#1Corporate Presentation August 2023 JSW Steel#2Forward Looking and Cautionary Statement JŚW SW Steel 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: August 2023 2#3Agenda JSW JSW Steel Corporate Presentation: August 2023 Sustainability Overview Key Investment Highlights JŚW SW Steel 4 7 13 Digitalisation at JSW Steel 35 NZM Appendix 39 3#4Agenda JSW Steel Corporate Presentation: August 2023 Sustainability Overview Key Investment Highlights Digitalisation at JSW Steel Appendix JŚW SW Steel 4#5Sustainability at JSW Steel ESG Focus Areas Environment Social A Climate change Energy Resources Indigenous people Cultural heritage Employee wellbeing T Water Waste Waste Water resources Local considerations sustainability Social Air emissions Biodiversity Sustainable Supply chain sustainability mining Governance Business ethics Human rights JSW Steel Driving Sustainability Initiatives Across Platforms CDP DISCLOSURE INSIGHT ACTION A LIST 2022 CLIMATE TCFD TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES Sustainability CHAMPION worldsteel 2023 IH2A INDIA HYDROGEN ALLIANCE WE SUPPORT UN GLOBAL 337 COMPACT CLIMATE GROUP EV100+ SW Steel wbcsd Integrated Reporting Responsible Steel standards certification Aligned to National & International Frameworks SUSTAINABLE DEVELOPMENT IFC International Finance Corporation WORLD BANK GROUP ISO Creating Markets, Creating Opportunities ON BUSINESS UNITED NATIONS GOALS GUIDING PRINCIPLES & HUMAN RIGHTS OECD NATIONAL GUIDELINES ON RESPONSIBLE BUSINESS CONDUCT Sustainable Steel for a Better Everyday ESG Databook 2022 ESG Databook A FUTURE SHAPED BY STEEL FY 2023 Governance & Oversight By Board-level Business Responsibility And Sustainability Committee JSW Steel Corporate Presentation: August 2023 5#6Climate Change: Emission Target and Initiatives Planned/ Potential initiatives to reduce CO₂ intensity 2 Derivation of carbon emission target for 2030 3.0 Energy Transition from thermal to Renewable in steel making 2.5 { Reduction of Coke rate through iron ore beneficiation, PCI, use of natural gas and hydrogen in BF and DRI Increased use of scrap in steel making Implementation of Best Available Technologies (BATS) ... 2.0 1.5 1.0 SW Steel India NDC target 2.40 as per Paris Accord 1.95 JSW Steel target 2016 2017 2018 2019 2020 2021 2022 2023 2025 2030 2035 2040 2045 2050 JSW emissions intensity (historical) JSW emissions intensity (projected) IEA SDS scenario for Indian steel Process Improvements based on the world steel 'step up' global benchmarking process Scaling up Carbon Capture & Use (CCU) The Sustainable Development Scenario (SDS) (1) requires direct emission intensity of crude steel production in India to fall over 60% by 2050 on the path to net zero by 2070 • The 2030 target is based on following the trajectory needed to reach 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 JSW Steel Corporate Presentation: August 2023 Note: 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#7AAVA Agenda JSW Steel Corporate Presentation: August 2023 Sustainability Overview Key Investment Highlights Digitalisation at JSW Steel Appendix JŚW SW Steel 7#8JSW Group: Key Verticals JSW Steel • India's largest steel producer •Capacity of 29.7 mtpa, growing to 38.5 mtpa by FY25 • Targeting 50mtpa capacity by FY31 • Listed on NSE, BSE. Market Cap of US$ 24.1bn JSW Energy •Capacity of 6.7 GW (Hydro, Renewable and Thermal) • Growing to 20 GW by 2030 along with 40 GWh/5GW of Energy Storage capacity • Listed on NSE, BSE. Market Cap of US$ 5.9bn JSW PAINTS • Capacity of 160,000 klpa •State-of-the-art fully- automated, water-based plant in India SW Steel JSW Infrastructure •Ports capacity of 153 mtpa • Operations across East, West & Southern coasts of India •Two O&M contracts in UAE JSW Cement •Capacity of 18.6 mtpa, growing to 25 mtpa •India's leading green cement company • Targeting 50mtpa capacity by FY30 JSW Foundation •Social development arm of the Group, with footprint across 11 states and 15 districts • Reaching out to +1 mn individuals around the operating locations SW Sports • High Performance Training centre at Vijayanagar - trained Olympic medal winners ⚫Champion teams: Delhi Capitals, Bengaluru FC and Haryana Steelers JSW Ventures Early-stage institutional venture capital fund investing in technology companies across Platform and SaaS businesses at pre-series A and series A stages JSW Steel Corporate Presentation: August 2023 Market cap as on 1st August 2023 8#9JSW Steel: Among India's Leading Steel Manufacturers One of the leading steel players in India • Most geographically diversified steel company in India Sustainability and Governance at the core of the enterprise Technological competence Combination of state-of-the-art steel making technologies: Corex, DRI, Conarc, Blast Furnace, BOF JSW Steel Corporate Presentation: August 2023 Diversified product portfolio • Extensive product portfolio HRC, CRC, Coated, Tinplate, Electrical steel, TMT bar, wire