Bluescope Steel Limited · ASX:BSL
Bluescope Steel — Corporate Update (November 2025)
58 slides from Bluescope Steel's corporate update, Nov 26, 2025
Slide 1: NZ Site Visit
BlueScope For personal use only NZ Site Visit David Fallu Chief Financial Officer Robin Davies Chief Executive, New Zealand and Pacific Islands Michael Yiend Head of Property Development Deborah Caudle Chief Executive, Climate Change and Sustainability 27 November 2025 BlueScope Steel Limited. ASX C
Slide 2: Important Notice
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 b
Slide 3: Agenda
AGENDA Session 1 For personal use only • Intro and BlueScope Overview • New Zealand and Pacific Islands Segment – Including EAF Project Deep Dive Q&A and Morning Tea Break Session 2 • Property Development • Climate and Sustainability Q&A and Lunch Break Site Tour • PPE Fit Out and Safety Briefing •
Slide 4: BlueScope Overview
BlueScope For personal use only Overview David Fallu (Chief Financial Officer) 4
Slide 5: Our Purpose, Our Bond and Our Strategy
OUR PURPOSE, OUR BOND AND OUR STRATEGY Our Purpose: We create and inspire smart solutions in steel, to strengthen our communities for the future For personal use only Our Bond Our Customers Our People Our Shareholders Our Local Communities are our partners are our strength are our foundations are ou
Slide 6: A Leading Premium Steel Producer with Proven Returns and Strong Growth Trajectory
BLUESCOPE: A LEADING PREMIUM STEEL PRODUCER WITH PROVEN RETURNS AND STRONG GROWTH TRAJECTORY For personal use only • Advantaged platform in US, including best-in-class EAF facility Strategic Asset Base • Extensive Australasian manufacturing network and integrated value chains • A global leader in me
Slide 7: A High-Quality Asset Portfolio
A HIGH-QUALITY ASSET PORTFOLIO India China ASEAN For personal use only New Zealand and United States Pacific Islands Australia Key Recycling Steelmaking Metal coating Long products Steel buildings Steel building materials (scrap metal) (flat products) and painting (rebar) and systems and components
Slide 8: Sale of 50% Stake in Tata BlueScope Steel
SALE OF 50% STAKE IN TATA BLUESCOPE STEEL Transaction recognises value created in partnership with Tata Steel over two decades For personal use only Transaction summary Transaction details TBSL historical performance • Tata BlueScope Steel (TBSL) Sales Volume $179M Net proceeds after (kt, 100% basis
Slide 9: Significant Earnings Growth Opportunity
SIGNIFICANT EARNINGS GROWTH OPPORTUNITY Target annual EBIT improvement For personal use only Cost and • Initial target $200M of initiatives commenced for delivery in FY2026 productivity $200M+ • Program to deliver further improvements initiatives • Targeted annual earnings contribution from growth i
Slide 10: Financial Strength, Guided by Our Financial Framework
FINANCIAL STRENGTH, GUIDED BY OUR FINANCIAL FRAMEWORK Strong returns, a robust balance sheet and a disciplined approach to capital allocation For personal use only Robust Disciplined Returns Focus Capital Structure Capital Allocation • Maintaining a strong balance • Maintain safe and reliable • Focu
Slide 11: Diverse and Experienced Team Presenting Today
DIVERSE AND EXPERIENCED TEAM PRESENTING TODAY For personal use only David Fallu Robin Davies Michael Yiend Deborah Caudle Chief Financial Officer Chief Executive, New Zealand Head of Property Chief Executive, Climate and Pacific Islands Development Change and Sustainability Also in attendance: Steve
Slide 12: New Zealand and Pacific Islands
New Zealand For personal use only and Pacific Islands Robin Davies (Chief Executive, New Zealand and Pacific Islands) Suzanne McKandry (General Manager, Sales and Marketing) Conrad Bezuidenhout (Project Director – Electric Arc Furnace) 12
Slide 13: Segment Overview
SEGMENT OVERVIEW Produces flat and long steel in New Zealand, and building components in the Pacific Islands For personal use only Description Footprint New Zealand • Only steel producer in New Zealand Koné • Produces a range of flat and long steel products: Nouméa Otahuhu – Supplies all major segme
Slide 14: History
HISTORY Established 60 years ago by the NZ Government to take advantage of New Zealand’s naturally occurring iron sands deposits For personal use only 1965 1969 1982 1989 2002 2023 2025 New Zealand First production of COLORSTEEL® New Zealand Steel BlueScope Steel Ltd Partnership NZ Steel Steel steel
Slide 15: Manufacturing Process
