JSW Steel Limited

Corporate Presentation
December 2021

JSW Steel Corporate Presentation: December 2021

 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: December 2021 2

 Agenda

Sustainability

Overview

Key Investment Highlights

Appendix

JSW Steel Corporate Presentation: December 2021 3

 Agenda

Sustainability

Overview

Key Investment Highlights

Appendix

JSW Steel Corporate Presentation: December 2021 4

 Sustainability Framework and Priorities
17 Focus Areas Governance & Oversight By Board-level
Business Responsibility And
Climate Change:
Biodiversity: No Net Loss for Biodiversity Sustainability Committee
Contributions for Climate Change as per
Mr. Malay Mukherjee

Independent
Paris Accord

Directors
Carbon neutrality at JSW Coated by 2030 Waste Water: Zero Liquid Discharge
Dr. (Mrs.) Punita Kumar Sinha
>42% reduction in specific CO2 emissions
by 2030 (vs. base year 2005) Water Resources: >25% reduction in fresh Mrs. Nirupama Rao
water consumption by 2030 (vs. base year
Waste: 100% solid waste utilization 2005)
Mr. Seshagiri Rao M. V. S.

Executive
Directors
Dr. Vinod Nowal
Resources Sustainable Social Local Indigenous Human
Mining Sustainability Considerations People Rights Mr. Jayant Acharya

Integrated Reporting
Supply Chain Employee Air Business Cultural Energy
Sustainability Wellbeing Emissions Ethics Heritage

Aligned to
National &
International
Frameworks FY 2018 FY 2019 FY 2020 FY 2021
JSW Steel Corporate Presentation: December 2021 JSW Policies for each Focus Area are available on our website Click on images for reading online. 5
 Climate Change: Emission Target and Initiatives

Derivation of carbon emission target for 2030 Planned/ Potential initiatives to reduce CO2 intensity

The Sustainable Development Scenario (SDS) (a) requires direct Energy Transition from thermal to Renewable in steel making
emission intensity of crude steel production in India to fall over
60% by 2050 on the path to net zero in 2070
Reduction of Coke rate through iron ore beneficiation, PCI, use of natural gas
in BF and DRI
The 2030 target is based on following the trajectory needed to
reach a derived emissions intensity of 1.17 tCO2/tcs by 2050 (b)
Increased use of scrap in steel making

Accord for 2030 is 2.4 tCO2/tcs

Implementation of Best Available Technologies (BATs)
3.0

2.5 2.40 India NDC target as per Paris Accord benchmarking process

2.0 1.95 JSW Steel target

Scaling up Carbon Capture & Use (CCU)
1.5

1.0
2016 2017 2018 2019 2020 2025 2030 2035 2040 2045 2050
JSW emissions intensity (historical)
JSW emissions intensity (projected) Sustainability-Linked Bond in Sept 2021
Trajectory to IEA SDS 2050 emissions intensity

Note:
JSW Steel Corporate Presentation: December 2021 6
(b) Taking account of both the direct (Scope1) and indirect energy (Scope 2) emissions
 Agenda

Sustainability

Overview

Key Investment Highlights

Appendix

JSW Steel Corporate Presentation: December 2021 7

 JSW Group Overview

* *

Power producer with installed capacity of 4.6 GW Manufacturer of Portland Slag Cement (PSC),
Installed crude steel capacity of 26 mtpa, growing (Hydro, Renewable and Thermal) Ordinary Portland Cement (OPC) and Ground
to 36 mtpa Growing to 10 GW in medium-term with 70% Granulated Blast Furnace Slag (GGBS)
Market capitalisation of $22.2bn(a) renewable portfolio Operational capacity of 14 mtpa, growing to
Market capitalisation of $7.8bn(a) 25 mtpa

Presence across
Commenced operations in March 2019 Engaged in development and operations of ports
Annual operating capacity of 130,000 KL Operational capacity 110 mtpa the core sectors of India
Fully automated coil coating capacity Operations across East, West & Southern coasts of
Only fully-automated, water-based plant in India India

JSW Steel Corporate Presentation: December 2021 Note: * Listed company (a) Market Cap as of 31st Oct 2021 from Bloomberg 8
 JSW Steel

One of the leading steel players in Diversified product portfolio Integrated manufacturing process
India Extensive portfolio of products Hot Integrated steel manufacturing
Most geographically diversified steel rolled coil, cold rolled coil, galvanneal, facilities from raw material
company in India galvanized/ galvalume, pre-painted, processing plants to downstream
Sustainability and Governance at the tinplate, electrical steel (CRNO), TMT value-added product capacities
core of the enterprise, with a strong bar, wire rod, rails, special steel bars,
board. rounds and blooms, grinding balls
Actively pursuing climate change
agenda

