Boulder Steel Ltd. announced that it is in the final stages of closing down its operations in the Hamriyah Free Zone in Sharjah, UAE. The Sharjah Steel Project has a carrying value of approximately AUD 3 million in the company's consolidated accounts and this will be written-off in the Half-Year Financial Accounts currently being prepared.

Boulder Steel Ltd. has signed two Framework Agreements with Arabia for Business Strategies LLC, pursuant to their extended Memorandum of Understanding originally announced to the market on 25 May, 2009. In Framework Agreement No 1, for the Gladstone Iron and Steel Project, the parties agreed that: ABS will have an economic interest of 70%, Boulder will have an economic interest of 30%, ABS is responsible to secure all debt funding, and Boulder has to service its portion of the debt funding. In Framework Agreement No 2,Rail and Heavy Beam Plant (KSA Project), the parties agreed that, ABS will have an economic interest of 70-80%, Boulder will have an economic interest of 20-30%, ABS is responsible to secure all debt funding, Boulder has to service its portion of the debt funding.

Boulder Steel Ltd. announced earnings results for the year ended June 30, 2009. For the year, the company reported pre tax and after tax loss of AUD 7,851,300 or AUD 0.016 per share and operating cash flow of AUD 4,501,500 on total revenue of AUD 194,400 against pre tax and after tax loss of AUD 11,704,700 or AUD 0.024 per share and operating cash flow of AUD 2,546,000 on total revenue of AUD 337,900 for the last year. Negative return on equity was 54.1% against 53.8% for the last year. Negative return on assets was 50.3% against 48.9% for the last year.