Innovation Is Always Around

Corporate Presentation
May 2023
 Forward Looking and Cautionary Statement

Certain statements in this report concerning our future growth prospects are forward looking statements, which involve a
number of risks, and uncertainties that could cause actual results to differ materially from those in such forward looking
statements. The risk and uncertainties relating to these statements include, but are not limited to risks and uncertainties
regarding fluctuations in earnings, our ability to manage growth, intense competition within Steel industry including those
factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled
professionals, time and cost overruns on fixed-price, fixed-time frame contracts, our ability to commission mines within
contemplated time and costs, our ability to raise the finance within time and cost client concentration, restrictions on
immigration, our ability to manage our internal operations, reduced demand for steel, our ability to successfully complete and
integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which the
Company has made strategic investments, withdrawal of fiscal/governmental incentives, impact of regulatory measures,
political instability, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our
intellectual property and general economic conditions affecting our industry. The company does not undertake to update any
forward looking statements that may be made from time to time by or on behalf of the company.

JSW Steel Corporate Presentation: May 2023 2

 Agenda

Sustainability 4

Overview 7

Key Investment Highlights 12

Digitalisation at JSW Steel 36

Appendix 41

JSW Steel Corporate Presentation: May 2023 3

 Agenda

Sustainability

Overview

Key Investment Highlights

Digitalisation at JSW Steel

Appendix

JSW Steel Corporate Presentation: May 2023 4

 Sustainability at JSW Steel
ESG Focus Areas Driving Sustainability Initiatives Across Platforms
Environment Social

Climate Energy Resources

change Indigenous Cultural Employee
people heritage wellbeing

Water Waste Waste Water

resources Local Social
considerations sustainability

Air emissions Biodiversity Sustainable Governance

mining
Integrated Reporting
Business Human
Supply chain
ethics rights
sustainability

Aligned to
National &
International
Frameworks FY 2020 FY 2021 FY 2022 ESG Databook
Click on images for reading online
Guidance
Governance & Oversight By Board-level notes
Business Responsibility And Sustainability Committee

JSW Steel Corporate Presentation: May 2023 5

 Climate Change: Emission Target and Initiatives
Planned/ Potential initiatives to reduce CO2 intensity Derivation of carbon emission target for 2030
3.0

2.5 India NDC target

Energy Transition from thermal to Renewable in steel making 2.40 as per Paris Accord

2.0 1.95 JSW Steel target

Reduction of Coke rate through iron ore beneficiation, PCI, 1.5

use of natural gas and hydrogen in BF and DRI
1.0
2016 2017 2018 2019 2020 2021 2022 2023 2025 2030 2035 2040 2045 2050
Increased use of scrap in steel making
JSW emissions intensity (historical)
JSW emissions intensity (projected)
IEA SDS scenario for Indian steel
Implementation of Best Available Technologies (BATs)

• The Sustainable Development Scenario (SDS) (1) requires direct

Process Improvements based on the world steel ‘step up’ emission intensity of crude steel production in India to fall over 60%
global benchmarking process by 2050 on the path to net zero by 2070
• The 2030 target is based on following the trajectory needed to reach
Scaling up Carbon Capture & Use (CCU) a derived emissions intensity of 1.17 tCO2/tcs by 2050 (2)
• India’s Nationally Determined Contribution (NDC) as per Paris Accord
for 2030 is 2.4 tCO2/tcs
Note:
JSW Steel Corporate Presentation: May 2023 1: Based on the International Energy Agency’s (IEA) Iron and Steel Technology Roadmap, published in 2020
2: Taking account of both the direct (Scope-1) and indirect energy (Scope-2) emissions
6
 Agenda

Sustainability

Overview

Key Investment Highlights

Digitalisation at JSW Steel

Appendix

JSW Steel Corporate Presentation: May 2023 7

 JSW Group: Key Verticals

• India’s largest steel producer • Installed capacity of 6.6 GW • Capacity of 160,000 klpa • Ports capacity of 158 mtpa
• Consolidated capacity of 29.7 (Hydro, Renewable and • Only fully-automated, water- • Operations across East,
mtpa, growing to 38.5 mtpa Thermal) based plant in India West & Southern coasts of
• Listed on NSE, BSE. Market cap • Growing to 20 GW by 2030 India
of US$20.5bn with 81% renewable portfolio
• Listed on NSE, BSE. Market cap
of US$5.1bn

Foundation
• Capacity of 17 mtpa, • Social development arm of • Aims at nurturing the sporting • Early stage, tech focused
growing to 25 mtpa the Group, with footprint dream of India Venture Capital fund
• India’s leading green across 11 states and 15 • Trained Olympic medal • Invests in companies building
cement company districts winners innovative solutions that
• Reaching out to +1 mn • Associated with champion leverage India’s demographic
individuals around the teams like Delhi Capitals, dividend, consumption drivers
operating locations Bengaluru FC and Haryana and technological
Steelers advancements

JSW Steel Corporate Presentation: May 2023 Market cap as on 23rd May 2023 8
 JSW Steel: Among India’s Leading Steel Manufacturers

One of the leading steel players Diversified product portfolio

Integrated manufacturing process
in India • Extensive product portfolio
• Most geographically diversified steel • From raw material processing plants
HRC, CRC, Coated, Tinplate, Electrical
company in India to downstream value-added product
steel, TMT bar, wire rod, rails, AHSS,
capacities
• Sustainability and Governance at the LRPC, grinding balls, etc.
core of the enterprise.

