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Strategy presentation to GIBS © Mittal Steel Company March, 2005 Mittal Steel South Africa Limited Business Strategy Presentation to GIBS Forum 30 March 2005
Strategy presentation to GIBS © Mittal Steel Company March, 2005 2 Company overview Global steel industry Business strategy Stakeholder values creation strategies Conclusion Index
Strategy presentation to GIBS © Mittal Steel Company March, 2005 3 Overview Record earnings in 2004 of R 4,5 bn We employ ±11 400 people on a full time basis at an annual cost of R 2,2 bn and an additional ± 3500 full time equivalent people indirectly US$1.2bn gross export revenue. Making South Africa the 9 th largest steel exporter in the world Gross contribution to state treasury of R4.5bnpa Direct rebates of R450m for promoting secondary exports & import substitutions Planned environmental spend of R964m –All operations ISO 14001 certified ABE procurement of R1bn
Strategy presentation to GIBS © Mittal Steel Company March, 2005 4 Shareholding In 2004 LNM Holdings increased it shareholding in Iscor Limited to +50% In December 2004 LNM Holdings and Ispat International merged to form Mittal Steel Company NV –Listed on NYSE & Euronext Amsterdam Mittal Steel is acquiring the US-based International Steel Group (ISG) This imminent acquisition will make Mittal Steel the worlds largest and most global steel company –64 Mtpa steel capacity –14 operations on four continents –45 nationalities –165 000 employees Ispat Iscor was renamed Mittal Steel South Africa Limited on 14 March 2004
Strategy presentation to GIBS © Mittal Steel Company March, 2005 5 Mittal Steel global presents Mittal Steel Point Lisas (Trinidad) Mittal Steel Lazaro Cardenas (Mexico) Ispat Inland (USA) Mittal Canada (Canada) Mittal Steel Gandrange (France) Mittal Steel Hamburg Mittal Steel Ruhrort Miattal Steel Hochfeld (Germany) Mittal Steel Temirtau (Kazakhstan) Mittal Steel Galati Mittal Steel Iasi Mittal Steel Hunedoara Mittal Steel Roman (Romania) Mittal Steel South Africa (South Africa) Mittal Steel Ostrava (Czech Republic) Mittal Steel Zenica (Bosnia) Mittal Steel Skopje (Macedonia) Mittal Steel Poland (Poland) Mittal Steel Annaba (Algeria) Americas12Mtpa Europe18Mtpa Rest of the World12Mtpa
Strategy presentation to GIBS © Mittal Steel Company March, 2005 6 Vereeniging Johannesburg Newcastle Sishen Vanderbijlpark Thabazimbi Durban South Africa Mittal Steel South Africa Flat Steel Products Vanderbijlpark Steel – 3.4 Mtpa* Saldanha Steel – 1.3 Mtpa* Long Steel Products Newcastle Steel – 1.6 Mtpa* Vereeniging Steel – 0.4 Mtpa* Iron ore supply at cost + 3% 6.25 Mtpa from Sishen 2.5 Mtpa from Thabazimbi Saldanha Cape Town * Based on 2004 actual final product sales
Strategy presentation to GIBS © Mittal Steel Company March, 2005 7 Company overview Global steel industry Business strategy Stakeholder values creation strategies Conclusion Index
Strategy presentation to GIBS © Mittal Steel Company March, 2005 8 Global steel market Consumption is highly cyclical Annual consumption growth of 1-2% in the developed countries –Slow growth in the major markets Construction Automobiles Mechanical engineering Annual consumption growth in China of >13% –Representing 25% of world market Historical steel prices declined with 3% annually –To remain competitive due to industrys structural overcapacity Primary advantage is steels low cost –Competition from substitute materials Aluminium Plastics
Strategy presentation to GIBS © Mittal Steel Company March, 2005 9 Global Market Source: World Steel Dynamics/CRUNote: Apparent Steel Demand and Supply Tonnes x 1 000 000 820 870 920 970 1 020 1 070 1 120 1 170 20002001200220032004200520062007 Supply Demand
Strategy presentation to GIBS © Mittal Steel Company March, 2005 10 Industry challenges Low market growth, excluding China Burdened with constant structural overcapacity –Regionally focused producers, boosting capacity to improve competitiveness Highly fragmented production –Top 10 producers accounts for 25% of world production –Steelmakers often enjoy protection from their governments Faces powerful and consolidated clients and suppliers Industry is value destroying –Declining steel price –Increasing cost pressure
