Ann: Preliminary unaudited 1HFY21 underlying EBIT of around $530M, page-46

Basically all of the Australian steelmaking (BSL & Gupta) and heavy rolling capacity is many decades old . Not sure where Mr Roberts gets his data from however BSL production in Australia is around 3mtpa by itself and then you need to add Liberty Whyalla and their mini mills which I believe would bring the total production over 5mtpa. Making 10 million tonnes of steel is not necessarily a good or profitable move as you need a market to sell that volume of steel. The majority of that volume would need to be exported which means you are competing against the big Asian Countries and once prices turn down you would quickly find yourself with most of your volume unprofitable. This sort of thinking brought Arrium undone by heavily investing in Iron Ore mine expansion believing that prices would always remain high.

The BSL model of reducing Australian Production to more align with the Australian market, investing and expansion in the strong & more stable US market and smallish market based value added plants in other parts of the world seems to be working although they will suffer5 to some degree once the current high prices ebb.