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BHP Billiton Carbon Steel Materials BHP Billiton Carbon Steel Materials June 2002 Introduction and Strategy Bob Kirkby President Carbon Steel Materials Presenters • Introduction and Strategy Bob Kirkby • Marketing Andrew Offen • WA Iron Ore & Boodarie Iron Graeme Hunt • Queensland Coal Dave Murray • Other Assets Bob Kirkby • Conclusion Bob Kirkby Question & Answer • Louis Irvine Melbourne • Stefano Giorgini Melbourne • Wayne Isaacs Melbourne • John Raubenheimer Melbourne BHP Billiton – Diversification (9 months to March 2002) Turnover - Geographic Origin EBIT - CSG Rest of Expln, Tech & Southern Base Steel New Business Africa World Metals 3% 3% 15% 12% Aluminium 4% Carbon Steel 11% South Materials America Stainless 30% 15% Steel & Other 3% North Australia America 42% Energy 12% Europe Coal Petroleum 4% 16% 30% Total Turnover $13.2bn Total CSG EBIT $2.8bn* *EBIT contribution excludes group and unallocated items BHP Billiton Context - CSM Key Attributes • Significant, stable and attractive returns – Critical mass and cost competitive – Long life, high quality resources – World class infrastructure – Experienced and progressive teams • Value adding growth opportunities Carbon Steel Materials Assets QLD Coal (50 – 80%) WA Iron Ore (65-100%) Prod: 50Mt Prod: 70Mt Years of Life: 50 Years of Life: 35 No 1 Seaborne supplier No 3 Seaborne supplier Samarco Iron Ore (50%) Port Hedland HBI Prod: 12Mt (100%) Years of Life: 40 Prod: 1.8Mt Low cost pellet producer Manganese (60%) Prod: Ore 3.5Mt Alloy etc 0.6Mt Years of Life: Illawarra Coal (100%) Aust 25 Prod: 7Mt SA 30 Years of Life: 45 No 1 Seaborne Supplier Niche supplier 100% nominal production capacity Asset Overview – EBIT Contribution to CSM Earnings (FYTD) 400 300 2001 2002 200 US$M 100 0 -100 WAIO Qld Coal Samarco Manganese Boodarie Iron Illawarra Coal EBIT ROC – Asset Contribution (Based on 2001/2002 reported EBIT – 9 months to March) 60% 2001 50% 2002 40% 30% 20% 10% 0% WAIO Samarco Qld Coal Illawarra Manganese Coal (Note: 10 month weighted average net operating assets) CSM Strategy - Focus 2002/5 Customer Focused Marketing CSM Strategy Operating Excellence Prudent Growth Marketing Andrew Offen Marketing Director Carbon Steel Materials CSM - Background Environment Crude Steel Production Growth Steel Industry 900 850 • Steel industry continues long term growth - continued steel demand pull @ >2%pa; 800 based on GDP/IP growth 750 700 • No major substitution of other materials, 650 plastics, light metals 600 1980 1985 1990 1995 2000 2005 • BF/BOF remains major steelmaking route: Source: IISI, BHPB Total Crude Steel Production – BOF share sustained around 61% 20 750Mt 799Mt 777Mt 788Mt 847Mt 846Mt ~860Mt – EAF growth only in selected regions US 18.1 18 Share of top 5 17 producers • Continued customer consolidation & 15.5 16 rationalisation, emerging mega steel 14.7 company(ies), Arcelor, (Europe) JFE 14 13.1 13.3 (Japan) 12.5 % share of total production • Intense cost pressures – ongoing tension 12 between highly profitable suppliers & 10 unprofitable customers 1996 1997 1998 1999 2000 2001 2002 Source:Metal Bulletin, BHPB Market Structure - Met Coal The top 10 seaborne producers of met coal account for 79% of Other the total market. 18% Rio Tinto BMA BHPB Total HCC exports : 125Mt 2% 29% Jim Walter 3% Yakutz 3% Luscar Note: some of these producers also export significant volumes of 4% weak met coal: CONSOL Fording • Rio Tinto 9.4 Mt p.a. • BMA-BHPB 7.7 Mt p.a. 4% 12% • Fording 2.5 Mt p.a. TECK Anglo MIM • Anglo 1.5 Mt p.a. 4% RAG 8% 8% 5% Source: BHPB Market Structure – Iron Ore Top 3 exporters account for 72% of the total market BHP Billiton Others SNIM 16% Total IO exports 453Mtpa 2% 11% LKAB 3% Iscor 4% India 8% CVRD Seaborne iron ore market divided into Atlantic, dominated 34% by CVRD and Pacific dominated by Australian Rio Tinto suppliers, BHPB and Rio Tinto 22% Source: BHPB Market Structure – Mn Ore and Alloy Alloy Market Mn Ore Market BHP Billiton 9% BHP Billiton Other Other 22% 19% 18% CIS CML Autlan 17% 3% 2% Ghana 5% Eramet* CIS LG Japan Autlan 12% 11% 7% 2% O&M CVRD Eramet* 2% 4% 12% China O&M CVRD China 11% 8% 8% 28% *Includes China JV’s Source: BHPB CSM Market Position - Asia Major supplier of iron ore & manganese Premier supplier of CSMs - fines, lump - reliable, consistent quality - technical support - technical market , seek VIU Strong Growth Market Static Market Customers Customers - Baosteel, OMR - Nippon Steel, JFE Premier supplier of CSMs - reliable, consistent quality Static/Weak Growth Market Competitive supplier of Customers coking coals - POSCO China Steel - HCC, WCC, blends Growth Market Customers - TISCO, SAIL CSM Market Position – Atlantic Premium supplier of HQCC - high customer reliance - high market share Supplier of manganese Small market for lump ores Growth