2 nd Annual Goldman Sachs JB Were Australasian Investment Forum, New York

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1 2 nd Annual Goldman Sachs JB Were Australasian Investment Forum, New York Kirby Adams, Managing Director and Chief Executive Officer March, 26 ASX Code: BSL

2 Important Notice THIS PRESENTATION IS NOT AND DOES NOT FORM PART OF ANY OFFER, INVITATION OR RECOMMENDATION IN RESPECT OF SECURITIES. ANY DECISION TO BUY OR SELL BLUESCOPE STEEL LIMITED SECURITIES OR OTHER PRODUCTS SHOULD BE MADE ONLY AFTER SEEKING APPROPRIATE FINANCIAL ADVICE. RELIANCE SHOULD NOT BE PLACED ON INFORMATION OR OPINIONS CONTAINED IN THIS PRESENTATION AND, SUBJECT ONLY TO ANY LEGAL OBLIGATION TO DO SO, BLUESCOPE STEEL DOES NOT ACCEPT ANY OBLIGATION TO CORRECT OR UPDATE THEM. THIS PRESENTATION DOES NOT TAKE INTO CONSIDERATION THE INVESTMENT OBJECTIVES, FINANCIAL SITUATION OR PARTICULAR NEEDS OF ANY PARTICULAR INVESTOR. TO THE FULLEST EXTENT PERMITTED BY LAW, BLUESCOPE STEEL AND ITS AFFILIATES AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS, ACCEPT NO RESPONSIBILITY FOR ANY INFORMATION PROVIDED IN THIS PRESENTATION, INCLUDING ANY FORWARD LOOKING INFORMATION, AND DISCLAIM ANY LIABILITY WHATSOEVER (INCLUDING FOR NEGLIGENCE) FOR ANY LOSS HOWSOEVER ARISING FROM ANY USE OF THIS PRESENTATION OR RELIANCE ON ANYTHING CONTAINED IN OR OMITTED FROM IT OR OTHERWISE ARISING IN CONNECTION WITH THIS. Page 2

3 Introduction Page 3

4 Our Bond What we value Our customers are our partners Our people are our strength Our shareholders are our foundations Our communities are our homes Page 4

5 Our Customers serving them in over 2 countries Over 3, customers using BlueScope Steel products with confidence Americas 21% Exports 38% Europe/Africa 3% Geographic markets (tonnes by destination) First Half FY6 North America- NSBSS + C&BPNA 16% Asia 14% Asia 8% million tonnes Australia 34% New Zealand /Pacific 4% Painted 13% Global Product Mix ($ Revenue) First Half FY6 PEB/Roll formed 28% Metal Coated 18% Slab 9% CRC 3% Plate 6% HRC 23% PRODUCT OFFER Services Solutions Technical support Warranty Indicative Just In Time Delivery Transport & Logistics Design / Build / Install Information systems - web based - connectivity Page 5

6 Zero harm is our goal for our team and communities Lost Time Injury Frequency Rate Medically Treated Injury Frequency Rate Injuries resulting in lost time per million man-hours worked Reported performance for IISI member companies H Medically treated injuries per million man-hours worked H 7. ** Includes Butler performance from May 24 * Includes Butler performance from May 24 17,5 Employees, 75 manufacturing sites, 17 countries Page 6

7 Our shareholders continuing to reward shareholders as we grow Share Buybacks Public Listing to 31 December 25 - Purchased and cancelled 113m shares * on market 87m shares * off market 26m shares Dividends - All Fully Franked 62 Total return to shareholders since BSL s public listing (July 22): Share buybacks Dividends paid Interim dividend (to be paid April 6) $2.39 share or 77% payout ratio $ 687m $ 97m $ 14m $ 1,797m Cents Per Share FY23-1H FY23-2H FY24-1H FY24-2H FY25-1H 2 24 FY25-2H 2 FY26-1H Special Ordinary: - Interim - Final Page 7