rod, rails, AHSS, LRPC, grinding balls, etc • Global presence International presence in Steel • making (US), Value-added facilities (US, Italy) SW Steel Integrated manufacturing process • From raw material processing plants to downstream value-added product capacities Strong distribution network and export presence Pan-India marketing and distribution network Export footprint in over c.100 countries across 5 continents 9#10Transformational Growth and Value Creation India Capacity (mtpa) CAGR FY03-23: 15% Total Revenue (000's Cr) CAGR FY03-23: 23% 1.6 7.8 18.0 18.0 18.0 18.0 27.0 27.7 19.5 2.5 85.0 80.4 73.4 73.9 167.0 147.9 4.2 0.7 EBITDA (000's Cr) SW Steel CAGR FY03-23: 18% 39.0 20.1 19.0 18.5 14.8 11.9 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) 195,870 I TSR CAGR (FY 2003-23): 26% 378 31-Mar-03 Current 10 year Total Shareholder Return 132% 10 year TSR JSW Steel Peer 1 Peer 2 Peer 3 JSW Steel Corporate Presentation: August 2023 Market Cap and Total Shareholder Returns (TSR) as per Bloomberg, 2nd August 2023. Peers are the major listed Indian steel producers. Note: FY22 capacity includes 1.2 MTPA of JISPL; merger with JSW Steel announced May 2022; Current India capacity stands at 28.2 MTPA 10#11Strategic Priorities to Create Shared and Sustainable Value JSW Steel JŚW Mainstreaming sustainability across the business Strategic growth with efficient capital allocation Cost leadership through resource Enhance value- Being future ready through technology-led Strong financial profile and credit ratings optimisation and added product portfolio with innovation and R&D transformation and digitalisation improved raw material security JSW Steel Corporate Presentation: August 2023 Creating Value for all Stakeholders 11#12Healthy Outlook on Strong Domestic Steel Demand Resilient operating and financial performance Falling RM prices to offset impact of steel price decline SW Steel Strong outlook for India • . • Sales volume up 27% YoY on higher capacities and robust domestic demand Healthy share of value added and special products, at 61% of sales India EBITDA/t benefited from export orders of prior quarter at higher realisations Overseas entities reported strong performance on improved volumes Falling iron ore and coking coal costs to offset the impact of lower steel prices in Q2 FY24 • India steel demand expected to grow at healthy 7-9% (8-10mt) in FY24 . JSW Steel targets 10% sales volume growth to 25mt in FY24 through expanded capacities • • . Govt.'s infrastructure drive is positive for steel sector Improved manufacturing and services spurring domestic consumption High capacity utilization and deleveraged balance sheets of Corporates and Banks provide scope for private sector capex • Positive investment outlook for India and expected recovery in rural economy to further accelerate investments and consumption Q1 FY24 JSW Steel Corporate Presentation: August 2023 Q2 & FY24 Medium Term Outlook 12#13Agenda Sustainability Overview अतिप्रस्तक का प्रयोग न करें 33 3 Key Investment Highlights Digitalisation at JSW Steel Appendix JSW Steel Corporate Presentation: August 2023 JŚW SW Steel 13#14Key Investment Highlights 1 Size, Scale & Growth Efficiency Product Mix ESG JSW Steel Leading steel producer in India with plans to expand domestic capacity to 37mtpa by FY25 and to 50mtpa by FY31 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 special products Sustainability at the core of the enterprise. Actively pursuing climate change agenda 5 Governance & Management 7 Strong board and experienced management team Track Record of Growth Track record of efficient organic and inorganic growth: India capacity growth of 15% CAGR (FY03-FY23) Shareholder Value Prudent capital allocation: 20 year TSR CAGR of 26% (FY03-FY23), and uninterrupted dividends 8 Balance Sheet Strength Strong balance sheet and access to diversified funding sources globally JSW Steel Corporate Presentation: August 2023 TSR: Total Shareholder Return 14#151 Leading and Most Geographically Diversified Steel Producer in India SW Steel Rajpura Bawal Kalmeshwar Plate & Coil Mill, Anjar Khopoli Vasind & Tarapur Dolvi: 10 mtpa Vijayanagar: 12.5 mtpa Salem: 1 mtpa • India International BPSL Chandigarh Piombino, Italy BPSL Kolkata Europe USA BPSL Jharsuguda: 3.5 mtpa Raigarh: 0.95 mtpa Ohio: 1.5 mtpa Raipur: 0.25 mtpa → Indore Plate & Pipe Mill, Baytown Steel Plants JSW Steel Corporate Presentation: August 2023 JSW Steel's ownership in Bhushan Power and Steel Ltd (BPSL) is 83.3% w.e.f. 1st Oct 2021. Downstream facilities 15#161 Strong Fundamentals for India Steel Demand Significant room for India Steel: Strong Fundamentals (mt) growth in steel consumption in India Government Capex (INR tn)² Crude Steel Crude Steel Finished Steel China, 646 Capacity Production 160 126 120 Demand 300 FY23 FY31E Finished steel consumption (kg per capita, 2022) O Japan, 444 US, 279 World, • 222 • SW Steel Healthy Steel Demand Outlook in India Production-Linked