Strategy presentation to GIBS © Mittal Steel Company March, 2005 11 Industry strategies Pursuit of constant restructuring and cost-cutting Moving away from commodity steel production –Specialisation –Higher value added production Growth strategies are the most promising, but the most difficult to implement –Growing market required –Sufficient cost advantage New technologies Changing mindsets from regional to global –Mergers resulting in major industrial rationalisation
Strategy presentation to GIBS © Mittal Steel Company March, 2005 12 Company overview Global steel industry Business strategy Stakeholder values creation strategies Conclusion Index
Strategy presentation to GIBS © Mittal Steel Company March, 2005 13 A remarkable strategic journey Rationalisation Reengineering Restructuring Close non-profitable businesses – e.g., Pretoria, VDB A + B, HSMs etc. Newcastle breakthrough 40% cost reduction* across the board Continuous improvement established Kumba spin-off (retained cost + ore) Saldanha integration & turnaround Successful rights offer BAA agreement OICP**, centres of excellence, shared services LNM majority shareholding Mid 1990s 1997-2000 2001-2004 * On compressible cost base ** Organising for Improved Corporate Performance What next?
Strategy presentation to GIBS © Mittal Steel Company March, 2005 14 Revenue, Rbn, nominal 12.1 17.5 18.5 23.0 2001200220032004 23% CAGR Strong financial results We have delivered strong financial performance Recent performance has been achieved with the help of –International steel prices attain all time high levels –Strong domestic demand growth –Cost escalations successfully contained Net operating profit, Rbn, nominal 1.0 2.6 6.7 2001200220032004 87% CAGR ROIC (before tax), % 6.8% 18.3% 17.8% 46.6% 2001200220032004
Strategy presentation to GIBS © Mittal Steel Company March, 2005 15 Total return to shareholders A 30 percentage points increase in total return to shareholders since unbundling Historically the global steel industry has been fundamentally value destroying over the business cycle The threat of reduced growth/increased production in China may rapidly return us to a less attractive market 31% 13% 17% 1% 2001200220032004
Strategy presentation to GIBS © Mittal Steel Company March, 2005 16 International cost competitiveness Source: Metal Bulletin Research HRC operating cost US$/t FOB – Q1/04 0 50 100 150 200 250 300 350 400 450 500 Vanderbijlpark US$/t 256 Saldanha US$/t 247 International HRC producers
Strategy presentation to GIBS © Mittal Steel Company March, 2005 17 Competitiveness under pressure Strong rand Escalating global input costs –Iron ore increased around 70% in 2005 –Metallurgical coking coal contracts settled at approx +125% –Freight rates more stable, but at high levels –Coke stabilising around $250/t after peaking at > $400/t in 2004 –Scrap prices expected to remain firm in 2005 Based to 100 Coking coal – Contract Iron ore fines – Contract 80 90 100 110 120 130 140 Jul-01Jan-02Jul-02Jan-03Jul-03Jan-04Jul-04 Based to 100 Coke Freight rates Scrap 0 100 200 300 400 500 600 700 Jul-01Jan-02Jul-02Jan-03Jul-03Jan-04Jul-04
Strategy presentation to GIBS © Mittal Steel Company March, 2005 18 Raw material integration Backward integrated Imported Domestic supply agreement s Tonnes 000 Other Coal--100% 1 754 Scrap 78%- 22% 1 818 Iron ore - DRI 91% 99% 5%5% - 4% 1% 9 470 1 401 Coke - Coking Coal 96% 15% 1% 63% 3% 22% 2 184 2 673 Actual 2004
Strategy presentation to GIBS © Mittal Steel Company March, 2005 19 Strategic Goals Industry leading value-creation for our shareholders –Positive EVA over the cycle Improve operating capabilities –20% reduction in HRC/billet cash cost by 2007 –Value-creating throughput increases of 2 Mtpa Build a high performance culture –Create an environment that generates true employee pride & attracts, develops & retains top-performing people Be a responsible corporate citizen
Strategy presentation to GIBS © Mittal Steel Company March, 2005 20 Cost Reduction Strategy To maintain our position in the lowest cost quartile Initiatives aimed at around 50 US$/t HRC/billet cash cost reduction by 2007, through –Operating efficiency improvements –Raw materials & procurement initiatives –Increased labour productivity –Newcastle PCI project
