NOTICE OF ANNUAL GENERAL MEETING 2006

NOTICE OF MEETING AND INFORMATION FOR SHAREHOLDERS

BLUESCOPE STEEL LIMITED ABN 16 000 011 058

LEVEL 11, 120 COLLINS STREET MELBOURNE 3000 TEL: +61 3 9666 4000 FAX: +61 3 9666 4111 WWW.BLUESCOPESTEEL.COM Offi ce of the Chairman NOTICE OF MEETING AND INFORMATION By mail: FOR SHAREHOLDERS BlueScope Steel Share Registry 11 October 2006 Notice is given that the 2006 Annual General Meeting of BlueScope c/- Link Market Services Limited Steel Limited (‘the Company’) will be held at The Sheraton Locked Bag A14 on the Park, 161 Elizabeth Street, Sydney, NSW on Wednesday Sydney South, NSW 1235 15 November 2006 at 2.00 pm (Sydney time). Electronic proxy voting: Dear Shareholder ORDINARY BUSINESS www.bluescopesteel.com/investors 1. Annual Report To be effective, the instrument by which a proxy is appointed by I am delighted to invite you, as a shareholder, to attend BlueScope Steel Limited’s 2006 Annual General Meeting. To receive and consider the Annual Report, fi nancial statements a member and, if the instrument is signed by the member’s attorney, The meeting will be held on Wednesday, 15 November 2006 at The Sheraton on The Park, 161 Elizabeth Street, Sydney, NSW and the reports of the Directors and the auditor for the year ended the authority under which the instrument is signed or a certifi ed commencing at 2:00 pm (Sydney time). Registration desks will be open from 12:30 pm. I suggest that you arrive early to avoid 30 June 2006. copy of the authority, must be received by the Company at least queues and minimise any delays. 2. Remuneration Report 48 hours before the meeting. Enclosed are your 2006 Annual Report (unless requested otherwise) and Notice of Annual General Meeting together with the To adopt the Remuneration Report (which is contained For more information concerning the appointment of proxies and following documents: in the Directors’ Report) for the year ended 30 June 2006. the addresses to which proxy forms may be sent, please refer to the proxy form. - A personalised proxy form. If you do not intend to attend the meeting, you should complete and return this form in the envelope Note: the vote on this resolution is advisory only and does not bind the Directors or the Company. provided, or fax it to the number noted at the top of the form. Alternatively, you can lodge your proxy online at the BlueScope Steel CORPORATE REPRESENTATIVES website www.bluescopesteel.com/investors; 3. Election of Directors A corporate shareholder may appoint a person to act as its The following Directors retire in accordance with the Company’s - A form to elect to receive information on BlueScope Steel (including your Annual Report and meeting documents) by electronic representative at the meeting by providing the person with: constitution and, being eligible, offer themselves for election: means (email) and dividend payments and advices by direct credit (electronic communications form); - a letter or certifi cate authorising him or her as the company’s a) Mr Kevin McCann representative, executed in accordance with the corporate - A form inviting ‘Questions from Shareholders’ which will assist us to ensure that shareholder issues are addressed b) Mr Paul Rizzo shareholder’s constitution; or in an effi cient manner; and c) Mr Daniel Grollo - a copy of the resolution appointing the representative, certifi ed - A business reply paid envelope, or a return address envelope (if your registered address is outside Australia), for the return of any by a Company Secretary or Director of the corporate shareholder. completed proxy, electronic communications and ‘Questions from Shareholders’ forms. PROXY INFORMATION A member who is entitled to attend and cast a vote To be effective, the instrument by which a representative is If you will be attending in person and not voting by proxy, please present your proxy form to assist with your registration at the meeting. at the Annual General Meeting may appoint a proxy. appointed by a corporate shareholder must be received by the The ordinary business to be conducted at the 2006 Annual General Meeting will involve considering the 2005/06 Annual Report, A proxy need not be a member. Company at least 48 hours before the meeting. adoption of the remuneration report and election of Directors. Mr Kevin McCann and Mr Paul Rizzo are retiring by rotation. A member who is entitled to cast two or more votes may appoint VOTING ENTITLEMENTS Mr Daniel Grollo, having been appointed as a Director since the date of the last general meeting, is standing for election. two proxies and may specify the proportion or number of votes The Board has determined that for the purposes of the meeting, I look forward to welcoming you to the meeting. each proxy is appointed to exercise. shares will be taken to be held by those persons recorded on Yours sincerely, The following addresses and facsimile number are specifi ed the Company’s share register as at 7.00 pm on Monday for the purposes of receipt of proxy and corporate 13 November 2006. representative appointments: By order of the Board ADDRESSES By hand: BlueScope Steel Share Registry c/- Link Market Services Limited GRAHAM KRAEHE AO, CHAIRMAN Level 12, 680 George Street Michael Barron BlueScope Steel Limited Sydney, NSW 2000 Company Secretary ABN 16 000 011 058 Facsimile: +61 2 9287 