Technological competence Global presence Strong distribution network and

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

JSW Steel Corporate Presentation: December 2021 9

 Transformational Growth and Value Creation

Capacity (mtpa) Total revenue (` ) EBITDA (` )

CAGR FY02-21: 14% CAGR FY02-21: 23% CAGR FY02-21: 25%

85.0 80.4 20.1 20.7

26.0 73.4 73.9 19.0
62.5 14.8
18.0 18.0 18.0 18.0 18.0
11.9

7.8 19.5 4.2

1.6 1.6 0.3

FY02 FY10 FY18 FY19 FY20 FY21 H1 Current FY02 FY10 FY18 FY19 FY20 FY21 H1 FY02 FY10 FY18 FY19 FY20 FY21 H1
FY22 FY22 FY22

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

50%
161,748 40% 33%
28%
30%
20%
10%
0%
-10% 5 year TSR 10 year TSR
194
JSW Steel Peer 1 Peer 2 Peer 3
31-Mar-02 Current

Market Cap and Total Shareholder Returns (TSR) as per Bloomberg as of 31st October 2021. Peers are the major listed Indian steel producers.
JSW Steel Corporate Presentation: December 2021 Note: Current capacity includes 5 MTPA Dolvi Expansion & BPSL 2.75 MTPA 10
 Agenda

Sustainability

Overview

Key Investment Highlights

Appendix

JSW Steel Corporate Presentation: December 2021 11

 Key Investment Highlights

1 Size, Scale & Growth Leading steel producer in India with near-term growth to take capacity to 36 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 Proven track record of efficient organic and inorganic growth: capacity growth CAGR of 14% (FY02-FY21)
Growth

7 Shareholder Value Prudent capital allocation: 10 year TSR CAGR of 28%, and uninterrupted dividends

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

JSW Steel Corporate Presentation: December 2021 TSR: Total Shareholder Return 12
 1 Leading and Most Geographically Diversified Steel Producer in India

India International Footprint

Europe

Rajpura BPSL Chandigarh

Bawal Piombino, Italy

BPSL Kolkata
Kalmeshwar

Plate & Coil Mill, Anjar

USA
Khopoli

Vasind & Tarapur BPSL Jharsuguda: 2.75 mtpa

Dolvi: 5 mtpa Raigarh: 0.95 mtpa (JISPL) Ohio:1.5 mtpa

Vijayanagar: 12 mtpa Raipur: 0.25 mtpa (JISPL) Plate & Pipe Mill, Baytown

Salem: 1 mtpa
Steel Plants Downstream facilities

JV and Associates-
Steel Plant

JSW Steel Corporate Presentation: December 2021 Bhushan Power and Steel Ltd (BPSL) is 83.3% w.e.f 1st Oct 2021 13
 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
2.75 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
Coke Oven DRI 1.80 CRCA
Pellet Plant Blast Furnaces 2.35 GI / GL Current FY23E FY25E
Sinter Plant Steel Melting PPGI / PPGL
2.75
Captive Power Plant Shop

JSW Steel Corporate Presentation: December 2021 Increased stake to 83.3% w.e.f. Oct 1, 2021 14
 1 Near-term Growth to Take India Capacity to 35.5 mtpa

Significant room for

growth in steel
India Steel: Strong Fundamentals (mt) consumption in India Near-

Crude Steel Crude Steel Finished Steel

Capacity Production Demand China, Vijayanagar Expansion BPSL

Kg of finished steel products per capita (2019)

35.5
300 633

1.5
1.5 5.0
Japan,
498
140 0.75
109 26.0
100 5.0
1.0 30.5
2.75

23.0
FY20 FY31E FY31E US, 297

Govt. thrust on infrastructure, housing, and increasing the Current FY23E FY24E FY25E FY25E
share of manufacturing in GDP World, 5 mtpa Dolvi expansion has commenced operations in Oct 2021
$1.4tn National Infrastructure Pipeline over next 5 years 229
5 mtpa brownfield expansion at Vijayanagar
Value-accretive with low capex of `15,000 crore (c.$400/ton)
Incremental expansion at Vijayanagar of existing facilities to enhance
Production-linked incentive scheme launched by govt. to India, 74 capacity by further 2.5 mtpa (1+1.5) in phases
promote manufacturing in select sectors
Organic brownfield capacity expansion capex well below global benchmarks
of replacement cost of c.$1,000/ton for BF-based capacity

Best placed Indian steel producer to benefit from strong domestic demand growth
JSW Steel Corporate Presentation: December 2021 15
 2 Lowest Cost of Conversion in India, One of the Lowest Globally

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

Leading position on global conversion cost curve

Conversion cost of c.$110/ton in FY21 # 4 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 # 12 ranked
Utilisation of pipe conveyor system for transporting
iron ore fines
in Globally