Strong distribution network and

Technological competence Global presence export presence
• Combination of state-of-the-art • International presence in Steel
• Pan-India marketing and distribution
steel making technologies: Corex, making (US), Value-added facilities
network
DRI, Conarc, Blast Furnace, BOF (US, Italy)
• Export footprint in over c.100
countries across 5 continents

JSW Steel Corporate Presentation: May 2023 9

 Transformational Growth and Value Creation
India Capacity (mtpa) Total Revenue (₹ 000’s Cr) EBITDA (₹ 000’s Cr)
CAGR FY03-23: 23%
CAGR FY03-23: 15% CAGR FY03-23: 18%

28.2 167.0
27.0 39.0
147.9

18.0 18.0 18.0 18.0

85.0 80.4 20.1
73.4 73.9 19.0 18.5
14.8
7.8 11.9
19.5 4.2
1.6 2.5 0.7

FY03 FY10 FY18 FY19 FY20 FY21 FY22 FY23 FY03 FY10 FY18 FY19 FY20 FY21 FY22 FY23 FY03 FY10 FY18 FY19 FY20 FY21 FY22 FY23

Market cap (₹ Cr) 5 year and 10 year Total Shareholder Return

167,970 28%

TSR CAGR (FY 2003-23): 26% 21%

378

31-Mar-03 Current 5 year TSR 10 year TSR

JSW Steel Peer 1 Peer 2 Peer 3
Market Cap and Total Shareholder Returns (TSR) as per Bloomberg, 24th May 2023. Peers are the major listed Indian steel producers.
JSW Steel Corporate Presentation: May 2023 Note: FY22 capacity includes 1.2 MTPA of JISPL; merger with JSW Steel announced May 2022 10
 Healthy Outlook Post A Volatile FY23

FY23 FY24 Medium Term Outlook

External headwinds impacted H1; Falling RM prices to support

Healthy demand drivers in India
healthy recovery in H2 spreads

• High coking coal prices, sharp • Benefit of recent sharp decline in • Govt.’s infrastructure drive is
decline in steel prices, and export coking coal prices to flow through positive for steel sector
duties during May-Nov 2022 from Q2 onwards
impacted H1 FY23 performance • Improved manufacturing and
• India steel demand expected to services spurring domestic
• Falling coking coal and other costs, grow by 8-10mt consumption
and strong domestic steel demand • JSW Steel targets 10% sales growth • High capacity utilization and
growth led to recovery in H2 to 25mt in FY24 through expanded deleveraged balance sheets of
• Rising global steel prices following capacities Corporates and Banks provide scope
China re-opening and removal of for private sector capex
export duties supported strong
• Cooling inflation, pause in rate hikes
profitability in Q4 FY23
by RBI and expected recovery in
rural economy to further accelerate
investments and consumption

JSW Steel Corporate Presentation: May 2023 11

 Agenda

Sustainability

Overview

Key Investment Highlights

Digitalisation at JSW Steel

Appendix

JSW Steel Corporate Presentation: May 2023 12

 Key Investment Highlights

1 Size, Scale & Growth Leading steel producer in India with near-term growth to take domestic capacity to 37 mtpa

2 Efficiency Lowest cost of conversion in India, one of the lowest globally. Strong domestic iron ore linkage

Strong margins further enhanced by significant downstream capacities producing value added and
3 Product Mix
special products

4 ESG Sustainability at the core of the enterprise. Actively pursuing climate change agenda

Governance &
5 Strong board and experienced management team
Management

Track Record of
6 Track record of efficient organic and inorganic growth: India capacity growth of 15% CAGR (FY03-FY23)
Growth

7 Shareholder Value Prudent capital allocation: 20 year TSR CAGR of 26% (FY03-FY23), and uninterrupted dividends

Balance Sheet
8 Strong balance sheet and access to diversified funding sources globally
Strength

JSW Steel Corporate Presentation: May 2023 TSR: Total Shareholder Return 13
1 Leading and Most Geographically Diversified Steel Producer in India

India International

Europe

Rajpura BPSL Chandigarh

Bawal Piombino, Italy

BPSL Kolkata
Kalmeshwar

Plate & Coil Mill, Anjar

USA
Khopoli

Vasind & Tarapur BPSL Jharsuguda: 3.5 mtpa

Dolvi: 10 mtpa Raigarh: 0.95 mtpa (JISPL) Ohio: 1.5 mtpa

Vijayanagar: 12.5 mtpa Raipur: 0.25 mtpa (JISPL) Plate & Pipe Mill, Baytown
Indore
Salem: 1 mtpa
Steel Plants Downstream facilities
JV and Associates- Steel Plant

JSW Steel’s ownership in Bhushan Power and Steel Ltd (BPSL) is 83.3% w.e.f. 1st Oct 2021.
JSW Steel Corporate Presentation: May 2023 JSW Steel’s ownership in JSW Ispat Special Products Ltd (JISPL) is 23.1%; announced merger with JISPL in May 2022. 14
1 BPSL - Facilities and Capacities Overview

Chandigarh Kolkata
Expansion Plan
Cold Rolled Steel Strips and Value added: CRCA, GI/GL
Precision Tubes

Crude Steel
Capacity 5.00
3.50 mtpa

Jharsugudha Netrabandha
Integrated Steel Plant with Iron Ore Mine: 82mt 3.50
Captive Power Plant Reserves
2.75

Downstream Raw Material

Capacity Iron and Steel Value Addition
Processing
1.7 mtpa CRCA / CRFH
Coke Oven DRI 1.80
GI / GL
Pellet Plant Blast Furnaces 2.35 FY22 Current FY24E
Sinter Plant PPGI / PPGL
Steel Melting
3.50 Alloy Steel Bars
Captive Power Plant Shop
Pipes & Tubes

JSW Steel Corporate Presentation: May 2023 JSW Steel increased stake in BPSL to 83.3% w.e.f. Oct 1, 2021 15
1 Strong Fundamentals for India Steel Demand
Significant room for
Healthy Steel Demand Outlook in India
growth in steel
India Steel: Strong Fundamentals (mt) consumption in India
China, Government Capex (INR tn)2 Production-Linked
Crude Steel Crude Steel Finished Steel 667 Incentive Scheme1
Capacity Production Demand 10.0

Finished steel consumption (kg per capita, 2021)

Govt. incentive > ₹2 tn
300 7.3
5.9 717 Applications approved
4.3
3.1 3.4
Across 14 Sectors
Japan,
160 456
126 120 Estimated Capex ₹3 tn
FY19A FY20A FY21A FY22A FY23RE FY24BE

• Govt. thrust on infra, housing and increasing share of mfg. in GDP

US, 291
World, • Productive investments like PLI scheme and defence indigenisation to drive
FY23 FY31EFY31E 233 capex
• Robust demand from auto, residential real estate and energy transition