0309 Melbourne, 11 October 2006 EXPLANATORY NOTES To be elected, a candidate must receive more and has previously served as Chief Executive votes “for” than “against”. Offi cer and Dean, Director and Professorial ITEM 1. ANNUAL REPORT Other members of the Board support the Fellow of the Melbourne Business School. The Annual Report, fi nancial statements and re-election of Messrs McCann and Rizzo the reports of the Directors and the auditor He has previously served as a Group Managing and the election of Mr Grollo. for the year ended 30 June 2006 will Director – Finance and Administration be presented for consideration. Biographical information on Messrs McCann, of Corporation Limited, in senior Rizzo and Grollo is set out below. Additionally, executive positions at The Chairman will allow a reasonable information on the independence of Messrs of Australia Limited, State Bank of Victoria opportunity for shareholders to ask questions McCann and Rizzo for the purposes of the Limited and ANZ Banking Group Limited, and of the Board or the auditor. In addition to ASX Corporate Governance Council as a Director of Seven Network Limited, N M taking questions at the meeting, written Principles of Good Corporate Governance Rothschild & Sons (Australia) Pty Ltd and as questions to the Chairman or the auditor and Best Practice Recommendations, is Chairman of the Financial Reporting Council. may be submitted no later than 8 November contained in the Corporate Governance 2006. Copies of the more frequently asked Mr Rizzo’s extensive fi nancial and Statement, which forms part of the Annual shareholder questions and answers to those commercial experience is valuable to Report. The Board has conducted a formal questions will be available at the meeting the Board and in his role as Chairman of assessment of the individual contributions and posted on the Company’s website. A list the Audit and Risk Committee. of Messrs McCann and Rizzo. of relevant questions to the auditor (if any), Daniel Grollo and any written responses by the auditor, Kevin McCann AM Non-Executive Director (Independent) will be provided to shareholders at the meeting. Non-Executive Director (Independent) Director since: September 2006 BA LLB (Hons), LLM Mr Grollo is Chief ITEM 2. REMUNERATION REPORT Director since: May 2002 Executive Offi cer of The Remuneration Report forms part of the Mr McCann brings Australia’s largest Directors’ Report, and is included in the extensive legal privately-owned Company’s Annual Report for the year ended expertise, commercial development and 30 June 2006. The Remuneration Report is experience as a construction company, also available on the Company’s website Director of a number Grocon Pty Ltd. He is also President of the www.bluescopesteel.com. of major listed Victorian Division of the Property Council The Remuneration Report: companies and experience in corporate of Australia and a Director of the Green governance to the Board. explains the Company’s remuneration policy Building Council of Australia. and its relationship with the Company’s He is Chairman of Healthscope Limited, Mr Grollo’s experience will complement performance; Limited, Triako Resources the existing skills of the Board by including Limited and the Sydney Harbour Federation contains the remuneration details of the additional experience from the building and Trust, lead independent Director of Directors and the highest paid relevant construction industry. He will contribute to Macquarie Bank Limited and a member of executives of the Company; and the Company’s strategy for its downstream the Defence Procurement Advisory Board. businesses to be a leading global provider of explains the incentive arrangements in place He has previously served as the Chairman steel building products and steel solutions. for the Company’s employees. of Partners of Allens Arthur Robinson and on While they are not legally restrained from the Boards of Pioneer International Limited, ANNUAL GENERAL MEETING LOCATION voting, the Directors and the executives Limited and the State Rail Authority The Sheraton on the Park, specifi cally named in the Remuneration of . 161 Elizabeth Street, Sydney, NSW Report will not vote on the resolution, other He is also a member of the Takeovers on Wednesday, 15 November 2006 at 2.00 pm (Sydney time). than as a proxy for another shareholder Panel and the Council of the National and in accordance with the directions Library of Australia. of that shareholder. Paul Rizzo TO DARLING HARBOUR The Directors unanimously recommend that Non-Executive Director (Independent) SHERATON ARKET STREET you vote in favour of this advisory resolution. Chairman of the Audit and Risk Committee M BCom, MBA HYDE ITEM 3. CANDIDATES FOR ELECTION Director since: May 2002 AS DIRECTORS PARK STREET

ELIZABET CASTLERE PARK Messrs McCann and Rizzo retire by rotation. Mr Rizzo is a Director STRE GEORGE PITT STREET of National Australia

Each of these Directors, being eligible, offers H STREE

himself for re-election. Bank Limited, a AGH STREET ET

member of the T Mr Grollo, having been appointed by the Advisory Board of Directors, vacates offi ce in accordance Mallesons Stephen with the Company’s Constitution and, being Jaques, Chairman of Foundation for Very eligible, offers himself for election. Special Kids and a Director of Villa Maria,