JSW Steel Corporate Presentation: December 2021 -Class Steelmaker

Rankings as of November 2021
16
 2 Strong Domestic Iron Ore Linkage

14 Captive iron ore mines ensuring adequate raw material supply Raw material security
Won 6 iron ore mines in Karnataka through auctions in 2016 and
Steel Plants
2018, and 3 mines in FY20
Karnataka 9 mines Mines
Targeting 6-7 mtpa in FY22 from the Karnataka mines
c.216 MnT of aggregate JV and Associates- Steel Plant
reserves
To contribute 30% of total requirement at Vijayanagar plant
Supplying to Vijayanagar Acquired 4 iron ore mines in Odisha with c.1.1bn tonne reserves
plant Strategic long term iron ore security for Dolvi and Salem works
c.24km long conveyor belt Consistent and high quality iron ore grade to enhance BF
for seamless transport of productivity
iron ore
Opportunity to optimize and significantly reduce logistics cost
over time

Strengthening Mining Operations in Odisha

Enhance mining capabilities and efficiencies
Estimated capex of `3,450 crore; expected completion over two
years
Odisha 4 mines
Key strategic benefits of the project
c.1,100 MnT of aggregate Enhance own mining infrastructure to reduce reliance on
reserves outsourced mining
To supply iron ore to Dolvi
Grinding and washing facilities to improve the quality of the ore,
and Salem plants
aiding higher productivity at the steel-making operations
Implement digitalization across the mining operations

JSW Steel Corporate Presentation: December 2021 17

 Strong Margins Further Enhanced by Significant Downstream
3
Capacities Producing Value Added and Special Products
Product
Category Hot Rolled Coated Products Colour Coated Tin Plate Cold Rolled Electrical Steel Alloy Steel
Products Products Products Coil & Sheets Products

Construction, Pipes & Tubes, Appliance, Roofing, Oil Can, Non-oil Automotive, Auto, General Automotive
Applications
Infrastructure, Roofing, General Sandwich panel Can, Food Cans General Engg. Engg.
General Engg., Engg., Solar,
Pipe & Tubes, Appliance, Colour Share of Value added products
Yellow goods Coater
35%
54% 58% 53% 48% 52% 61%

Our Brands

FY16 FY17 FY18 FY19 FY20 FY21 H1 FY22

Other Products Value Added and Special Products
JSW Steel Corporate Presentation: December 2021 18
 3 Delivering Sustainability With Our Value Added Products (1/2)

One of the largest domestic suppliers of Tinplate products

Adding 250KTPA capacity at Tarapur, Maharashtra to meet the surging
demand of food packaging industry
Brand Platina is enabling import- and plastic- substitution

Meeting the requirements of Lightweighting and Safety - a top

All finished products under
priority for the Automotive industry
life-cycle analysis
Leading Indian producer of automotive steel with capability to produce
Environment Product AHSS to a tensile strength of 1,180 Mpa
Declaration in place for Thrust on R&D and Product Development to be future ready.
HRC, CRCA

Preferred and marquee supplier of high-end corrosion resistance

steel products for white goods
Specialised and customised products offerings to meet the needs of
appliance makers

JSW Steel Corporate Presentation: December 2021 19

 3 Delivering Sustainability With Our Value Added Products (2/2)

Brand Galvos being widely used in solar structure installations,

replacing imports

Electrical Steel
Cold Rolled Non-Grain Oriented: Manufacturing with technology from
All finished products under JFE Japan
life-cycle analysis
Largest product range in India, catering to all domestic applications,
and substituting imports
Environment Product
Declaration in place for Used in electricity generation as well as consumption applications
HRC, CRCA
Cold Rolled Grain Oriented: feasibility study announced in May 2021
to form JV with JFE Japan
High-end product currently being imported into India
Used for transformers in transmission and distribution
Electrical Steel Products enhance energy efficiency
and reduce carbon emissions

JSW Steel Corporate Presentation: December 2021 20

 Sustainability at the core of the enterprise. Actively pursuing
4
climate change agenda
SD Targets FY05 FY30 Targets Improvement Strategic Approach
Transition from thermal to renewable energy
Specific Energy Reduction of fuel rate in BF and DRI
GCal/tcs 6.94 5.91 15%
Climate Increased use of scrap in steel making
Change GHG Emissions 3.39 1.95 42% Energy efficiency and process efficiency improvements through BATs
tCO2e/ tcs
process

Specific water Maintaing zero liquid discharge across operations

Water consumption (steel 3.60 2.41 33% Installation of technology for reduction of fresh water in cooling towers
Security production) (m3/tcs) Adopting digitalisation for better water control and monitoring

Integrated Strategy towards efficient waste management

Specific Waste NC 677 -
Waste (Kg/tcs)
Promoting Circular Economy
Waste Recycled (%) 62 100 38pp

