BLUESCOPE: DRI PROJECT UPDATE

North Star BlueScope Steel (NSBSS), jointly owned by BlueScope (50 per cent) and Cargill, Incorporated (50 per cent), has concluded a detailed scoping and development study for a potential direct reduction iron (DRI) plant at its Delta, Ohio, steelworks. The conclusion reached is that the forecast risk adjusted returns are not sufficiently attractive to justify the investment. Accordingly, the shareholders of NSBSS, BlueScope and Cargill, have decided not to proceed to the next phase of the project at this time.