India, 76 • India to remain competitive exporter of steel and steel products

• JSW has industry-leading volume growth accompanied by strong value added
product basket to meet rising domestic demand
JSW is best placed Indian steel producer to benefit from strong domestic demand growth
JSW Steel Corporate Presentation: May 2023 Source: Ministry of Steel, World Steel Association (WSA), JSW estimate
16
1: Economic Survey 2022-23; 2: A- Actual, RE-Revised Estimate, BE- Budgeted Estimate
1 Near-term Growth to Take India Capacity to 37 mtpa

Near-term growth in JSW Steel’s India steel capacity (mtpa) • 5mt Dolvi expansion commenced integrated operations
in FY22 and was fully ramped-up within a year
1
BPSL Vijayanagar Expansion JISPL • 5mt brownfield expansion at Vijayanagar
37.0
– Value-accretive with low capex of c.$400-500/ton
1.5
1.5 • Incremental expansion of 2.5mt at Vijayanagar:
2.0
5.0 – 0.5mt debottlenecking completed in FY23, further
0.5mt in FY25
28.2
– Expansion of existing facilities (1.5mt) in FY25
1.2 5.0
• BPSL capacity expanded from 2.75mt to 3.5mt in FY23;
3.5 30.5
on track to expand to 5mt by FY24
23.5 • Organic brownfield capacity expansion capex well
below global benchmarks of replacement cost of
FY23E FY24E FY25E FY25E c.$1,000/ton for BF-based capacity

Value-accretive brownfield growth at low capex per ton

JSW Steel Corporate Presentation: May 2023 1: JSW Steel’s ownership in JSW Ispat Special Products Ltd (JISPL) is 23.1%; merger with JISPL is underway. 17
2 One of the Lowest Costs of Conversion Globally

Resilient business model based on continued focus on cost leadership WSD Aggregate Ranking(1)

Leading position on global conversion cost curve

– Conversion cost of c.$136/tonne in FY22 # 5 ranked
in Asia
Technology, analytics and innovation continue to be
the key levers to further optimize cost and operational
efficiencies

Implementation of cost reduction projects targeting overall

cost savings and reduced dependencies
– Pellet plant and coke oven facilities at Vijayanagar and
Dolvi # 8 ranked
– Utilisation of pipe conveyor system for transporting
iron ore fines
Globally

JSW Steel Corporate Presentation: May 2023 1: On the basis of weighted average score out of 10, across 23 different parameters from World Steel Dynamics’ World-Class Steelmaker
Rankings as of December 2022
18
2 Strong Domestic Iron Ore Linkage
13 operational captive iron ore mines
Raw material security
ensuring raw material supply
Steel Plants • Operating 9 mines in Karnataka and 4 mines in Odisha
Karnataka – 9 mines Mines • Won 2 mines in Karnataka, 2 in Goa and 2 exploration blocks in Maharashtra in
• c.216 MnT of aggregate JV and Associates- Steel Plant FY23 through auction mechanism which would be commissioned over time
reserves • Advantages of Captive iron ore mines
• c.24km long conveyor belt
o Strategic long term iron ore security
for seamless transport of
iron ore to Vijayanagar o Consistent grades to enhance BF productivity
plant o Opportunity to optimize and significantly reduce logistics cost over time
• Cost of captive iron ore comprises
• Bid premium based on prevailing domestic prices declared by IBM
• Royalties & other statutory levies
• Mining & logistics costs

Strengthening Mining Operations in Odisha

• Mining projects in progress:

Odisha – 4 mines
– Grinding and washing facilities to improve the quality of the ore, aiding
• c.1,100 MnT of aggregate higher productivity at the steel-making operations
reserves – Implement digitalization across the mining operations
– Slurry pipeline in Odisha to reduce logistic costs
– Pellet plant in Odisha to improve RM feed

JSW Steel Corporate Presentation: May 2023 IBM: Indian Bureau of Mines 19
3 Steel Products for Diverse Applications

Infra & Construction Consumer Durables Pipes & Tubes

• Buildings (Resi. & Commercial) • Refrigerators

• Roads • Air Conditioners
Key Products • Bridges • Home Appliances
• Metro & other Urban Infra • Tinplate for Packaging
• Airports • Oil & Non-Oil Cans
• HR Plates / • High Speed Rail • Aerosols
Coils • Renewables (Wind+Solar) • Battery Casings • Oil & Gas (API grade)
• Power Sector • •
• HRPO • Roofing Solutions
Paint Containers Industrial Applications
• Bottle Caps • Agriculture
•
Flats

CRCA
• Electrical
Steel
• GI / GL
• PPGI / PPGL
• Tinplate
General Engineering Railways & Defence Automotive

• TMT Bars
•
Longs

Wire Rods
• LRPC
• Angles
• Alloy Steels
• Alternators • Fans • Outer skin panels • Suspensions & Chassis
• Hopper & Headstock in Wagons
• Motors • Generators • Connecting Rod • Bumper Cross Member
• Roof of Railway Locomotive
• Compressors • Inverters • Axle Shafts • Seat Rails
• Cargo Containers
• Pumps • Yellow Goods • A&B Pillars • Seat Belt Tongue
• Shell Casings (Defence)
• Cross Beams • Door Impact Beams

JSW Steel Corporate Presentation: May 2023 20

3 Strong focus on building brands and increasing value added sales

• Super premium, colour coated coils & sheets, with a 20 year warranty
Colour Coated

• Premium colour coated coils & sheets, with a 15 year warranty.

• 3 variants - Cool Roof, Anti Dust & High Gloss

• High quality Al-Zn alloy & colour coated roofing sheets with anti-corrosion technology

• Superior colour coated sheets for OEM customers

• 6 variants – Anti Microbial, Anti Graffiti, Anti Dust, Anti Statics, Cool Roof and High Gloss
Galvalume

• Premium category Al-Zn coated roofing sheets & coils with 7 year warranty

• Desired weight as per customer requirements

• Corrosion protection and enhanced durability
GC

• Premium GC (galvanized corrugated) sheet with high durability

JSW Steel Corporate Presentation: May 2023 21

3 Strong focus on building brands and increasing value added sales

• Tinplate coils and sheets with high strength and formability, used in food and non-food packaging

• Al-Zn-Mg coated galvanized steel that offers 5x better protection than GI against moderate to aggressive corrosive environments

• Al-Zn coated coils and sheets designed for complete requirement of solar structures (purlin, rafter, bracers, etc.)

