JSW Steel Limited

[[US$● million] Senior Notes Offering]

March 2017
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2
Agenda
1 Overview

2 Credit Highlights

3 Financial Highlights

4 Business Environment

5 Appendix

3
Agenda

1. Overview

4
 JSW Group – overview

JSW Steel* JSW Energy^

 Among India’s leading  Engaged across the value
integrated steel chain of power business
producers (Steel making (Operational plants
capacity: 18 MTPA) capacity: 4,531 MW)

JSW Infrastructure JSW Cement

 Engaged in development  Manufacturer of PSC,
and operations of ports OPC and GGBS
(Operational capacity: 45 (Operational plants
MTPA) capacity: 6.4 MTPA)

Presence across the core sectors

* Listed company with market capitalization of $6.5 billion as of 27-Mar-17 (translated at 1USD =67 INR)
^ Listed company with market capitalization of $1.5 billion as of 27-Mar-17 (translated at 1USD =67 INR) 5
 JSW Steel – Among 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 One of the Integrated product capacities
leading steel manufacturing
players in India process

 Pan India marketing and Strong  Combination of state-of-

distribution network, export distribution the-art steel making
presence in ~100 countries across Technological technologies: Corex, DRI,
network and Blast Furnace
5 continents competence
export
presence

 Extensive portfolio of products – HR,

Diversified Global
CR, galvanneal, galvanized/galvalume, product presence  International presence in mining assets
pre-painted, tinplates, electrical steel portfolio (Chile, US and Mozambique) and value-
(CRNO), TMT bars, wire rods, special added facilities (Plate and Pipe mill in US)
steel bars, rounds and blooms

6
 Consistently ranked in top 10 global steel-makers
Nippon Posco
Sumitomo 8.02
Nucor 7.77
SDI 7.74
NLMK 7.57
Severstal 7.42
Voestalpine 7.41
Gerdau 7.36
JFE 7.34
JSW Steel 7.24
7.22

Ranked ahead of all other Indian players Achieved the best rating on number of key parameters
Ranking (1)
Parameter Score (2)
10 14 24 25 36 Conversion Costs; Yields 10
Expanding Capacity 10
Weighted average score
Location in High-growth Markets 10
7.22 6.99 6.65 6.57
5.63 Labor Cost 10

JSW Tata Steel JSPL SAIL Essar

Source: World Steel Dynamics (WSD) as on June 2016 based on weighted average score
(1) Ranking among top 37 “World Class” Steelmakers as per weighted average score, (2) Sorted by highest to lowest weighted average score, 1 being least favorable and 10 being
most favorable 7
 Transformational journey to market leadership
Capacity (MTPA) Revenue (USD mn) EBITDA (USD mn) (1)

18.0 941
6,313
627
7.8 2,939
1.6 262 42

FY 2002 FY 2010 FY 2016 FY 2002 FY 2010 FY 2016 FY 2002 FY 2010 FY 2016

Market Cap (USD mn) FY 2002 FY 2010 FY 2016

4,676 Corex, BF,  Adopting industry

59x increase in Technology Corex Corex, BF
3,485 DRI leading technologies
market-value

Flat, long,
Flats, long, special steel,  Continuously expanding
special steel value added, product canvas with
80 Product Mix Flats
and value AHSS for focus on high-end
added automotive, value-added products
FY 2002 FY 2010 FY 2016 electrical steel

