In the words of Our Bond, 'Our strength is in choosing to do what is right'.

Our reputation relies on ethical and lawful conduct in Company activities. Every day, in our interactions with customers, suppliers, shareholders and others, our
business conduct is on display. Every employee and director is responsible for acting consistently with Our Bond and with the Company's policies, guidelines
and standards. It is sometimes difficult to recognise when there is a business conduct issue. The BlueScope Guide to Business Conduct sets out our
basic principles of business conduct. The foundations of the Guide to Business Conduct are the beliefs outlined in Our Bond. By working in
accordance with these principles, you can be confident you are acting appropriately. The Guide is not all encompassing. It is a practical
framework to help you decide what is right. If you are unsure about any aspect of business conduct, you should ask your supervisor
or manager. If you are unable to discuss the matter with them, you should seek help from a relevant functionalmanager or
contact the Company's externally managed Business Conduct Reporting Service. Further informationon this service,
including Hotline numbers and email addresses are in the "Where to go for assistance" section of the Guide.

You will also see references throughout the Guide to particular BlueScope policies and procedures
(accessible via the BlueScope Intranet), and these should be read for further clarification.

By acting fairly, ethically and with integrity, you will be helping to create lasting
benefit for yourself, your colleagues and the entire Company.

Mark Vassella

Managing Director & Chief Executive Officer