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TRANSFORMING OUR BUSINESS BLUESCOPE STEEL LIMITED ANNUAL REPORT 2005/06 PART 1 OF 2 TABLE OF CONTENTS PART 1 2 INVESTING FOR GROWTH 4 CHAIRMAN’S MESSAGE 6 MANAGING DIRECTOR AND CEO’S REPORT 10 OUR BOND 11 OUR PLATFORM FOR GROWTH 13 THE BLUESCOPE STEEL STORY 14 HEALTH AND SAFETY 16 EXECUTIVE LEADERSHIP TEAM 17 THE POWER OF OUR BRANDS 18 PERFORMANCE OVERVIEW 20 AUSTRALIA 26 NEW ZEALAND 28 ASIA 32 NORTH AMERICA 36 COMMUNITY 38 BOARD OF DIRECTORS PART 2 43 DIRECTORS’ REPORT 63 CORPORATE GOVERNANCE STATEMENT 74 2006 CONCISE FINANCIAL REPORT 93 INDEPENDENT AUDIT REPORT TO THE MEMBERS 94 SHAREHOLDER INFORMATION 95 CORPORATE DIRECTORY TIANJIN, CHINA BlueScope Steel’s building solutions and products are found in some of the world’s best known stadiums. The Company has won contracts for Beijing 2008 sporting venues including the Tianjin Olympic Centre Stadium shown here. Cover: ADELAIDE, SA, AUSTRALIA The National Wine Centre of Australia, a cultural centre for the promotion and appreciation of Australian wine, is architecturally inviting. The Centre is built using GALVASPAN® purlins and clad in ZINCALUME® steel with a COLORBOND® steel roof. PAGE 1 SECURING OUR FUTURE. THIS YEAR WAS A TURNING POINT FOR BLUESCOPE STEEL. WE MADE SIGNIFICANT PROGRESS IN OUR GROWTH PROGRAM TO RESHAPE AND TRANSFORM OUR COMPANY. THE PROGRAM IS NEARLY COMPLETE, AND THROUGH IT WE WILL HAVE A UNIQUE MULTI-NATIONAL FRANCHISE WITH BALANCE AND DIVERSITY IN GEOGRAPHY, PRODUCTS AND MARKETS. THE BEST IS YET TO COME. PAGE 2 CHINA $280 million metallic coating and painting facility at Suzhou, opening October 2006. THAILAND The second metallic coating line was completed November 2005 adding 200,000 tonnes of capacity. INDIA VIETNAM AUSTRALIA Tata BlueScope Steel’s Pune plant The new $136 million metallic manufacturing BUTLER™ PEBs coating and painting facility New Service Centre opened and LYSAGHT™ products was near Ho Chi Minh City started in Perth, Western Australia in commissioned in April 2006. operations November 2005. November 2005. PAGE 3 CHINA NORTH AMERICA New facility at Guangzhou, manufacturing LYSAGHT® building Expansion of the Vistawall Tennessee solutions and BUTLER® PEBs, plant to double extrusion capacity opened May 2006. was completed November 2005. INVESTING FOR GROWTH. THIS YEAR, WITH 13 CAPITAL GROWTH PROJECTS UNDERWAY IN MANY OF THE FASTEST GROWING MARKETS IN THE WORLD, WE BROADENED OUR GEOGRAPHIC FOOTPRINT AND MOVED OUR BUSINESSES FURTHER DOWNSTREAM. AUSTRALIA NORTH AMERICA $100 million expansion of the Port AUSTRALIA Kembla Steelworks hot strip mill Butler facility in Jackson, Tennessee to convert an additional 400,000 $150 million COLORBOND® steel supplying specialty parts to the tonnes of slab into hot rolled coil. centre in Western Sydney to be Butler PEB business, in full To be ramped up by end of CY 2006. completed in 2007. production December 2005. PAGE 4 CHAIRMAN’S MESSAGE CHALLENGE AND REWARDS OVER THE LAST FOUR YEARS, WE HAVE MADE MAJOR PROGRESS IN OUR LONG-TERM INVESTMENT STRATEGY, A STRATEGY THAT DIFFERENTIATES US AND WILL TRANSFORM BLUESCOPE STEEL AS AUSTRALIA’S GLOBAL STEEL COMPANY INTO A WORLD LEADER IN STEEL SOLUTIONS. This year has been one of the most volatile and challenging years in the Further effi ciencies were announced through the reduction of 250 staff steel industry. In an environment of spiralling raw material and other input and management positions. BlueScope Steel will continue to seek costs and lower steel prices, BlueScope Steel continues to focus on opportunities to improve effi ciencies throughout the coming year. improving effi ciency in its core operations while implementing its The Company achieved 67 cents underlying earnings per share which downstream investment strategy. was within the guidance provided to the market in February. After The Board is confi dent that this strategy is on track and will deliver one-time restructuring charges, the earnings per share for the year long-term value for our shareholders. was 48 cents. PERFORMANCE SHAREHOLDERS Severe pressure on margins saw net profi t after tax decrease 66 per cent Since public listing in 2002, we have been very focused on rewarding to $338 million. This result is a refl ection of higher raw material costs, our shareholders as we grow. This commitment continues. particularly for iron ore, and lower pricing for slab, hot rolled coil and coated products in international markets. This, combined with start up This year, we increased the dividend payment by 5 per cent, resulting costs for new projects in Asia and one-off restructure costs to exit in a total ordinary dividend of 44 cents per share fully franked, compared loss-making businesses, placed pressure on margins. with 42 cents per share for ordinary dividends last year. In advance of the latest increase in raw material prices, BlueScope Steel Since listing, BlueScope Steel has returned close to $2 billion to took swift and decisive action to further reduce costs. In June, the Company shareholders through share