• Galvanised steel that is lead free, suited for consumer durable sector with high safety and non-hazardous-material needs

• Greenpro certified TMT bars. Manufactured through primary production

JSW Share of Value Added products
process to ensure purity & superior quality
• Unique rib pattern that provides best bonding with cement

• Cut-to-Length HR sheets available in wide variety of sizes and grades

• Steel doors designed to overcome the common issues associated with wooden 54% 58% 53% 48% 52% 60% 57%
35%
doors like seasonal door jams, fire, termites and heavy-handed installation
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
• ERW and superior quality GP pipes and tubes with wide range of applications Value Added and Special Products Other Products

JSW Steel Corporate Presentation: May 2023 22

3 Contributing to India’s High Speed Rail Journey

Supplying Steel to Mumbai Ahmedabad Bullet Train Project

• Mumbai–Ahmedabad High Speed Rail (MAHSR) Corridor is the first of

the twelve lines planned by the government. It will cover more than
500 km in 2 hours and 58 minutes with a maximum speed of 320 km/hr

• JSW Steel is supplying high strength TMT Bars, HR Plates & LRPC for the Shinkansen E5 series
MAHSR project and has become one of the preferred and leading
suppliers, with more than 50% share of steel supplied

• The next bullet train project between Varanasi and Delhi of approx. 865
km is undergoing feasibility study, social impact surveys, assessments,
and utility identification

Steel Usage in the Mumbai-Ahmedabad Bullet Train1

• This will be the highest steel consuming infra project in India till date
• Estimated steel consumption at ~2.5 million tonnes

MAHSR Viaduct at Anand District, Gujarat

JSW Steel Corporate Presentation: May 2023 Image source: JR East & NHSRCL. LRPC – Low Relaxation Prestressed Concrete Strands. 1: JSW Steel estimates 23
 3 JSW Steel: Making Cars Safer for You
Focus on safer, lighter and fuel efficient cars
• Indian automotive industry is evolving to adopt
Door Impact beams
B Pillars consumer demand for 5-star rated cars for safety
Front Cross Member • JSW Steel is working closely with auto makers to make
cars safer, lighter and fuel efficient
• JSW's AHSS (advanced high strength steel) with high
tensile strength and optimum formability enables low
cost product solution with clear edge over high cost
materials such as Aluminium & Carbon Fibre, to achieve
high safety ratings
Lower control arm • All major crash and safety components - A & B pillars,
cross-beams, door impact beams, etc. - are being built
from JSW’s AHSS steel
• JSW has also developed steel for suspension parts,
Seat belt tongue which require optimum fatigue life in addition to high
strength
Seat Rails
Bumper Cross Member • Ongoing development and readiness for EV applications
Suspension & chassis
• JSW Steel is one of the preferred and leading suppliers
to the automotive industry

JSW Steel Corporate Presentation: May 2023 24

4 Our Commitments: No harm to People, Environment & Society

Climate Change & Renewable Energy Circularity & Biodiversity Water Security Air Emissions

42% reduction of CO2 to Transition from thermal to Promoting Circular Economy Maintaing zero liquid discharge 70% reduction of specific process
1.95tCO2e/tcs by FY30 aligned renewable energy across operations dust emission to 0.26 kg/tcs by
with Paris Agreement Focus on ‘Zero waste to FY30
39% reduction in Specific water
19% reduction in Specific Landfill’ consumption by FY30
Carbon Neutral at JSW Coated by Energy consumption to 5.65 SOx and NOx emission targets of
FY30 Gcal/tcs by FY30 Enhance Biodiversity at all our Targeting Specific Water 0.82kg/tcs and 0.91kg/tcs,
operations Consumption (steel
production) of 2.21 m3/tcs by respectively by FY30
Increased use of scrap in Reduction of fossil fuel use in FY30
steelmaking iron making by improving ore ‘No net loss’ of Biodiversity by Adoption of best available
quality FY30 Installing technology for technologies like MEROS in
Adoption of disruptive reducing fresh water in cooling
towers sintering, Oven pressure Control
technologies (Green H2, CCUS, Energy efficiency and process Increase green cover across technology and CDQ in Coke
etc.) in a progressive manner efficiency improvements operations Adopting digitalisation for Plants, TRT’s in BF, etc.
through BATs better water control and
monitoring

Target reduction for CO2 Emissions, specific energy consumption, specific water consumption, specific process dust emissions, SOx and NOx
JSW Steel Corporate Presentation: May 2023 emissions by 2030 is from baseline 2005 levels 25
4 Building a Strong Health & Safety Culture

JSW Steel’s Vision 000 Safety Initiatives & Recognitions

Zero Capability Building Initiatives:

Zero Zero • 2,800+ employees certified as Safety Champions in
major
injury harm FY23
incidents
• 2,185 Contractors evaluated for safety performance
in FY23
LTIFR Technological Interventions
• Exposition on “Elimination of Human Machine
0.43
Interface” organized at Vijayanagar
• Installed 18 Radar Speed Displays in Vijayanagar
0.36 JSW Sanjeevani Hospital at Dolvi provides
0.32 0.32 Emergency Preparedness & Response
healthcare services to 200 villages in the vicinity
• Developed “Emergency Command Centre” to
0.26 monitor hazardous installations at Dolvi
0.20

FY18 FY19 FY20 FY21 FY22 FY23 JSW Dolvi Works recognized with 5-star Safety
rating from British Safety Council

JSW Steel Corporate Presentation: May 2023 Note: All figures are for JSW Steel’s integrated steel plants at JSW Steel standalone. 26
4 Our Commitment to Society

Improving Cancer Care

Key Intervention Areas JSW Foundation has provided support to

Tata Memorial Centre for the
development of residential facilities for
Health & cancer patients
Agriculture
Nutrition

Water,
Environment & Education
Sanitation
JSW School of Public Policy, IIM-A

Waste Skill The JSW School of Public Policy has been

Development established at IIM Ahmedabad. The
Management
school aims to become an influential
research-oriented think-tank and policy
training institute
Art, Culture Sports
& Heritage

