Onesteel Spin-Out Effective

Broken Hill Proprietary Co Ld
20 October 2000


Number       98/00


ONESTEEL SPIN-OUT EFFECTIVE TODAY

The Broken Hill Proprietary Company Limited (BHP) today announced that the
schemes of arrangement enabling the spin-out of OneSteel Limited (OneSteel)
had become effective. BHP today lodged copies of the court order approving the
schemes of arrangement with the Australian Securities and Investments
Commission.  

OneSteel will commence trading on the Australian Stock Exchange, initially on
a deferred settlement basis, at 10.30am on Monday 23 October 2000. The
Australian Stock Exchange has also granted a trading halt on BHP shares from
10.00 am to 10.30 am on Monday 23 October. The trading halt provides for BHP
to commence trading on an ex-entitlement to OneSteel share basis at the same
time as OneSteel commences trading on the market.

BHP Managing Director and CEO Paul Anderson said the spin-out of OneSteel
should deliver significant benefits to both BHP and OneSteel. 

Mr Anderson said: 'The spin-out is a major step in BHP's portfolio
restructuring process.  It will allow both companies to increase the focus on
improving and growing their core businesses and I am confident this will
deliver increased value for BHP and OneSteel shareholders alike.'

All eligible fully paid BHP shareholders will receive one OneSteel share for
every four fully paid BHP shares they hold when registers close on Friday, 27
October, 2000.



Further news and information can be found on our internet site:
http://www.bhp.com.

Contact:

Media Relations                     Investor Relations
Mandy Frostick                      Robert Porter
Manager Media Relations             Vice President Investor Relations
Phone:   [phone]             Phone:   [phone]
Mobile:  [phone]             Mobile:  [phone]
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