Strategy presentation to GIBS © Mittal Steel Company March, 2005 21 Growth Strategy Increase production by ~1Mtpa by end 2007 with modest capex –2 new DRI kilns at Vanderbijlpark by 1H/06 –Efficiency improvements by 2H/06 Utilise opportunities to increase throughput by further ~1Mtpa with capital expenditure –Expand sinter capacity at Vanderbijlpark by 2H/06 –Blast furnace D reline at Vanderbijlpark by 2H/06 –Additional DRI kilns at Vanderbijlpark –Blast furnace C reline at Vanderbijlpark by 2009 Rationalisation of other facilities to follow
Strategy presentation to GIBS © Mittal Steel Company March, 2005 22 Marketing strategy Current sales distribution 60% local and 40% export Buoyant domestic growth expected in the next few years Africa strategy –Total imports into Africa ~6.2 mtpa 0%10%20%30%40%50%60% 70%80% Middle East North America European Union Far East Total Africa Rest of Africa South Africa % 2003 2004 Mittal Steel South Africa – Geographic sales distribution 2004
Strategy presentation to GIBS © Mittal Steel Company March, 2005 23 Business process We stringently follow the following business process to ensure the successful implementation of our strategy –Benchmarking –Closing the gap / Strategy –Budgeting / target setting –Operational tracking / quarterly reviews –Continuous improvement –Knowledge management programme –Rewarding
Strategy presentation to GIBS © Mittal Steel Company March, 2005 24 Company overview Global steel industry Business strategy Stakeholder values creation strategies Conclusion Index
Strategy presentation to GIBS © Mittal Steel Company March, 2005 25 We comply with all material aspects of the Code of Corporate Practices and Conduct as contained in the King Report on Corporate Governance for South Africa 2002, as a minimum standard The board, 100% Employment equity, meets regularly and retains full control over our company. It monitors management in implementing board plans and strategies The executive committee, 45% Employment Equity, and its members are individually mandated, empowered and held accountable for –Implementing the strategies and key policies determined by the board –Managing and monitoring the business and affairs of the organisation in accordance with approved business plans and budgets –Prioritising the allocation of capital and other resources –Establishing best management and operating practices Corporate governance
Strategy presentation to GIBS © Mittal Steel Company March, 2005 26 The board acknowledges its responsibility for ensuring the preparation of annual financial statements in accordance with –South African Statements of General Accepted Accounting Practice (SAGAAP) –International Financial Reporting Standards (IFRS) As a subsidiary of Mittal Steel, which is listed on the New York Stock Exchange, we are expected to comply with the requirements of Serbanes-Oxley Act [SOX] 404 by the end of 2005 We compliance with JSE securities exchange regulations Corporate governance
Strategy presentation to GIBS © Mittal Steel Company March, 2005 27 Liquidity of our shares remains high with 67% of the total issued shares being traded per year for the past 24 months Our average market capitalisation for 2004 was R 29.2 million We have been ranked number 20 for total market capitalisation on the Top 40 index* Our share price improved by 127% during 2004 compared to the all share index on the JSE increasing by 26% Share performance -20 0 20 40 60 80 100 120 140 JanFebMarAprMayJunJulAugSepOctNovDec Mittal Steel South Africa All shares Top 40 % Movement * As on 31 December 2004
Strategy presentation to GIBS © Mittal Steel Company March, 2005 28 We employ ±11 400 people on a full time basis at an annual cost of R 2,2 bn and an additional ± 3500 full time equivalent people indirectly We entered into a historic three-year wage agreement with our three recognized trade unions, guaranteeing annual increases of CPIX plus an improvement factor (variable pay) that is linked to the value created by the company We are committed to the principle of improving labour productivity through voluntary separation and natural attrition To this end, we have entered into a 2 year no forced retrenchment agreement with our three recognized trade unions, representing 79% of our workforce We have adopted a one company philosophy, which aims to break down the barriers between different parts of our business and improve coordination and efficiency Our employees