Incentive Scheme¹ 7.3 5.9 4.3 3.1 3.4 10.0 Govt. incentive > *2 tn 717 Applications approved Across 14 Sectors Estimated Capex *3 tn FY19A FY20A FY21A FY22A FY23RE FY24BE Govt. thrust on infra, housing and increasing share of mfg. in GDP Productive investments like PLI scheme and defence indigenisation to drive capex • Robust demand from auto, residential real estate and energy transition India, 81 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: August 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#171 Aligned to India's Growth Story 28.2 3.5 23.5 Near-term growth to take JSW Steel India capacity to 37mt; potential to scale up to 50mt by end of decade ■Vijayanagar 1.5 5.0 1.2 Current FY24E 0.3 BPSL 37.0 2.0 1.5 5.0 30.5 FY25E FY25E Approved Capex JSW Steel Corporate Presentation: August 2023 JISPL 13.0 50.0 FY31E Future Potential SW Steel Pathway to 50mtpa Organic Growth Options • Brownfield growth potential of ~5mt at each of Vijayanagar, Dolvi and BPSL • Greenfield growth in Odisha (13mt) • Greenfield EAF at Kadapa, Andhra Pradesh Inorganic Growth Selectively explore value-accretive acquisitions Value Added and Special Products . Maintain >50% share of VASP in total sales 17#182 One of the Lowest Costs of Conversion Globally Resilient business model based on continued focus on cost leadership SW Steel WSD Aggregate Ranking(1) Leading position on global conversion cost curve Conversion cost of c. $149/tonne in FY23 oGo Ui;0; $ 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 - Utilisation of pipe conveyor system for transporting iron ore fines # 5 ranked in Asia # 8 ranked Globally JSW Steel Corporate Presentation: August 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#192 Strong Domestic Iron Ore Linkage 13 operational captive iron ore mines ensuring raw material supply Karnataka - 9 mines c.216 MnT of aggregate reserves c.24km long conveyor belt for seamless transport of iron ore to Vijayanagar plant Steel Plants Mines JV and Associates-Steel Plant • Odisha -4 mines c.1,100 MnT of aggregate reserves JSW Steel Corporate Presentation: August 2023 IBM: Indian Bureau of Mines JSW Steel • • • Raw material security Operating 9 mines in Karnataka and 4 mines in Odisha Won 2 mines in Karnataka, 2 in Goa and 2 exploration blocks in Maharashtra in CY23 through auction mechanism which would be commissioned over time Advantages of Captive iron ore mines ○ Strategic long term iron ore security o Consistent grades to enhance BF productivity 。 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: - Grinding and washing facilities to improve the quality of the ore, aiding higher productivity at the steel-making operations Implement digitalization across the mining operations Slurry pipeline in Odisha to reduce logistic costs - Pellet plant in Odisha to improve RM feed 19#20Flats Longs 3 Steel Products for Diverse Applications • • Roads Key Products • . HR Plates / Coils • • HRPO . • CRCA Electrical Steel • GI/GL • PPGI/PPGL Tinplate Infra & Construction Consumer Durables JSW Steel Pipes & Tubes Buildings (Resi. & Commercial) Bridges Metro & other Urban Infra Airports High Speed Rail Renewables (Wind+Solar) Power Sector Roofing Solutions Refrigerators Air Conditioners Home Appliances Tinplate for Packaging Oil & Non-Oil Cans Aerosols Battery Casings Paint Containers Bottle Caps Oil & Gas (API grade) Industrial Applications Agriculture General Engineering Railways & Defence Automotive • TMT Bars Wire Rods LRPC Angles Alloy Steels Alternators Motors Compressors Pumps JSW Steel Corporate Presentation: August 2023 • • Fans Generators Hopper & Headstock in Wagons Outer skin panels . Roof of Railway Locomotive Connecting Rod • • Inverters Cargo Containers Axle Shafts • • Yellow Goods Shell Casings (Defence) A&B Pillars Cross Beams Suspensions & Chassis Bumper Cross Member Seat Rails Seat Belt Tongue Door Impact Beams 20 20#213 Strong focus on building brands and increasing value added sales JSW Everglow Advanced Roofing Technology Super premium, colour coated coils & sheets, with a 20 year warranty Galvalume GC Colour Coated SW Colouron+ Premium Colour Coated Roofing Sheets • Premium colour coated coils & sheets, with a 15 year warranty. • 3 variants - Cool Roof, Anti Dust & High Gloss SW Pragati+ Colour Coated Sheets High quality Al-Zn alloy & colour coated roofing sheets with anti-corrosion technology SW Radiance Superior Quality Colour Coated Sheets & Coils SW Silveron+ Premium Al-Zn Sheets • • Superior colour coated sheets for OEM customers 6 variants - Anti Microbial, Anti Graffiti, Anti Dust, Anti Statics, Cool Roof and High Gloss Premium category Al-Zn coated roofing sheets & coils with 7 year warranty SW Vishwas+ • Desired weight as per customer requirements • Premium Al-Zn Sheets Corrosion protection and enhanced durability JSW Vishwas Premium GC Sheets JSW Steel Corporate Presentation: August 2023 • Premium GC (galvanized corrugated) sheet with high durability