Pursues Corporate Excellence

BHP Billiton Limited
29 May 2002

     BHP Billiton Limited is issuing this announcement to fulfil disclosure
  obligations arising from its secondary listing on the London Stock Exchange.

    The text of this release is identical to that issued by BHP Billiton Plc
                                    earlier.



29 May 2002
Number: 33/02
                   BHP BILLITON PURSUES CORPORATE EXCELLENCE

BHP Billiton today announced internally a number of initiatives consistent with
the Strategic Framework presented to investors on 8 April 2002. That framework
established various performance measures for the group, including the target of
raising return on capital to above 15% by FY2006, inter-alia, by reducing
operating costs by US$ 500 million over the 3-year period to 2005.

BHP Billiton Deputy CEO Brian Gilbertson said: 'With the integration of BHP and
Billiton complete, the focus has moved to the delivery of superior returns for
our shareholders. To that end, I have today announced a number of initiatives
that will simplify our corporate structure and processes, improve focus on our
core activities and on a small number of other key initiatives, and entrench
operational excellence through the BHP Billiton Way.'

Among various other decisions is the cutting back on venture capital activities
and the termination of the internal aviation service.

These changes will be effective from 1 July 2002, and will result in
approximately 100 redundancies. An associated accounting charge will be
recorded in the fourth quarter of FY2002.

                                     ****

        Further information can be found on our Internet site: http://
                              www.bhpbilliton.com


Australia                               United Kingdom
Andrew Nairn, Investor Relations        Mark Lidiard, Investor & Media Relations
Tel: + 61 3 9609 3952 Mobile: +61 408   Tel: [phone]
313 259                                 email: [e-mail]
email: [e-mail]
Mandy Frostick, Media Relations         South Africa
Tel: [phone] Mobile: +61 419    Michael Campbell, Investor & Media Relations
546 245                                 Tel: [phone] Mobile: [phone]
email: [e-mail] email: [e-mail]

United States
Francis McAllister, Investor Relations
Tel: [phone] Mobile: [phone]
3699
email:
[e-mail]


BHP Billiton Limited ABN 49 004 028 077                     BHP Billiton Plc Registration number 3196209
Registered in Australia                                     Registered in England and Wales
Registered Office: 600 Bourke Street Melbourne Victoria     Registered Office: 1-3 Strand London WC2N 5HA United Kingdom
3000                                                        Telephone [phone] Facsimile [phone]
Telephone [phone] Facsimile [phone]

              The BHP Billiton Group is headquartered in Australia



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