Annual General Meeting Annual General Meeting Originally issued by BHP Steel. On 17 November 2003 BHP Steel became BlueScope Steel Limited.
Annual General Meeting Annual General Meeting Graham Kraehe Graham Kraehe Chairman Chairman 12 November 2003 12 November 2003
Board of Directors Board of Directors GRAHAM KRAEHE RON MCNEILLY KIRBY ADAMS GRAHAM KRAEHE RON MCNEILLY KIRBY ADAMS Chairman Deputy Chairman MD & CEO Chairman Deputy Chairman MD & CEO TAN YAM PIN JOHN CRABB DIANE GRADY KEVIN McCANN PAUL RIZZO TAN YAM PIN JOHN CRABB DIANE GRADY KEVIN McCANN PAUL RIZZO Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Page 3
Annual General Meeting Annual General Meeting Graham Kraehe Graham Kraehe Chairman Chairman 12 November 2003 12 November 2003
Chairman’s Address Chairman’s Address
Share price performance since public listing Share price performance since public listing 200 180 160 BSL Base = 100 140 120 ASX 100 100 80 60 26-Aug 7-Oct 18-Nov 16-Jun 10-Nov 15-Jul 30-Dec 10-Feb 28-Jul 15-Sep 24-Mar 5-May Page 6
FY2003 – A Very Good Start for BSL FY2003 – A Very Good Start for BSL Revenue $5.3 billion First time above $5.0 billion. • Revenue $5.3 billion First time above $5.0 billion. • • Despatches 6.8 million metric tonnes Record shipments. • Despatches 6.8 million metric tonnes Record shipments. Net Profit After Tax $452 million • Net Profit After Tax $452 million • • Earnings Per Share 57.1¢ • Earnings Per Share 57.1¢ Dividends / Shares 22¢ Fully Franked Scheme Booklet Forecast was 20 ¢ • Dividends / Shares 22¢ Fully Franked Scheme Booklet Forecast was 20 ¢ • 0/40% Franking. 0/40% Franking. Special Dividend 7 ¢ Fully Franked • Special Dividend 7 ¢ Fully Franked • Return on Invested Capital 14.5% • Return on Invested Capital 14.5% • Net Cash Flow $598 million • Net Cash Flow $598 million • Buyback (30 June 2003) 8.3 million shares 27 August 2003 21.9 million shares. • Buyback (30 June 2003) 8.3 million shares 27 August 2003 21.9 million shares. • Debt Reduced By $540 million To $168 million. • Debt Reduced By $540 million To $168 million. • Gearing (net debt) 2.4% • Gearing (net debt) 2.4% • Page 7
Strong financial performance across all segments Strong financial performance across all segments FY02 FY03 500 471 • PKSW • PKSW - Slab - Slab 400 - HRC - HRC - Plate - Plate • NSBHP (50%) • NSBHP (50%) 300 A$ Millions • Castrip • Castrip 200 119 97 84 100 71 57 44 12 0 Hot Rolled Products Coated Products Australia Coated Products Asia New Zealand Steel EBIT Growth +386% +267% +109% +18% Return on Net 25.7% 10% 9.3% 18.9% Assets (Pre-Tax) Page 8
Page 9 Hot Rolled Products Hot Rolled Products
North Star BHP Steel – Delta, Ohio North Star BHP Steel – Delta, Ohio # 1: # 1: � Customer Satisfaction � Customer Satisfaction � Quality � Quality � Delivery � Delivery Page 10
Strong financial performance across all segments Strong financial performance across all segments FY02 FY03 500 471 400 300 A$ Millions 200 119 97 84 100 71 57 44 12 0 Hot Rolled Products Coated Products Australia Coated Products Asia New Zealand Steel EBIT Growth +386% +267% +109% +18% Return on Net 25.7% 10% 9.3% 18.9% Assets (Pre-Tax) Page 11
Page 12 New Zealand Steel New Zealand Steel
Strong financial performance across all segments Strong financial performance across all segments FY02 FY03 500 471 400 • Western Port • Western Port • Springhill • Springhill 300 A$ Millions • Packaging • Packaging Products Products • Service Centres • Service Centres 200 • Lysaght • Lysaght 119 97 84 100 71 57 44 12 0 Hot Rolled Products Coated Products Australia Coated Products Asia New Zealand Steel EBIT Growth +386% +267% +109% +18% Return on Net 25.7% 10% 9.3% 18.9% Assets (Pre-Tax) Page 13
Page 14 Coated Products Australia Coated Products Australia
Strong financial performance across all segments Strong financial performance across all segments FY02 FY03 500 471 400 300 A$ Millions 200 119 97 84 100 71 57 44 12 0 Hot Rolled Products Coated Products Australia Coated Products Asia New Zealand Steel EBIT Growth +386% +267% +109% +18% Return on Net 25.7% 10% 9.3% 18.9% Assets (Pre-Tax) Page 15
Page 16 Guangzhou Stadium - China Guangzhou Stadium - China
