JSW Steel Limited

1 JSW Steel Limited Investor Presentation November 2017. Agenda Overview Value Performance Guidance Business Proposition Overview Environment 2. JSW group overview Presence across the core sectors Market cap of listed businesses ($ bn^). JSW Steel *: India's leading integrated Steel producer ( Steel making capacity: 18 MTPA) JSW. Energy JSW Energy*: Engaged across the value chain of power business (Operational plants'. capacity: 4,531 MW) JSW Steel JSW Infrastructure: Engaged in development and operations of ports (Operational capacity: 70 MTPA). JSW Cement: Manufacturer of PSC, OPC. and GGBS cement (Operational plants' As on October 31, 2017. capacity: MTPA). * Listed company ^ USD/` = (RBI reference rate as on October 31, 2017) 3. JSW Steel India's leading Steel manufacturer Integrated Steel manufacturing Installed capacity 18 MTPA, at facilities from raw material strategic locations in South and processing plants to value-added West India Leading Steel Integrated product capacities manufacturer in manufacturing process India Pan India marketing and Combination of state-of- Strong the-art Steel making distribution network, export distribution Technological technologies: Corex, DRI, presence in ~100 countries across the 5 continents network and competence Blast Furnace export presence Extensive portfolio of products HR, CR, Diversified Global galvanized/galvalume, pre-painted, product portfolio International presence in mining assets tinplate, electrical Steel (CRNO), TMT.

2 Presence (Chile, US and Mozambique) and value- bars, wire rods, special Steel bars, added facilities (Plate and Pipe mill in US). rounds and blooms 4. Transformational journey to market leadership FY2002 FY2010 FY2017. CAGR FY2002 FY2017: 18%. Capacity (MTPA) Capacity increased to 18 MTPA in Mar 2016. Production (MTPA) CAGR FY2002 FY2017: 18%. Revenue (USD mn) 268 3,006 9,336 CAGR FY2002 FY2017: 27%. EBITDA (USD mn) 43 641 1,878 CAGR FY2002 FY2017: 29%. EBITDA/ton(1) (USD/ton) 34 112 128 CAGR FY2002 FY2017: 9%. Significant value creation with 86x increase in Market Cap (USD mn) 81 3,565 7,016. market value(2). Technology Corex Corex, BF Corex, BF, DRI Combination of industry leading technologies Flats, long, Flat, long, special Steel Continuously expanding product canvas with focus Product Mix Flats special Steel and & high value-added on high-end value-added products value added auto, electrical grade Persistent progress through the economic cycles (1) Calculated as consolidated EBITDA/ Steel sales, (2) From 31st March 2002 to 31st March 2017, (3) USD/` = (RBI reference rate as on Mar 31, 2017) 5.

3 Combination of Organic and Inorganic growth Key new projects by 2020. Dolvi: Capacity expansion to 10. MTPA, Coke Oven at Dolvi Coke Projects Limited Vijayanagar: BF-3 revamp &. upgradation, CRM-1 complex capacity expansion, Pipe Conveyor System for Iron ore 2016 and new Water Reservoir 2009 2015 18 MTPA Salem: capacity expansion to 2005 2007 MTPA CRM2 Phase 2 Won Moitra coal MTPA MTPA 2013. 2011 Electrical mine in Jharkhand Vasind and Tarapur: Color Coating Line MTPA CRM MTPA post modernization-cum-capacity stake in Steel Mill EURO IKON Plate and Pipe Mill in US Ispat merger enhancement, Tin 2002 Ispat Industries Coal mining concessions plate mill MTPA. in Mozambique 2004 2012. 2014. SISCOL(1) 2006 HSM-2 2017. 2008 Capacity New CRM2 Phase I. MTPA 2010 74% stake in Praxair's(3). Iron Ore mines Expansion to 4 MTPA Pellet Plant(2). the industrial gases joint in Chile MTPA HSM-2 5 MTPA 1 MTPA Coke venture(4). JSW-JFE Strategic Oven Plant(2).

