BlueScope Steel (BSL) Investor Update summary

Strategic approach to sustainability and ESG

• Embedded sustainability in purpose, strategy, and stakeholder commitments, focusing on sustainable growth, safe and inclusive workplaces, responsible supply chains, climate action, and strong communities.

• Released a comprehensive sustainability reporting suite, with a focus on safety and climate in the latest update.

• Achieved ResponsibleSteel™ certification at three sites and expanded Environmental Product Declarations and ecolabels.

• Achieved a milestone with women comprising 25% of the workforce in FY2024 and maintained Board and ELT gender balance in line with the 40:40:20 target.

• Recognised as a worldsteel 2024 Sustainability Champion and achieved ResponsibleSteel™ site certification at Phu My, Vietnam.

Safety performance and initiatives

• Safety performance declined, with TRIFR adjusted from 8.8 to 9.1 due to a calculation error.

• Launched a global 'Refocus on Safety' program and refreshed Codes of Practice for key risk areas.

• Completed 1,175 HSE risk control projects since 2021, with 271 in FY2024, focusing on reducing fatality and life-altering injury risks.

• High employee turnover and new hires have challenged safety management.

• Management incentives are linked to TRIFR outcomes; no bonuses awarded in FY2024 due to performance.

Climate action and decarbonization progress

• Achieved a 12% reduction in steelmaking GHG intensity since FY2018, meeting the 2030 target early, supported by North Star expansion and process efficiencies.

• Construction began on a NZ$300M electric arc furnace at Glenbrook, expected to cut New Zealand Steel’s Scope 1 and 2 GHG emissions by about 55%.

• Entered a framework agreement with Rio Tinto and BHP to investigate Australia’s first ironmaking electric smelting furnace pilot, aiming for near-zero GHG emissions.

• Scope 3 emissions are now reported, with a focus on improving data and reduction pathways.

• Set mid-term 2030 targets and a 2050 net zero goal for GHG emissions, with scenario analysis confirming resilience of current strategy.