Number: 34/02

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.

Australia
Andrew Nairn, Investor Relations
Tel:       +61 3 9609 3952
Mobile: +61 408 313 259
E-Mail: Andrew.W.Nairn@bhpbilliton.com

Mandy Frostick, Media Relations
Tel:       +61 3 9609 4157
Mobile: +61 419 546 245
E-Mail: Mandy.J.Frostick@bhpbilliton.com

United States
Francis McAllister, Investor Relations
Tel:       +1 713 961 8625
Mobile: +1 713 480 3699
E-Mail: Francis.R.McAllister@bhpbilliton.com

United Kingdom
Mark Lidiard, Investor & Media Relations
Tel:    +44 20 7747 3956
E-Mail: Mark.T.Lidiard@bhpbilliton.com

South Africa
Michael Campbell, Investor & Media Relations
Tel:       +27 11 376 3360
Mobile: +27 82 458 2587
E-Mail: Michael.J.Campbell@bhpbilliton.com