JSW Steel Corporate Presentation: May 2023 27

4 Our Commitment to Society

Margondanahalli Lake Rejuvenation, Bangalore Progress of Skill Impact Bond Project

Pre-restoration Post-monsoon

100k M3 10 Focus area Sectors 50,000

1 Lakh CubM
Additional Water Storage Floating Wetlands Developed Job retention especially F&B, Retail, IT/ITES, Learners to be
Additional Water Storage Capacity Created Canna and vetiver plants used
Capacity Created for young women Apparel, skilled over 4 years
Construction
12,000+ 4,500 6,530 88% 74%
Canna and Vetiver plants used Saplings planted around the Trainees enrolled Trainees Trainees
lake with locals in Cohort II Certified Placed

JSW Steel Corporate Presentation: May 2023 28

4 Initiatives & Recognitions

Diversity and Women Empowerment Recognitions

JSW Steel
recognized as
Sustainability
Champion by
worldsteel for
2023 for the 5th
consecutive year

JSW Steel has been recognized

as a Supplier Engagement
Women are operating Heavy Earth Moving Leader by CDP for
Machinery such as dumper, dozer, showel and implementation of current best
drill at captive iron ore mines in Odisha practices

JSW Steel Corporate Presentation: May 2023 29

4 Environmental Performance
Specific Energy Consumption (Gcal/tonne) GHG Emission Intensity (tCO2/tcs) Specific Freshwater Consumption (m3/tcs)

6.59 2.75
6.56 4.13
6.38 3.79
6.24 2.59
6.04 2.52 2.49 2.50 2.60 2.41 2.45 2.45
5.66 2.36

FY18 FY19 FY20 FY21 FY22 FY23 FY18 FY19 FY20 FY21 FY22 FY23 FY18 FY19 FY20 FY21 FY22 FY23

Dust Emissions (kg/tcs) SOx & NOx Waste Utilization (%)

100.00 99.77
SOx (kg/tcs) NOx (kg/tcs)
0.98 0.94 0.98
2.05
1.88 1.90
1.60 1.74 1.69
1.52 92.67
1.24 1.29 1.36 1.26 1.19
0.48 0.49
0.42

FY18 FY19 FY20 FY21 FY22 FY23 FY21 FY22 FY23

FY18 FY19 FY20 FY21 FY22 FY23

JSW Steel Corporate Presentation: May 2023 Note: All nos. are weighted averages for JSW Steel’s integrated steel plants at JSW Steel standalone. 30
5 Strong Board and Experienced Management Team

Chairperson - Emeritus Chairman and MD

Savitri Devi Jindal Sajjan Jindal

JSW-JFE partnership
Partnership overview
Executive Directors • 14.99% minority stake bought by JFE in 2010
• Access to cutting edge technologies
Jayant Acharya Gajraj Singh Rathore
• Operational excellence for cost reduction
Joint Managing Director & Whole-Time Director &
CEO COO
• Balance Sheet deleveraging to support growth

Technology agreements benefits:

Independent Directors ✓ Access to fast growing auto steel market
Seturaman Mahalingam
✓ Technical know-how for electrical steel
Harsh Charandas Mariwala Nirupama Rao
CA, Ex-CFO of TCS, Ex member
manufacturing
Chairman of Marico, Chairman 40 years of experience as a
of Tax Admin. Reform and MD of Kaya diplomat, Ex-Foreign Secretary ✓ Short learning curve
Commission of India ✓ Application engineering
✓ New product development
Dr. Punita Kumar Sinha Ms. Fiona Jane Mary Paulus Haigreve Khaitan
✓ Benchmarking and personnel training
Former CIO at The Asia 37 years of experience in Senior Partner at
Tigers Fund resources and energy M/s. Khaitan & Co
investment banking, risk mgmt. Other benefits:
✓ Improvement in quality, productivity, yield,
Marcel Fasswald energy efficiency
Nominee Directors
Former COO & CTO of SMS ✓ Sharing best maintenance, environment and
Group, Germany Dr. M.R. Ravi, IAS Hiroyuki Ogawa safety practices
Nominee Director Nominee Director ✓ Benchmarking, training and talent sharing
of KSIIDC of JFE Steel Corporation ✓ Standardization of processes

JSW Steel Corporate Presentation: May 2023 31

6 Proven Track Record of Efficient Organic and Inorganic Growth
Combination of organic and inorganic growth
2002-2005 2006 2007 2009 2010 2011-2012

• Capacity expanded from • Capacity increased to • Capacity • 3.5 mtpa (HSM-2) • 49.3% stake in
• Capacity
1.6 mtpa to 2.5 mtpa 4.8 mtpa increased • JSW-JFE strategic Ispat industries
increased to
• SISCO(1) • 1.0 mtpa – CRM 7.8 mtpa partnership • HSM-2 capacity
3.8 mtpa
• Color coating line • Plate and pipe mill US expansion to
• Euro Ikon 5 mtpa

2017 2016 2015 2014 2013 Consol.

Capacity
• 74% stake in • Capacity • CRM-2 – Phase 2 • New CRM-2 – Phase I • 14.3 mtpa Of
Praxair’s(3) industrial increased to 18 • 0.2 mtpa electrical • 4 mtpa– Pellet Plant(2) capacity post 29.7
gases JV(4) mtpa steel mill • 1 mtpa– Coke Oven(2) Ispat merger MTPA
• Won 6 Iron Ore mines • Won Moitra • Welspun Maxsteel, Salav
in Karnataka coking coal mine • 50% stake in Vallabh
in Jharkhand Tinplate
2018 2019-2020 2021 2022 2023-2024

