Iron Ore Price Settlement

Broken Hill Proprietary Co Ld
29 March 2000


Ref: 26/00

BHP IRON ORE PRICE SETTLEMENT

The Broken Hill Proprietary Company Limited (BHP) today announced that it had
accepted price increases from Japan's Nippon Steel Corporation of 4.35% and
5.77% respectively for its Mt Newman and Goldsworthy fines and lump ores, and
4.35% for its Yandi fines ore. Negotiations are continuing with other mills
and settlement is also expected shortly. 

The new Free on Board (FOB) price of Newman and Goldsworthy fines ores is
US27.79cents (up from US26.63c) per dry long ton unit and for lump ores is
US36.84c (up from US34.83c).  The price differential between fines and lump
ore is up from US8.2c to 9.05c.

The new (FOB) price of Yandi fines ore is 26.12 US cents (up from US25.03c)
per dry long ton unit. 

The new prices  (an average increase of  5.06%) apply from 1 April 2000 and
follow an average 11% price cut last year. 

President BHP Minerals Ron McNeilly said the higher settlement on lump ore
reflected the extremely tight position for direct charge ferrous raw
materials. 

'While the outlook for the iron and steel industry is now brighter than it was
after the Asian economic downturn, the new prices acknowledge Japan's
difficult economic situation.

'The result, while positive, only allows us to recoup less than half the price
cuts from last year, maintaining the pressure on iron ore producers to reduce
costs and improve efficiencies to maximise returns on investment,' he said.

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