Strategy presentation to GIBS © Mittal Steel Company March, 2005 29 Our employment equity ratios of 45% in top management and 41% in the professionally qualified groups exceeds the set targets Slow progress has unfortunately been made with employment equity ratios for the senior management of 16%, middle management of 20% and skilled/specialist groups 36% Our semi skilled (83% equity) and unskilled groups (96% equity) far exceeds their targets A number of aggressive initiatives aimed at reinforcing the EE pipe- line and to open up job opportunities for the advancement of EE candidates have been implemented to ensure positive movement –67% of the 85 graduate-in-training positions are held by EE candidates. 70% will in future be reserved for EE –67% of the 454 bursary students are EE candidates. 77% of 2005 bursary student intake is reserved for EE –Other initiatives include fast tracking, space creation and multi-grade positions Employment equity
Strategy presentation to GIBS © Mittal Steel Company March, 2005 30 We believe that promoting and supporting affirmative business enterprises (ABE) is essential for achieving broad-based sustainable economic growth and job creation in South Africa Our ABE programme is aimed at creating opportunities for access to procurement processes, promote the development of skills levels and encourage entrepreneurial talent for historically disadvantaged South Africans In 2004 we exceeded our ABE target by procuring services and goods to the value of R1 024 million from affirmative business enterprises, 137% of our target. We are currently aligning our internal ABE policy to comply fully with the draft BEE framework that is only in the proposed stage by the DTI. This includes the proposed balanced scorecard and managing suppliers to become BEE compliant. Black economic empowerment
Strategy presentation to GIBS © Mittal Steel Company March, 2005 31 Our sustainable development objectives are aimed at improving the quality of life for everyone, today and for generations to come We participated in the working group of the International Iron and Steel Institute (IISI) responsible for developing a systematic approach to sustainable development Although we track and improve on all measures, we have identified the following three as critical for sustainability of our business –Greenhouse gas emissions, caused by direct and indirect steel manufacturing. As identified in the Kyoto Protocol as, carbon dioxide (CO 2 ), methane (CH 4 ), nitrous oxide (N 2 O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs) and sulphur hexafluoride (CF 6 ) –Material efficiency, defined as the ratio of material waste and by product output. Waste includes those materials that ultimately end up in a landfill –Energy intensity, defined as the ratio of energy consumption and production output Sustainable development
Strategy presentation to GIBS © Mittal Steel Company March, 2005 32 We are committed to excellent environmental performance by implementing comprehensive environmental plans commissioned by independent specialists. These plans are based on internationally accepted standards and best available technology without entailing excessive cost (BATNEEC) All our operations have achieved ISO 14001 environmental management system certification. This accomplishment places us amongst the leaders but also raises our responsibility towards sound environmental management. In line with the ISO 14001 certification requirements, we embrace environmental sustainability as a core business imperative by continuously improving our conservation efforts in mitigating the potential impacts of solid waste, air emissions, water consumption and limiting the use of natural resources. We are currently in the process of implementing environmental projects to the value of approximately R 960 million. Environmental
