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Business Review JSW STEEL

JSW Steel registered significant growth, despite a relatively modest industry and GDP performance. The Company recorded its highest ever crude steel
production at 15.80 million tonnes during FY2016-17, surpassing the guidance of 15.75 million tonnes. In FY2016-17, JSW Steel has achieved
consolidated sales of 14.7 million tonnes, a growth of 20% y-o-y in overall sales driven by highest ever export sales of 3.80 million tonnes covering more
than 100 countries. This achievement comes on the backdrop of a sluggish steel demand growth at 2.6% y-o-y in India.

In the first nine months of FY2016-17, the Company witnessed incremental domestic growth on the back of normal monsoon, domestic reforms, improved
private consumption, higher automobile demand and better rural offtake. However, during later part of the year, some market segments faced temporary
negative consumption shock due to demonetisation of high-denomination currency notes. Against this backdrop, the Company strategically enhanced
export sales to offset domestic slowdown, with continued focus on enriching the product mix.