SW Steel 21 21#223 Strong focus on building brands and increasing value added sales SW Steel JSW Platina Tinplate coils and sheets with high strength and formability, used in food and non-food packaging Superior Quality Tinplate JSW Magsure Superior Zn-Mg-Al Alloy Coated Steel • Al-Zn-Mg coated galvanized steel that offers 5x better protection than GI against moderate to aggressive corrosive environments SW Galvos Premium GALVALUME Coil & Sheets Al-Zn coated coils and sheets designed for complete requirement of solar structures (purlin, rafter, bracers, etc.) JSW Galveco Lead-Free Galvanised Steel • Galvanized steel that is lead free, suited for consumer durable sector with high safety and non-hazardous-material needs SW Neosteel Pure TMT Bars Greenpro certified TMT bars. Manufactured through primary production process to ensure purity & superior quality Unique rib pattern that provides best bonding with cement JSW Trusteel Premium Hot Rolled Sheets SWAvante Smart Steel Doors JSW Kalinga Trusted Quality ERW Pipes. JSW Share of Value Added products • Cut-to-Length HR sheets available in wide variety of sizes and grades 54% 58% 53% 48% 52% 60% 57% 61% • Steel doors designed to overcome the common issues associated with wooden doors like seasonal door jams, fire, termites and heavy-handed installation • ERW and superior quality GP pipes and tubes with wide range of applications FY17 FY18 FY19 FY20 FY21 FY22 FY23 Q1 FY24 Value Added and Special Products Other Products JSW Steel Corporate Presentation: August 2023 22#233 JSW Magsure: Superior Zn-Mg-Al Alloy Coated Steel Solar Structures ANN Solar Trackers JSW Steel Corporate Presentation: August 2023 JŚW SW Steel • • JSW Steel has developed a new coated product for Solar applications, that offers up to 4x corrosion resistance than conventional Galvanised or Galvalume coated steel sheets 1st company in India to produce Zn-Mg-Al Coated Steel • Currently, 100% of the Zn-Mg-Al coated steel products used in India are imported Key features of the product: • • • • Environment-friendly JSW Magsure o Lower carbon footprint; lead and arsenic free Superior Zn-Mg-Al Alloy Coated Steel 4x corrosion resistance vs. conventional coated products o Ideal for C4-high and C5 environmental conditions (coastal areas) Higher scratch resistance o Provides higher throughput and lower production costs Higher chemical resistance ○ Adaptable to various weather conditions 23 23#243 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 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 Shinkansen E5 series JSW Steel گر MAHSR Viaduct at Anand District, Gujarat JSW Steel Corporate Presentation: August 2023 Image source: JR East & NHSRCL. LRPC - Low Relaxation Prestressed Concrete Strands. 1: JSW Steel estimates 24 4#254 Our Commitments: No harm to People, Environment & Society OAD "8 SEARCHIN Climate Change & Renewable Energy CO2 JSW Steel Circularity & Biodiversity Water Security Air Emissions 42% reduction of CO2 to 1.95tCO2e/tcs by FY30, aligned with Paris Agreement Carbon Neutral at JSW Steel Coated Products by FY30 Increased use of scrap in steelmaking Adoption of disruptive technologies (Green H₂, CCUS, etc.) in a progressive manner Transition from thermal to renewable energy 19% reduction in Specific Energy consumption to 5.65 Gcal/tcs by FY30 Reduction of fossil fuel use in iron making by improving ore quality Energy efficiency and process efficiency improvements through BATS JSW Steel Corporate Presentation: August 2023 Promoting Circular Economy Focus on 'Zero waste to Landfill' Enhance Biodiversity at all our operations 'No net loss' of Biodiversity by FY30 Increase green cover across operations Maintaing zero liquid discharge across operations 39% reduction in Specific water consumption by FY30 Targeting Specific Water Consumption (steel production) of 2.21 m3/tcs by FY30 Installing technology for reducing fresh water in cooling towers Adopting digitalisation for better water control and monitoring 70% reduction of specific process dust emission to 0.26 kg/tcs by FY30 SOx and NOx emission targets of 0.82kg/tcs and 0.91kg/tcs, respectively by FY30 Adoption of best available technologies like MEROS in sintering, Oven Pressure Control technology and CDQ in Coke Plants, TRT's in BF, etc. Target reduction for CO2 emissions, specific energy consumption, specific water consumption, specific process dust emissions, SOx and NOx emissions by 2030 is from baseline 2005 levels 25#264 Building a Strong Health & Safety Culture JSW Steel's Vision 000 Zero major Zero injury Zero harm incidents LTIFR 0.43 0.36 0.32 0.26 0.32 0.20 lili Lirung and Rigans JŚW SW Steel EW Welcome to SAFETY EXPERIENCE CENTRE Safety Safety Experience Centre at Vijayanagar Safety Initiatives & Recognitions Capability Building Initiatives Establishing Centres of Excellence for Process Safety Management across plant locations Competency Framework for Safety Professionals initiated with the support of British Safety Council 64 employees certified as Safety Champions in Q1 FY24 0.10 Fall through opening Guardrail Collapse Experience FY18 FY19 FY20 FY21 FY22 FY23 Q1 FY24 A Horrible fall accident! A You could be the next victim! Contractor Safety Management Contractors assessment validation audit conducted by DNV at Dolvi plant 1,132 Contractors evaluated for safety performance in Q1 FY24 JSW Steel Corporate Presentation: August 2023 Note: All figures are for JSW Steel's integrated steel plants at JSW Steel standalone. 