Air Specific process dust

0.93 0.28 70%
Adoption of best avialable technologies like MEROS in sintering , Oven pressure
Emissions emissions (Kg/tcs)

Achieve
Biodiversity at our -
Biodiversity operating sites of biodiversity
Increase green cover across operations

TRT: Top pressure recovery turbine

JSW Steel Corporate Presentation: December 2021 21
Revised GHG Emissions target from 2
 4 Environmental Performance
Specific energy consumption (Gcal/tonne) GHG emission intensity (tCO2/tcs) Specific freshwater consumption (m3/tcs)

6.59 6.56 4.13

3.79
6.44 2.75
6.38 2.59 2.52 2.49 2.53 2.60 2.41 2.49
6.24

FY18 FY19 FY20 FY21 H1 FY22 FY18 FY19 FY20 FY21 H1 FY22 FY18 FY19 FY20 FY21 H1 FY22

Dust emissions(kg/tcs) SOx & NOx Waste utilization (%)

SOx (kg/tcs) NOx (kg/tcs)
0.98 0.94 0.98 92.70
2.05 1.95
1.74
1.88 92.67
1.60 1.52
0.52 1.24 1.29 1.36 1.28
0.48

FY18 FY19 FY20 FY21 H1 FY22 FY18 FY19 FY20 FY21 H1 FY22 FY21 H1 FY22

JSW Steel Corporate Presentation: December 2021 -party assured. 22

 4 Case Study: Carbon Capture & Use - DRI Plant

CCU Process at DRI Plant at Salav, Maharashtra

CCUS is an important
technological option for reducing 99.5% purity of CO2 Production Capacity of 100 TPD
CO2 emissions in the energy
1 Directly Reduced Iron Carbon Capture & 4
sector and will be essential to
achieving the goal of net-zero Reduction Process Storage
emissions.
- IEA are
passed through Iron
Ore Pellets & Lump
CO2 is then captured, stored
Ore to facilitate the
and transported for its usage
Reduction process
in the food & beverages
What is CCUS? industry.

Carbon capture, utilisation and storage (CCUS), is an important emissions

reduction technology that can be applied across the energy system.
CCUS technologies involve the capture of carbon dioxide (CO2) from fuel
combustion or industrial processes, the transport of this CO2 via ship or
pipeline, and either its use as a resource to create valuable products or Carbon-rich waste gas is Rich Solution is treated in the
services, or its permanent storage deep underground in geological recovered and sent to Regenerators separating G.V.
formations. Absorber which treats it Solution and Carbon Dioxide
CCUS technologies are coming of age and are expected to mature in counter current with G.V. which is then passed on for
2030. JSW is one of the early adopters of CCUS in India. Solution forming Rich Solution. further processing.
2 Waste Gas Recovery HP & LP Regenerators 3
JSW Steel Corporate Presentation: December 2021 23
 4 Health & Safety
JSW is committed to providing a safe and healthy working environment and achieving an injury & occupational illness free work place.

Building a Culture of Health & Safety

Health and Safety Competency Awards &

Initiatives Development Recognitions 01 02 03
Zero Zero Zero
JSW Group Construction Guidance Dolvi plant and Vasind Coated major injury harm
notes released for 10 critical Health & Safety certification Products received the Platinum and incidents
activities to improve construction Gold Health & Safety Award 2021
safety 23,000+ Safety E-Learning Modules respectively from Indian Chamber of
External, detailed Fire Prevention completed in Q2 FY22 Commerce (ICC) Kolkata in the Metals
Audit carried out at all
LTIFR
880+ Contractors assessed through & Mining sector
downstream coated products sites JSW CARES (Contractor Assessment & Dolvi 0.42
British Safety Council 5 Star Audit Rating for Excellence in Safety) in H1 Culture Award-
Gap analysis conducted at Salem FY22 Greentech foundation
Plant Salem and Dolvi plants received
0.35
0.32
140,000+ safety observations
carried out in Q2 FY22
0.26
7,000+ Inspections and Audits at Care India
plants in Q2 FY22
Dolvi plant received Gold Fire safety
award 2021 from Grow Care India
FY18 FY19 FY20 FY21

JSW Steel Corporate Presentation: December 2021 NEBOSH: The National Examination Board in Occupational Safety and Health 24
 4 Empowering Our Communities

JSW Foundation became the first Indian foundation to receive ISO

26000:2010 assurance for contributing to sustainable development
New Initiatives

100,000+ 350,000+
Farmers to be reached Population to be
out to for Agri value benefitted via new 73-
chain enhancement bed multi-specialty
over next 4 years hospital set up at Dolvi

10mn m3 5,000+ Students

Additional water to be benefited over next
capacity through water 3 years via Project ASPIRE
resource management at across all JSW Steel
Dolvi over next 3 years locations