8 Unique and valuable franchise in world s largest and fastest growing markets Asia & China 2 BlueScope Buildings Sites India 5:5 JV with Tata Steel MC 25kt Painting 15kt 2 BlueScope Buildings sites 1 Butler PEB Thailand Cold Rolling 3kt MC 375kt Painting 9kt PEB Malaysia MC 16kt Painting 7kt Australia 7 Service Centres 34 BlueScope Buildings sites 7 BlueScope Water Indonesia MC 1kt +25kt Painting 5kt +75kt Western Port Hot Rolling 1.43mt Cold Rolling 1.mt MC (3 lines) 83kt + Painting (2 lines) 33kt + China MC 25kt Painting 15kt 3 Butler PEB Vietnam MC 125kt Painting 5kt Brisbane Painting 88kt Sydney Painting (1 line) 12 kt Coated and Building Products North America North Star JV Hot Rolling 1.8mt (1%) Castrip JV Port Kembla / Springhill Raw Steel 5.1mt Hot Rolling 2.4mt +4kt Plate 36kt Cold Rolling 1,18kt Tinplate/Black plate 2kt MC (3 lines) 75kt + PL (2 lines) 27kt + New Zealand / Pacific Iron sand Mining Raw Steel 625kt Hot Rolling 75kt Cold Rolling36kt MC 23kt + Painting 6kt Hollow Sections 45kt Pacific BlueScope Buildings sites 3 Page 8

Upstream Steel Making Capability Products Statistics Port Kembla Steelworks NSW, Australia New Zealand Steel North Star BlueScope Ohio, USA Slab Hot Rolled Coil Plate Raw steel capacity (mtpa) - PKSW

9 Upstream Steel Making Capability Products Statistics Port Kembla Steelworks NSW, Australia New Zealand Steel North Star BlueScope Ohio, USA Slab Hot Rolled Coil Plate Raw steel capacity (mtpa) - PKSW NZS.6 - NS (5%) Cost curve (HRC) - PKSW & NZS - lowest quartile - NS - most efficient EAF Turnover (1H-6) - PKSW A$1,9m - NS (5%) US$243m Customers - Internal mid-stream - Pipe & Tube - Fabrication / manufacturing - Ship building (Korea) - Distribution Markets - Australia, NZ, Americas, Asia Page 9

Midstream Metallic Coating and Coil Coating Network Capability Products Statistics Australia: - Western Port, Vic - Illawarra Coated Products, NSW - Queensland - Sydney New Zealand Asia: - India JV

Coil 3 3+ - Metallic Coating 43 1,46 - Painting 21 635 Australia - Cold Rolled Coil 1,93 2,18 - Metallic Coating 1,58 1,58 - Painting 625 745 NZ - Cold Rolled Coil 36 36 - Metallic Coating 23 23 -

10 Midstream Metallic Coating and Coil Coating Network Capability Products Statistics Australia: - Western Port, Vic - Illawarra Coated Products, NSW - Queensland - Sydney New Zealand Asia: - India JV (Tata) - Indonesia - Malaysia - Thailand - Vietnam - China Research & Development Technical Support COLORBOND ZINCALUME CLEAN COLORBOND GALVASPAN Capacity (ktpa) growing Asia FY5 FY9 - Cold Rolled Coil Metallic Coating 43 1,46 - Painting Australia - Cold Rolled Coil 1,93 2,18 - Metallic Coating 1,58 1,58 - Painting NZ - Cold Rolled Coil Metallic Coating Painting 6 6 Feed source of Hot Rolled Coil and Cold Rolled Coil - Asia local suppliers and internal - Australia & NZ internal Customers - Principally construction, manufacturing & auto Markets - In market local supplier - + exports Page 1

Australia - China - South East Asia - USA (PEB) Feed - Australia - internal - Asia - internal - NZ internal - NA external /

