comm bank institutional report - maintain buy

OneSteel Acquisition Further Detail

Acquisition is subject to regulatory approval in Canada
and is expected to close end CY2010 (subject to timing of
approvals);

Acquisition of economic interest effective 1 July 2010, with OneSteel receiving the benefit of cash flows from this date;

Moly-Corp: a leading producer of forges steel grinding
balls with production facilities in

Moly-Cop, a leading producer of forged steel grinding balls
with production facilities in Chile, Peru, Mexico and
Canada supplying a full range of heat-treated grinding
media, and with established customer relationships with
major mining companies

AltaSteel, a steel mini-mill in Canada supplying ballstock
for the production of forged grinding balls to Moly-Cop and
heat-treated grinding rod to the Americas mining industry