BLUESCOPE STEEL CONTINUES DOWNSTREAM GROWTH BY ANNOUNCING NEW THAILAND INVESTMENT

Bangkok--Jan 21--Spark Communications The Board of BlueScope Steel Limited (ASX: BSL), Australia's leading steel producer, today approved the installation of a second metallic coating line at the Map Ta Phut plant, 150 kilometres south of the Thai capital of Bangkok. The total capital cost of the project is approximately A$80 million. The investment will be undertaken by BlueScope Steel (Thailand), and will add capacity of 200,000 tonnes of metallic coated product, taking the total annual production capacity of the Map Ta Phut plant to 375,000 tonnes of metallic coated steel. The new line will be capable of producing both aluminium-zinc alloy coated and zinc-coated products. Construction will commence in January 2004, with first production from the new line expected to be on stream in the middle of the 2005 calendar year. Managing Director and CEO, Mr Kirby Adams, said: "When the Map Ta Phut plant was originally constructed in 1996, provision was made for an additional metallic coating line to be added at a later time utilising existing infrastructure. As a result, this investment will significantly increase capacity in a very cost effective manner. "Thailand is experiencing strong economic growth, particularly in construction and manufacturing markets. This new investment is driven by demand in Thai building and construction markets for BlueScope Steel's range of premium quality branded steel products, including the market-leading ZINCALUME steel product, which will be manufactured on this line. "The investment is consistent with BlueScope Steel's strategy of growing our downstream value-added steel products business in Asia. Our businesses in Asia are operating efficiently, have demonstrated strong growth in profitability and are well positioned to benefit from continuing market growth in the region. "The additional metallic coating facility will further enhance our position within the ASEAN steel markets and support the Company's expansion in providing value-added building solutions such as residential roof trusses and pre-engineered buildings." Mr Adams said: "With the recent conclusion of Free Trade Agreement negotiations between Australia and Thailand, the level of Australian investment in Thailand can be expected to increase in the years ahead. BlueScope Steel is pleased to be the leading Australian investor in Thailand, because our experience over the past decade has demonstrated that the Thai marketplace offers attractive opportunities." BlueScope Steel is Australia's single largest investor in Thailand, having already invested more than A$200 million over the past eight years. Government estimates indicate that total Australian investment in Thailand is currently less than A$300 million. The Map Ta Phut plant is BlueScope Steel's largest facility in South East Asia, incorporating a cold rolling mill and pickle line (capacity 300,000 tonnes), metallic coating capability (currently 175,000 tonnes) and a paint line (90,000 tonnes). BlueScope Steel has operated a Lysaght building products business (started in 1988) with facilities at Rangsit near Bangkok and Khon Kaen in the north-east. The Map Ta Phut facility operates in tandem with BlueScope Steel's sister plants in Malaysia and Indonesia and the Company has a new metallic coating and painting facility under construction in Vietnam near Ho Chi Minh City. BlueScope Steel's building products business, BlueScope Lysaght, has a network of 23 rollforming and manufacturing centres across Malaysia, Brunei, Indonesia, Singapore, China, Vietnam, Taiwan and Sri Lanka as well as Thailand. BlueScope Steel also has an extensive network of sales and marketing offices throughout the Asian region. ABOUT BLUESCOPE STEEL LIMITED: BlueScope Steel (ASX: BSL) is a publicly listed Australian company and the largest steel manufacturer in Australia and New Zealand. It operates coating and painting facilities in Thailand, Malaysia and Indonesia and has a new facility under construction in Vietnam. The BlueScope Lysaght business has a network of 23 roll forming facilities in nine countries across the Asia Pacific region that is unmatched by any other steel company. BlueScope Steel was publicly listed on the Australian Stock Exchange on 15 July 2002 as BHP Steel. The Company changed its name to BlueScope Steel Limited on 17 November 2003. BlueScope Steel's principal customers are in the building and construction, automotive, packaging and general manufacturing industries. The Company's steelworks at Port Kembla is Australia's largest and one of the world's lowest cost producers of hot rolled coil. Steel rolling, coating and painting plants are also located in Australia and New Zealand, and the Company also has a 50 per cent interest in a steel mini-mill in Delta, Ohio in the USA. For further information about BlueScope Steel Limited: www.bluescopesteel.com or www.bluescopesteelasia.com Downloadable photographs of BlueScope Steel (Thailand) operations can be viewed at: www.bluescopesteel.com Contacts: Tom Athey Spark Communications Co., Ltd. Tel. 02-653 2717-9Fax 02-653 2725 E-mail [email protected] End. -RK-

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