11 Downstream - Metal Building Products and Solutions Capability Products Statistics Australia New Zealand & Pacific Asia North America Lysaght roll formed steel components Butler Pre-Engineered Buildings (PEB) BlueScope Water Market leader in - Australia - China - South East Asia - USA (PEB) Feed - Australia - internal - Asia - internal - NZ internal - NA external / internal Customers - Principally construction sector Markets - In market local supplier - Branded products - Supply, install and fix Page 11

12 Current and expected market conditions confirm our strategic direction Downstream Midstream Upstream FUTURE GROWTH PROJECTS FY26 2H Australia - Water and new building products Thailand - First pre-engineered building (PEB) China - New panels, residential plants and new beam facility Vietnam - Ramp-up 125kt Metal Coating and 5kt Paint Lines Thailand - Ramp-up 2kt Metal Coating expansion New Zealand Steel - Front end study underway USA - North Star BlueScope new bag house -Castrip FY27-29 India - New PEB and Lysaght plants open China - New PEB and Lysaght plants open Australia - 12kt Colorbond plant start up (1H-CY7) China - 25kt Metal Coating and 15kt Paint lines start up (1Q-FY7 & 2H-FY6 respectively) India - 25kt Metal Coating & 15kt Paint lines start up (mid CY8) Indonesia - 25kt Metal Coating & 75kt Paint lines start up (early CY8) Australia - 4kt HSM expansion (1Qtr 7) - BF No. 5 reline (expected FY8) Page 12

13 Pricing over the cycle Indicative Selling Price $ PEB Paint ZAL Galv CRC HRC Slab Time Page 13

14 FY26 IN REVIEW Page 14

15 Our record since public listing Revenue & EBITDA Revenue (A$ Billions) 4,4 4, 3,6 3,2 2,8 2,4 2, 1,6 1,2 8 4 Revenue EBITDA 1H-3 2H-3 1H-4 2H-4 1H-5 2H-5 1H-6 Despatches (net) Revenue (A$m) 2,59 (1) 2,712 (1) 2,619 (1) 3,151 (1) 3,881 4,84 3,892 EBITDA (A$m) 464 (1) 417 (1) 44 (1) 665 (1) EBITDA (A$ Millions) (1) AGAAP Page 15

16 Calendar Year Earnings A$ Millions CY23 CY24 (2) CY25 Revenue 5,328 7,29 7,98 EBITDA (1) 857 1,51 1,411 EBIT (1) 581 1,212 1,111 Net Profit EPS ( ) (1) Includes EBITDA & EBIT for North Star BlueScope Steel but not revenue. (2) Includes eight months of BlueScope Butler financial results. Page 16

17 Group headlines First Half FY26 vs. First Half FY25 Revenue A$3,892 million Constant External despatches 3.5 million metric tonnes Up 3% EBITDA A$593 million Down 29% EBIT A$449 million Down 35% NPAT A$312 million Down 38% EPS 44 Down from 68 After tax Return on Invested Capital 14.6% Down from 27% After tax Return on Equity 18.9% Down from 32% Net operating Cashflow - after capital / investments ($19 million) Down 18% - before capital $347million Down 33% Interim Ordinary Dividend 2 per share Increased 2 per share (11%) (fully franked) Gearing (net debt) 33.2% 22.2% (June 5) including SOR Page 17

18 EBIT A$ Millions Coated and Building Products Asia unexpected market weakness Sales revenue down 7% to A$485m, including A$117m from BlueScope Butler China FY5-1H FY5-2H FY6-1H BlueScope Butler 1H-FY26 return on net assets annualised (pre-tax) (1%) Markets > Lower despatches / weaker markets > Heightened import competition > Customers high inventories / destocking > China credit controls delayed projects Performance First half > higher feed costs fully utilised in half > +$11m in pre-operating and business development costs vs. 1H-5 (gross $18m) > unfavourable FX - A$ stronger > growth projects on schedule, apart from China metal coating line (+1-3 months) Second half > improving margins, higher production and increased sales volumes > competitive market offers > project delivery / start-up Page 18