Unrelenting progress through the economic cycles

Translated at USD/ INR = 66.3329 (RBI reference rate as on Mar 31, 2016)
(1) Includes Other Income
8
 Combination of Organic and Inorganic growth
2017
 Bought-out Praxair’s(3) 74% stake in
2016 the industrial gases joint venture(4)
 18 MTPA (Vijayanagar and Dolvi capacity  Won 5 iron ore mines in Karnataka
Key Projects in progress/pipeline: increased to 12 and 5 MTPA respectively) (111 Mn tonnes estimated resources)
 Salem Works capacity expansion to 1.2MTPA  Won Moitra coal mine in Jharkhand
2015
 0.2MTPA Tin plate mill at Tarapur Complex  New CRM2—Phase 2
 Pipe Conveyor System for Iron ore and new Water 2013
 0.2MTPA Electrical Steel Mill
Reservoir at Vijayanagar  14.3 MTPA post 2014
 1.5MTPA Coke Oven at Dolvi Coke Projects Ltd. 2011 Ispat merger  New CRM2—Phase I
 Acquired 49.3%  4 MTPA—Pellet Plant(2)
stake in Ispat  1 MTPA—Coke Oven Plant(2)
2009  Acquired 50% stake in Vallabh Tinplate
2012
2006  7.8 MTPA  Acquired Welspun Maxsteel
2004  HSM II Capacity
 Acquired SISCOL(1)  3.8 MTPA Expansion to 5 MTPA
2010
2008  JSW-JFE Strategic Partnership
2002 2005 2007  Acquired Iron Ore  3.5 MTPA of HSM II
 1.6 MTPA  2.5 MTPA  4.8 MTPA mines in Chile  Coal mining concessions in US
 Color Coating Line  CRM of 1.0 MTPA
 Acquired EURO IKON  Acquired Plate and Pipe Mill in US
 Coal mining concessions in Mozambique

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
9
 JSW – JFE strategic partnership
 One of the largest FDI in the Indian Metals and Mining space – Equity infusion by JFE of Rs. 5,410 Crores (~US$1.2 bn) (1) for 14.99% equity stake
 Deleveraged Balance Sheet to support next phase of growth
 Access to cutting edge technologies and fast growing automotive steel market
 Operational excellence to result in cost reduction

General technical assistance

Value creation for both the partners
JSW Steel: Benefits to JSW Steel:
 Focused expansion plans in India
 Optimized capital structure through
deleveraging
 Access to cutting edge technologies
JFE:
 Presence in growing Indian market
 Future growth through equity
participation
 Strategic production base in India for
existing automobile customers
Technology agreements
 Access to fast growing auto steel market
 Technical know-how for electrical steel
manufacturing
 Short learning curve
 Application engineering
 New product development
 Benchmarking and personnel training
agreements
Operational excellence and cost reduction
for sustainable business operations by:
 Improvement in quality, productivity, yield ,
and energy efficiency
 Sharing best maintenance, environment
management, and safety practices
 Benchmarking, training and talent sharing
 Standardization of processes

(1) Translated at USD/ INR = 44.65 (RBI reference rate as on Mar 31, 2011)
10
 Balanced corporate strategy
 Maintain market share through selective organic and inorganic growth
Selective  Undertake brownfield expansions at low specific investment cost per ton
Growth  Consider inorganic opportunities that are value accretive

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

Backward & Forward Integration, key raw material supplies and reduce cost of production by targeting
and Focus on Resource strategic tie-ups and 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

Sustainability with focus on Quality, R&D and to drive growth
Innovation  Focus on Quality, R&D and Innovation to drive cost
efficiency and new product development

11
 Strong and balanced Board comprising experts of
eminence & integrity
Chairperson—Emeritus
Savitri Devi Jindal
Promoter Director
Sajjan Jindal
Chairman & Managing
Director
Executive Directors Independent Directors Nominee Directors
Seshagiri Rao M.V.S Malay Mukherjee Naveen Raj Singh
Joint Managing Director & 40yrs of rich experience in Nominee Director of KSIIDC
Group CFO mining and steel industry
Kannan Vijayaraghavan, Hiromu Oka
Dr. Vinod Nowal Nominee Director of JFE
FCA and Certified
Dy. Managing Director Steel Corporation
Management Consultant
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 fundamentally committed to sustainable business

12
Agenda

2. Credit Highlights

13
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 strong export presence

5 Strong sales and marketing platform

6 Focus on operational efficiency

7 Strategic expansion aided by strong project execution

8 Proven ability to acquire and turnaround assets

9 Robust financial profile

14
 Strong fundamentals to boost India steel
1 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 o World Per Capita Consumption was ~206 Kgs in 2016.
world seeing sluggish growth o India Per Capita Consumption was ~64 Kgs in 2016.
 Though impacted temporarily by demonetization, economy

Per capita Steel Consumption in 2016 (Kg.)

