Bluescope Steel Limited · ASX:BSL
Bluescope Steel — Investor Presentation (June 2006)
158 slides from Bluescope Steel's investor presentation, Jun 29, 2006
Slide 1: “es ee Lo
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Slide 2: Asian team here today
~ Asian team here today = Rob Crawford - Indonesia & Malaysia = Peter Wilson - Thailand & Vietnam = Paul Zuckerman - China = Gabe Meena - China Coated = Simon Linge - Malaysia Coated = Soo Keng Chua Malaysia Buildings = Robert Elliott - Finance
Slide 3: Overview
Overview i mE Srilanka thaitand -° Singapore Indonesia % -f-t#-— New Zealand . 4 te Page 3
Slide 4: First Days
First 100 Days Observations Came in at a very challenging time Strong foundation to build on Capable and enthusiastic workforce Strengths and weaknesses identified - initiatives accelerated Performance is strengthening
Slide 5: Business Portfolio
Business Portfolio _ Established * Thailand MCL1 * Indonesia « Malaysia * China Buildings Recently Commissioned * Thailand MCL2 * Vietnam * China Buildings Guangzhou Under Development « China Coated « India Coated & Buildings To Be Closed « Taiwan Buildings The established businesses are located in
Slide 6: Asia - Our Group Performance
Asia - Our Group Performance — : External Desptaches (‘000 tonnes) » Domestic 317 426 600 » Export 63 91 74 Total 380 517 674 Sales Revenue (A$m) Total Sales $525m $644m $997m EBIT (A$m) * Total $84m $102m $83m ($10m) to 0 * Operational (1) $85m $108m $107m $35m to $45m Net Operating Assets (A$m) pr
Slide 7: South East Asia
= South East Asia = Indonesia « Continued strong performance « Deferral of second Metal Coating Line to be revisited 1S Quarter 2007 = Malaysia " Turning this business around = Thailand " Good underlying business " Commissioning issues « Far stronger result in FY07 = Vietnam “ Strong start up « Curr
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Slide 9: Other Asia bridging data
«Data required to bridge total country data to consolidated Asia segment numbers « Includes Sri Lanka, India, Asian export trading offices and Asia head office. The FY05/06 movements largely relate to Indian joint venture External Desptaches (‘000 tonnes) " Domestic 26 0 3.2 *« Export 0 0 0 Total 26
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Slide 11: BlueScope Asia Day - India Business
a sa TATA BLUESCOPE BLUESCOPE STEEL " BlueScope Asia Day ndia Business 29 June 2006
Slide 12: Page
Page 2
Slide 13: India - Joint venture company structure
"India — Joint venture company structure ; Joint Venture Board 7 Head office located in Pune
Slide 14: Indian steel industry and Tata Steel
= FY06 (e} total Indian steel production 42 million tonnes = 5 major steel companies » SAIL - 14.6 mtpa « Tata Steel-— 8.5 mtpa globally with 5.0 mtpa in India * Essar— 3.0 mtpa « [SPAT - 3.0 mtpa « JSW- 1.3 mtpa = Plus a number of greenfield projects announced = Advantage of local iron ore resource
Slide 15: India economy: GDP and FDI
US$million “GDP growth (real) - India Wi Estimated Actual FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 Source: HMA Asia @ Target @ Estimated ctual Foreign Direct Investment, India FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 Source: Reserve Bank of India, Press reports = Economy * Strong growth continues
Slide 16: India - Economy
“India — Economy. India Gross Fixed Capital Formation: (GFCF)} 4,500,000 4,000,000 3,500,000 3,000,000 B 2,500,000 = 2,000,000 1,500,000 4,000,000 500,000 Nh A DO © GQ AV A 6B & ok& A HS OS GOD SE SSLS SOW Ho Goes” FGFS APG PPD OG APP VP PGA? AS Stee! Consumption kg/capita ‘orecast range* Brazil Mex
Slide 17: New project developments
ew project developments = Approvals » December 2004 (total cost A$100m (BSL’s share A$50m)) — Pune - BUTLER™ PEB facility and design centre LYSAGHT™ rollforming facility — Chennai - LYSAGHT™ rollforming facility — Bhiwadi (New Delhi) - LYSAGHT™ rollforming facility » November 2005 — JV agreement sig
Slide 18: India - Pune Project Update
“India ~ Pune Project Update BUTLER™ PEB facility and Design Centre * LYSAGHT™ roilforming facility ® Original scheduled completion second half CY2006 = Commissioning commenced April 2006 = First order despatched May 2006
Slide 19: India - Chennai project update
“India Chennai project update LYSAGHT™ sales & rollforming facility * Original scheduled completion - mid CY2007 ® Likely completion - fourth quarter CY2006 * Construction status (using Butler PEB) Earthworks complete Primary framing complete Secondary framing complete Roof & wall under way % % % %
Slide 20: LYSAGHT sales & rollforming facility