Dedicated Yojana Kendras to provide access to healthcare

schemes set up at two JSW Sanjeevani hospitals

Health & Nutrition Water & Waste Agri-business Education Skill Enhancement Art, Culture & Sports
Environment Management Livelihoods Heritage

JSW Steel Corporate Presentation: December 2021 25

 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
Seshagiri Rao M.V.S Dr. Vinod Nowal Jayant Acharya
Operational excellence for cost reduction
Joint Managing Director Dy. Managing Director Director
and Group CFO (Commercial and Marketing) Balance Sheet deleveraging to support growth

Technology agreements benefits:

Independent Directors Access to fast growing auto steel market
Technical know-how for electrical steel
Malay Mukherjee Harsh Charandas Mariwala Nirupama Rao
manufacturing
40 years of rich experience in Chairman of Marico, Chairman 40 years of experience as a
mining and steel industry and MD of Kaya diplomat, Ex-Foreign Secretary Short learning curve
of India Application engineering
New product development
Dr. Punita Kumar Sinha Haigreve Khaitan Seturaman Mahalingam
Benchmarking and personnel training
Former CIO at The Asia Senior Partner at CA, Ex-CFO of TCS, Ex member
Tigers Fund M/s. Khaitan & Co of Tax Admin. Reform
Commission Other benefits:
Improvement in quality, productivity, yield,
energy efficiency
Nominee Directors
Sharing best maintenance, environment and
Mr. K.P.Mohan Raj, IAS Hiroyuki Ogawa safety practices
Nominee Director of KSIIDC Nominee Director of JFE Steel Benchmarking, training and talent sharing
Corporation Standardization of processes

JSW Steel Corporate Presentation: December 2021 26

 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(a) 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 Total

Capacity
Of
74% stake in Capacity CRM2 Phase 2 New CRM2 Phase I 14.3 mtpa
(c) industrial increased to 18 0.2 mtpa electrical 4 mtpa Pellet Plant(b) capacity post 27
gases JV (d) mtpa steel mill 1 mtpa Coke Oven(b) 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

Acquired 49% in BPSL through Increased stake in BPSL to

EAF-based steel plant Won 3 Iron Won 4 Iron Ore mines
IBC process, steel making 83.3% w.e.f. 1st October
in Ohio, US Ore mines in in Odisha
capacity of over 2.5 mtpa in Dolvi 5 mtpa expansion
Aferpi Steel, Italy Karnataka Acquisition of Asian
Odisha commissioned in October
Minority stake in Colour Coated (c.1mt Acquired Plate and Coil Mill
Monnet Ispat downstream capacity) Division of Welspun Corp

JSW Steel Corporate Presentation: December 2021 Note: Blue text indicates acquisitions; Years above refer to financial years ending March
27
(a) Southern Iron and Steel Company (b) Amba River Coke Limited (c) Praxair India Private Limited (d) JSW Praxair Oxygen Private Limited
 7 Prudent Capital Allocation: Strong Financial Growth

Strong track record of volume growth

84.8 79.8
12.17 12.63 12.56 15.80 16.27 16.69 16.06 15.08 7.31 73.2 73.3
60.5 61.4
15.55 15.60 14.90 14.95
14.68 51.2 53.0
11.86 12.03 12.25 46.0
8.20

FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 H1 FY22 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 H1 FY22
Consolidated saleable steel (mt) Crude steel production (mt)

Robust EBITDA Margin through the cycle

17.9% 17.7% 15.4% 21.9% 20.6% 22.4% 16.2% 25.2% 33.7% 20.7
17.3
20.7 13.8 13.9
19.0 20.1
14.8 10.0
8.6
12.2 11.9 7.1 7.6
9.2 9.4
6.4 3.0

FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 H1 FY22 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 H1 FY22
EBITDA ( Cr) EBITDA margin (%)

JSW Steel Corporate Presentation: December 2021 Note: (a)FY18 numbers based on restated financials (b) Consolidated sales comprises of JSW Steel Indian operations excluding 28
after netting-off inter-company sales.
 Prudent Capital Allocation: 10 Year TSR CAGR of 28%,
7
and Uninterrupted Dividends
ROCE Uninterrupted Dividends
DPS ` / Sh
8.0
20.0% 6.50
19.6%
16.4% 6.0
14.8%
12.7% 11.9%
9.6% 4.0
6.3%
2.0

0.0
FY14 FY15 FY16 FY16 FY18 FY19 FY20 FY21 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21

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

50%
161,748 40% 33%
28%
30%
20%
10%
0%
-10% 5 year TSR 10 year TSR
194
JSW Steel Peer 1 Peer 2 Peer 3
31-Mar-02 Current

