Resources giant BHP Billiton believes the powerhouse of Chinese growth will continue.

The resilience of the Chinese steel sector was surprising, BHP Billiton chief Marius Kloppers has told the company's Australian annual general meeting in Brisbane.

"We have no reason to change our long-held view that Chinese growth will continue and will continue to be resources-intensive," Mr Kloppers said.

He said BHP Billiton would maintain its focus on meeting the needs of China.

But Mr Kloppers said despite seeing the first signs of steel restocking commencing in some major markets, it was progressing very cautiously in the USA and Europe.

"Even though market sentiment has improved since I spoke at our London AGM a month ago, we continue to believe that we will come out of this recession less strongly than in previous cycles,” Mr Kloppers said.

BHP Billiton chairman Don Argus, speaking at his final AGM before retiring, said there needed to be a global effort to reduce carbon in the atmosphere.

He said any solution would require rapid deployment of low-carbon energy sources such as nuclear power, gas, renewables and coal with carbon capture and storage.

He said behavioural and lifestyle changes involving industry, government and consumers to dramatically increase energy efficiency would also be needed.

Mr Argus said carbon capture and storage technology was potentially useful but so far the technology was uncertain and the cost yet to be established.

"It will require substantial re-engineering of existing coal plants and in some instances complete replacement of furnaces,” he said.

"Whichever option is adopted, it will be expensive and any cost will flow directly to industry and eventually to all consumers.”

Mr Argus also defended Mr Kloppers' pay.

"I want to assure you that despite what has been reported Marius did not receive a 51 per cent increase in his pay,” Mr Argus said.

According to the company's annual report, Mr Kloppers total remuneration package was $US10.39 million in the last financial year, an increase from $US6.87 million in 2008.

The report also said that because the statutory remuneration table contained estimates as well as actual payments “it may be difficult to ascertain what the CEO, Marius Kloppers, has been paid".

"As you can see the compound annual growth of our chief executives total fixed pay, has been 10 per cent,” Mr Argus told shareholders.

Mr Argus said about 70 per cent of Mr Kloppers' remuneration package was at risk, made up of short-term and long-term incentives.

"The short term incentive is only earned if an executive meets challenging performance targets relating to BHP Billiton's safety performance, business strategy, budget and personal objectives,” he said.

He said the long term incentive plan involved assessing the company's performance after five years.

Mr Argus addressed reports of difficulties in achieving the $US116 billion joint venture with Rio Tinto of the two companies’ WA iron ore assets.

"There is commentary in the Australian media out here of people not being supportive of it, but that is not the case from within both parties and it is certainly not the case from the majority of shareholders,” Mr Argus said in response to a question.

"There is no doubt about the commitment at the top of either company.

"This just makes sense."

Mr Kloppers said he hoped that before the end of the year the two companies would be able to conclude definitive agreements, with main submissions to regulators around the world done.

"I continue to be very confident that the interaction that we have had to get to these definitive agreements has strengthened relationships rather than the other way,” Mr Kloppers said.

Mr Kloppers responded to a question about the sell-off the company's troubled Ravensthorpe nickel operation in WA, which was mothballed in January, resulting in 1800 job losses.

He said the decision about what to do with the asset would be made before the end of the year.

"Broadly there are two scenarios for us, we can restart it or we can sell it,” Mr Kloppers said.

"I am not at liberty, unfortunately, to disclose which one of these two we will ultimately choose, but I can assure that the process that we have run over the last six months or so is essentially complete.

"I see no reason to change our guidance that we will come to a conclusion by the end of the year,” he said.

As in past annual general meetings, the company came under fire from some shareholders concerned with BHP Billiton's uranium mining.

"Let me put the uranium position very clearly to you because you are not going to hijack this meeting, my last meeting, I can assure you,” Mr Argus said after persistent questioning.

"The uranium is an increasingly important element in meeting the global energy needs.

"You may not agree with that but that is a point of fact, particularly in a carbon-constrained world,” he said.

Mr Argus said BHP was focusing on its operations at Olympic Dam in South Australia and at Yeleerie in WA.

"We're not considering any other direct participation in the nuclear cycle,” he said.

Mr Argus, who is due to retire early next year, also paid homage to those he had worked with at BHP Billiton during his time at the company.

"I've had the opportunity to work with some of the most talented individuals I've ever met in my working career,” Mr Argus said.

He said he had great confidence incoming chairman Jac Nasser and the board would take the company to greater heights.

Mr Nasser thanked Mr Argus for his work at BHP Billiton.

"Don has been an outstanding chairman, he has successfully overseen a massive transformation of BHP Billiton,” Mr Nasser said.