19 Continued GDP growth expected in South East Asia Annual % Change Annual % Change GDP - Thailand Consensus EIU IMA Asia e 6 7 GDP - Indonesia and Vietnam Vietnam Indonesia Consensus EIU IMA Asia F cast F cast e 6 7 Source: EIU, Consensus Economics, IMA Asia, BSL Economics Notes: All charts include calendar year data Annual % Change US$billion GDP - Malaysia Consensus EIU IMA Asia F cast e 6 7 Foreign Direct Investment [Thailand, Malaysia, Indonesia, and Vietnam] F cast e Page 19

20 China and India expected to maintain strong growth momentum Annual % Change China India GDP Consensus EIU IMA Asia F cast e 6 7 Industrial Production Consensus EIU F cast Annual % Change China Gross Fixed Investment e 6 7 China (LHS) India Consensus EIU IMA Asia Foreign Direct Investment F cast F cast 12 1 Annual % Change China India e 6 7 Source: EIU, Consensus Economics, IMA Asia, BSL Economics Notes: All charts include calendar year data US$billion India (RHS) EIU e Page 2

21 Our Asian Coating / Painting / Roll-Forming / PEB Capacity to Triple By Region Metal Coating Painting (k tonnes) x 3.4 x FY25 FY26 FY27 FY28 FY29 Page 21

22 Millions EBIT A$ Coated & Building Products Australia Challenged again Sales revenue of A$1,429m, down 5% H-FY26 return on net assets annualised (pre-tax) (5%) * FY5-1H FY5-2H FY6-1H * Excludes Packaging Products impairment write-down of $82million -3 Markets > Lower production & export volumes due to Western Port fire > Lower domestic demand for Australian canned goods > Lower domestic demand in manufacturing and distribution for bare galvanised > Increased bare product import offers > Strong domestic demand for higher quality construction products > Higher domestic prices Performance First half > significantly higher feed costs (HRC & slab) > Western Port HSM fire August 25 reduced production capacity fully operational November 25 > Higher zinc and aluminium costs > Increased metal coating and paint capacity > Western Sydney Colorbond Centre on schedule Second half > Improved sales and production > More competitive market offers > Lower bare product prices Page 22

23 EBIT A$ Millions Coated and Building Products North America Back in the black Sales revenue = A$67m down 4% FY5-1H FY5-2H FY6-1H 1H FY26 return on net assets annualised (pre-tax) 1% 2 Markets > Improved non-residential market but not as strong as the previous corresponding period > Good order bookings leading into the second half Performance First half > Overall continued improvement > Buildings - Jackson Tennessee specialty plant into full production - But, despatches down 7.5% due to delayed start-up - Sold Galesburg, Illinois facility >Vistawall - Tennessee extrusion expansion completed - Weekly order intake ($ terms) up 21% - Cost increases aluminium and energy Second half > Continued improvement Page 23

EBIT A$ Millions New Zealand and Pacific Steel Products still delivering 225 2 175 15 125 1 Sales revenue down 8% to A$359m 75 5 25 93 96 FY5-1H FY5-2H FY6-1H 66 1H-FY26 return on net assets

24 EBIT A$ Millions New Zealand and Pacific Steel Products still delivering Sales revenue down 8% to A$359m FY5-1H FY5-2H FY6-1H 66 1H-FY26 return on net assets annualised (pre-tax) 42% Markets > Lower domestic sales (softer residential) > Higher domestic prices > Lower prices on export HRC sales > Higher average vanadium prices Performance First half > Higher costs, including maintenance, unit costs and coal / electricity > Paint line production up due to FY5 upgrade > Regrettably had a fatality in July > Front end studies underway steel make and iron sands conversion Second half > Lower steel prices > Flat sales volumes Page 24

