JSW Steel’s Chairman Mr Sajjan Jindal in an address to shareholders assured that backed by a favorable investment climate, conducive policies and inherent structural strengths of the economy, India is well-poised to grow rapidly and become a crucial part of the global supply chain, with steel playing a pivotal role in this evolving growth story and JSW Steel is well positioned to capitalize on global and domestic opportunities that come with it. Mr Jindal informed that •the total planned Capex for the next three years is INR 48,700 crores, which includes INR 20,000 crores planned for 2022-23.

Mr Jindal stated that as a cost-competitive exporter of steel, India has an opportunity to take on a larger role in the global steel trade, aided by the government's continued thrust on manufacturing-led growth and merchandise exports and that JSW Steel is also expanding its India capacity in a phased manner to tap into these opportunities. Mr. Jindal explained that the export duties imposed on steel in May 2022 is a significant, but short-term headwind and that JSW Steel continues to engage with the government on this matter and believes that the duties were imposed only to rein in inflation and will be withdrawn once inflation moderates. The steel industry through the Indian Steel Association is constructively engaging with the government on this matter.

JSW Steel's performance in 2021-22 was another year of record financial performance with revenues growing by 83%, highest-ever EBITDA and PAT, each growing by 94% and 166%, respectively. Crude steel production for the year, at 19.51 million tonnes, was up 29%, with contributions from the Bhushan Power and Steel acquisition and Dolvi Phase-2 expansion for part of the year. The Company continued to focus on high-margin, value-added products, which accounted for 60% of sales. The average capacity utilization during 2021-22 without the Dolvi expansion was 94% and 89% including the Dolvi expansion. The last year exports share was 28% as JSW Steel exported its products to various countries in South America, Europe, Africa, Middle East & Southeast Asia.

All the recent acquisitions Asian Colour Coated, Vallabh Tinplate, Bhushan Power & Steel, and JSW Ispat Special Products, delivered robust performance during the year. The biggest highlight, however, was the commissioning of the Dolvi Phase-2 project of 5 million tonnes per annum. It is the largest expansion of its kind in the Indian Steel Industry's history, and essentially doubles the steelmaking capacity at Dolvi.

World Steel Association has recognized JSW Steel as a Sustainability Champion for the fourth year in a row; JSW Steel has been included in the Dow Jones Sustainability Index for Emerging Markets; and, CDP has retained JSW Steel's leadership level rating of A-minus.

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