BHP BILLITON LC
News  Release
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%
ownership of Samancor.  The sale will result in BHP Billiton's effective
interest in Columbus reducing from 20 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%
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
ENQUIRIES:
Australia
Dr. Robert Porter,
Investor Relations,
Tel:  + 61 3 9609 3540
Mobile: +61 419 587 456
email: Robert.Porter@bhpbilliton.com
United Kingdom
Marc Gonsalves
Investor Relations & Communications
Tel:  +44 20 7747 3956
Mobile: +44 7768 264 950
email: Marc.Gonsalves@bhpbilliton.com
Mandy Frostick, Media Relations
Tel:  +61 3 9609 4157
Mobile: +61 419 546 245
email: Mandy.J.Frostick@bhpbilliton.com
South Africa
Michael Campbell, Investor & Media
Relationsemail: Michael.J.Campbell@bhpbilliton.com
Tel:  +27 11 376 3360
United States
Mobile: +27 82 458 2587Francis McAllister, Investor Relations
Tel:  +1 713 961 8625
Mobile: +1 713 480 3699
email: Francis.R.McAllister@bhpbilliton.com