buybacks and ordinary and special dividends. announced that loss-making operations, such as the tin mill at Port Kembla A Dividend Reinvestment Plan (DRP) has been introduced for and the operation in Taiwan, would be closed. shareholders in Australia and New Zealand. CHALLICUM HILLS, VIC., AUSTRALIA Wind towers of XLERPLATE® steel power Challicum Hills Wind Farm. PAGE 5 WE HAVE INVESTED SIGNIFICANTLY IN OUR DOWNSTREAM BUSINESSES, MOVING FURTHER INTO HIGH VALUE-ADDED, BRANDED STEEL PRODUCTS, WHICH WILL GENERATE HIGHER REVENUE AND EARNINGS AND REDUCE CYCLICALITY. This plan offers an effi cient and cost-effective approved a 50/50 joint venture arrangement 0.57 0.78 1.34 0.48 way to increase your investment in your to develop a steel coating and building solutions Company. Shares received under a DRP rank business across India and South Asia. equally with existing fully paid ordinary shares. India has one of world’s fastest growing economies with the second largest population LONG-TERM INVESTMENT STRATEGY after China. Over the last four years, we have made major progress in our long-term investment strategy, Your Directors are confi dent BlueScope a strategy that differentiates us and will transform Steel is developing an outstanding footprint BlueScope Steel as Australia’s global steel and business in the Asia region. We are company into a world leader in steel solutions. very excited by the growth prospects this region offers. BlueScope Steel is the We have invested signifi cantly in our leading Australian manufacturing investor 03 04 05 06 downstream businesses, moving further into in each Asian country in which we operate, high value-added, branded steel products, which and is ideally positioned to capitalise on EARNINGS PER SHARE ($) will generate higher revenue and earnings opportunities within this dynamic region. and reduce cyclicality. This investment strategy will enable us to capture profi t margins that CORPORATE GOVERNANCE accumulate as we add greater value to our BlueScope Steel complies with the ASX principles Over the next 12 months, he will have largely steel, and as we expand our global portfolio. of Good Corporate Governance and Best achieved the key strategic goals agreed with During 2005/06, seven major investment Practice Recommendations. I believe the the Board since his appointment. projects were completed and commissioned. Board of Directors continues to provide leadership BlueScope Steel has a detailed succession These included the second metallic coating and strategic direction of a high quality. The planning process which is reviewed regularly line in Thailand; the new coating and painting complementary skills and experience of our by the Board. The 14 months notice provided facility in Vietnam; in Tennessee, USA, the new members is the key to its strength. by Mr Adams will enable a smooth Butler specialty product plant at Jackson and We will continue to be guided by Our Bond, succession process. the expansion of the Vistawall Greeneville plant; BlueScope Steel’s values statement, which On behalf of the Board of Directors, I would the Lysaght plant and Butler pre-engineered commits to rewarding shareholders, caring for building (PEB) manufacturing facility and like to thank Managing Director and CEO our employees, valuing our relationships with Kirby Adams, his management team and Design Centre in India; the PEB and Lysaght our customers and respecting the communities facilities in Guangzhou, China; and the hot our 18,000 employees for their commitment, in which we do business. We can only grow focus and initiative during a challenging year. strip mill expansion in Port Kembla. and prosper if we stay true to these principles. Other major investments will come on stream Shareholders would be aware that Managing this coming year. In 2005/06, the capital Director and CEO Kirby Adams has announced investment program reached $816 million, his intention to retire in October 2007, by representing approximately 40 per cent of which time he will have been CEO for more the total $2 billion growth program. than seven years, including fi ve years as In May, your Board, together with the Board of Managing Director and CEO of BlueScope Tata Steel, the leading steel company in India, Steel as a publicly registered Company. GRAHAM KRAEHE AO, CHAIRMAN PAGE 6 MANAGING DIRECTOR AND CEO’S REPORT CREATING OUR FUTURE IN RESPONSE TO THE CHALLENGING ENVIRONMENT AND VOLATILE MARKET CONDITIONS, WE HAVE TAKEN FURTHER STEPS ACROSS THE COMPANY TO REDUCE COSTS, IMPROVE EFFICIENCIES, AND INCREASE PERFORMANCE LEVELS. YOUR COMPANY IS UNIQUELY POSITIONED ACROSS THE FASTEST GROWING ECONOMIES OF THE WORLD, AND WELL ESTABLISHED IN THE WORLD’S MOST POPULOUS COUNTRIES OF CHINA, INDIA, INDONESIA AND THE UNITED STATES. CHALLENGE AND OPPORTUNITY The 2005/06 fi nancial year should be seen as a turning point for BlueScope Steel as Regrettably, and despite this progress, there were a large part of activity and spending shifts from construction to production.
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