MANUFACTURING PROCESS The only company in the world that makes steel out of ironsand For personal use only Iron Sands Internal Scrap Slab caster Melter Flat products Coal Billet caster Vanadium Oxygen Steel Recovery Converter Melter Long products Ironmaking Smelting Steelmaking Casting 15
Slide 16: EAF Project Overview
EAF PROJECT OVERVIEW Project to deliver substantial reduction in emissions and enhanced downcycle performance For personal use only • Expected total cost ~NZ$300M Process overview – NZ$140M being co-funded by the NZ Government Current model Iron Sands Internal Scrap Slab caster • Cold commissioning
Slide 17: Benefits of the NZ EAF Model
BENEFITS OF THE NZ EAF MODEL Enhances downcycle performance; would’ve indicatively improved FY2025 EBIT by ~$80M if operational For personal use only Reduce energy Flex production Adjust raw Enables lower costs to match demand material mix emissions steel • Contracting reduces cost • Modular product
Slide 18: New Zealand and Pacific Islands Strategy
NEW ZEALAND AND PACIFIC ISLANDS STRATEGY OUR VISION: A SUSTAINABLE STEELMAKING FUTURE IN NEW ZEALAND For personal use only TRANSFORM GROW DELIVER Transform the business as it shifts Continue along the existing strong Continue to deliver a safe and resilient to an EAF model, through: growth trajector
Slide 19: Business Performance
BUSINESS PERFORMANCE Earnings driven by regional steel prices and despatch volume / mix, with recent increases to conversion costs from electricity impacting profitability For personal use only East Asia Steel Prices (US$/t) HRC Rebar 800 600 400 NZPI Underlying EBIT ($M) 229 200 FY16 FY17 FY18 FY19
Slide 20: End-Use Segments
END-USE SEGMENTS Predominantly serving construction segments through external rollforming and distribution channels For personal use only Domestic end-use segment mix Economic indicators NZPI domestic volumes (kt) Long Products Building Consents: rolling 12 months1 Flat Commodity Products (LHS: Resi
Slide 21: Products and Brands
PRODUCTS AND BRANDS Producing a wide range of flat and long steel products, with a suite of well-known consumer brands For personal use only Product Group Description / Application Brands Hot Rolled, Cold • Commodity products used in manufacturing, infrastructure and Rolled & Plate construction appl
Slide 22: Product Deep Dive: COLORSTEEL
PRODUCT DEEP DIVE COLORSTEEL® Leading pre-painted steel brand in New Zealand For personal use only Product description • High quality painted steel for building and construction – High durability and corrosion resistance; low maintenance – Backed by robust warranties from NZ Steel (up to 50 years) •
Slide 23: Product Deep Dive: COLORSTEEL
PRODUCT DEEP DIVE COLORSTEEL® Leading pre-painted steel brand in New Zealand For personal use only Strong presence in market Roofing brand funnel1 Awareness 85% Consideration 76% 90% Preference 50% Awareness 36% Competitor A Consideration 14% 39% Preference 2% Awareness 36% Competitor B Consideratio
Slide 24: Product Deep Dive: COLORSTEEL
PRODUCT DEEP DIVE COLORSTEEL® Leading pre-painted steel brand in New Zealand For personal use only Through-cycle growth COLORSTEEL® sales volume (indexed at FY2016) 200 175 5% CAGR 150 125 100 75 FY16 FY20 FY25 24
Slide 25: Product Deep Dive: COLORSTEEL
PRODUCT DEEP DIVE COLORSTEEL® Leading pre-painted steel brand in New Zealand For personal use only Unlocking further growth • Strong and continued brand investment across channels – Focussed business development and industry engagement – Ongoing promotion across a range of media • COLORSTEEL MAXAM®
Slide 26: Product Deep Dive: Pacific Steel DCRB
PRODUCT DEEP DIVE PACIFIC STEEL DCRB Pacific Steel DCRB offers customers long products with materially lower embodied carbon For personal use only Product description Pacific Steel Rebar GWP kgCO2-e / kg Global Warming Potential • Rebar produced via EAF from 100% scrap feed • Significantly lower emb
Slide 27: Steel Plant, Glenbrook, Auckland
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Slide 28: EAF Features
EAF FEATURES A range of features in the configuration and equipment to improve efficiency and reduce cost For personal use only EAF • Combines electrical and Q-ONE power system chemical energy for fast • Modular power system 38-minute cycles optimises efficiency to Scrap conveyor system • High level
Slide 29: Project Update
PROJECT UPDATE Project on track; expect cold commissioning in Dec-25 and hot commissioning by Apr-26 For personal use only Aligning the upper EAF shell The furnace in situ with Installing the offgas stack onto the bottom shell electrode assembly progress 29