4 Won 5 iron ore mines in Partnership Welspun Maxsteel Karnataka (111 mn Coal mining 50% stake in Vallabh tonnes estimated concessions in US Tinplate resources). Continuously evaluating opportunities to deliver value enhancing growth (1) Southern Iron and Steel Company, (2) Amba River Coke Limited , (3) Praxair India Private Limited , (4) JSW Praxair Oxygen Private Limited 6. JSW JFE strategic partnership JSW Steel : Focused expansion plans in India Optimized capital structure through deleveraging Value creation Access to cutting edge technologies for both the One of the largest FDI in the Indian JFE: Metals and Mining space Equity partners Presence in growing Indian market infusion by JFE of Rs. 5,410 Crores Future growth through equity participation (~US$ bn) (1) for equity Strategic production base in India for existing automobile customers stake Benefits to JSW Steel driven by: Deleveraged Balance Sheet to support Access to fast growing auto Steel market next phase of growth Technical know-how for electrical Steel manufacturing Technology Short learning curve Access to cutting edge technologies agreements Application engineering and fast growing automotive Steel New product development market Benchmarking and personnel training Operational excellence to result in cost reduction General Operational excellence and cost reduction for sustainable operations by.

5 Technical Improvement in quality, productivity, yield , and energy efficiency assistance Sharing best maintenance, environment management, and safety practices agreements Benchmarking, training and talent sharing Standardization of processes (1) Translated at USD/` = (RBI reference rate as on Mar 31, 2011). 7. Balanced corporate strategy Maintain market share through selective organic and inorganic growth Undertake brownfield expansions at low specific investment cost per ton Selective Consider inorganic opportunities that are value accretive Growth Diversification of Increase proportion of high margin value-added products Product Profile and Diversify customer base, both within India and abroad Customer Base Continue to focus on rural markets in India Continue to evaluate raw material assets in India and abroad to secure key raw Backward & Forward Integration, material supplies and reduce cost of production by targeting strategic tie-ups and and Focus on Resource investments Optimization Focus on cost reduction and energy efficiency Continuously seek to improve financial profile Prudent balance sheet management Manage capacity expansion and debt profile to capture market opportunities without excessive risk Committed to sustainable and eco-friendly technologies to drive growth Sustainability with focus on Quality, R&D and Innovation Focus on Quality, R&D and Innovation to drive cost efficiency and new product development 8.

6 Strong and balanced Board comprising experts of eminence & integrity Chairperson Emeritus Executive Directors Independent Directors Nominee Directors Seshagiri Rao Malay Mukherjee , IAS. Savitri Devi Jindal Joint Managing Director & 40yrs of rich experience in Nominee Director of KSIIDC. group CFO mining and Steel industry Promoter Director Kannan Vijayaraghavan Hiroyuki Ogawa Dr. Vinod Nowal Nominee Director of JFE. FCA and Certified Sajjan Jindal Dy. Managing Director Steel Corporation Management Consultant Chairman & Managing Director Jayant Acharya Dr. Vijay Kelkar Director (Commercial & Ex-Finance Secretary, Ex- Marketing) Secretary of MoP&G, Ex- Chairman Finance Commission Dr. Punita Kumar Sinha Former CIO at The Asia Tigers Fund Haigreve Khaitan Senior Partner at M/s. Khaitan & Co, India's one of the oldest and full service law firm Seturaman Mahalingam CA, Ex-CFO of TCS, Ex member of the Tax Administration Reform Commission Board committed to sustainable business 9.