• • Acquired 49% in BPSL through • Increased stake in BPSL to •

• EAF-based steel plant Won 3 Iron Expanded BPSL capacity from
Ore mines in Karnataka IBC process, steel making 83.3% w.e.f. 1st October 2.75mtpa to 3.5mtpa
in Ohio, US
• Won 4 Iron Ore mines in Odisha capacity of 2.75 mtpa in • Dolvi 5 mtpa expansion • Merger of JSW Ispat Special
• Aferpi Steel, Italy
Odisha commenced operations
• Acquisition of Asian Colour Coated Products with JSW Steel
• Minority stake in • Acquired Plate & Coil Mill
(c.1mt downstream capacity) underway
Monnet Ispat Division of Welspun Corp in • Acquired downstream
Anjar, Gujarat producer National Steel
JSW Steel Corporate Presentation: May 2023 Note: Blue text indicates acquisitions; Years above refer to financial years ending March
32
1: Southern Iron and Steel Company 2: Amba River Coke Limited 3: Praxair India Private Limited 4: JSW Praxair Oxygen Private Limited
7 Prudent Capital Allocation: Strong Financial Growth
Strong track record of volume growth Track record of Total Revenues (₹ 000’s Cr)
12.63 12.56 15.80 16.27 16.69 16.06 15.08 18.96 23.62 167.0
147.9
21.86
17.69
14.68 15.55 15.60 14.90 14.95
12.25 85.0 80.4
12.03 73.4 73.9
53.1 60.7
46.2

FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
Consolidated saleable steel sales (mt)1 Crude steel production (mt) 1

Robust EBITDA Margin through the cycle Cashflow from Operations (₹ 000’s Cr)
17.7% 15.4% 21.9% 20.6% 22.4% 16.2% 25.2% 26.6% 11.2%
31.6
39.0
24.0
20.8
17.3
19.0 20.1 18.5 13.8 13.9
14.8 8.6
12.2 11.9 7.1 7.6
9.4
6.4

FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
EBITDA (₹ 000’s Cr) EBITDA margin (%)

Note: FY18 numbers based on restated financials. 1: Production and Consolidated Sales Volume comprises JSW Steel Indian operations and
JSW Steel Corporate Presentation: May 2023 excludes JV’s. BPSL has been included since H2 FY22 as it became a sub from 1 Oct 2021. Sales volumes are after netting-off inter-company
transactions.
33
7 Prudent Capital Allocation: 10 Year TSR CAGR of 28%, and Uninterrupted Dividends

ROCE Uninterrupted Dividends (₹/share)

29.8%
20.0

15.0
19.6% 19.5%
16.4% 10.0
14.8% 3.4
5.0
7.60%
6.3% 9.6% 0.0

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Dividend Policy of paying out 15-20% of Consol. Net Profit1

Market cap (₹ Cr) 5 year and 10 year Total Shareholder Return

167,970 28%

TSR CAGR (FY 2003-23): 26% 21%

378

31-Mar-03 Current 5 year TSR 10 year TSR

JSW Steel Peer 1 Peer 2 Peer 3

Value-accretive growth through economic cycles

JSW Steel Corporate Presentation: May 2023 Market Cap and Total Shareholder Returns (TSR) as per Bloomberg as of 24th May 2023. Peers are the major listed Indian steel producers.
34
1: Link to JSW Steel Dividend Distribution Policy
8 Debt Profile and Credit Ratings
Net Gearing (ND/Equity) within Leverage (ND/EBITDA) within
the stated cap of 1.75x the stated cap of 3.75x Diversified Funding Sources
1.75x 4.50x
1.38x 1.48x
1.34x 3.75x
1.17x Bonds and
2.60x 2.61x 3.20x
0.83x 0.89x 2.40x Foreign INR debt, debentures,
1.45x currency 43% Loans and 42%
debt, 57% others,
58%

FY18 FY19 FY20 FY21 FY22 FY23 FY18 FY19 FY20 FY21 FY22 FY23

Strong Liquidity and Credit Ratings

• Cash and Cash equivalents of ₹20,719 crore
• Credit Ratings:
o International: Moody’s: Ba1 (Stable Outlook) and Fitch: BB (Stable Outlook)
o Domestic: ICRA: AA (Stable Outlook), IndRa: AA (Stable Outlook), CARE: AA (Stable Outlook)

Debt Profile
• Access to diverse pools of liquidity. Strong relationships with domestic and international banks and financial institutions
• Net Gearing and Leverage within stated caps of 1.75x and 3.75x, respectively
• Successfully raised US$3.69bn through global bond markets since 2014
• Issued global steel industry’s first USD Sustainability Linked Bond in September 2021

JSW Steel Corporate Presentation: May 2023 Note: Net Debt/EBITDA on LTM basis 35
 Agenda

Sustainability

Overview

Key Investment Highlights

Digitalisation at JSW Steel

Appendix

JSW Steel Corporate Presentation: May 2023 36

 Digitalization: Strategy, Execution and Impact
Wave 4 and Digital Vision-2026*
Expand and scale Digital to best-in-class: Guiding Principles
– Sales & Marketing Strategic
Democratize
– Manufacturing & Mining (O&M, Quality) Transformation Value Lens Digitalization
– Sustainability, Safety and Security Projects
– Supply Chain Management • End-to-End • ROI is the key to digital • Low investment and
– Human Resources transformational projects investments quick ROI projects
undertaken at plant
– Finance • Sampark: Digital Logistics • Quantification and
level
Management System regular monitoring of
digital projects’ value • Short, well-defined
• Bulk Raw Material Supply
sprints as per “Agile”
Chain Digitalization • Special focus on Safety
and Sustainability • Fail-fast and Learn-fast
• Advanced Planning &
projects approach
Scheduling (APS)
• Promote Horizontal and
Wave 3: Expanding the art of possible • Samarth: Financial
Vertical deployment
Transformation
to E2E plant Digitalisation and other
functions

Wave 2: Digitalisation of procurement

- E2E Digitalisation of single mfg shop
- Digital in large project management 100+
15 7,100+ Digital Projects
completed in FY23
Wave 1: Accelerated implementation
of select use cases across value chain
Flagship Digital
Projects
Hours of Digital
Training in FY23 200+
Digital projects
planned for FY24
JSW Steel Corporate Presentation: May 2023 *-Rolling 3 year Digital strategy 37
 JSW Steel’s Digital Focus Areas

Increased Sales
Additional Focus
s
Mining Supply Safety, Security, Governance Cost Optimization
Chain