expected to jump back with declining fiscal deficit, benign inflation, 1,400
lower oil prices and easing interest rate trajectory 1,200 South Korea
India GDP growth %(1) 1,000
800 China
7.2% 7.6% 6.9% 7.4%
6.6% 600 Japan Germany
5.6%
400 Italy Canada
Russia USA
200 Mexico France
FY13 FY14 FY15 FY16 FY17E FY18E Brazil
0 India
 Government reforms to boost industry growth
(200)
 Various measures in different sectors, easing FDI norms and initiatives
such as ‘Make in India’ aim at driving growth & development 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000
 The finance minister in his recent budget speech, stressed on GDP per capita in 2016 ($)
continuing with economic reforms along with increase in public  India steel consumption to rise at a faster rate
investment in infrastructure and development projects o India’s steel consumption was ~84MT in 2016 and is forecast to
 ~$60 Bn was allocated for infrastructure development in 2017-18 increase to ~89MT in 2017(3)

With the growth in economy, JSW Steel is well positioned to be part of the India growth story
(1) Reserve Bank of India, (2) World Steel Association, IMF (World Economic Outlook – 2016), (3) World Steel Association (Short range outlook – Oct 2016),
(4) Bubble size represents total steel demand of respective country 15
 2 Multi-location manufacturing facilities
Geographically diversified with manufacturing facilities in South and West India Strategic overseas presence
Vasind & Tarapur (JSCPL*)
Dolvi: 5 MTPA US coal mines  JSW Steel ownership: 100%
 1.18 MTPA GP/GC
 0.5 MTPA Colour
 3.5 MTPA Blast Furnace Coating Line
 1.6 MTPA gas based DRI  30 MW Power Plant  JSW Steel ownership: 90%
 55 MW Power Plant
 Capacity: 1.2 Net MTPA Plates and
0.55 Net MTPA Pipes
US plate and
 Acquired in 2007
pipe mill
 Opportunity for diversification in
Salav: 0.9 MTPA DRI (^) terms of products, markets and
geographies

Kalmeshwar (JSCPL*)

 0.58 MTPA GP/GC  JSW Steel ownership: 70%

Chile iron
 0.19 MTPA Colour  Started operations in FY11
ore mines
Coating Line  Under care and maintenance
Vijayanagar: 12 MTPA

 1.7 MTPA Corex

Salem: 1 MTPA
 10.4 MTPA Blast  JSW Steel ownership: 100%
Furnaces Mozambique
 1 MTPA Blast Furnaces  Early stage development in
 854 MW Power Plant coal mines
 0.5 MTPA Blooming progress
Mill
 60 MW Power Plant

Leveraging locational advantage to increase market share strategically

*JSW Steel Coated Products Limited
^ JSW Steel (Salav) Limited 16
 3 Diversified Product Profile
HR GC/GL Color
Slabs HRC CRC
Plates /GI Coated
Wide Offering of Flat
and Long Products
Billets RCS / Blooms Bars / Rods Wire Rods

Continuously  Diversified portfolio to address growing demand for value-added steel

 Commissioned new facilities to further enrich product mix
Increasing Value  Leveraging JFE Steel’s well-established manufacturing technology for advanced high strength steel (AHSS) for
Added Products automotive

 Enhanced focus on cold rolled, galvanised and galvanneal products for body panels of
AHSS for automobiles
Automotive  Manufactured at a new CRM2 complex
Developing New
 Largest color coated facility to address construction, warehousing and roofing
Products, Capturing Color Coated requirements
Niche Markets Products  State-of-the-art color coating line for appliance grade products used in consumer durables

 Commissioned Cold Rolled Non-grain Oriented (CRNO) steel plant to address domestic
Electrical Steel demand by substituting imports of high grade electrical steel

Continuously enriching product mix

17
 Domestic market leader with strong export
4 presence
 Penetrating further to capture growing domestic demand with
unique marketing strategy –nationwide retail network (JSW
India Finished Steel
11.4% 13.4% 6.9% 3.3% 4.5% 3.4%
Consumption Growth(1) Connect, JSW Shoppe, JSW Explore as well as non-exclusive
retailers) of more than 6,500(2) outlets pan India
15% 16% 12% 21%
JSW Export Turnover as
23% 24% % of Total  Among fastest growing players in India (domestic sales surged
by 20% YoY in FY16 vs. apparent steel demand growth of 4.5%
in India)