7 FY17 performance on sustainability matrixes 1st iron & Steel company in India to get an Environment Product Declaration certificate as per ISO 14025 for hot rolled Steel strips 8,73,635 at Vijayanagar Material Recycled MT Waste heat utilized GJ 1st Prize for Fair Business Practices to JSW Steel Coated Products 2017 Ltd by CFBP Jamnalal Bajaj Trust Indian Merchants Chamber Ramakrishna Bajaj National Quality Increase in Expenditure Performance Excellence Trophy in the Manufacturing Category to Recycled & reused 18% for corporate social JSW Steel Coated Products Ltd water 35%. responsibility over FY16. Golden Peacock Innovative Product Award World Steel Association: Steelie 2016 - Innovation, for Reduction in Specific development of advanced high strength automotive steels with Decrease in LTIFR speed and innovation . over FY16 28% Energy consumption over FY16. Confederation of Indian Industry: National Award for Supply 2016 Chain & Logistics Excellence in Steel industry Confederation of Indian Industry: Accreditation with Level 5 for Reduction in Specific 20% Water consumption over Total Cost Management Maturity FY16 Bureau of Energy Efficiency: 2nd Prize in National Energy Conservation Awards 2016 to Vijayanagar Works in integrated Steel facilities and Kalmeshwar Works in Steel re-rolling mills 10.

8 Agenda Overview Value Performance Guidance Business Proposition Overview Environment 11. A platform of strength and agility 1 Strong fundamentals to boost India Steel demand 2 Multi-location manufacturing facilities 3 Diversified product profile 4 Domestic market leader with significant export presence 5 Strong sales and marketing platform 6 Focus on operational efficiency 7 Strategic expansion aided by superior project execution 8 Proven ability to acquire and turnaround assets 9 Robust financial profile 12. 1 Strong fundamentals to boost India Steel demand Strong economic growth with improving fundamentals Potential for substantial growth in Steel consumption(2)(4). India's GDP growth continues to register stellar performance in a world o World per capita consumption was ~208 Kgs in 2016. seeing relatively weaker growth o India per capita consumption was ~63 Kgs in 2016. Post the impact of introduction of GST, economic activity is expected to Per capita Steel Consumption in 2016 (Kg.)

9 Rebound with public spending on infrastructure, proposed recapitalisation 1,400. of banks, declining fiscal deficit, benign inflation, lower oil prices and 1,200 South Korea easing interest rate trajectory India GDP growth(1) 1,000. (%) 800 China 600. Japan Germany 400. Italy Canada Russia 200 Mexico FY13 FY14 FY15 FY16 FY17E FY18E France USA. 0 Brazil India Government reforms to boost industry growth (200). Various measures in different sectors, easing FDI norms and initiatives such as 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000. Make in India' aim at driving growth & development GDP per capita in 2016 ($). The government is focussed on continuing with economic reforms along with increase in public investment in infrastructure and development India Steel consumption to rise at a faster rate projects. o India's Steel consumption was 84 million tonnes in 2016 and is expected to c.$60 Bn allocated for infrastructure development in 2017-18 rise to ~87 million tonnes in 2017 and ~92 million tonnes in 2018 (3).

10 With the growth in economy, JSW Steel is well positioned to be part of the India growth story (1) IMF, (2) World Steel Association [World Steel in Figures 2016], IMF [World Economic Outlook October 2017], (3) World Steel Association [Short range outlook Oct 2017], (4) Bubble size represents total Steel demand of 13. respective country 2 Multi-location manufacturing facilities Geographically diversified with manufacturing facilities in South and West India Strategic overseas presence Vasind & Tarapur (JSCPL*). Dolvi: 5 MTPA JSW Steel ownership: 90%. MTPA GP/GC Acquisition cost: $810mn MTPA Blast Furnace MTPA Colour Coating Line Capacity: Net MTPA Plates and Net MTPA gas based DRI 30 MW Power Plant US plate and 55 MW Power Plant MTPA Pipes pipe mill Acquired in 2007. Opportunity for diversification in terms of products, markets and geographies Salav: MTPA DRI (^). JSW Steel ownership: 100%. US coal mines Kalmeshwar (JSCPL*) Acquisition cost: $70mn MTPA GP/GC JSW Steel ownership: 70%.