted Steel Inspired Solutions

Address to the Securities Institute of AustraliaKirby Adams, MD and CEOBHP Steel LimitedMay 2003

Originally issued by BHP Steel. On 17 November 2003 BHP Steel became BlueScope Steel Limited.

Page 2

BHP Steel Limited

Page 3

Strategy – Organic Growth Underway

ThailandCold Rolling

Metal Coating +25ktPainting +15kt

MalaysiaMetal CoatingPainting +30kt

IndonesiaMetal CoatingPainting +25kt

Western PortHot RollingCold Rolling

MC (3 lines) +20kt / +40ktPainting (2 lines) +23kt

BrisbanePainting +15kt Port Kembla / Springhill

Raw Steel +100ktHot Rolling

PlateCold Rolling

Tinplate/BlackplateMC (3 lines) +60kt / +30ktPL (2 lines) +5kt / +77kt

New ZealandIronsand Mining

Raw SteelHot RollingCold Rolling

Metal Coating +20ktPainting

North Star BHP Steel JVHot Rolling +120kt

Castrip JV

Australia7 Service Centres

17 Roll Forming Sites (WA, Vic, Cairns)

Asia / Pacific21 Roll Forming Sites

+2 China

Focus on organic growth implemented and approved

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BHP Steel Limited

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New Trademarked Colours For COLORBOND® steel

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Business Results – 6 Months to 31 December 2002 vs. 2001

Our business is now larger and stronger

6.5%toFrom 18.2%Gearing$352mto52%Debt reduced15.7%--ROIC100% FFto0/40% FrankingDividend30.6¢--EPS$343mto+82%Net Cash Flow13%toFrom 4%EBIT Margin$332mto+250%EBIT$464mto+110%EBITDA$2,590mto+13%Revenue3,348mtto+18%Despatches (external)

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Best-Ever Safety performance

14

3335

29

16

8

4.83.7 4 3.4 2.7

1.6

0

5

10

15

20

25

30

35

40

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003-9M

Lost Time Injury Frequency Rate (LTIFR)

LTI p

er M

ill io n

Ho u

rs W

o rk e

d

Strong Operating

Track Record

Strong Operating

Track Record

Average LTIFR in NSW manufacturing sector (2001)

Includes contractors from 1996

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BHP Steel Limited

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Geographic and Product Diversity – First Half 2002/03

Geographicand Product

Diversity

Geographicand Product

DiversityExternal despatches in all segments

Geographic Breakdown of Domestic/Export Sales

(Tonnes)Global Sales by Revenue(1)

(1) Includes North Star BHP Steel

USA (NS BHPS) 13%

Total Export 36%

NZ 4%

Asia 3%

Australia 44%

Slab 9%

Hot Rolled Coil26%

CRC & Plate9%

Coated, Tin, Painted & Roll Formed 56%Americas

13%

Europe/Africa/Other 6%

Asia 17%

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Costs Down and Productivity Up

• BHP Steel is one of the 10 lowest cost Hot Rolled Coil producers in the world with global scale. Improvements continue to retain this position.

• Productivity improvements across our business

Productivity GrowthLow Cost Producer

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

1999 2000 2001 2002 2003-1H(A)(*)01002003004005006007008009001,0001,1001,2001,3001,400

Employees (Port Kembla Steelworks) Productivity (Tonnes per person per year)

$A/to

nne

Conventional Production Compact Strip Production USA Integrateds USA Compact Strip Production

BHP Steel Port Kembla1997 - 2001 range

Source: D. Barnett and BHP Steel

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Value Added Branded Products

• Range of zinc/aluminium-alloy coated steel products

• Largest Zincalume® producer in the world

• Range of prepaintedproducts used in building and construction

• Registered BHP Steel trade mark in over 50 countries

• Global leader in roll forming of steel

• Unrivalled footprint throughout Australasia, Asia and the Pacific

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Strategy - Asia – Core Growth Region

Asian Financial Performance (EBIT)

-10

10

30

50

70

1999 2000 2001 2002 2002-1H 2003-1H

A$

Mill

ions 36

47

• Growing revenue and profits continue• Unique Asian footprint with multiple growth opportunities

– Innovative - new products and solutions– Capacity growth

Growth Opportunities

in Asia

Growth Opportunities

in Asia

[Insert Picture]

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MalaysiaMetal Coating 150kt

Painting 90kt

IndonesiaMetal Coating 100kt

Painting 30kt

Western PortHot Rolling 1.43mtCold Rolling 1mt

Metal Coating (3 lines) 830ktPainting (2 lines) 330kt

BrisbanePainting 85kt

New ZealandIronsand MiningRaw Steel 625ktHot Rolling 750ktCold Rolling 360kt

Metal Coating 210ktPainting 60kt

North Star BHP Steel JVHot Rolling 1.62mt

Castrip JV

Unique Production and Marketing Footprint

ThailandCold Rolling 300kt

Metal Coating 175ktPainting 90kt

Port Kembla / SpringhillRaw Steel 5.1mtHot Rolling 2.4mt

Plate 310ktCold Rolling 930kt

Tinplate/Blackplate 450ktMetal Coating (3 lines) 750kt

Painting (2 lines) 180kt

Asia / Pacific23 Roll Forming Sites

Australia7 Service Centres

17 Roll Forming Sites

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China has enormous potential to further grow steel consumption

Steel Consumption and GDP/Capita

0100200300400500600700800900

100011001200

0 10000 20000 30000 40000

GDP/capital (constant 1995$US)

Usa

ge k

g/ca

pita

Taiwan

China

Korea

Japan

Source: IISI, World Bank, uses crude steel basis

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BHP Steel Limited

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Share Price Performance Since Listing

70

80

90

100

110

120

13015

-Jul

11-A

ug

7-S

ep

4-O

ct

31-O

ct

27-N

ov

24-D

ec

20-J

an

16-F

eb

15-M

ar

11-A

pr

8-M

ay

Bas

e =

100

BSL ASX 100

BSL

ASX 100

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Market capitalisation @ 9/5/03 #46 / ASX 100Source: ABN Amro

Yield Above 6% (Fully Franked)

First Half Profitability #16 / Australasian Top 500Source: BRW magazine

Gearing @ 31/12/02 6.5 %

BHP Steel Investment Fundamentals

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BHP Steel Limited

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BHP Steel … You have made the right choiceBHP Steel … You have made the right choice

Trusted Steel Inspired Solutions

Address to the Securities Institute of AustraliaKirby Adams, MD and CEOBHP Steel LimitedMay 2003

Originally issued by BHP Steel. On 17 November 2003 BHP Steel became BlueScope Steel Limited.