85% 88% JSW Domestic Turnover  One of the largest exporter of steel products from India with
77% 84% 76% 79% as % of Total export presence in over 100 countries

 Ability to re-align sales effort and shift between domestic and

export market as per market conditions – strategically
reduced share of exports to 12% of total sales in FY16, as
FY08 FY10 FY12 FY15 FY16 9MFY17 global steel consumption declined 3% YoY in CY15. Exports
have again recovered in FY17

Flexibility to shift between domestic and international markets based on market conditions
(1) Joint Plant Committee, (2) As at March 31, 2016
18
 5 Strong sales and marketing platform
Multi-sectoral volume growth Segmented approach to address different retail segments
 Optimizing market mix and product mix to derive ‘JSW explore’
maximum benefit from sector growth  Branded, multiple product service
Metro / center for steel solutions
 Leveraging export presence Urban  Just-in-time solution with in-house
profiling lines and Value Added Services
 New product approvals for Original Equipment  Franchisee Model
Manufacturers (OEMs) and automotive customers
 Increase in value added products leading to Urban / ‘JSW Shoppe’
incremental growth in focus sectors and also Semi-  Steel distribution
facilitating import substitution urban  Enhanced customer experience
 Establishing presence in key sectors such as solar,
appliances, and automotive
‘JSW Shoppe Connect’
 Focused on Retail Sales – increased reach and Semi-  Smaller retail format linked to JSW
penetration urban / explore/Shoppe
Rural  Last mile link to talukas/rural areas
 Sales to end consumers and MSMEs

Increased customer focus and market penetration

19
 6 Focus on operational efficiency
Diverse blend of technology
 Coke Making: Recovery and Non-recovery
Coke Ovens
 Agglomeration: Sintering, Pelletisation and
Beneficiation Plants
 Iron Making: Blast Furnace, Corex, Sponge
Iron (DRI)
 Steel Making: Basic Oxygen Furnace (BOF),
Electric Arc Furnace (EAF), Conarc
 Casting: Continuous Casting, Thin Slab
Casting, Billet Casting
High labour productivity
 Improving labor productivity: Current
production of ~1,055 tons/ employee(1)
 In-house training programs internal
faculty
 Continuously investing, building and
enhancing competencies
Integrated operations
 Integrated manufacturing facilities: From
pelletisation/beneficiation to downstream
value-add capabilities
 Dedicated port and railway siding for
logistics support
 Assured power supply through captive
power plants, arrangements with JSW
Energy and the power grid

Best in class profitability

 Procurement optimization leading to rationalized raw material costs
 Focus on process improvements
 Waste gas utilization for power generation
 Solid waste management and zero effluent discharge
 Efficient operations resulting in low conversion cost

High level of integration and technological expertise leading to reduced production cost and time
(1) Total production (12.56MT) divided by total no. of employees on Company payroll (11,904) in FY16
20
 7 Strategic expansion aided by strong project execution
Strong project execution capabilities … Major new & on-going Projects
 Experienced in-house project management team  Vijayanagar Works:
 Pipe conveyor system for Iron ore and new water reservoir
 Supported by cross-functional team (commercial, finance and legal
department)
 Dolvi Works:
 Established long-term relationship with key domestic and international  1.5mtpa Coke Oven at Dolvi Coke Projects Ltd.
suppliers
 Salem Works:
 Savings in procurement cost by negotiating firm prices for follow-on orders
 Capacity expansion from 1 MTPA to 1.2 MTPA by setting up
certain new facilities and debottlenecking/modification of existing
facilities
 Setting-up of Reheating Furnace in Bar Rod Mill, Coke Oven and
… at low specific investment cost(1) Turbo Generator
 Low specific investment cost of $534/ton of capacity expansion shows cost
and project management efficiency  Tarapur Works:
 Setting up 0.2MTPA Tin plate mill