Anticipated Impact
Sustainability led R&D
Asset Availability
Primary
Finance Focus Manufacturing
Cultural Transformation
Emissions Reduction

s
Integrated Control Tower
Human Sales and
Safety Enhancement
Resources Marketing

Great Place To Work

(GPTW)

Automation, Integration and End-to-End Functional Transformation Future-ready Digital

Intelligence Focus Workforce
JSW Steel Corporate Presentation: May 2023 38
Mine-to-Customer: Technology-Led JSW Steel
DIGITAL BULK RAW MATERIAL (BRM) MGMT DIGITAL MANUFACTURING DIGITAL OUTBOUND SUPPLY CHAIN DIGITAL SALES & MARKETING

3 Digital Plant

Data-Driven Decision-Making
1
4 6
Suppliers
Outbound
/ Mines In-Plant Connected Digital Digital Sales & Marketing
Logistics Worker Projects/EPC Operations
Logistics

2 5
IoT Enabled
Robotics Plant 7
Sensors Drones
Automation
Inbound Service Centers /
Real-Time Data Management Downstream JVs / Customer
Logistics
JSW ONE

8 9 10 11 12

Safety Intelligent Security Sustainability

Finance HR
Surveillance

13 REPORTS DASHBOARDS & ANALYTICS (RDA)

1, 2. Digital BRM SCM Transformation: Multi-modal | Track- 5, 6, 7. Sales & Marketing: Content Management | 10 ,11. Safety & Security: Intelligent Video Analytics
and-Trace Customer Engagement | eCommerce 12. Sustainability: SEED Emissions Management
3. Digital Plant: Integrated Tech (Digital-IT-OT) | I4.0 | 8. Digital Finance: Financial Transformation | RPA Dashboards | Energy Management Dashboards
Predictive Maintenance | Predictive Quality 9. Digital HR: HR Dashboards & Analytics 13. Reports Dashboards & Analytics (RDA): Integrated
4. Outbound Logistics: Digital | Multi-modal | Track-and-Trace Control Tower (ICT) | 18 Clusters of Excellence Dashboards
JSW Steel Corporate Presentation: May 2023 39
 Future-Ready Digital Workforce
Technology Learning Strategy

Self-Paced Learning High Level Awareness In-depth Training Personalized Training

Program Level Tier 0 Tier 1 Tier 2.1, 2.2, 2.3 Tier 3

• Self Learning in LMS / • Introduction to • Microsoft Azure • Role-based Certifications

Digital Central / Digitalization (Fundamental) • Employee-driven learning
Percipio • Symbiosis with • Data Sciences (AI-ML) path
Programs Fundamentals
• Digital Confluence Automation and IT
• Digital Xchange • Touch-and-feel new • Microsoft Azure (Advanced)
technologies
Target Trainees Digital COE, Plant Digital
All Employees Plants / Site Employees All Employees
teams, Citizen data scientists

Targeting 9,000 hours of Digital and Data Science training in FY24

JSW Steel Corporate Presentation: May 2023 40

 Agenda

Sustainability

Overview

Key Investment Highlights

Digitalisation at JSW Steel

Appendix

JSW Steel Corporate Presentation: May 2023 41

 Global Steel
Crude Steel Production – Jan-Mar (mt) Steel Demand (mt) China Steel Production and Export (mt)
Jan-Mar CY21 Jan-Mar CY22 Jan-Mar CY23 CY22 CY23F (Oct 22) CY23F (Apr 23) CY24F (Apr 23) China Crude Steel Production (LHS)
150 10
-0.1% +2.3% Exports (RHS)
8
100

459
+6.1% 6

1,854
1,822
1,815
1,782
-7.3% 2.0% +2.6%

493
460
4
50
262
275

939
247

218

921

939
914

901

915
883
2

861
198
213

0 0
China World ex-China World China World ex-China World Apr-21 Oct-21 Apr-22 Oct-22 Apr-23

HRC Prices US$/t Raw Material Prices (US$/t)

N.America ExW N.Europe ExW Black Sea FOB China FOB Iron Ore 62% Fe HCC Premium LV FOB Aus. (RHS) HCC CFR China (RHS)
2,300
250 800
1,900
200 600
1,500
150 400
1,100

700 100 200

300 50 0
May-20 Nov-20 May-21 Nov-21 May-22 Nov-22 May-23 May-20 Nov-20 May-21 Nov-21 May-22 Nov-22 May-23

Global steel demand to see 40mt growth in CY23. Steel spreads were higher in Q4 FY23 on improved steel prices

JSW Steel Corporate Presentation: May 2023 Source: World Steel Association (WSA); Bloomberg, Platts 42
 Indian Steel – Annual Trend
Production and Consumption (mt) Steel Imports (mt) Steel Exports (mt)
FY22 FY23 Finished Semis Finished Semis
+5.0% +13.3% 18.37 -54.6%
+45.2% 4.88
120.29 126.26 119.86
105.75 7.02
8.34
4.84 1.00
13.49 1.62
0.17
4.67 6.02 6.72

Crude Steel Production Apparent Steel Consumption FY22 FY23 FY22 FY23

Apparent Steel Consumption (mt) and YoY Growth Monthly Steel Exports (mt) and Imports (mt)
% YoY Change 2.00 Exports
1.51
1.08 0.95 1.01 0.93 1.03 0.92
0.6 -5.3 -0.5 2.7 22.3 6.3 14.2 16.7 12.0 12.0 15.6 20.9 9.0 14.6 15.0 8.0
1.00 1.30 0.54 0.59 0.67 0.41 0.43 0.48 0.66 0.65
11.38 11.14
10.24 10.41 11.16 9.95
9.10 9.66 9.21 9.61
8.68 9.18 9.60 9.47 10.19 9.82
0.00
1.00 Imports
0.88
0.42 0.77 0.71
0.50 0.69 0.68
0.47 0.37 0.49 0.48 0.49 0.58 0.52 0.55
0.34 0.40
0.00
Jun-22