Value accretive growth through economic cycles

JSW Steel Corporate Presentation: December 2021 Market Cap and Total Shareholder Returns (TSR) as per Bloomberg as of 31st October 21. Peers are the major listed Indian steel producers. 29
 8 Strong Balance Sheet and Access to Diversified Funding Sources Globally
Net Gearing (ND/Equity) well Leverage (ND/EBITDA) well
under the stated cap of 1.75x under the stated cap of 3.75x Diversified Funding Sources
1.75x 4.50x
1.38x 1.48x
1.34x 3.75x
1.14x INR debt,
0.92x 2.60x 2.40x 2.61x
38% Loans and Bonds and
1.58x others, debentures,
Foreign 52% 48%
currency debt,
62%

FY18 FY19 FY20 FY21 Q2 FY22 FY18 FY19 FY20 FY21 Q2 FY22

Strong Liquidity and Credit Ratings

Cash and Cash equivalents of 15,009 crore
Credit Ratings:
o International: Fitch: BB- (Positive outlook) and Moodys: Ba2 (Positive outlook)
o Domestic: CARE: AA (Stable outlook), IndRa: AA (Stable outlook), ICRA: 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 well under stated caps of 1.75x and 3.75x, respectively.
Successfully raised US$3.65bn through global bond markets since 2014
Issued US$1bn bond during Q2: $500mn 5.5 year; and $500mn 10.5 year Sustainability Linked Bond
o First USD 10 year issuance for JSW Steel, and its lowest ever coupon for a 5 year bond
o

JSW Steel Corporate Presentation: December 2021 Note: Net Debt/EBITDA on LTM basis 30
 Agenda

Sustainability

Overview

Key highlights

Appendix

JSW Steel Corporate Presentation: December 2021 31

 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 in Q3 FY22
from 5 mtpa
Loss making at EBITDA level Alignment of marketing strategies resulting Diversified product offering from Flat steel
High interest cost in freight synergies and VAT benefits only to mix of Flat and Long steel Major facilities being setup include:

Financially distressed Reduction of high cost working o 4.5 mtpa Blast furnace with 5 mtpa
capital funding Steel Melt Shop
Refinancing of existing debt o 5 mtpa Hot Strip Mill
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

Exit from CDR Integrated Steel operations
Inadequate cashflows Stabilized/ ramped-up the expanded
commenced and ramp up is under
Generating positive profit after tax capacity
Corporate debt restructuring (CDR) way
case

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

JSW Steel Corporate Presentation: December 2021 32

 FY22 Guidance

All fig. in million metric tonnes

Crude Steel
Particulars Sales
Production
Existing Operations 17.00 16.00
Dolvi Phase 2 Expansion 1.50 1.40
JSW Steel Standalone 18.50 17.40

JSW Steel - Ohio USA 1.00 1.00

JSW Steel Ltd 19.50 18.40

Joint Control and Associates:

Bhushan Power & Steel Ltd. 2.80 2.60

JSW Ispat Special Products Ltd. 0.64 0.63

Total Combined Volumes 22.94 21.63

JSW Steel Corporate Presentation: December 2021 33

 Annual Capex Update

18,240 17,465
3,310

10,053
11,752
Actual Spent
14,930
11,752
8,232 7,412

FY21 FY22 FY23 FY24

On going Capex Prog New Projects

Ongoing Capex Program New Projects

Particulars Particulars
Unspent Capex including creditors and 5 mtpa brown field expansion at Vijayanagar 15,000
21,162
acceptances
120ktpa Colour Coated Line in J&K 100
1.5 mtpa Coke Oven at Vijayanagar to support
805 Odisha Mining (own mining infrastructure,
5 mtpa brownfield steel capacity 3,450
beneficiation and digitization)
Augmenting 1mtpa Crude Steel Capacity at
380
Vijayanagar Sustenance Capex 6,565
Total 22,342 Total 25,115
JSW Steel Corporate Presentation: December 2021 Note: The above capex plan excludes BPSL phase 1 & 2 capex of 1,500 Cr & 2,000 Cr respectively 34
 Global Steel
Crude Steel Production Jan-Sept (mt) Steel Demand (mt) China Steel Production and Export (mt)
Jan-Sept CY19 Jan-Sept CY20 Jan-Sept CY21 CY19 CY20 CY21F (Oct) CY22F (Oct) China Crude Steel Production (LHS)
150 10.00
8.4% 4.5%
Exports (RHS)
8.00

1896
1855
100

1775
1774
-1%

1461
3.1%
1392
1347 11.5% 6.00
15.8%
4.00
50

995
985
985
806
782

912

911
748

870
862
780
655
644
2.00

566
0 0.00
China World World ex-China China World World ex-China Sep-19 Mar-20 Sep-20 Mar-21 Sep-21