Focus on low cost and returns accretive brownfield projects to capitalise on expected demand growth
(1) Translated at USD/INR = 67.9547 RBI Reference as on December 31, 2016
21
 8 Proven ability to acquire and turnaround assets
JSW Steel has a proven track record of acquiring troubled assets and turning them around in record time by closely integrating
them with its existing operations, thus creating synergies and optimizing cost
Case Study: Turnaround strategy at JSW Ispat’s Dolvi plant
December 2010 Completed Initiatives—FY2011–2015 FY2016-2017
 Plant under maintenance  Infusion of equity  Capacity expanded to 5MTPA, ramp-
 Loss making at EBITDA level  Alignment of marketing strategies resulting in freight up/stabilization is underway
 High interest cost synergies and VAT benefits  1.5mtpa Coke Oven at Dolvi Coke
 Financially distressed  Reduction of high cost working capital funding Projects Ltd. is being set-up
 Refinancing of existing debt  Further operational
 Electricity sourcing from JSW Energy at competitive improvements underway
prices
 Commissioning of 4MTPA pellet plant(1), 1MTPA coke
oven(1), waste gas based 55MW power plant, railway
siding, and lime calcination plant

 Inability to service existing debt  Exit from CDR  Operational improvements underway
 Inadequate cashflows  Generating positive profit after tax
 Corporate debt restructuring (CDR) case

Able to leverage an acquisition to maximum value accretion through application of knowledge and experience

(1) Implemented in a wholly owned subsidiary Amba River Coke Limited

22
 9 Robust financial profile
Strong track record of volume growth Superior profitability supported by efficient operations
Standalone sales volume (MT)
EBITDA margins
23.4%
11.9 12.0 12.1
10.8 17.9% 17.7%
8.8 14.5% 14.5%

FY14 FY15 FY16 9MFY16 9MFY17 FY14 FY15 FY16 9MFY16 9MFY17
 Achieved significant sales growth despite weak economic and sluggish domestic demand  Resilient operations with improved EBITDA margin marked by several productivity and cost
improvement measures
 While FY16 EBITDA was impacted by weak steel pricing due to steel supply glut and
planned shutdowns; there has been large margin expansion in FY17
Well managed leverage profile(1), (2) Diverse sources of funding(3)
Net Debt/ EBITDA 6.4x Bonds &
Foreign currency debentures
3.7x 3.8x 3.7x debt 25%
37%
INR debt
63%
Loans and others
75%
FY14 FY15 FY16 9MFY17

 Leverage has significantly improved this fiscal with steep growth in profitability  Financial flexibility to raise capital
 Adequate liquidity levels owing to prearranged funding in place for capacity expansions  Strong relationships with over 50 banks/financial institutions with access to low cost credit
and a committed working capital facility
 Healthy mix with 37% of debt being foreign currency

(1) EBITDA of 9months FY17 annualized for 9MFY17 ratio, (2) Net debt excludes Acceptances, (3) As of 31 st December 2016
23
Agenda

3. Financial highlights

24
 Solid earnings momentum and cashflows
Operating revenue(1) EBITDA(1)
($ in millions) ($ in millions, EBITD A margin (%))

17.9% 17.7% 14.5% 14.5% 23.4%

7,645 7,906
6,251 5,813 1,368 1,403 1,357
4,618
906
668

FY14 FY15 FY16 9MFY16 9MFY17 FY14 FY15 FY16 9MFY16 9MFY17

EBITDA/ Tonne(2), (3) EBITDA less Capex(1)

Rs/ Tonne 9,276 ($ in millions, as a % of revenue from operations)

7,717
6.6% 5.1% 2.1% 13.3%
7,077
5,892
6,988 5,469 5,398 5,400
775
4,059 508
400
133

3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 FY14 FY15 FY16 9MFY17

Translated at 1 USD = 67 INR

(1) Consolidated financials, (2) Standalone entity, (3) FY15 as per Indian GAAP, FY16 and FY17 as per Ind-AS
25
 Leverage and Debt Maturity profile
Net debt / EBITDA(1), (2) Maturity profile of long term borrowings(3)
(x) ($ in millions)
Strong YoY profitability improvement-> reduction in net debt / EBITDA Current refinancing to improve maturity and diversify funding sources