Nov-22

Dec-22
Jul-22
Feb-22

Sep-22

Oct-22

Feb-23
Apr-22

Aug-22

Apr-23
Jan-22

Mar-22

May-22

Jan-23

Mar-23

Oct-22
Apr-22

Jun-22

Nov-22

Dec-22

Apr-23
Jul-22
Feb-22

Sep-22

Feb-23
Aug-22

Jan-23
Jan-22

Mar-22

May-22

Mar-23
Robust increase in domestic consumption in FY23; low priced and zero-duty imports are a challenge for domestic industry
JSW Steel Corporate Presentation: May 2023 Source: Joint Plant Committee 43
 Strategic Priorities for FY24

Committed to sustainability targets, with sustainability at the core of everything

Creating Shareholder Value

Executing growth pipeline of 37mt steel making capacity in India

End-to End Digitalisation by evolving from point projects to transformational projects

Maintaining cost leadership by leveraging low conversion cost advantage

Improving raw material security through domestic iron ore and coking coal mines

Enriching the product profile by enhancing the value-added product portfolio

Net Gearing and Leverage well under stated caps of 1.75x and 3.75x, respectively

JSW Steel Corporate Presentation: May 2023 44

 FY24 Guidance

All fig. in million metric tonnes

FY24
Crude Steel
Particulars Sales
Production
India Operations incl. Joint Control 25.50 24.20
JSW Steel USA Ohio 0.84 0.80
Total Combined Volumes 26.34 25.00

JSW Steel Corporate Presentation: May 2023 45

 Annual India Capex Update

18,800 18,500 ₹ crore

Actual Spent
14,214 14,625

FY23 FY24 FY25 FY26

Particulars ₹ Cr
Unspent Capex including Creditors and Acceptances 34,629
New Growth, Cost Savings and Mining Projects 12,499
Sustenance Capex 4,797
Total 51,925

JSW Steel Corporate Presentation: May 2023 46

 Key Project Updates - Vijayanagar

5mtpa brownfield project

• Construction activities for all packages underway

• Piping & Electricals commenced for all packages
• Equipment erection commenced for all packages
• Project to be completed by end of FY24

Coke Oven Plant

• 1.5 mtpa Coke Oven battery: Battery A was commissioned in

September 2022. Battery B expected commissioning by Q2 FY24
• Capacity enhancement of further 1.5 mtpa to support the 5 mpta
steel-making expansion. Phased commissioning in Q4 FY24

Blast Furnace under construction

JSW Steel Corporate Presentation: May 2023 47

 Key Project Updates – BPSL & Other Downstream

Phase-II expansion from 3.5 to 5 MTPA

• Civil work & Structural Erection work in progress in New Wire Rod
Mill-2 and SMS-2 Project
• Long lead-time items received at site, equipment erection started
(New Wire Rod Mill-2 and SMS-2, PCI upgradation for BF-1 & 2, Lime
Calcination Plant-6)
• Project expected to be completed in FY24

Ladle Turret & Casting Platform at SMS2, BPSL Phase II

Other Downstream projects

• 0.25 MTPA Colour Coating line at Rajpura, Punjab: Production
commenced in May’23
• 0.12 MTPA Colour Coating line in Jammu & Kashmir: To be
completed in FY24

Colour Coating Line at Rajpura commissioned

JSW Steel Corporate Presentation: May 2023 48
 Case study: Turnaround Strategy at JSW Ispat’s Dolvi plant
JSW Steel has a proven track record of identifying, acquiring and integrating assets creating synergies and optimizing costs

Completed initiatives –
December 2010 FY2016 – 2017 FY2018 – 2022
FY2011 – 2015
• Plant under maintenance • Infusion of equity • Capacity expanded to 5 mtpa • Capacity increased to 10 mtpa from 5 mtpa
• Loss making at EBITDA level • Alignment of marketing strategies resulting • Diversified product offering from Flat steel • Major facilities setup include:
• High interest cost in freight synergies and VAT benefits only to mix of Flat and Long steel o 4.5 mtpa Blast furnace with 5 mtpa
• Financially distressed • Reduction of high cost working Steel Melt Shop
capital funding o 5 mtpa Hot Strip Mill
• Refinancing of existing debt
• Electricity sourcing from JSW Energy at
competitive prices
• Commissioning of 4 mtpa pellet plant,
1 mtpa coke oven, waste gas based 55MW
power plant, railway siding, and lime
calcination plant

– Inability to service existing debt

– Inadequate cashflows – Exit from CDR – Stabilized/ ramped-up the expanded – Integrated Steel production
– Generating positive profit after tax capacity commenced
– Corporate debt restructuring (CDR)
case

Able to leverage an acquisition to maximum value accretion through application of knowledge and experience

JSW Steel Corporate Presentation: May 2023 49

 Awards & Recognitions in FY23

Golden Peacock Award 2023 JSW Salem – won the Dolvi JSW Works recognized One of the only 3 steel
for Innovative Sword of Honour award with 5-star Safety rating from companies globally to
product/service – JSW Steel from British Safety British Safety Council achieve CDP A Leadership
Vijayanagar Council rating

JSW Steel recognized as steel

sustainability champion 2023 e4m Creativity Primetime
for the 5th consecutive time Award – Always Around BARC Asia
ET Iconic Brands of India 2022
in a row campaign Brand of the decade

JSW Steel Corporate Presentation: May 2023 50

43
 Our Steel is Helping Build Key Infrastructure in India

Solar Project: Contributed 2.3 GW

Wind Project: Contributed 1.4 GW

Metro Projects: 57 km of Metro project lines

High Speed Rail (Mumbai-Ahmedabad Bullet
(Mumbai, Pune, Nagpur, Bengaluru,
Train) Project
Ahmedabad, Chennai, Indore, Kochi & Delhi)
994 Km of Railway Freight Corridors
(Mumbai-Haryana WDFC & Ludhiana-West
Bengal EDFC)
Expressways and Highways: 1,001 Km
Roads & 169 Km Bridges across major
projects
Airports: Navi Mumbai

Water Pipelines: 1,703 km of water Nuclear Power Plants: Contributed 1.6

pipelines across major projects GW for Kudamkulam, Tarapur, Kakrapar
Power Projects
Oil & Gas Pipelines: 607 km of pipelines
across major projects

JSW Steel Corporate Presentation: May 2023 High Speed Rail image from JR East & NHSRCL 51
THANK YOU

Investor Relations Contact:

[email protected]