LYSAGHT™ sales & rollforming facility = Original scheduled completion - mid CY2007 = Likely completion — last quarter CY2006 * Construction status (using Butler PEB) Civil, electrical, mechanical, structural now complete * 10% of equipment is now installed & commissioned » Operating licenses under w
Slide 21: India - Jamshedpur metal coating and paint line
India - ee metal coating ; and paint line _ facilities _ _ : Coated manufacturing facilities (100%) 250ktpa metal coating line 150ktpa paint line Slit / recoil line Packaging line & & 8 & Original scheduled completion — mid CY2008 Likely completion - fourth quarter CY2008 Delay due to additional eng
Slide 22: Sources
Sources 1. Cold rolled coil for the coating line: # Primary source will be from the neighbouring Tata Steel facility » Backup supply is available from other Indian steel manufacturers 2. Rollforming facilities: * Currently sourcing metallic coated and pre-painted steel from BlueScope Steel’s Asian a
Slide 23: Coating line volume ramp-up
000’s tonnes 300 250 200 150 100 FY2007. = FY2008 »~=6FY2009 = FY2010 = FY20711 Imports Hi Prime Product Ei Non-Prime NAMEPLATE CAPACITY 250,000 tpa Full capacity achieved by 2012 Page 13
Slide 24: Paint line volume ramp-up
000’s tonnes 160 140 120 100 FY2007. = FY2008 »~=6FY2009 = FY2010 = FY20711 Imports Hi Prime Product Ei Non-Prime NAMEPLATE CAPACITY 150,000 tpa Full capacity achieved by 2012 Page 14
Slide 25: Construction sector growth - India
% GDP Real June Q'04 Construction Sector Growth - India Sep Q'04 Dec Q'04 Mar June Sep Q04 05 Q'05 Source: Reserve Bask of india Dec Qos Intermaterial Share* 2003/4 Asbestos Sheet 21% einforced Concrete 45% Others 5% Steel 29% * Industrial Building, Roofing and Walling (Source: Tata BlueScope Steel
Slide 26: Steel component of South Asia construction segment
Steel component of South Asia construction segment in context etal ted Domestic 0% (Premium segment) Imports 100% Painted Domestic 50% Im ports 50% PEB . . Domestic 80% (Organised Segment) Imports 20% « South Asia includes India, Sri Lanka, Maldives, Pakistan, Bangladesh, Nepal and Bhutan « Currentl
Slide 27: Markets (cont.)
markets (cont.) * Current principal markets are located in: » South and west, however strong demand is now being seen in the east as further natural resources are developed * Other regional opportunities “i * Bangladesh and Pakistan are strong and growing construction markets BANGLADESH » BlueScope
Slide 28: Brand recognition
Brand recognition * Coated steel: 4 of the 8 most recognised brands are associated with Tata BlueScope Steel: » 46% Tata BlueScope Steel » 41% BlueScope Steel * 20% COLORBOND® coated steel » 19% ZINCALUME® coated steel * Building solutions: 4 of the 8 most recognised brands are associated with Tata
Slide 29: India - Product flow
India - Product flow Zincalume Colerbond BUTLER Me Zinc/Aluminium coated steel Colour coated steel Roil-formed roofing and walling solutions Pre-Engineered Metal Buildings Page 19
Slide 30: Power brands
. POWER BRANDS - accounting for the majority of mix Alternate products, for specific applications oe , a ; a ; Zincalume Zacs “ AZ150 Zinc / Aluminium AZ70 Zinc / Aluminium coated steel coated steel (Truss, GI substitute) Kangaroo £3) Colerbond (Economical colour coated steel) 2 COLORBOND® range of
Slide 31: India - Our building solutions products
India - Our building solutions products Pre-Engineered Buildings Best in class, premium quality metal buildings for industrial and commercial 2» segments ECOBUILD @ Lower priced metal buildings for industrial re and commercial segments Range of buildings from cold formed steel TM g g SMARTBUILD stru
Slide 32: Opportunities and challenges
pportunitie challenge = Opportunities « — Rapid growth in industrial and commercial buildings — the primary target for both the coated steel and building solutions businesses « Eastern India is growing rapidly (from a buildings perspective) « Development of South Asian Association for Regional Coope
Slide 33: Tata BlueScope Steel joint venture base for growth
Tata BlueScope Steel 50/50 Joint Venture is establishing a good base for growth in SAARC countries Downstream business (Buildings Solutions Division) « — Facilities coming on stream now « Market reaction to commencement of operations has exceeded our expectations Midstream business (Coated Steel Div
Slide 34: BlueScope
cS BLUESCOPE
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Slide 36: Indonesia - Our business in context
Indonesia - Our business in context a eaten e BlueScope Lysaght indonesia YZ) wlueScope Steet Indonesia {Metallic coating and painting facility)
Slide 37: Indonesia - Our business in context (cont.)