5,188 5,670 5,890 6,804

109 286 110 197

6.4x 2,819

3.7x 3.8x 3.7x

1,127 1,278
667

FY14 FY15 FY16 9MFY17 <1 year 1 – 2 years 2 – 5 years >5 years
Net debt / EBITDA Total Debt(1) (US$ mn) Total Cash(1) (US$ mn)

Prudent financial guidelines

Maintain adequate liquidity

  Diversify funding sources  Improve debt maturity profile
levels

Translated at 1 USD = 67 INR

(1) EBITDA of 9months FY17 annualized for 9MFY17 ratio, (2) Net debt excludes acceptances, (3) As of 31st Dec,2016: Excludes unamortized fees and actual
redeemable value of preference shares 26
Agenda

4. Business Environment

27
 Indian economy and steel industry
Monthly steel imports (in '000 tons)
1,058  Imports in February 2017 (0.491 mt) were down by 46%
733 693 648 690
841
over February 2016 and by 19% over January 2017
618 576 587 634 602
491
 Given such trends in export-import, India emerged as a
net exporter of total finished steel during February 2017
as well as April-February 2016-17
Aug-16

Sep-16

Nov-16
FY16^

May-16

Jun-16

Dec-16

Jan-17
Apr-16

Feb-17
Oct-16
Jul-16

 Crude steel production increased by 8.8% YoY whereas

apparent finished steel consumption grew by 3.4% YoY in
8.8% 9MFY17
3.4%
72.35  Expect digital push and re-monetization to restore
66.52 61.54 normalcy in demand
59.54

 Government’s thrust to stimulate infrastructure

investment and consumption growth via higher public
spending will be key ahead
Crude Steel Production Apparent Finished Steel
9MFY16 9MFY17 Consumption*

Source: JPC and JSW Steel, All figures are in million tonnes, ^Average monthly imports during FY16, * Apparent finished steel consumption net of double
counting effect 28
 Global economy
PMI Manufacturing
59 US Eurozone  Recent data indicate US growth recovery is robust
56 Japan China enough for Fed to carry out two more hikes this year,
53 following the recent widely anticipated hike
50  Euro area growth remains resilient in the face of Brexit
47 shock; political risk in the coming year to be watched out
Jun-13

Jun-14

Jun-15

Jun-16
Dec-13

Dec-14

Dec-16
Dec-15
for
 Japan growth improved in 3QCY16, manufacturing PMI
remained above 50 for 4th consecutive month
GDP growth - IMF projections for 2016 and 2017 (%YoY)
2016  China growth rate in 4QCY16 at 6.8% YoY was a bit
2017 stronger than expected, supported by continued policy

7.2%

6.7%
6.6%

6.5%
stimulus
2.3%

1.7%
1.6%
1.9%

4.5%
1.6%
1.6%

4.1%

 However, overall Global growth expectations remain

0.9%
0.8%
3.4%
3.1%

unchanged amidst uncertainty around the US policies

World AMEs US Euro Japan EMEs India China and their implications for the global economy
Area

Global economy is projected to grow by 3.4% in CY17

Source: Bloomberg, IMF and JSW Steel
29
 Global steel scenario
Steel exports (mn tonnes)
240 214 210
194
180 157  Exports from China, Japan, Korea and Russia
120 remained at elevated levels in CY16. In recent
months capacity closure in China leading to some
60 normalisation
0
CY13 CY14 CY15 CY16
China Japan Korea Russia
 Japanese and Korean exports continue to be at a
discount to their domestic market prices
300
750
625 240
 Coking coal contract prices have settled after

$/tonne
$/tonne

500 180
375 120 sharp volatility in 2HCY16 and Iron ore price
250
125 60 remains at elevated level. This raw material push
- - will support steel prices
Jul-12

Jul-13

Jul-14

Jul-15

Jul-16
Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Hard coking coal FOB - RHS Korea - Domestic Jan-17

Japan - Domestic China - export FOB
Japan & Korea - export FOB Iron ore China CFR -RHS

