Investor Presentaiton

2019 2020 (f) Global steel Steel Demand (mt) -6.4% -113 1,767 +9 1,654 1.0% 907 917 -122 -14.2% 859 737 82222. 100 Jun-17 Dec-17 JSW China Steel Production and Export* (mt) 8.00 China Crude Steel Production (LHS) Exports (RHS) 6.00 Jun-18 Dec-18 China World World ex-China HRC prices US$/t 1,200 N.America ExW China FOB N.Europe ExW Black Sea FOB Raw Material Price Trend HCC Premium LV ($/mt) (RHS) 150 1,000 Iron Ore 62% Fe ($/mt) (LHS) 300 800 100 200 600 50 50 100 400 200 0 Jun-17 0 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jul-20 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jul-20 JSW Steel Source: WSA, Bloomberg, Platts, SRO (June "20) Supply side cuts (ex-China) and improving steel prices bode well for global steel spreads *China published Export figure for Jan '20 and Feb '20 combined at 7.81 Mnt. The number has been equally distributed over Jan and Feb in the chart Jun-19 Dec-19 5 Jun-20 4.00 2.00

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