26#274 Our Commitment to Society JSW Steel Key Intervention Areas Health & Nutrition Agriculture Water, Environment & Sanitation Joining forces to transform sanitation Water, Hindustan Unilever Limited +JSW Education Environment & Sanitation Waste Management Skill Development Suvidha 00000 are goal whe JSW Foundation and Hindustan Unilever announced a new partnership to launch 10 new Suvidha Centres in Mumbai To benefit 200,000 people annually through access to safe toilets, purified drinking water, showers and laundry services All amenities at affordable rates Will save 300 million litres of water over a decade and will run on solar power Art, Culture Sports & Heritage JSW Steel Corporate Presentation: August 2023 Hindustan Unilever limited HSBC JŚW 27#284 Our Commitment to Society FOL JSW Steel Corporate Presentation: August 2023 Art, Culture & Heritage Restored Mumbai's iconic David Sassoon Library JSW Steel • Victorian Neogothic-style structure, originally built in 1867 • • Situated in Kala Ghoda, in the UNESCO World Heritage Precinct of Mumbai Restored in record 16 months in collaboration with Abha Narain Lambah, ICICI Foundation, MK Tata Trusts, Hermes, Kala Ghoda Association, the Israel Consulate and others YouTube 28#294 Environmental Performance Specific Energy Consumption (Gcal/tonne) GHG Emission Intensity (tCO2/tcs) 6.56 6.38 6.04 5.70 5.66 SW Steel Specific Freshwater Consumption (m³/tcs) 2.60 2.52 2.49 2.50 2.44 2.36 2.45 2.45 2.44 2.41 FY20 FY21 FY22 FY23 Q1 FY24 FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 Q1 FY24 Q1 FY24 0.98 Dust Emissions (kg/tcs) 0.48 0.49 0.42 0.39 1.88 1.36 SOX & NOX SOx (kg/tcs) ■NOx (kg/tcs) 2.05 1.90 1.52 1.69 1.68 92.67 1.26 1.19 1.19 FY20 FY21 FY22 FY23 Q1 FY24 FY20 FY21 FY22 FY23 Q1 FY24 JSW Steel Corporate Presentation: August 2023 Waste Utilization (%) 100.00 99.77 99.99 III FY21 FY22 FY23 Q1 FY24 Note: All nos. are weighted averages for JSW Steel's integrated steel plants at JSW Steel standalone. 29#305 Strong Board and Experienced Management Team Chairperson - Emeritus Chairman and MD Savitri Devi Jindal Sajjan Jindal JSW Steel SW Steel JSW-JFE partnership Partnership overview . JFE 14.99% minority stake bought by JFE in 2010 Announced JV in 2023 for setting up a CRGO Executive Directors Gajraj Singh Rathore steel plant in India Whole-Time Director & COO • Access to cutting edge technologies • Jayant Acharya Joint Managing Director & CEO Seturaman Mahalingam CA, Ex-CFO of TCS, Ex member of Tax Admin. Reform Commission Independent Directors Haigreve Khaitan Senior Partner at M/s. Khaitan & Co Ms. Fiona Jane Mary Paulus 37 years of experience in resources and energy investment banking, risk mgmt. Marcel Fasswald Nirupama Rao 40 years of experience as a diplomat, Ex-Foreign Secretary of India Former COO & CTO of SMS Group, Germany Nominee Director of JFE Steel Corporation Operational excellence for cost reduction Technology agreements benefits: Access to fast growing auto steel market ✓ Technical know-how for electrical steel manufacturing Short learning curve ✓ Application engineering New product development Benchmarking and personnel training Other benefits: Improvement in quality, productivity, yield, energy efficiency ✓ Sharing best maintenance, environment and safety practices Benchmarking, training and talent sharing Standardization of processes Nominee Directors Dr. M.R. Ravi, IAS Hiroyuki Ogawa Nominee Director of KSIIDC JSW Steel Corporate Presentation: August 2023 30#316 Proven Track Record of Efficient Organic and Inorganic Growth Combination of organic and inorganic growth 2002-2005 2006 2007 2009 2010 • Capacity expanded from • Capacity Capacity increased to 1.6 mtpa to 2.5 mtpa increased to • SISCO (1) • 4.8 mtpa - 1.0 mtpa CRM Capacity increased 7.8 mtpa 3.8 mtpa . Color coating line Plate and pipe mill US • Euro Ikon • 2017 2016 74% stake in Praxair's (3) industrial gases JV(4) Won 6 Iron Ore mines in Karnataka 2018 Capacity increased to 18 mtpa Won Moitra coking coal mine in Jharkhand 2019-2020 • EAF-based steel plant in Ohio, US Won 3 Iron Ore mines in Karnataka • Aferpi Steel, Italy • • • Minority stake in Won 4 Iron Ore mines in Odisha Acquisition of Asian Colour Coated Monnet Ispat (c.1mt downstream capacity) • 2015 CRM-2 Phase 2 • 0.2 mtpa electrical steel mill 2021 Acquired 49% in BPSL through IBC process, steel making capacity of 2.75 mtpa in Odisha • Acquired Plate & Coil Mill Division