Settles 2002 Iron Ore Prices

BHP Billiton Limited
31 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.



31 May 2002
Number: 34/02


                   BHP BILLITON SETTLES 2002 IRON ORE PRICES


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.


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



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