Boulder Steel Selects Queensland Site Over Hunter Valley for New Steel Plant

The directors of Boulder Steel Ltd are pleased to announce that a decision has been made to relocate the Boulder Specialty Steel Plant to Ipswich Queensland in the Swanbank Enterprise Park which is close to the capital city of Brisbane.

This decision has been made on the basis of strong support from the Queensland Government who will assist with the provision of common user infrastructure and training for the project. The project also has the strong support of the Ipswich City Council who intends to provide major water infrastructure into this area.

The project will recycle scrap metal to produce up to 230,000 tonnes per year of highest quality specialty steels using established proprietary technology provided by the Breitenfeld Group of Companies in Austria. The specialty steels will replace high cost imports from Europe and Asia.

The Swanbank Industrial Park is located near a strongly growing regional area of Queensland which has plans for large industrial, commercial and residential development over the next decade. The Park is ideally located close to major supplies of scrap steel, near the Swanbank Power Station (owned by CS Energy), and near major road and rail links to the Port of Brisbane and highways to Sydney and Melbourne.

The directors of Boulder Steel look forward to bringing this project to financial close during the first quarter of 2005 with the help of its partners mentioned above and its many other partners including EPC contractors Danieli of Italy; local engineers GHD; metal recyclers AMR and financial advisers NM Rothschild.

Having already compiled a large amount of data Boulder Steel will immediately embark on the preparation of an Environmental Impact Statement for the project which is expected to comply with all regulatory environmental and social requirements.

Boulder Steel is very appreciative of the high level of cooperation it has received to date from the relevant State and Local Government Authorities and is very confident it can bring this project to a successful development for the benefit of its shareholders and all other stakeholders.

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