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Onesteel Mining Consumables Presentation Andrew Roberts, Chief Mining Consumables Kansas City - site tour 13 September 2013 For personal use only This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of Arrium and certain plans and objectives of the management of Arrium. Forward-looking statements can generally be identified by the use of words such as ‘project’, ‘foresee’, ‘plan’, ‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similar expressions. All such forward looking statements involve known and unknown risks, significant uncertainties, assumptions, contingencies and other factors, many of which are outside the control of Arrium, which may cause the actual results or performance of Arrium to be materially different from any future results or performance expressed or implied by such forward looking statements. Such forward-looking statements speak only as of the date of this presentation. Factors that could cause actual results or performance to differ materially include without limitation the following: risks and uncertainties associated with the Australian and global economic environment and capital market conditions, the cyclical nature of the steel industry, the level of activity in the construction, manufacturing, mining, agricultural and automotive industries in Australia and North and South America and, to a lesser extent, the same industries in Asia and New Zealand, mining activity in the Americas, commodity price fluctuations, fluctuations in foreign currency exchange and interest rates, competition, Arrium's relationships with, and the financial condition of, its suppliers and customers, legislative changes, regulatory changes or other changes in the laws which affect Arrium's business, including environmental laws, a carbon tax, mining tax and operational risk. The foregoing list of important factors is not exhaustive. There can be no assurance that actual outcomes will not differ materially from these statements. All balance sheet items are based on statutory financial information. Except as otherwise expressed, references in this document to net profit/loss after tax refer to net profit/loss attributable to equity holders of the parent. Segment results referred to throughout this presentation are those reported in the 2013 Full Financial Report. They are equivalent to segment underlying results. For personal use only 2 Contents Page Mining Consumables Overview 4 Key Market Drivers 21 Moly-Cop Overview 28 Moly-Cop South America 35 Moly-Cop North America 39 Moly-Cop Australasia 43 Strategic Focus & Outlook 45 Summary 49 AppendixFor personal use only 50 3 Mining Consumables John Barbagallo, Chief Executive Mining Consumables For personal use only Arrium business segments Middleback Ranges Moly-Cop Steel Southern Iron AltaSteel Recycling Port For personal use only 5 Mining Consumables overview . A business of scale with a strong growth profile • Strong earnings growth since Moly-Cop acquisition • EBITDA ~$200m (FY13) . Global leader in grinding media . Leading market positions in South America, North America and Australasia: • Sales of ~1.0Mtpa • Capacity of ~1.3Mtpa (excluding current expansions) . Ideally positioned to capitalise on mining growth, 1 particularly copper, gold and iron ore 1 FY11 includes annualised EBITDA of the Moly-Cop Group • Good visibility of new projects and mine expansions • Estimated grinding media demand growth in North America and South America ~8% CAGR FY13-17 . Relatively stable margins . Sustainable competitive advantage For personal use only 6 Mining Consumables overview . A comprehensive footprint for further geographic growth in grinding media and mining consumables . Investing in new grinding media capacity ‘ahead of the market’ and close to customers . A strong cash generator after funding own growth . High quality customer base – established long- term relationships with major mining houses . Over 80 years of history with grinding media, rail wheels and ropes . Global leader in dragline ropes . #1 in rail wheels/axles in Australia and New Zealand For personal use only 7 Mining Consumables businesses Grinding Media Rail Products Ropes For personal use only 8 Grinding Media A key mining consumable . Grinding media is used in the process of extracting minerals from ore, particularly in the fast growing copper and gold industries . Ore particles must be ground down to sufficiently small sizes so the contained metal species become ‘liberated’; i.e. free from gangue materials, prior to subsequent concentration processes . Grinding is carried out in large horizontal tumbling mills, partially filled with steel balls or rods (grinding media) . Mills require continuous refilling with new grinding media as they get consumed . Consumption of grinding media is related primarily to the volume of ore processed For personal use only and ore characteristics (abrasiveness, particle size and specific energy input) 9 Grinding