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JSW Steel Limited Investor Presentation Nov 2016 Agenda

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JSW Steel Limited Investor Presentation Nov 2016 Agenda JSW Steel Limited Investor Presentation Nov 2016 Agenda Overview Value Proposition Performance Business Overview Environment 2 JSW Group – overview Presence across the core sectors Market cap of listed businesses ($8,068 mn^) JSW Steel*: India’s leading integrated steel producer (Steel making capacity: 18 MTPA) JSW Energy 1,797 JSW Energy*: Engaged across the value chain of power business (Operational plants’ capacity: 4,531 MW) JSW Steel 6,271 JSW Infrastructure: Engaged in development and operations of ports (Operational capacity: 45 MTPA) JSW Cement: Manufacturer of PSC, OPC and GGBS cement (Operational plants’ As on Sep 30, 2016 capacity: 6.4 MTPA) * Listed company ^ USD/ ` = 66.6596 (RBI reference rate as on Sep 30, 2016) 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 manufacturing in India process . Pan India marketing and Strong . Combination of state-of- distribution network, export distribution the-art steel making Technological technologies: Corex, DRI, presence in ~100 countries across network and the 5 continents competence Blast Furnace export presence Diversified . Extensive portfolio of products – HR, Global CR, galvanized/galvalume, pre-painted, product presence . International presence in mining assets tinplates, electrical steel (CRNO) TMT portfolio (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 FY 2002 FY 2010 FY 2016 . CAGR FY’02–16: 19% Capacity (MTPA) 1.6 7.8 18.0 . Capacity increased to 18MTPA in Mar’16 Production (MTPA) 1.3 6.0 12.6 . CAGR FY’02–16: 18% Revenue 262 2,939 6,313 . CAGR FY’02–16: 26% (USD mn) EBITDA 42 627 941 . CAGR FY’02–16: 25% (USD mn) EBITDA/ton(1) 33 110 77 . CAGR FY’02–16: 6% (USD/ton) Market Cap . Significant value creation with 59x increase in 80 3,485 4,676 (USD mn) market value(2) Technology Corex Corex, BF Corex, BF, DRI . Adopting industry leading technologies Flats, long, special Flat, long, special steel . Continuously expanding product canvas with Product Mix Flats steel and value & high value-added focus on high-end value-added products added auto, electrical grade Unrelenting progress through the economic cycles (1) Calculated as consolidated EBITDA/Saleable steel sales, (2) From 31st March 2002 to 31st March 2016, (3) USD/ ` = 66.3329 (RBI reference rate as on Mar 31, 2016) 5 Combination of Organic and Inorganic growth Key Projects in progress/pipeline: 2016 Salem Works capacity expansion to 1.2MTPA . 18 MTPA (Vijayanagar Works and 2015 Dolvi Works capacity increased to 12 0.2MTPA Tin plate mill at Tarapur Complex and 5 MTPA, respectively) . New CRM2—Phase 2 Pipe Conveyor System for Iron ore and new Water . 0.2MTPA Electrical Steel Mill Reservoir at Vijayanagar 2014 2013 . New CRM2—Phase I 1.5mtpa Coke Oven at DCPL (Dolvi Works) . 14.3 MTPA post . 4 MTPA—Pellet Plant(2) 2011 Ispat merger . 1 MTPA—Coke Oven Plant(2) . Acquisition of 49.3% stake in Ispat 2012 . Acquired 50% stake in Vallabh Tinplate 2009 . HSM II Capacity . Acquired Welspun Maxsteel 2006 . 7.8 MTPA 2004 2010 Expansion to 5 MTPA (1) . 3.8 MTPA . Acquired SISCOL . JSW-JFE Strategic Partnership 2008 . 3.5 MTPA of HSM II . Iron Ore mines 2002 2005 2007 acquired in Chile . Coal mining concessions in US . 1.6 MTPA . 2.5 MTPA . 4.8 MTPA . Color Coating Line . CRM of 1.0 MTPA . Acquired EURO IKON . Acquisition of 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 6 JSW – JFE strategic partnership One of the largest FDI in the Indian Metals and Mining space – Equity infusion by JFE of `5,410 Crores (~$1.2 bn) 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 Automotive technology agreements agreements JSW Steel: Benefits to JSW Steel: Operational excellence and cost reduction Focused expansion plans in India Access to fast growing auto steel market for sustainable business operations by: Optimized capital structure through Short learning curve Improvement in quality, productivity, yield , deleveraging Application engineering and energy efficiency Access to cutting edge technologies New product development Sharing best maintenance, environment JFE: Benchmarking and personnel training management, and safety practices Presence in growing Indian market Benchmarking, training and talent sharing Future growth through equity Standardization of