Slide 30: For personal use only
For personal use only ` ` 30
Slide 31: Transitioning to the EAF Model
TRANSITIONING TO THE EAF MODEL Commissioning and ramping the EAF will create some short-term transitional impacts on operations and earnings For personal use only Impacts on operations Impacts on earnings • Underperformance of old assets • Yield loss during changeover on lower maintenance leading in
Slide 32: Supply Contracts Enabling the EAF
SUPPLY CONTRACTS ENABLING THE EAF Electricity and scrap contracts underpin EAF viability; key to enhanced downcycle performance For personal use only Electricity Scrap • Currently purchasing electricity on the spot market • Current raw material costs are relatively fixed – Prices have increased mate
Slide 33: Relationship with Benchmark Pricing
RELATIONSHIP WITH BENCHMARK PRICING Benchmark spread calculation and modelling information for EAF model For personal use only Indicative spread for EAF model1 Pro-forma EAF revenue and cost (Indicative FY2025 performance, $M) • Selling prices across ~75% of domestic product correlated with 1x Selli
Slide 34: In Summary
IN SUMMARY NZPI is set on strong foundations, positioned for resilience and growth For personal use only Strategic Only steelmaker in NZ; integrated Asset Base operations with EAF upside Premium Unmatched brand strength across Brand Portfolio steel construction markets Resilient EAF providing flexib
Slide 35: Q&A
For personal use only Q&A David Fallu (Chief Financial Officer) Robin Davies (Chief Executive, New Zealand and Pacific Islands) Suzanne McKandry (General Manager, Sales and Marketing) Conrad Bezuidenhout (Project Director – Electric Arc Furnace) 35
Slide 36: Property and Infrastructure
Property and For personal use only Infrastructure Michael Yiend (Head of Property Development) 36
Slide 37: BlueScope Property and Infrastructure
BLUESCOPE PROPERTY AND INFRASTRUCTURE Established a Property and Infrastructure function to unlock value from BlueScope’s land portfolio For personal use only Leadership and resourcing Scope and function • Appointed Michael Yiend to Unlock and repurpose 1,250ha of ELT as Head of Property non-operati
Slide 38: Strategic Non-Operational Land Portfolio
STRATEGIC NON-OPERATIONAL LAND PORTFOLIO Sites located with compelling port, rail and electricity interconnector access For personal use only Port Kembla Glenbrook NSW, Australia New Zealand ~400 hectares • 200ha of land on a deep-water port, Port • 400ha of land adjacent to NZ Steel NZ Steel adjace
Slide 39: Development Use Cases
DEVELOPMENT USE CASES BlueScope has identified four target asset classes for development complimentary to core operations For personal use only Potential land uses Potential benefits Energy Logistics • Reduce power costs • Optimise supply chains Potential use cases: Potential use cases: Data centres
Slide 40: Potential Value Delivery Models
POTENTIAL VALUE DELIVERY MODELS Unlocking value across the land portfolio via three operating models For personal use only Model Low-cost development Partner to develop Direct land sale BlueScope to directly develop Join with a partner to develop BlueScope to market and sell Description and lease a
Slide 41: Case Study: West Dapto Land Sale
CASE STUDY WEST DAPTO LAND SALE 33ha of the West Dapto site is directly adjacent to existing residential district and is zoned residential For personal use only Status update: West Dapto Landholding (200ha) • Land sale process progressing well • Sale to be finalised December 2025 Creating value thro
Slide 42: Case Study: Glenbrook Grid-Scale Battery Lease
CASE STUDY GLENBROOK GRID-SCALE BATTERY LEASE Expanding lease agreement for a grid-scale battery, providing cashflow and energy supply to NZ Steel For personal use only Status update: Glenbrook BESS Facility Site Plan • Ground lease in place with Contact Energy • Contact Energy seeking to expand the
Slide 43: Climate and Sustainability
Climate and For personal use only Sustainability Deborah Caudle (Chief Executive, Climate Change and Sustainability) 43
Slide 44: Our Global Approach
OUR GLOBAL APPROACH Safe, thriving people and BlueScope’s commitment to sustainability is founded on engaged communities Purpose, Bond and Strategy. • Safety and wellbeing comes first For personal use only • Respect human rights for all workers • Culture of inclusion and learning • Contribute to the
Slide 45: Health and Safety Approach