25 EBIT A$ Millions Hot Rolled Products excellence across the board PKSW sales revenue up 2% to A$1,9m NSBSS revenue US$243m (5%), down 17% North Star BlueScope Steel FY5-1H FY5-2H FY6-1H Port Kembla Steelworks 479 1H-FY26 return on net assets annualised (pre-tax) 44% 9 62 Markets > Increased export (principally slab) sales > Higher domestic prices; lower export prices > Strong USA HRC price / scrap spread Performance First half > Dramatically higher iron ore and coal costs, partly offset by lower priced iron ore inventory > Excellent operations / marketing effort post Western Port fire > Record 6 month iron make and slab production > Enterprise Bargaining Agreement extended to 29 > PKSW Hot Strip Mill expansion on schedule > North Star BlueScope record half year production and paid US$5m (1%) dividend Second half > Full impact of 71% higher iron ore costs > Flat steel volumes; weaker prices overall > More normal product mix; improved market offer Page 25

26 Earnings guidance for FY26 implies a more challenging second half FY26 after tax earnings outlook now expected to be in the range of A$.65 $.75 EPS on an AIFRS basis Downstream FY26 2H vs. 1H Lower bare feed costs Higher sales volumes Greater competition Australia Improved sales & production Displace imports Lower bare product prices Midstream Asia Improved margins Higher production & sales volumes Competition Vietnam project start up Full affect of higher iron ore (PKSW) Upstream Scrap free market linked to HRC Further softening in Asian export steel prices Flat sales volumes More normal product / geographical mix Page 26

27 Global steel industry currently squeezed by China s increased steel making capacity and higher raw material costs Million tonnes 4 35 China Crude Steel Production Sources: IISI, BSL Research 25 2 Raw Steel Prices Lump Iron Ore Extreme Deviation Jan-98 Jan-99 Jan- Jan-1 Jan-2 Jan-3 Jan-4 Jan-5 Jan-6 Japan to Korea HRC US Midw est HRC Latin America Slab US$ / Tonne. Indexed, Jan 98 = 1. (CRU) US$ / DMT. Lump iron ore indicative of all iron ore types. JSM Benchmark Pricing. Page 27

28 World crude steel production to 24 Million Tonnes Average Annual Growth Rates 4.% % 3.1% % Source: IISI Page 28

29 Global steel industry our long term view has not changed Current industry issues: China s capacity growth / fragmentation Lower Asian steel prices Higher raw material costs Scrap / iron ore differential Higher energy and other costs Increased competition Rest of steel world Continued discipline Continued industry consolidation India increased steel requirements (3-5 years) Likely industry outcomes long term: China steel reform initiatives taken / exports discouraged China increased demand / steel displaces inter-material Prices improve and then stabilise Raw material costs moderate Other costs remain high Competition BUT on increased demand Expansion programs being re-evaluated Page 29

30 Questions and Answers Strong Strong Board Board & Management Team Team Profitable Profitable Through Through the the Cycle Cycle Dynamic Dynamic Global Global Steel Steel Market Market Value Value Added Added Branded Branded Products Products Growth Growth Opportunities in in Asia Asia A VERY DIFFERENT KIND OF STEEL COMPANY Strong Strong Operating Operating Track Track Record Record Strong Strong and and Flexible Flexible Capital Capital Structure Structure Consistently Strong Strong Cash Cash Flows Flows Geographic Geographic and and Product Product Diversity Diversity Low Low Cost Cost Producer Producer Page 3

31 2 nd Annual Goldman Sachs JB Were Australasian Investment Forum, New York Kirby Adams, Managing Director and Chief Executive Officer March, 26 ASX Code: BSL

Half Year Results Presentation Period Ended 31 December 2005

Half Year Results Presentation Period Ended 31 December 25 Kirby Adams, Managing Director and Chief Executive Officer Paul O Malley, Chief Financial Officer 2 February, 26 ASX Code: BSL Important Notice