HRC prices US$/t Surge in Energy & Key Metal Prices

Raw Material Price Trend (US$/t)
Thermal Coal New Castle (US$/mt) Zinc (US$/mt)
2,600 N.America ExW LNG JKM (US$/MMBtu) (RHS) Aluminium (US$/mt)
Iron Ore 62% Fe
1,050 35 4,000
N.Europe ExW 240
2,200 HCC Premium LV FOB Aus. (RHS)
China FOB 250
1,800 3,500
Black Sea FOB 200 HCC CFR China (RHS) 25
200
1,400 550 3,000
150
1,000 15
160
100 2,500
600
200 50 50 120 5 2,000
Nov-19 May-20 Nov-20 May-21 Nov-21 Nov-19 May-20 Nov-20 May-21 Nov-21 Jun-21 Aug-21 Oct-21 Jun-21 Aug-21 Oct-21

Source: Crude Steel production from World Steel Association (WSA), Bloomberg, Platts and NBS China.
JSW Steel Corporate Presentation: December 2021 and 35
Feb in the chart.
 Indian Steel
Production and Consumption (mt) Steel Imports (mt) Steel Exports (mt)
Q1 FY22 Q2 FY22 Finished Semis Finished Semis
4.2 -3.2
29.17 1.21 3.7% 1.25
25.8
QoQ Trend

27.99 5.99
0.04 4.76
0.05 1.79
24.96 1.20
24.16
1.16 1.21 4.20
3.56

Crude Steel Production Apparent Steel Consumption Q1 FY22 Q2 FY22 Q1 FY22 Q2 FY22

Apparent Steel Consumption (mt) and YoY Growth Monthly Steel Imports (kt) and Exports (kt)
% YoY Change
3,000 Exports (LHS) Imports (RHS)
-26 -10.3 -11.3 0.1 12.1 12 18.6 11 12.4 56.3 721.5 63.9 28.2 4.2 -2.9 -2.7
2,500 700
10.26 10.17 9.61 9.71
9.40 9.21 8.96 2,000
8.15 8.46 7.85 8.15 8.01 7.92 8.23
7.69 500
6.36 1,500
1,000 300
500
0 100

Jun-20

Nov-20
Dec-20

Jun-21
Jul-20

Oct-20

Jul-21
Sep-20

Feb-21

Sep-21
Apr-20

Aug-20

Apr-21

Aug-21
May-20

Jan-21

Mar-21

May-21
Jun-20

Nov-20

Dec-20

Jun-21

Sep-21
Jul-20

Jul-21
Sep-20

Oct-20

Feb-21
Aug-20

Apr-21

Aug-21
Jan-21

Mar-21

May-21

JSW Steel Corporate Presentation: December 2021 Source: Joint Plant Committee 36
 Key Project Updates - Dolvi

Expansion from 5 to 10 mtpa

Integrated Steel operations commenced and ramp-up is under way

[update]

5 mtpa Steel-making Operations Key Elements:

Pellet plant of 8 mtpa

Two Phases of Coke Oven battery totaling to 3 mtpa capacity

Blast Furnace and Steel Melt Shop

Hot Strip Mill

JSW Steel Corporate Presentation: December 2021 37

 Key Project Updates - Vijayanagar
5mtpa brownfield project
Long lead-time items ordered, Letters of Credit established
Civil work commenced on the site
Project to be completed by FY24
[update]
CRM-1 complex capacity expansion (0.85 mtpa to 1.80 mtpa)
PLTCM project completed in Q4 FY21
One of the two CGL lines of 0.45mtpa commissioned in Q1 FY22
Commissioning of 2nd line in Q3 FY22

Colour Coating Line (0.3 mtpa)

Commissioning in Q3 FY22

Coke Oven Plant

1.5 mtpa Coke Oven battery: Commissioning in phases from Q4 FY22
Capacity enhancement of further 1.5 mtpa to support the 5 mpta
steel-making expansion. Phased commissioning from Q4 FY23

JSW Steel Corporate Presentation: December 2021 38

 Key Project Updates- Others

Vasind and Tarapur: Downstream projects

Modernisation-cum-capacity enhancement projects

o All expansions (except 0.45 mtpa GI/GL at Vasind) are
completed
o 0.25 mtpa Color Coating Line commissioned in May 2021
o 0.45 mtpa GI/GL at Vasind to be commissioned in Q3 FY22
0.5mtpa Continuous Annealing Line at Vasind
o To be commissioned by March 2022
Second Tinplate line of 0.25 mtpa at Tarapur
o To be commissioned by June 2022

JSW Steel Corporate Presentation: December 2021 39

 Non-sequential waves with continuous
introduction of digital lighthouses

Wave 4 and beyond

Scale digital to best in class
4

3
Wave 3
Expanding the art of possible to E2E 100+ 6,000+ 200+
Employees engaged Digital lighthouses
plant Digitalisation and other Digital Assets
in the digital journey and projects
We are Created
here functions