of Welspun Corp in Anjar, Gujarat • 3.5 mtpa (HSM-2) JSW-JFE strategic partnership 2014 2011-2012 • 49.3% stake in Ispat industries • HSM-2 capacity expansion to 5 mtpa 2013 SW Steel Consol. Capacity Of New CRM-2 - Phase I • 14.3 mtpa • 4 mtpa- Pellet Plant(2) capacity post 29.7 • Ispat merger MTPA 1 mtpa- Coke Oven(2) Welspun Maxsteel, Salav 50% stake in Vallabh Tinplate • 2022 2023-2024 Increased stake in BPSL to 83.3% w.e.f. 1st October Dolvi 5 mtpa expansion commenced operations Expanded BPSL capacity from 2.75mtpa to 3.5mtpa Merger of JSW Ispat Special Products with JSW Steel Acquired National Steel Announced JV with JFE for CRGO Steel JSW Steel Corporate Presentation: August 2023 Note: Blue text indicates acquisitions; Years above refer to financial years ending March 1: Southern Iron and Steel Company 2: Amba River Coke Ltd. 3: Praxair India Pvt. Ltd. 4: JSW Praxair Oxygen Pvt. Ltd. 31#327 Prudent Capital Allocation: Strong Financial Growth Strong track record of volume growth SW Steel Track record of Total Revenues (* 000's Cr) 167.0 12.63 12.56 15.80 16.27 16.69 16.06 15.08 18.96 23.62 147.9 21.86 17.69 15.55 15.60 14.68 14.90 14.95 12.03 12.25 85.0 80.4 73.4 73.9 60.7 53.1 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 17.7% 15.4% 21.9% 20.6% 22.4% 16.2% 25.2% 26.6% 39.0 11.2% 19.0 20.1 14.8 12.2 11.9 9.4 6.4 FY15 FY16 FY17 FY18 EBITDA (000's Cr) Cashflow from Operations ( 000's Cr) 20.8 17.3 13.8 13.9 18.5 8.6 7.1 7.6 FY19 FY20 FY21 FY22 FY23 EBITDA margin (%) JSW Steel Corporate Presentation: August 2023 31.6 24.0 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Note: FY18 numbers based on restated financials. 1: Production and Consolidated Sales Volume comprises JSW Steel Indian operations and 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. 32#337 Prudent Capital Allocation: 10 Year TSR CAGR of 32%, and Uninterrupted Dividends ROCE Uninterrupted Dividends (*/share) JŚW SW Steel 6.3% 19.6% 19.5% 16.4% 14.8% 29.8% 20.0 15.0 10.0 5.0 7.60% 9.6% 0.0 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 I Market cap (Cr) TSR CAGR (FY 2003-23): 26% 378 31-Mar-03 JSW Steel Corporate Presentation: August 2023 Current 195,870 FY11 FY12 FY13 FY14 FY15 FY16 ■ FY17 FY18 FY19 Dividend Policy of paying out 15-20% of Consol. Net Profit¹ 10 year Total Shareholder Return i 32% JSW Steel 10 year TSR Peer 1 Peer 2 Peer 3 Value-accretive growth through economic cycles Market Cap and Total Shareholder Returns (TSR) as per Bloomberg as of 2nd August 2023. Peers are the major listed Indian steel producers. 1: Link to JSW Steel Dividend Distribution Policy 33 3.4#34Debt Profile and Credit Ratings Net Gearing (ND/Equity) within the stated cap of 1.75x Leverage (ND/EBITDA) within the stated cap of 3.75x 4.50x 1.75x 1.48x 1.34x 3.75x 1.17x 0.83x 0.89x 0.96x 2.40x 2.61x 1.45x 3.20x 3.14x FY19 FY20 FY21 FY22 FY23 Q1 FY24 FY19 FY20 FY21 FY22 FY23 Q1 FY24 Strong Liquidity and Credit Ratings • Cash and Cash Equivalents of 13,466 crore • JSW Steel Diversified Funding Sources Foreign currency debt 58% INR debt, 42% Bonds and debentures, 41% Loans and others, 59% Credit Ratings: International: Moody's: Ba1 (Stable Outlook) and Fitch: BB (Stable Outlook) 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: August 2023 Note: Net Debt/EBITDA on LTM basis 34#35Agenda JSW Steel Corporate Presentation: August 2023 Sustainability Overview Key Investment Highlights Digitalisation at JSW Steel Appendix JŚW SW Steel 35#36Digitalization: Strategy, Execution and Impact Wave 4 and Digital Vision-2026* Expand and scale Digital to best-in-class: - Sales & Marketing Manufacturing & Mining (O&M, Quality) Sustainability, Safety and Security Supply Chain Management Human Resources Finance Wave 3 (2019-22): Expanding the art of possible to E2E plant Digitalisation and other functions End-to-End Transformation Projects Sampark: Digital Logistics Management System •Advanced Planning & Scheduling (APS) • Samarth: Financial Transformation • Unmanned and automated cranes for coil handling • Bulk Raw Material Supply Chain Digitalization Guiding Principles Value Lens | Continuous Learning • Quantification and regular monitoring of digital projects' value Special focus on Safety and Sustainability projects DigiTall program with multi-tier learning approach SW Steel Democratize Digitalization • Low investment and • quick ROI projects at plant level Short, well-defined sprints as per "Agile" • Fail-fast and Learn-fast approach • Promote Horizontal and Vertical deployment Wave 2 (2018-19): Digitalisation of procurement - E2E Digitalisation of single mfg shop - Digital in large project management Wave 1 (2017-18): Accelerated implementation of select use cases across value chain JSW Steel Corporate Presentation: August 2023 *-Rolling 3 year Digital strategy JŚW digitall DIGITAL EDUCATION FORALL 15 Flagship Digital Projects 7,100+ Hours of Digital Training in FY23 9,000 Hours of Digital Training planned for FY24 