RNS Number:3242J
CSR Ld
28 March 2003

           CSR SHAREHOLDERS APPROVE DERMERGER OF RINKER GROUP LIMITED

CSR Limited shareholders today overwhelmingly approved the demerger of Rinker
Group Limited ("Rinker") from CSR.

Around 15,000 shareholders voted on the demerger resolutions, including around
300 shareholders attending meetings in Sydney.   Over 99% of total votes cast
were in favour of both the demerger resolution and the necessary reduction of
capital.

The demerger of Rinker has now moved a step closer.  The final step will be to
seek the approval of the Federal Court of Australia on Friday, March 28.

Rinker Group, post-demerger, is expected to be one of the world's top 10 heavy
building materials groups, with annual sales around A$5.8 billion and around
13,000 employees.  It will be an Australian company, headquartered in Sydney and
listed on the Australian Stock Exchange (ASX), where it is expected to be one of
the Top 50 stocks. Pro-forma compound average annual growth in sales has been
around 12.3% over the past three years, whilst compound growth in earnings
before interest, tax, depreciation and amortisation (EBITDA) has averaged 18.7%
over the same period.

CSR will become a diversified industrial company, with a strong portfolio of
businesses in Building Products, Sugar and Aluminium, and sales revenue around
A$2 billion.  Headquartered in Sydney, CSR is Australia's second oldest public
company and will continue to be listed on the ASX, where it is expected to be
within the top 100 companies.   The combined CSR businesses have a history of
stable earnings, generating returns well above their cost of capital.  CSR is
expected to appeal to investors who prefer companies paying a higher proportion
of profits as dividends.  A payout ratio of around 60 -70% of earnings after tax
is generally expected.



For further information, please call:  Debra Stirling on 61 2 9235 8040 or 
0419 476 546



25 March  2003                                                    CA&IR 08/03
                          


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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