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).

2 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.

3 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. 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.

4 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.

5 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.

6 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). 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.

7 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.

8 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: 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).

9 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.

10 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.