100+ Digital Projects completed in FY23 200+ Digital projects planned for FY24 36#37JSW Steel's Digital Focus Areas Finance Additional Focus Mining Supply Chain Safety, Security, Governance Primary Focus Human Resources Sustainability led R&D Manufacturing Cultural Transformation Sales and Marketing Integrated Control Tower |||| Automation, Integration and BEZE Intelligence End-to-End Functional Transformation Focus JSW Steel Corporate Presentation: August 2023 Anticipated Impact JSW Steel Increased Sales Cost Optimization Asset Availability CO₂ Emissions Reduction Safety Enhancement Wow! Great Place To Work (GPTW) Future-ready Digital Workforce 37#38Leveraging Data Science Technologies Machine Learning Blast Furnace optimization and anomaly detection (Channeling and Heat Guidance Model) . Ferro-alloy optimization using Al-ML algorithm (Dynachem Model) Surface Defect Prevention for HRC in Dolvi CSP • Deep Learning Computer vision based safety and security surveillance Drones based inspections for inaccessible structures/equipment MACHINE LEARNING BIG DATA 00:00 15:22 00:00:28:10 JSW Steel Corporate Presentation: August 2023 Infusing AI-ML to Strengthen Operations JŚW SW Steel Standard & Advanced Analytics Integrated Control Tower (ICT) for Operational Intelligence Sales Analytics dashboards SEED Emissions Manager dashboards Geo-Spatial Analytics Drones for Mines surveillance and terrain mapping For Sales and Marketing to identify business opportunities 38#39Agenda JSW Steel Tarapur Works JSW Steel Corporate Presentation: August 2023 Sustainability Overview Key Investment Highlights Digitalisation at JSW Steel Appendix JŚW SW Steel 39#40Global Steel Crude Steel Production - Jan-June (mt) Steel Demand (mt) SW Steel China Steel Production and Export (mt) Jan-June CY21 Jan-June CY22 Jan-June CY23 -1.1% ■CY22 CY23F (Oct 22) CY23F (Apr 23) CY24F (Apr 23) China Crude Steel Production (LHS) 150 10 +2.3% Exports (RHS) 8 +1.3% -4.1% 100 565 529 536 1,010 954 944 2.0% +2.6% 1,782 1,815 1,822 1,854 6 50 50 444 426 408 921 914 939 939 861 901 883 915 China World ex-China World China World ex-China World 2 0 0 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 HRC Prices US$/t N.America ExW N.Europe ExW Black Sea FOB China FOB 2,300 1,900 1,500 1,100 700 Raw Material Prices (US$/t) Iron Ore 62% Fe HCC Premium LV FOB Aus. (RHS) HCC CFR China (RHS) 250 600 200 400 150 200 100 300 50 0 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Steel and raw material prices have moderated and stabilized, supportive for demand JSW Steel Corporate Presentation: August 2023 Source: World Steel Association (WSA); Bloomberg, Platts 40 40#41Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 QoQ Trend Indian Steel Production and Consumption (mt) Q1 FY23 ■ Q4 FY23 ■Q1 FY24 34.04 33.63 +8.4% YoY +10.2% YoY 32.76 31.03 30.30 27.50 Steel Imports (mt) Finished Semis Crude Steel Production Apparent Steel Consumption Q1 FY23 Q4 FY23 Q1 FY24 Q1 FY23 Q4 FY23 Q1 FY24 Apparent Steel Consumption (mt) and YoY Growth Monthly Steel Exports (mt) and Imports (mt) 2.00 % YoY Change -- Exports 0.95 1.01 1.03 0.93 0.92 -0.5 2.7 22.3 6.3 14.2 16.7 12.0 12.0 15.4 20.7 8.8 14.5 15.5 8.4 8.5 13.8 0.80 1.00 0.54 0.59 0.67 0.66 0.65 0.61 0.41 0.43 0.48 11.38 11.14 11.16 9.66 9.21 9.61 8.68 9.18 9.60 9.47 10.19 9.82 10.41 9.99 10.43 9.88 0.00 1.00 Imports Mar-23 Healthy domestic steel demand growth continues; imports remain a key monitorable JSW Steel Corporate Presentation: August 2023 Source: Joint Plant Committee Apr-23 May-23 Jun-23 Finished Semis 2.00 2.88 0.38 2.34 1.58 -21.1% 2.33 -0.4% 0.69 QoQ QoQ 1.23 0.18 0.36 0.28 0.06 1.62 1.17 1.40 +28.6% YOY -19.3% 2.19 1.98 2.05 YOY 0.50 0.00 Q.34 0.40 0.49 0.48 0.49 0.58 0.69 0.68 T 0.88 0.77 0.71 0.52 0.55 0.48 0.55 Apr-22 May-22- Jun-22 Jul-22 Aug-22 Sep-22- Oct-22- Nov-22- Dec-22 Jan-23- Feb-23- Mar-23 Apr-23- May-23 Jun-23 41 JSW Steel Steel Exports (mt)#42Q1 FY24 Production & Sales and FY24 Guidance In million metric tonnes JŚW SW Steel Production & Sales Crude Steel Production Crude Steel Sales Sales Production Q1 FY24 Q1 FY23 Consolidated India Operations 6.19 5.47 5.62 4.33 USA Ohio Operations 0.24 0.23 0.16 0.16 JSW Steel Consolidated Operations 6.43 5.71 5.77 4.49 JSW Ispat Special Products Ltd. 0.18 0.17 0.11 0.12 Total Combined Volumes 6.61 5.87 5.88 4.61 Guidance India Operations incl. Joint Control JSW Steel USA Ohio Total Combined Volumes JSW Steel Corporate Presentation: August 2023 Crude Steel Sales Production FY24 25.50 24.20 0.84 0.80 26.34 25.00 42 42#43Value Accretive Capex Pipeline India Capex Plan Rs.4,094 cr spent in Q1 FY24 Actual Spent 18,800 14,214 18,500 14,625 FY23 FY24 FY25 FY26 Particulars Unspent Capex including Creditors and Acceptances New Growth, Cost Savings and Mining Projects Sustenance Capex Total JSW Steel Corporate Presentation: August 2023 Cr 34,629 . 12,499 4,797 . 