processes participation Strategic production base in India for existing automobile customers 7 Balanced corporate strategy Maintain market share of 14-15% 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 Backward & Forward Continue to evaluate raw material assets in India and abroad to secure key raw material supplies and to reduce cost of production by Integration, and Focus on targeting strategic tie-ups and investments Resource Optimization Focus on cost reduction and energy efficiency Continuously seeks to improve financial profile Prudent Financial Principles Manage capacity expansion and debt profile to capture market opportunities without excessive risk Committed to sustainable and eco-friendly Sustainability with focus on Quality, R&D and technologies to drive growth Innovation Focus on Quality, R&D and Innovation to drive breakthrough cost efficiency 8 Strong and balanced Board comprising experts of eminence & integrity Chairperson—Emeritus Executive Directors Independent Directors Nominee Directors Seshagiri Rao M.V.S Malay Mukherjee Naveen Raj Singh1 Savitri Devi Jindal Joint Managing Director & 40yrs of rich experience in Nominee Director of KSIIDC Group CFO mining and steel industry 2 Promoter Director Kannan Vijayaraghavan, Kyoichi Kameyama Dr. Vinod Nowal FCA and Certified Nominee Director of JFE Sajjan Jindal Dy. Managing Director Management Consultant Steel Corporation 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 fundamentally committed to sustainable business Following changes are yet to approved by JSW Steel ‘Board of Directors’: 1) KSIIDC has nominated Mr. Pankaj Kumar Pandey in place of Mr. Naveen Raj Singh, 9 2) JFE Steel Corporation has nominated Mr. Hiromu Oka in place of Mr. Kyoichi Kameyama FY16 performance on sustainability matrixes Waste heat Award in 2016: Waste gases 98.5% 71% utilization utilized JSW Steel received ‘Golden Peacock Innovative Product’ Award 943,80 3.51 Energy saved Awards in 2015: Scrap recycled 8 MT Mn GJ JSW Steel awarded Porter’s Prize for ‘Leveraging Unique Activities Decrease in Liquid LTIFR over FY 9% 0% discharged from JSW Group received Porter’s Prize for 15 our Plants ‘Creating Shared Values’ Recycled & 30% 1897 reused water MT Waste recycled 10 Agenda Overview Value Proposition Performance Business Overview Environment 11 A platform of strength and agility 1 Strong fundamentals to boost India steel demand 2 Multi-location manufacturing facilities in India 3 Strategic overseas presence 4 Diversified product profile 5 Domestic market leader with strong export presence 6 Strong sales and marketing platform 7 Focus on operational efficiency 8 Strategic expansion aided by strong project execution 9 Proven ability to acquire and turnaround assets 10 Robust financial profile 12 1 Strong fundamentals to boost India steel demand . Decisive mandate in India general elections . Potential for substantial growth in steel consumption(2)(6) Strong investor confidence and raised expectations of fast-paced o World Per Capita Consumption is ~207 Kgs. decision-making and economic reforms o India Per Capita Consumption is ~61 Kgs. Upturn in overall GDP growth(1) 1,400 • (%) (Kg.) 7.2% 7.6% 7.6% 7.8% 1,200 South Korea 6.6% 2015 5.6% 1,000 800 China 600 Japan Germany FY13 FY14 FY15 FY16 FY17E FY18E . Infrastructure sector is a key focus area for the new 400 Italy Canada Russia USA government 200 Mexico France Brazil Infrastructure investment expected to reach ~$1 trillion during 0 India (4) 2012-2017 (200) New government is focused to give impetus to infrastructure sector 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 . capita Consumption PerSteel in Automobile sector expected to turn around GDP per capita in 2015 ($) India projected to become 3rd largest automotive market in the . world by 2016(5) India steel consumption to rise at a faster rate Faster economic growth and government's policies is likely to drive o India’s steel consumption was 61MT in 2015 and is expected to (3) volumes and revive the automobile sector rise to ~64MT in 2016 and ~67MT in 2017 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, World Bank, IMF, (3) World Steel Association and IMF, (4) 12th Five-Year Plan (India), (5) IHS Automotive, (6) Bubble size represents total steel demand of respective country 13 2 Multi-location manufacturing facilities in India Vasind & Tarapur (JSCPL*) Dolvi: 5 MTPA .
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