JSW Steel Corporate Presentation

Global Steel Crude Steel Production - Jan-Aug (mt) Jan-Aug CY21 Jan-Aug CY22 Jan-Aug CY23 +0.2% +2.6% 737 695 713 China -2.8% 559 544 World ex-China 1,254 1,321 World 1,256 HRC Prices US$/t Steel Demand (mt) ■CY22 ■CY23F (Apr 23) CY23F (Oct 23) CY24F (Oct 23) SW Steel China Steel Production and Export (mt) 150 +1.8% China Crude Steel Production (LHS) ■Exports (RHS) 10 8 100 +2.0% +1.6% 1,783 1,822 1,815 1,849 6 50 50 4 921 939 939 939 862 883 875 910 2 0 0 China World ex-China World Sep-21 Mar-23 Mar-22 Sep-22 Sep-23 Raw Material Prices (US$/t) Black Sea FOB China FOB Iron Ore 62% Fe HCC Premium LV FOB Aus. (RHS) HCC CFR China (RHS) N.America ExW N.Europe ExW 2,300 250 1,900 600 1,500 200 400 1,100 150 200 700 100 300 50 0 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Divergence in trend of steel prices and raw materials unlikely to sustain JSW Steel Corporate Presentation: October 2023 Source: World Steel Association (WSA); Bloomberg, Platts 42 42

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