Market Customers - Usinor, CORUS, TKS Ferroatlantica Supplier of Ferro Alloys to US Steel Industry Core supplier of HCC - selective key customers - small market share Growth Market Core supplier of HCC Customers & Manganese to - CSN, Usiminas Iscor CSM Revenue by Region EE/M East Africa 1% Americas 2% 5% Australia 9% Japan 34% Western Europe 20% Othre Asia Korea 5% China Taiwan 11% 7% 6% CSM Marketing Strategy What is our goal? • To maximize long term margins • To protect our market position • To achieve sustainable market share growth CSM Marketing Strategy How are we going to achieve that goal? • Improving our customer focus and pushing to the position of the pre-eminent supplier of raw materials to the steel industry • Optimising our customer & geographic mix, product portfolio and pricing levels to maximize value • Improving our industry structure • Capturing the synergies inherent in our CSM business grouping • Enhancing our merchanting/commercial skills and the systems required to implement them The Marketing Model PittsburghPittsburgh RioRio DeDe JJ SantiagoSantiago HoustonHouston LondonLondon • Base Metals • Stainless • Energy Coal HagueHague SwissSwiss SingSing • Carbon Steel • Aluminium HubHub PrincipalPrincipal HubHub • Petroleum • Freight • Energy • Reg. Office for Europe • Reg. Office for Asia TokyoTokyo SeoulSeoul ShanghaiShanghai DelhiDelhi IslamabadIslamabad Underlying Principles • Common Customer Groupings • Centralised “one book” Model The CSM Competitive Advantage • Stronger customer relationships – value propositions • Improved capability to position in the market and maximize margins • Improved opportunities to package products/services • Improved information capture, sharing & analysis • Experience and understanding of concentrated international markets The CSM Competitive Advantage (cont’d) • Use of technical support to capture value Ò v.i.u., product differentiation, new markets • Global spread of operations and offices • Minimal use of intermediaries • Dedicated logistics solutions and freight trading West Australian Iron Ore Graeme Hunt President WA Iron Ore & Boodarie Iron BHP Billiton – WA Iron Ore Business Area of WA Iron Ore Operations Finucane Is. Highway Northern Boodarie Great Nelson Point To Broome Iron Plant Nimingarra PORT Highway HEDLAND Coastal Yarrie West North To Perth Great Northern Highway Yandi Mine HAMERSLEY RANGE Mining Area C Ore Body 23/25 Mt Whaleback Jimblebar NEWMAN WA Iron Ore – Key Statistics • Mt Whaleback – shipped 900Mt of high quality Brockman ore since 1969 • Yandi Fines – high VIU (value-in-use) sees growing market demand – shipped + 200Mt since 1992 • Yandi Lump – high quality pisolite lump product – shipped 2.5Mt since 2000 Future Resources • 1400Mt of low Phos Brockman resources still available in Newman area • 1320Mt Pisolite and 1885Mt Marra Mamba ore types • 1755Mt high Phos Brockman ore – if market emerges Key Infrastructure • 5 mines, 400km railway, 2 stockyards, 3 berths, 1,700 employees Seaborne Iron Ore FOB Cost Curve Pellets Fines + Lump Samarco US$/T MACestim OB 23/25 Yandi Whaleback Jimblebar Goldsworthy 0 100 200 300 400 500 600 Cumulative Production (Mtpa Fe) WAIO Improved Productivity 2,800 50,000 2,600 45,000 2,400 2,200 40,000 2,000 35,000 1,800 1,600 30,000 Number of Employees 1,400 Tonnes sold per Employee 25,000 1,200 1,000 20,000 YEM97 YEM98 YEM99 YEJ00 YEJ01 YTD02 Employee numbers Tonnes Sold per Employee Success from Operating Excellence - Gross Loading Rate (Nelson Point) 6000 5500 YTD average 5086 5000 Tonnes per Hour 4500 YEJ01 average 4000 YEJ00 average 3500 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun YTD YEJ02 Actual Avg – Success fromOperatingExcellence Average Fuel (L/T) Loco FuelConsumption 0.25 0.27 0.29 0.31 0.33 0.35 0.37 0.39 Feb-01 Mar-01 Apr-01 May-01 Monthly FuelConsumption Jun-01 Jul-01 Month Aug-01 Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 Adopting New Technology – World’s Longest Train • Total Length 7.353 kilometres • Gross mass 99,732.1 Tonnes • Total Mass (exc. Locomotives) 98,164.5 Tonnes • Nett mass of Ore 82,262.5 Wet Tonnes • Total distance travelled 276 kilometres • Total running time 10 hours 4 minutes Future Growth Strategy • Incremental expansion of Newman and Yandi mines • Develop new, high Value-in-Use products to provide steelmakers with competitive advantage: l Yandi Lump TM l MAC Lump and Fines l Products & Capacity Expansion (PACE) – Expanding rail and port capacity to meet market growth Mining Area C 11 Blending stockpiles Electricity Substation Rail Village Spur Bulk Sample Pit Airstrip C Deposit Pit Outline Mining Area C • More than 800 million tonnes of iron ore in seven separate deposits • US$213M (100%) capital expenditure (mine, processing & rail spur) • 740,000 tonne bulk sample April 2002
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