media fundamentals Crushers No balls SAG Mills – single stage 4”-6” balls “Moly-Cop provides SAG Mills – multi stage full range of sizes 4”-6” balls from 1” – 6” balls” HPGRs No balls Rod Mills 3”-4” grinding rods Ball Mills 1”-4” balls Tower Mills 0.5”-1.5” balls IsaMills <0.1” balls For personal use only Small balls Large balls 1 10 100 1,000 10,000 100,000 1,000,000 Particle size, μm10 Source: Moly-Cop Moly-Cop grinding media . Largest producer of grinding media globally with facilities in Chile, Peru, Mexico, USA, Canada, Indonesia and Australia Grinding media facilities Capacity* Products (~ktpa) size range Newcastle, Australia 250 1” – 6” Cilegon, Indonesia 30 1” – 2” Kansas City, USA 180 1.5” – 5.5” Talcahuano & Mejillones, Chile 430 1” – 6” Lima & Arequipa, Peru 155 1” – 6” El Salto, Mexico 170 1” – 5.5” Kamloops, Canada 115 1” – 5.5” Total 1,330 For personal use only *Excludes Board approved expansions in Cilegon, Indonesia and Kamloops, Canada totalling ~170ktpa 11 Rail products . Focus on premium quality forged rail Australia wheels for heavy haul markets Facilities Steelmaking – Ingots Rail Products • High quality manufacturing Capacity ~105,000 wheels • ‘Value in use’ focus ~10,000 axles . Maintenance market growing with larger Employees Rail – 220 coal and iron ore fleets in Australia Market Position Market leader (1st) . Strong export sales into South Africa Major Suppliers Waratah Steelmaking . Secured long term contracts with major External axle supply Major Customers Rio Tinto mining companies Aurizon Pacific National . Secured long term contracts with major Downer United Group Limited (Rail) freight companies Bradken Transnet (South Africa) . FY13 record sales of ~77k wheels BHP Iron Ore Pilbara Iron FMG Competitors Imports China For personal use only Imports Europe 12 Moly-Cop Ropes . Strong presence in mining segments Australia (Mining ropes ~70% sales) Facility Mayfield, Newcastle • Draglines and electric shovels Capacity ~20ktpa • Pendants for draglines, shovels 110 • Cable hauled conveyors Employees Market Position . Market leader (1st) • Underground mining applications . Market ropes segments (~30% sales) Major Supplier . OneSteel Wire • Electrical industries Major Customers . BMA . Xstrata • Agriculture . Rio Tinto . Wesfarmers • Construction . Anglo American Competition . Haggie Rand • Highway infrastructure . Bridon . Wire Co • High quality manufacturing . ‘Value in use’ focus – “cradle to grave” For personal use only . Sole rope manufacturing plant in Australia 13 FY13 Mining Consumables results FY13 FY12 % change $m $m Total revenue/income 1,567 1,541 2 EBITDA 197 172 15 EBIT 153 135 13 Sales margin 9.7% 8.8% 0.9 pp Assets 2,460 2,310 6 Funds employed 2,072 1,948 6 Return on funds employed 7.6% 6.9% 0.7 pp Employees (number) 2,031 1,973 3 External tonnes despatched (Mt)1 1.14 1.06 8 For personal use only 1 Excludes scrap sales 14 FY13 Mining Consumables results . EBITDA $197 million vs $172 million pcp . Substantial contributor to group earnings and growth . Sales volumes up 8% pcp . Maintained stable margins . Moly-Cop businesses continued to perform well and in line with expectations . Strong grinding media volumes driven by copper and gold in North and South America . Australasian grinding media, rail wheels and ropes businesses performed well . EBITDA up pcp for all businesses . Strong cash generator .For personal use only Capacity expansions tracking to plan 15 Historical performance FY13 FY12 FY112 FY101 FY091 FY081 $m $m $m $m $m $m Total revenue/income 1,566.7 1,540.6 1,079.3 680.1 659.8 509.2 EBITDA 197.2 171.6 97.7 83.2 41.7 82.0 EBIT 152.6 135.2 65.3 62.3 22.8 65.6 Sales Margin 9.7% 8.8% 6.1% 9.2% 3.5% 12.9% Assets 2,460.5 2,310.3 2,286.4 1,158.5 1,125.0 1,104.3 Funds Employed 2,071.6 1,947.5 1,944.9 1,053.6 1,040.1 1,015.0 Return on funds employed 7.6% 6.9% 4.4% 6.0% 2.2% 6.5% Employees (number) 2,031 1,973 1,864 924 910 820 External tonnes despatched (Mt)3 1.14 1.06 0.73 - - - Internal tonnes despatched (Mt) 0.09 0.09 0.09 0.10 0.05 - Steel tonnes produced (Mt) 0.51 0.50 0.40 0.24 0.24 0.26 1 The December 2010 results for the Manufacturing and Mining Consumables segments have been restated to reflect changes in organisation structure following the formation of the new Mining Consumables segment as a result of the acquisition of the Moly-Cop Group on 31 December 2010. Arrium's existing Waratah, Newcastle facilities,For personal use only which include the grinding media and rail wheel businesses, Arrium's grinding media businesses in the United States and Indonesia, and the Wire Ropes business at Newcastle previously reported as part of the Steel segment now form part of the Mining Consumables segment. 2 These statistics include the results of the Moly-Cop Group from 31 December 2010. Assets and liabilities have been restated to reflect the final fair value adjustments arising on acquisition of the Moly-Cop Group in December 2010.
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