Page 1

ASX / MEDIA RELEASE 26 February 2021 Bisalloy Steel GROUP LIMITED Financial Results for the Six Months Ended 31 December 2020 ( " HY21 " ) Operating EBITDA of $ 6.7m , up 42.0 % on last year • • Net Profit After Tax of $ 3.4m , up 54.3 % on last year • Earnings Per Share of 7.2c , up 56.5 % on last year Bisalloy Steel Group Limited ( ASX : BIS ) ( Bisalloy ) today reported Operating EBITDA of $ 6.7m for HY21 ( HY20 : $ 4.7m ) . Results Summary HY21 HY20 Change % Revenue $ 47.2m $ 56.4m -16.4 % Operating EBITDA $ 6.7m $ 4.7m + 42.0 % Net Profit After Tax $ 3.4m $ 2.2m + 54.3 % Earnings Per Share 7.2c 4.6c + 56.5 % Domestic Australian Sales The margin per tonne of product sold was well up on HY20 as the positive result from the increased anti - dumping measures which came into effect on 6 November 2019 flows through 1 . These pricing gains have , however , been partially offset by a loss in market share to our major competitor who have been working around these measures by changing their major source of supply from Sweden to the United States . Bisalloy continues to engage with the Anti - Dumping Commission in relation to this loss of domestic volume which has adversely impacted growth in company earnings . This trend is expected to continue throughout H2 FY21 . Co - Operative Joint Venture ( CJV ) in China Strong performance from the CJV with volumes up 33 % on HY20 . Margin increases were experienced also as the Bisalloy value proposition is more clearly understood in the domestic Chinese market . Overseas Distribution The Group's overseas distribution operations in Indonesia and Thailand continue to be profitable , with the Thailand result affected by weaker demand . Demand in Indonesia remains stable . Armour Our Armour business continues to be of significant strategic importance both domestically and internationally . We continue to develop and support an alternate supply of specialised greenfeed from targeted partner mills overseas to allow Bisalloy to grow the volumes of Armour in line with our strategic targets . Volumes are down on HY20 as growth has been impacted by virus lockdowns and travel restrictions . 1 Anti - Dumping Notice No. 2019/113