Investor Presentaiton

1 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

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