indonesia — Our business in context (cont NOONES emen*«©, Vietal coated and paint line facility at Cilegon Lysaght facility at Cibitung
Slide 38: Indonesia economy
Real GDP Growth A Nee rd 8 es 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Interest Rates = Economy - Oo “we 2 Om mm investment Approvals. (New + Expansion} 1985 1906 TS7 1998 1953 fIOD aOT woz 23 DONE 2005 Source: CBS, Castle Asia, BlueScope Steel Economics » Largest South East Asian economy, o
Slide 39: iii il ANNI
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Slide 40: SINDOMALAY management team
SINDOMALAY management team President indonesia & Malaysia PA | VP Safety, Health and Environment ae, I I ] I I I i President Acting President VP Finance VP Customer Focus \VP Information System | | VP Marketing & Solution President President BL BSI Steel Coated Coated Stes! Malaysia | | Lysaght Mala
Slide 41: Indonesia midstream management team
Mgr. Sales BlueScope Steel Coated Indonesia Act. President Director BSI Steel Coated indonesia Mgr. Logistic & PPIC Marketing Manager IS Manager Mgr. Commercial Mgr. HR & EA Mgr. Manufacturing Mgr. Bussines Projects
Slide 42: Indonesia - Our downstream management team
Indonesia - Our downstream management team — President Director I Business System Manager HR & Admin Manager Nafional Sales Mgr Project Manufacturing Manager Techical Services Mgr Channel Manager Commercial Manager Nat Sales Mgr Inds & Comm PEB Marketing Manager (PEB Heavy} hi {PEB Lite) Nat Sales M
Slide 43: Indonesia - Our performance
Indonesia — Our performance External Despatches (tonnes 000’s) »Domestic 67 79 94 »Export 17 13 7 Total 84 92 101 Sales Revenue (A$m) Total Sales $110.7m $114.8m $149.2m EBIT In the range of (A$m) $11.7m $15.1m $17.4m $17m - $20m Net Operating Assets (pre-tax A$m) $63.5m $81.6m $85.9m Business devel
Slide 44: Current Source
Current Source 1. CRC from: * 80% from Krakatau Steel (located directly next to BlueScope Steel Indonesia operation in Cilegon), who also source slab from PKSW * 20% from BlueScope Steel and other sources 2. Other materials » — Zinc from Korea Zinc (Korea) » Aluminium from Comalco (Australia) * Pain
Slide 45: Indonesia - Current coating operations
Indonesia — Current coating operations Status ” Metal coating line no. 1 (MCL1) and paint line no. 1 (CPL1) at full capacity ” MCL2 and CPL2 construction on hold building and equipment design complete. Approximately A$10.0m spent/committed to April 2006 2 Product being imported from other BlueScope
Slide 46: Indonesia - Current Lysaght operations
Indonesia - Current Lysaght operations * Status ” Annual volume approximately 20,000 tonnes ” Largest steel truss supplier across BlueScope Steel Asia network 2 Business has been segmented into the following areas; pre-engineered buildings (PEB), residential, multi-storey, industrial & commercial, r
Slide 47: BlueScope Lysaght Aceh Projects
BlueScope Lysaght Aceh Projects: 7,130 tonnes y _ Andonesiar Be inspecting Lysaght
Slide 48: Indonesia - Our opportunities
Indonesia ~ Our opportuni 5 Capacity . ==. Capacity el (% of Prime pea ~ FY2003- 2005 FY2006 FY2007 ~~ FY2008 _FY2009 .100,000tonnes | 87% | 88% | 100% 100% | 100%. _ 42,000 tonnes 56% 98% 100% 100% 100% = Midstream Opportunities Market * Industrial / commercial; Foreign Domestic Investment improvin
Slide 49: Indonesia production profiles
x ne production profiles Indonesia - Metal coating line and paint Over the last 5 years the effective tonnage capacity has reduced as levels of thin gauge products have increased significantly. This has been partially offset by line speed increases and improvements in downtime. METAL COATING LINE PA
Slide 50: Indonesia - Our markets
Indonesia -Ourmarkets = Construction sector accounts for 99% of sales = Approximately 50/50 split between industrial & commercial and residential segments " Market share is growing through industry leadership in intermaterial growth, ie steel replacing timber trusses and concrete roof tiles. Inter-m
Slide 51: Indonesia - Our markets (cont.)