Strategy presentation to GIBS © Mittal Steel Company March, 2005 33 Vanderbijlpark* Cleaning of coke ovens gas 3102H06 –Improving gas utilization thus reducing energy consumption and emissions by more than 50% Main water treatment plant 2202H05 –Achieving zero effluent release and reducing water consumption by at least 30% New sinter plant off-gas system 2102H07 –Reducing stack emissions by at least 80% Blast Furnace D Tap floor de-dusting 40 1H05 –Minimising emissions thus improving the quality of the working environment for our employees Environmental capital projects Planned Completion Rm * List do not represent all capital projects
Strategy presentation to GIBS © Mittal Steel Company March, 2005 34 Newcastle* Coke oven repair project 230 completed –Reducing emissions by lowering opacity from 50% to 20% Reverse osmosis water treatment plant501H06 –Further enhancing water recycling capabilities to achieve zero effluent –Reducing water consumption by 17% Environmental capital projects Planned Completion Rm * List do not represent all capital projects
Strategy presentation to GIBS © Mittal Steel Company March, 2005 35 Our Safety and Occupational Health performance compares favourably with both national and international industry peers. Occupational Health & Hygiene is closely monitored by periodical medical surveillances and legislative surveys. All our operations have attained NOSA 4 Star or higher safety ratings. Saldanha Steel achieved a NOSA platinum five star rating with a score of 95% - the highest score ever in the steel industry in Africa. We are well positioned for OHSAS 18001 safety and health management system certification by December 2005. Notwithstanding our comprehensive collective effort in aspiring for safety excellence, it is with regret that we experienced two employees and three contractor fatalities at our Vanderbijlpark Steel operations during 2004. To further improve our safety performance, all our operations are in the process of implementing Behaviour Based Safety (BBS). Safety and Occupational Health
Strategy presentation to GIBS © Mittal Steel Company March, 2005 36 Our social investment programmes aim to impart sustainable expertise among South Africans through the provision of vital technical and related skills development This approach has, since 1994, seen us donate over R 56 million specifically towards educational initiatives. In addition, we have opened our own in-house, state-of-the-art training and research facilities, worth R 98 million, located in Newcastle and Pretoria, for use by the broader community Our single biggest social investment was a donation of R 50 million in high technology research instrumentation and equipment to the University of Pretoria, enabling the university to establish a state-of- the-art research institute. By creating a sophisticated research environment at tertiary level Mittal Steel SA is equipping future engineers with skills they would otherwise only become exposed to later in their careers. Corporate social investment
Strategy presentation to GIBS © Mittal Steel Company March, 2005 37 We have donated ±R 30 million specifically towards community & welfare support initiatives. We have already invested over R184.7 million on social development programmes, over the past twelve years. Our Corporate Social Investment programme continue to focus on the up-liftment of the communities in the areas in which we operate by supporting sustainable projects, promoting education and job creation. An exciting challenge for 2005 is to make a profound difference in the teaching of Maths and Science in our schools. Corporate social investment
Strategy presentation to GIBS © Mittal Steel Company March, 2005 38 Company overview Global steel industry Business strategy Stakeholder values creation strategies Conclusion Index
Strategy presentation to GIBS © Mittal Steel Company March, 2005 39 Conclusion Our strategy is aimed at creating value through the steel cycle Improving our operating capabilities –Improving our cost competitiveness –Growth through optimal capital expenditure Focusing our marketing efforts on Africa Creating an environment that builds a high performance culture Be a responsible corporate citizen
1. 2 WELCOME 3 Table of contents Welcome Salient features Sustainability achievements Financial review Strategy ›Short-term challenges and.
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