31 May 2002 Number: 34/02 BHP BILLITON SETTLES 2002 IRON ORE PRICES BHP Billiton today announced it had reached agreement with both Nippon Steel Corporation and Kawasaki Steel Corporation for the prices of Mt Newman iron ore for the year commencing 1 April 2002. The agreed prices are as follows: Mt Newman Fines 28.28 US cents per dry long ton unit; a decrease of 2.4 per cent. Mt Newman Lump 36.13 US cents per dry long ton unit; a decrease of 5.0 per cent. Discussions are continuing on tonnage allocations, however BHP Billiton expects to maintain its position as one of Australia's leading exporters to Japan. President BHP Billiton Carbon Steel Materials Bob Kirkby said the agreed prices fairly represented the current state of the global iron ore and steel industries. Negotiations are continuing with other customers. Further information can be found on our Internet site: http://www.bhpbilliton.com Australia Andrew Nairn, Investor Relations Tel: +61 3 9609 3952 Mobile: +61 408 313 259 mailto:Andrew.W.Nairn@bhpbilliton.com Mandy Frostick, Media Relations Tel: +61 3 9609 4157 Mobile: +61 419 546 245 mailto:Mandy.J.Frostick@bhpbilliton.com United States Francis McAllister, Investor Relations Tel: +1 713 961 8625 Mobile: +1 713 480 3699 mailto:Francis.R.McAllister@bhpbilliton.com United Kingdom Mark Lidiard, Investor & Media Relations Tel: +44 20 7747 3956 mailto:Mark.T.Lidiard@bhpbilliton.com South Africa Michael Campbell, Investor & Media Relations Tel: +27 11 376 3360 Mobile: +27 82 458 2587 mailto:Michael.J.Campbell@bhpbilliton.com BHP Billiton Limited ABN 49 004 028 077 Registered in Australia Registered Office: 600 Bourke Street Melbourne Victoria 3000 Telephone +61 3 9609 3333 Facsimile +61 3 9609 3015 BHP Billiton Plc Registration number 3196209 Registered in England and Wales Registered Office: 1-3 Strand London WC2N 5HA United Kingdom Telephone +44 20 7747 3800 Facsimile +44 20 7747 3900 A member of the BHP Billiton group which is headquartered in Australia