Indonesia — Our markets (cont Steel component of industrial / commercial construction segment (sales volumes) - indicative relationship between local suppliers vs. imports peau Vx =r wm . _ Principal Suppliers 7 1 ‘Domestic Metal Coated 85% . o 5% a” Painted - Principal ° Minimal Source
Slide 52: Indonesia - Our markets (cont.)
Indonesia - Our markets | cont.) i Direct customer base predominately manufacture in Java island = Current principal markets are located in: » Java (direct customers) = Other regional opportunities * Shift in wealth into outer islands (other than Java) due fo the governments regional autonomy progra
Slide 53: Indonesia - Summary
Indonesia-Summary = Opportunities a a Relatively high GDP percentage growth and inter-material growth potential Productivity improvements, cost reductions and general improvement in manufacturing excellence Largely unexplored manufacturing segment opportunities, but new products in the pipeline will
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Slide 55: Malaysia Business
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Slide 56: Malaysia - Our business in context
Malaysia - Our business i in context e@ Building solutions facility, BiueScope Lysaght > Metallic coating and painting facility, BlueScope Steel
Slide 57: Malaysia - Economy
/ Malaysia — Economy _ _ Real GDP Growth and Inflation - % chg tag GDP Growth ina ‘on a = Economy ao = Steady GDP growth of ~5% 6.0% * Inflation less than 3% 5.0% | 40% | = Recovery in FDI!’s 3.0% 2.0% A 1.0% . oo = Population S SF GC PS SF © SF § FS OB © Y Hw 8 ili s ‘ s s s s s ra s s s ss 26 mill
Slide 58: SINDOMALAY management team
SINDOMALAY management team President Indonesia& Malaysia PA LI VP Safety, Health and Environment I I ] i I ] ] l President Acting President VP Finance VP Customer Focus ‘VP information System | | VP Marketing & Solution President President BL BSI Steel Coated Coated Steel Mafaysia | | Lysaght Malays
Slide 59: Malaysia - Mid stream management team
Malaysia - Mid stream management team President Coated Steel Malaysia Administration Manager VP Commercial VP Human VP Manufacturing VP Sales VP Strategy & External VP Marketing & VP Customer Service & Satety Professionat Resource Alfairs Business Development Supply Chain
Slide 60: Malaysia - Downstream management team
_ Malaysia - Downstream management team President {Lysaght Malaysian Region) President President President General Manager President President Vice President Operations Manager Lysaght Singapore — Lysaght Malaysia Lysaght Sabah Lysaght Brunei Lysaght Sarawak Spore Service Centre Commercial
Slide 61: Malaysia - Our people
"Malaysia Our people Multicultural team
Slide 62: Malaysia - Our safety
Malaysia — Our safety Zero Harm, Together We Work, Forever We Care Excellent record with more than 1,000 days LTI free
Slide 63: Malaysia - Our performance
Malaysia - Our performance External Despatches (tonnes000’s) Domestic 58 87 103 "Export 30 44 53 Total 88 131 156 Sales Revenue (A$m) Total Sales $125.9m $147.1m $177.4m EBIT In the range of (A$m) $22.3m $21.2m $9.3m $2m - $5m Net Operating Assets (pre-tax A$m) $109m $131m $155m Business development
Slide 64: Malaysia - Current operations
Malaysia - Current operations = The midstream business results have been good up to 2004, growing at 22% CAGR. = However, in the 1st Quarter of FY2006, it experienced “the perfect storm’. = “The Perfect Storm”: " Selling Prices dropped 20% in mid 2005, at the time the business was holding 50k tonnes
Slide 65: Malaysia - The road to recovery
Malaysia - “The road to recovery" Leadership " Transitioned new team, 60% change = Segmented sales and marketing management structure " Clear and strong performance management Increasing Margins " Cleared high priced aged stock & reduce yield loss = Widen margins through restructured market offer =