51,925 Highlights of Capex Plan SW Steel Adding 9mtpa steelmaking capacity in next two years Strong emphasis on decarbonisation: Best Available Technologies (BAT) " Coke Dry Quenching in coke ovens Top Recovery Turbines in BF and SMS Waste Heat Recovery Boilers Reduction of fuel rate in blast furnace Projects driving reduction in Air Emissions, Water Usage, Energy Consumption Commence use of Green Hydrogen Scrap recycling facility Cost savings capex includes slurry pipeline and beneficiation plants for iron ore in Odisha Mining capex for operationalising new mines 43#44Key Project Updates - Vijayanagar 5mtpa Brownfield Project • • . • • Construction activities for all packages underway Refractory erection commenced for BF package BOF vessel erection to commence in July Equipment erection for all areas of HSM underway Project to be completed by end of FY24 SIEMENS Coke Oven Plant • • 1.5 mtpa Coke Oven battery: Battery B commissioning expected by Q2 FY24 Capacity enhancement of further 1.5 mtpa to support the 5 mpta steel-making expansion. Phased commissioning in Q4 FY24 JSW Steel Corporate Presentation: August 2023 HSM under construction at Vijayanagar SW Steel 44#45Key Project Updates - BPSL & Other Downstream Phase-II Expansion from 3.5 to 5 MTPA Key equipment received at site for Wire Rod Mill-2, SMS-2, Lime Calcination Plant-6. Civil, Structural & Equipment erection work in progress Project expected to be completed by the end of FY24 Other Downstream Projects • 0.12 MTPA Colour Coating line in Jammu & Kashmir o Civil work at site and equipment erection in progress o To be completed by FY24 JSW Steel Corporate Presentation: August 2023 JSW Steel Ladle Turret & Casting Platform at SMS-2, BPSL Phase-II 45 45#46Case study: Turnaround Strategy at JSW Ispat's Dolvi plant SW Steel JSW Steel has a proven track record of identifying, acquiring and integrating assets creating synergies and optimizing costs December 2010 Completed initiatives- FY2011-2015 FY2018-2022 ⚫ Plant under maintenance • Infusion of equity ⚫ Loss making at EBITDA level High interest cost Financially distressed • Alignment of marketing strategies resulting in freight synergies and VAT benefits Reduction of high cost working capital funding ⚫ 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 FY2016-2017 Capacity expanded to 5 mtpa Diversified product offering from Flat steel only to mix of Flat and Long steel • Capacity increased to 10 mtpa from 5 mtpa • Major facilities setup include: ○ 4.5 mtpa Blast furnace with 5 mtpa Steel Melt Shop ○ 5 mtpa Hot Strip Mill Inadequate cashflows Exit from CDR | Corporate debt restructuring (CDR) Generating positive profit after tax Stabilized/ ramped-up the expanded capacity | – Integrated Steel production commenced case Inability to service existing debt Able to leverage an acquisition to maximum value accretion through application of knowledge and experience JSW Steel Corporate Presentation: August 2023 46 46#47Awards & Recognitions in FY23 GOLDEY PLACOCE WINNER AWARD Golden Peacock Award 2023 for Innovative product/service- JSW Steel Vijayanagar BRITISH SAFETY COUNCIL JSW Salem Sword of Honour 2022 Winner won the Sword of Honour award from British Safety Council BRITISH SAFETY COUNCIL Five Star Occupational Health and Safety Audit 2022 Dolvi JSW Works recognized with 5-star Safety rating from British Safety Council JSW Steel CDP DISCLOSURE INSIGHT ACTION A LIST 2022 CLIMATE One of the only 3 steel companies globally to achieve CDP A Leadership rating Sustainability CHAMPION worldsteel 2023 JSW Steel recognized as steel sustainability champion 2023 for the 5th consecutive time in a row PHMETE JSW Staal We're Always Around! JSW Steel wins Gold al the E4M Primolime 2022 Awardo for the 'Alwayn Around' campaign e4m Creativity Primetime Award - Always Around campaign JSW Steel Corporate Presentation: August 2023 JSW Steel JSW Staola being recognised ha ET iconic Brands of India for 2022 At The ET Iconic Brands of India Conclave ET Iconic Brands of India 2022 iSW Steel in honoured to receive 'Brand of the Decade Award By BARC Asia JSW Stre BARC Asia Brand of the decade 47#48Our Steel is Helping Build Key Infrastructure in India SW Steel Solar Project: Contributed 2.3 GW イイ Wind Project: Contributed 1.4 GW High Speed Rail (Mumbai-Ahmedabad Bullet Train) Project 994 Km of Railway Freight Corridors (Mumbai-Haryana WDFC & Ludhiana-West Bengal EDFC) Metro Projects: 57 km of Metro project lines (Mumbai, Pune, Nagpur, Bengaluru, Ahmedabad, Chennai, Indore, Kochi & Delhi) Expressways and Highways: 1,001 Km Roads & 169 Km Bridges across major projects Airports: Navi Mumbai Water Pipelines: 1,703 km of water pipelines across major projects Oil & Gas Pipelines: 607 km of pipelines across major projects Nuclear Power Plants: Contributed 1.6 GW for Kudamkulam, Tarapur, Kakrapar Power Projects JSW Steel Corporate Presentation: August 2023 High Speed Rail image from JR East & NHSRCL 86 48#49BETTER EVERYDAY THANK YOU Investor Relations Contact: [email protected] JSW Steel