MOU signed - Columbus

BHP Billiton Limited
25 July 2001

Date 25 July 2001

Number     05/01


         MOU SIGNED FOR SALE OF MAJORITY STAKE IN COLUMBUS STAINLESS

BHP Billiton Plc (BHP Billiton) today announced the signing of a non-binding
Memorandum of Understanding (MOU) between the partners of the Columbus
Stainless Steel Joint Venture (Columbus) and the Spanish stainless steel
producer, Acerinox S.A.(Acerinox), for the sale of 64 per cent of the joint
venture.

Acerinox is listed on the Spanish Stock Exchange and is the world's fifth
largest producer of stainless steel. BHP Billiton believes that the proposed
transaction will provide Columbus with a stronger outlook in the consolidating
global stainless steel environment.

The three equal partners in Columbus are Samancor, Highveld Steel and Vanadium
Corporation Limited, and the Industrial Development Corporation of South
Africa. BHP Billiton holds its interest in Columbus via its 60 per cent
ownership of Samancor. The sale will result in BHP Billiton's effective
interest in Columbus reducing from 20 per cent to 7.2 per cent.

The consideration for the transaction is 5.8 million Acerinox shares,
subscribed equally by the partners. These shares equate to an 8.8 per cent
interest in the increased issued share capital of Acerinox.

The proposed transaction is subject to negotiating binding agreements and
obtaining regulatory approvals. It is expected to be effective from 1 January
2002, following the incorporation of the joint venture. BHP Billiton will take
a charge, after tax and minority interests, of US$50 million to attributable
profit in the results to 30 June 2001.

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

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United Kingdom
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South Africa
Michael Campbell, Investor & Media Relations
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