Equity Raising and Major Debt Restructuring: May 2009

On 5 May 2009, BlueScope Steel announced an accelerated pro-rata entitlement offer of fully paid ordinary shares in BlueScope Steel to certain eligible shareholders (Entitlement Offer). Under the Entitlement Offer, Eligible Retail Shareholders are invited to subscribe for 1 new share (New Share) for every 1 existing BlueScope Steel share they held at 7.00pm (Australian Eastern Standard Time) on 8 May 2009 at a price of A$1.55 per New Share.

The institutional component of the Entitlement Offer was conducted between 5 May 2009 and 6 May 2009.

The retail component of the Entitlement Offer closed on 29 May 2009 at 5.00pm (Melbourne time).

Proceeds of the Institutional Offer and Retail Offer were $1,413 million, before expenses.

Neither the entitlements under the Entitlement Offer nor the New Shares have been, or will be, registered under the U.S. Securities Act of 1933, as amended (US Securities Act) or the securities laws of any state or other jurisdiction of the United States. The entitlements under the Entitlement Offer may not be taken up by persons in the United States or by, or for the account or benefit of a "US person"(as defined in Regulation S under the US Securities Act) (U.S. Person), and the New Shares may not be offered, sold or resold in the United States or to, or for the account or benefit of, a U.S. Person, absent registration except in a transaction exempt from, or not subject to, the registration requirements of the US Securities Act and applicable U.S. state securities laws.

Documents

This is a link to an electronic copy of the Prospectus, ASX Releases and Investment Presentation Slide Packs.