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Investor Presentaiton

800 HRC Prices 750 Producers raised prices in April & May to cover higher raw material costs 700 650 600 573 550 563 505 500 475 450 Oct-09 Nov-09 Dec-09 Jan-10 N.America domestic FOB US Midwest mill Russia Black Sea export FOB Source: SBB (All figures are in USD/ton) May-10 685 Jun-10 752 710 Jul-10 Aug-10 Europe import CIF S.European port China export FOB Shanghai 781\ Sep-10 10 10 Oct-10 634 623 610 715 JSW

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