HEALTH AND SAFETY APPROACH The safety, health and wellbeing of people is paramount For personal use only Strong foundations in safety Using a mix of lead and lag indicators to gain insight standards and risk management FY2025 Lead Indicators FY2025 Lag Indicators • Approach is built on: TRIFR1 Leade
Slide 46: Health and Safety Update
HEALTH AND SAFETY UPDATE Committed to a culture of learning and people-centred approach; enabled by engaging our people in designing solutions to deliver effective controls For personal use only FY2025 Update • Global “Refocus on Safety” program continues to progress. Focus is on: – Equipping leader
Slide 47: Steel: Critical to the World's Future
STEEL: CRITICAL TO THE WORLD’S FUTURE A foundation for global decarbonisation; underpins the renewable energy transition and the circular economy For personal use only Steel is a critical enabler of the energy transition1 Steel is central to a circular economy Importance given its strength, durabili
Slide 48: Steelmaking Decarbonisation Pathway
STEELMAKING DECARBONISATION PATHWAY Highlights the dual-stream approach to steelmaking decarbonisation through both the near-term asset optimisation and longer-term technology evolution For personal use only Emissions Optimising current operating assets1 Technology evolution pathways baseline Direct
Slide 49: Example of Enablers Supporting Decarbonisation Investment
EXAMPLE OF ENABLERS SUPPORTING DECARBONISATION INVESTMENT The presence of relevant enablers in New Zealand unlocked lower emissions steelmaking For personal use only Technology evolution EAF technology is well established and readily available Raw materials supply NZ exports ~500ktpa scrap, largely
Slide 50: Electric Smelting Furnace (ESF): a bridge to low-emissions ironmaking
y | we? Electric Smelting Furnace (ESF) a bridge to low-emissions ironmaking
Slide 51: Solid Pipeline of Climate Projects
SOLID PIPELINE OF CLIMATE PROJECTS We continue to make good progress towards our 2030 targets and 2050 net zero goal by optimising existing assets in the near term and pursuing longer-term iron and steelmaking transformation For personal use only Climate Project Pipeline1 (number of projects) 2 proj
Slide 52: Climate Projects
CLIMATE PROJECTS A range of initiatives in progress, supported by BlueScope’s climate capital allocation approach and climate investment program For personal use only Ironmaking Steelmaking Non-steelmaking New Zealand New Zealand New Zealand • Investigation into the potential for • Using co-products
Slide 53: Steelmaking Site Emissions Intensity
STEELMAKING SITE EMISSIONS INTENSITY All sites driving emissions intensity improvements; gains are lumpy and progressively harder For personal use only Scope 1 & 2 GHG emissions intensity1 (tCO2-e/t raw steel produced) 3.5 Emissions Intensity Reduction Baseline year for group-wide 2030 steelmaking t
Slide 54: Continuing Work in Pursuit of Our Targets
CONTINUING WORK IN PURSUIT OF OUR TARGETS Making solid progress towards our 2030 targets For personal use only Steelmaking target Non-steelmaking target1,2 Looking ahead to 20303 (92% of Group-wide Scope 1 and 2 emissions) (<8% of Group-wide Scope 1 and 2 emissions) • Achieved 14% reduction since FY
Slide 55: Credentials and Certifications
CREDENTIALS AND CERTIFICATIONS Leading with product transparency and stewardship For personal use only Ecolabels Environmental Product Declarations (EPDs) • Given to products that meet • Provides life cycle environmental impact of a product specific environmental performance criteria • Based on life
Slide 56: Sustainability Disclosure
SUSTAINABILITY DISCLOSURE Comprehensive disclosure suite provides clear and transparent Looking ahead to FY2026 information on BlueScope’s sustainability approach and progress For personal use only • Reporting approach to evolve with the introduction of the Australian Sustainability Reporting Standa
Slide 57: Q&A
For personal use only Q&A David Fallu (Chief Financial Officer) Robin Davies (Chief Executive, New Zealand and Pacific Islands) Michael Yiend (Head of Property Development) Deborah Caudle (Chief Executive, Climate Change and Sustainability) 57
Slide 58: NZ Site Visit
BlueScope For personal use only NZ Site Visit David Fallu Chief Financial Officer Robin Davies Chief Executive, New Zealand and Pacific Islands Michael Yiend Head of Property Development Deborah Caudle Chief Executive, Climate Change and Sustainability 27 November 2025 BlueScope Steel Limited. ASX C