CORPORATE AND GROUP

HIGHLIGHTS
· Record results for Net Profit After Tax of $1.007 billion, and Earnings per Share of $1.37.
· Rewarded shareholders with total dividends announced for FY2005 of 62 cents per share, fully franked.
· Share buyback programs achieved 24.4 million net reduction in shares, resulting in 3% improvement in future earnings per share.
· Lost time injury frequency rate for Group was a record low 0.8 hours lost per million hours worked during year.
· $2 billion growth program underway involving over 20 major projects in eight countries.

COATED AND BUILDING PRODUCTS ASIA

KEY CUSTOMERS: Building and construction industries and general manufacturers.

HIGHLIGHTS:
· 40th anniversary of operations in Asia.
· Announced $100 million investment in India to construct three new manufacturing facilities at Pune, Chennai and New Delhi.
· BlueScope Steel China team secured contract to supply steel building products for world's tallest building, under construction in Shanghai.
· Asia-wide launch of new, improved Clean COLORBOND® steel.
· Entered into alliance with Nippon Steel for marketing of corrosion-resistant SuperDyma™ steel.
· Investments in major capital projects in Thailand, Vietnam and China underway.

COATED AND BUILDING PRODUCTS AUSTRALIA

KEY CUSTOMERS: Building, construction, automotive and packaging industries and general manufacturers.

HIGHLIGHTS:
· Springhill achieved annual despatch record (1.005 mt) - the third consecutive annual record and first time 1.0 mt reached.
· Four year site-based Enterprise Bargaining Agreement (EBA) at Western Port certified.
·New products launched included
W-Dek, Quikform and new improved ZINCALUME®.
· Construction of new state of the art COLORBOND® facility in western Sydney.
· BlueScope Water urban rainwater tank and drainage pipe production facilities established in Victoria, NSW and Queensland. Perth-based Pioneer Water Tanks acquired.

HOT ROLLED PRODUCTS

KEY CUSTOMERS: Engineering, construction, mining and manufacturing industries and export customers who re-roll our steel.

HIGHLIGHTS:
· Port Kembla maintained near-record raw steel production (5.123 mt).
· Achieved record annual hot rolled coil production (2.522 mt).
· Record annual production (1.824 mt) and record annual despatches
(1.778 mt) at North Star BlueScope Steel.
· North Star BlueScope Steel voted number one flat rolled steel supplier in North America for third consecutive year in the Jacobson survey of steel customers.

NEW ZEALAND STEEL

KEY CUSTOMERS: Building and construction industry, roll-formers and manufacturing industries.

HIGHLIGHTS:
· Record sales revenue of $756 million.
· Strong results in both domestic and export markets, with record domestic despatches of 315,000 tonnes.
· Three year Employment Contract agreed, with no lost time or industrial action.
· Improvements to management systems and replacement of ageing finance, maintenance and supply systems to support improved productivity.

COATED AND BUILDING PRODUCTS NORTH AMERICA

KEY CUSTOMERS: Consumers of pre-engineered buildings (PEB) and aluminium and glass architectural products.

HIGHLIGHTS:
· Integration completed, and transformation of business underway with establishment of five regional profit centres and new management team.
· Work performance system implemented to increase production capability, reduce costs and improve inventory management.
· Robust Vistawall business continues to grow well.
· Production at high-cost Galesburg facility ceased in April.