FY2003 – A Very Good Start for BSL FY2003 – A Very Good Start for BSL Revenue $5.3 billion First time above $5.0 billion. • Revenue $5.3 billion First time above $5.0 billion. • • Despatches 6.8 million metric tonnes Record shipments. • Despatches 6.8 million metric tonnes Record shipments. Net Profit After Tax $452 million • Net Profit After Tax $452 million • • Earnings Per Share 57.1¢ • Earnings Per Share 57.1¢ Dividends / Shares 22¢ Fully Franked Scheme Booklet Forecast was 20 ¢ • Dividends / Shares 22¢ Fully Franked Scheme Booklet Forecast was 20 ¢ • 0/40% Franking. 0/40% Franking. Special Dividend 7 ¢ Fully Franked • Special Dividend 7 ¢ Fully Franked • Return on Invested Capital 14.5% • Return on Invested Capital 14.5% • Net Cash Flow $598 million • Net Cash Flow $598 million • Buyback (30 June 2003) 8.3 million shares 27 August 2003 21.9 million shares. • Buyback (30 June 2003) 8.3 million shares 27 August 2003 21.9 million shares. • Debt Reduced By $540 million To $168 million. • Debt Reduced By $540 million To $168 million. • Gearing (net debt) 2.4% • Gearing (net debt) 2.4% • Page 17
Page 18 BHP Steel Thailand – 11 million hours LTI-free BHP Steel Thailand – 11 million hours LTI-free
Change in Shareholder Base Change in Shareholder Base
Page 20 Board of Directors Board of Directors
Corporate Governance Corporate Governance
Remuneration Strategy Remuneration Strategy
Current Trading and Outlook Current Trading and Outlook
Annual General Meeting Annual General Meeting Graham Kraehe Graham Kraehe Chairman Chairman 12 November 2003 12 November 2003
Annual General Meeting Annual General Meeting Kirby Adams Kirby Adams Managing Director & CEO Managing Director & CEO 12 November 2003 12 November 2003
Factors contributing to our performance Factors contributing to our performance • Your company’s integrity • Your company’s integrity • Our operational performance • Our operational performance • Our strategy • Our strategy Page 26
Our Bond – BHP Steel’s ‘Charter’ Our Bond – BHP Steel’s ‘Charter’ We and our customers proudly bring inspiration, strength and colour to communities We and our customers proudly bring inspiration, strength and colour to communities with BHP Steel. with BHP Steel. Our customers are our partners. Our customers are our partners. Our success depends on our customers and suppliers choosing us. Our strength lies in Our success depends on our customers and suppliers choosing us. Our strength lies in working closely with them to create value and trust, together with superior products, service working closely with them to create value and trust, together with superior products, service and ideas. and ideas. Our people are our strength. Our people are our strength. Our success comes from our people. We work in a safe and satisfying environment. We Our success comes from our people. We work in a safe and satisfying environment. We choose to treat each other with trust and respect and maintain a healthy balance between choose to treat each other with trust and respect and maintain a healthy balance between work and family life. Our experience, teamwork and ability to deliver steel inspired solutions work and family life. Our experience, teamwork and ability to deliver steel inspired solutions are our most valued and rewarded strengths. are our most valued and rewarded strengths. Our shareholders are our foundations. Our shareholders are our foundations. Our success is made possible by the shareholders and lenders who choose to invest in us. In Our success is made possible by the shareholders and lenders who choose to invest in us. In return, we commit to continuing profitability and growth in value, which together, make us all return, we commit to continuing profitability and growth in value, which together, make us all stronger. stronger. Our communities are our homes. Our communities are our homes. Our success relies on communities supporting our business and products. In turn, we care for Our success relies on communities supporting our business and products. In turn, we care for the environment, create wealth, respect local values and encourage involvement. Our the environment, create wealth, respect local values and encourage involvement. Our strength is in choosing to do what is right. strength is in choosing to do what is right. Page 27
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