Wave 2 Guiding principles behind Digitalisation

2 Digitalisation of procurement
E2E Digitalisation of single mfg shop Agile Value lens Sustenance
Digital in large project management - Fail-fast approach - ROI key to investment - Nurture inhouse talent
- Continues - Safety added focus - Promote Horizontal
Wave 1 improvement - Customer, Supplier & deployment
1 Accelerated implementation of - Discreet problems Employees Experience - PMO & Governance
select use cases across value chain

JSW Steel Corporate Presentation: December 2021 40

 Additional Focus Technologies Used
IoT, Artificial Intelligence,
Mining Analytics, Cloud/Fog/Edge
Computing, RPA leveraging
Safety Procurement JSW Digital team as well as
and Security Startup ecosystem & Experts
Finance Primary Supply
Focus Chain
Process Excellence focus
Lean, Fail-fast, Hackathon, Six
Cultural Integrated Sigma, Agile, Design Thinking
Sales and Manufacturing Transformation Control Tower supported by Process
Marketing Excellence & Transformation
(PET) Team

Anticipated Impact People Upskilling

Data Science & IoT Skilling,
Tech sessions, Online courses,
Increased Sales Asset Availability Improve Safety Symposiums enabled through
Cultural Transformation
efforts
Cost Optimization Defects Reduction WOW Experience
JSW Steel Corporate Presentation: December 2021 41
 FY 2022 will Unlock New Digital Frontiers

Select initiatives

Improve efficiency and boost safety through Yard Management Automation

FY'22 Plan Eliminating human dependency for cranes operations at coil yards using digital footprint & man less
cranes preventing operational delays and safety incidents

Project SAMPARK - Paperless technology powered logistics

200+
new opportunities identified
Real-time visibility to the plant management, supply chain team as well as external stakeholders and
identification of operational improvement opportunities

Digitally enabled Finance function

Use cases such as cash management dashboard, cost forecasting, inventory optimization, etc., prioritized

30+
based on value and implementation velocity

horizontally deployable projects

Analytics to optimize Vijayanagar SMS process time and energy burden
IoT enabled, system integrated, and machine learning driven optimization models reduce arcing time,
thereby improving production efficiency and reducing power consumption

Holistic digital cultural transformation agenda

10+ interventions tailored to organization levels and employee competencies including in-house
developed batch of 50+ data scientists

JSW Steel Corporate Presentation: December 2021 42

 Awards & Recognitions
Rated at Leadership Level (A-) by CDP
WSA Steel Sustainability Champions 2019 and 2020
Corporate Governance & Sustainability Vision Awards 2020

for development and promotion of new product, JSW Neosteel

2020 & 2021
FE550D Grade TMT rebar
JSW Steel included in the Dow Jones Sustainability Index

2019
Recognized as one of the
by
2018 World Steel Association (2018)
Deming Prize for Salem Works

Deming Prize for

Vijayanagar Works
2017 JSW Steel included in
the NIFTY 50 Index

Golden Peacock
Innovative Product
2016 Award
Mr. Sajjan Jindal
Chairman of World Steel Association
(2021-22)
2015 under the steel industry category by the
Confederation of Indian Industry
first representative from India to serve
in this position
in steel, metals and
mining at Platts Global Metals Awards
JSW Steel Corporate Presentation: December 2021 43
 Our Steel is Helping Build Key Infrastructure in India

FY21

Water Pipelines: c.450 km of water Solar Project: Contributed 1.75GW

pipelines across major projects power (c.78%)
largest Solar Park - Bhadla Solar Park (RJ)
Oil & Gas Pipelines: c.300 km of
pipelines across major projects Metro Projects: c.50km of metro project
lines (Mumbai, Navi Mumbai, Pune,
Expressways and Highways: Over Nagpur, Bengaluru, Ahmedabad, Kochi &
1,400km of roads. Over 172km of Delhi)
expressways (Dwarka, Purvanchal &
Samruddhi (Mumbai-Nagpur)
High Speed Rail (Mum-Ahd)
Sealinks and Bridges: Over 185 km of
major projects (Trans-Harbour Nhava
Seva Link- Mumbai, Mandovi Bridge- Goa Nuclear Power Plants: Tapi (GJ), Tarapur
& Nadia Bridge- West Bengal) (MH), Rawatbhata (RJ) and Kumbakonam,
Kalpakkam & Tirunelveli (TN).

Railway Freight Corridors: c.100km of

railway corridors (Mumbai-Haryana
WDFC & Ludhiana-West Bengal EDFC) Port/Airport & ISRO, Sriharikota projects

JSW Steel Corporate Presentation: December 2021 44

 Investor Relations Contact:
[email protected]

JSW Steel Corporate Presentation: December 2021 45