Slide 66: Malaysia Feedstock sources
Malaysia Feedstock sources Current Source 1. Cold rolled coil (CRC) from « — BlueScope (Springhill, Australia), SUS (Thailand), PTKS (Indonesia), POSCO. (Korea) and Mycron (Malaysia) «Trialling other sources 2. Other materials « Zinc from Korea Zinc, Korea « Aluminium from Comalco, Australia « Paint
Slide 67: Malaysia - Our opportunities
Malaysia - Our opportunities | Capacity §§.= === == = Capacity Utilisation (% of Prime Product) Co LD CC FY2003-2005 ~~ —=—s- x FY2006 D) OFY2007 »~Sr ic“ “ tw C2008: FY2009 78% 84% | 8% L807 70,000tonnes | 98% "82% (1) 91% (2) “400% (2) “400% (2) Notes: (1) Paintline utilisation rate is low in FY20
Slide 68: Malaysia - Metal coating and paint line production profile
Malaysia — Metal coating line and paint line production profile METAL COATING LINE PAINT LINE Tonnes Tonnes 180,000 80,000 160,000 70,000 140,000 60,000 120,000 50,000 re a , 30,000 60,000 ‘ 40,000 20,000 20,000 10,000 0 0 2006 «2001 «2002» 2003 «2004 «=. 2005 = 2006 2000 «©2001 «2002, 2003 «= 2004
Slide 69: Malaysia - Our markets
Our markets _ - « Approximately 60% of total sales in Malaysia are fo the domestic market, whilst 40% exported. " 90% of domestic sales is to the building & construction industry and 10% to manufacturing industry. * Domestic building & construction sales split - 60% industrial/ commercial sector and
Slide 70: Malaysia - Our markets (cont.)
Malaysia - : Our markets (cont.) = Current principal markets are located in: « Klang Valley (greater Kuala Lumpur) » Singapore = Other regional opportunities * Penang « Johor Bahru « Sarawak " Sabah = Coated steel market in Malaysia Domestic Imports Supply « Metal coated 30% 70% « Painted 80% 20%
Slide 71: Malaysia - Opportunities / challenges
Malaysia - Opportunities / challen 7 es = Opportunities - Midstream = Opportunities - Downstream » Residential markets " Decking for integrated resorts in « Manufacturing segment Singapore " Potentially more volume for Aceh " Yield improvement Building solution, PEB’s and residential = " Structural
Slide 72: Downstream Progress into Building Solutions
Downstream Progress into Building Solutions —
Slide 73: Malaysia - Summary
Malaysia- Summary Midstream = Business has turned around and become profitable again = — Significant opportunities to grow domestic markets = Yield improvement opportunities = Structural cost improvement opportunities = Feed availability and rapidly rising feed & coating metal cost are issues that w
Slide 74: Supporting Information
Supporting Information
Slide 75: Corporate tax rate
= Corporate tax rate u — Malaysia 28% « — Singapore 20% = Other « — Unutilised tax losses
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Slide 77: BlueScope Steel - June 2006
BLUESCOPE STEEL a 29 June 2006
Slide 78: Vietnam - Our business in context
Vietnam — Our business in context @ suiting solutions facility, BlueScope Lysaght (% Metalic coating and painting facility, BlueScope Steel Vietnam BlueScope Steel Vietnam, Phu My Page 2
Slide 79: Vietnam - Economy
Vietnam — Economy YOY % Change 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: Economic intelligence Unit Foreign Direct Investment Growth (US$bn) Unit Son Registered | @ Implemente: 2002 2003 2004 2005 Source: Vietnam Economic Times « Economy » GDP per capita: US$554 » GDP growth: 7-8% ex
Slide 80: Our People
Our People = BlueScope employs 480 full time personnel drawn from a highly educated and English literate local workforce. = Focus on retention, training and team development = Coating team trained in Indonesia Culture * Building on the ‘BlueScope’ culture within our team = Buddhism Dominant - a fusi
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