BlueScope Steel (BSL) Investor Update summary

Strategic approach to sustainability and ESG

• Sustainability is embedded 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.

• Women comprise 25% of the workforce in FY2024, with Board and ELT gender parity at 50%.

• Ongoing engagement with First Nations and commitment to inclusive, healthy workplaces.

• Completed 269 supplier assessments in FY2024, including 11 on-site audits, to ensure responsible sourcing.

Safety performance and initiatives

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

• Launched a global refocus program in July to reinforce safety fundamentals and frontline leadership engagement.

• 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.

• Major projects include the NZ EAF (expected to cut Glenbrook emissions by up to 55%) and DRI-ESF pilot with BHP and Rio Tinto.

• Launched Australian DRI Options Study and advanced ESF pilot with Rio Tinto and BHP.

• Updated scenario analysis confirms resilience of climate strategy across multiple climate futures.

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