Continued trade restrictions to influence global steel trade

Source: SBB, ISSB, MySteel, Bloomberg and JSW Steel
30
 Conclusion
 Various measures undertaken by Government of India to provide a competitive environment for
the industry
Macro  Increased Government focus on stimulating the investment cycle bodes well for steel demand
environment growth
is improving  Revival in global steel prices based on factors like recovery in apparent steel consumption in
China, increase in steel capacity closure targets by China and raw material cost push
 Against earlier scenario of high imports, India now emerging as a net steel exporter

 Successful expansion undertaken at Vijayanagar Works

 Diverse product portfolio with increasing share of value added products
JSW Steel
 Pioneer in introducing leading technologies and cost efficiency measures in India leading to
well placed
higher quality and lower cost
to capitalize
 Continues towards securing raw material supplies with recent wins in auctions of coal and iron
ore mines

Robust  Efficient scale of operations with one of the lowest conversion costs in the industry
financial  Strong metrics compared to peers
profile  Prudent financial guidelines leading to improved leverage and liquidity levels

31
Agenda

5. Appendix

32
 Consolidated financials
Particulars (US$ Mn) FY14 FY15 FY16 9MFY16 9MFY17
Operating Revenue(1) 7,645 7,906 6,251 4,618 5,813

Operating EBITDA 1,368 1,403 906 668 1,357

% margin 17.9% 17.7% 14.5% 14.5% 23.4%

Profit before tax 195 379 (354) (414) 557

Profit after tax 67 268 (111) (94) 383

Shareholder’s equity(2) 3,299 3,455 3,231 3,129

Net Debt(3) 5,079 5,384 5,780 6,607

Net Debt/ EBITDA 3.7x 3.8x 6.4x 3.7x(4)

Net Debt/ Equity 1.5x 1.6x 1.8x 2.1x

FY14, FY15 and FY16 financials as per Indian GAAP; 9MFY16 and 9MFY17 financials as per Ind-AS
Translated at 1 USD = 67 INR
(1) Operating Revenue is net of excise and includes “other operating income”, (2) Includes minority interest, (3) Net debt excludes acceptances, (4) EBITDA
of 9months FY17 annualized for 9MFY17 ratio
33
 Standalone financials
Particulars (US$ Mn) FY14 FY15 FY16 9MFY16 9MFY17
Crude steel production (MT) 12.17 12.63 12.56 9.36 11.7

Saleable Steel sales (MT) 11.86 12.03 12.13 8.84 10.82

Operating Revenue(1) 6,761 6,879 5,479 4,054 5,449

Operating EBITDA 1,311 1,324 854 662 1,287

% margin 19.4% 19.2% 15.6% 16.3% 23.6%

EBITDA/ Ton (Rs/MT) 7,408 7,372 4,719 5,014 7,973

FY14, FY15 and FY16 financials as per Indian GAAP; 9MFY16 and 9MFY17 financials as per Ind-AS
Translated at 1 USD = 67 INR
(1) Operating Revenue is net of excise and includes “other operating income”
34
 FY16 performance on sustainability metrics

Awards in 2016:
Waste gases Waste heat  ‘Golden Peacock Innovative Product’ Award
98.5% 71% utilized
utilization  ‘Steelie Award 2016’ in the innovation category for “the
development of advanced high strength automotive steels with
speed and innovation” by the World Steel Association
943,808 3.51 Mn Energy saved  The National Award for Supply Chain and Logistics Excellence
Scrap recycled GJ
MT under steel industry Category by CII
 Accreditation with level 5 for Total Cost Management (TCM)
Maturity Model Assessment by TCM division of CII
Decrease in
9% 0% Liquid discharged  2nd Prize in the National Energy Conservation Awards 2016 to
LTIFR over FY 15 from our Plants Vijayanagar Works in “Integrated Steel Sector” and Kalmeshwar
Works in “Steel Re-Rolling Mills Sector” by ‘Bureau of Energy
Efficiency’ of India
Recycled &
30% 1897 Awards in 2015:
reused water MT Waste recycled
 Porter’s Prize for ‘Leveraging Unique Activities’
 JSW Group received Porter’s Prize for ‘Creating Shared Values’

35
Thank you

36