A STUDY OF JSW – AN INDIAN STEEL MANUFACTURING COMPANY

DISSERTATION GRAND PROJECT REPORT
A STUDY OF JSW – AN INDIAN STEEL
MANUFACTURING COMPANY
In partial fulfillment of the requirement of the award for
the degree of Post Graduate Diploma in Management
By
Kushal shah
Enrolment Number -17P066
Subject- Marketing, operations
Under the Guidance of
Dr. Kavitha Joshi
Assistant Professor, UWSB
United world School of Business
Batch: 2017-19
PGDM Semester IV

DECLARATION BY THE STUDENT
I affirm that the Dissertation Report titled “A STUDY OF JSW – AN INDIAN STEEL
MANUFACTURING COMPANY” being submitted by me to United world School of Business,
K.U., Gandhinagar, in partial fulfillment for the award of POST GRADUATION DIPLOMA in
MANAGEMENT is the original work carried out by me and It is not submitted to any other
University or Institution for the award of any degree diploma/certificate or published any time
before.
Kushal Shah
17P066

CERTIFICATE
This is to certify that the dissertation titled “A STUDY OF JSW – AN INDIAN STEEL
MANUFACTURING COMPANY” Submitted in partial fulfilment for the award of Post
Graduate Diploma in Management Program of United world School of Business Management,
K.U. Gandhinagar, was carried out by Mr. Kushal Shah (Enrolment Number 17P066) under my
guidance.
This report has not been submitted to any other University or Institution for the award of any
degree/diploma/certificate.
Date:
Signature of the Guide
Place:
Dr. Kavitha Joshi

Abstract
Steel Is Crucial to The Development of Any Modern Economy and It Is Considered the Backbone
of Human Civilization India’s steel production grew 4.5% to its highest ever level of 106.5 million
tonnes in FY18. JSW Steel, the flagship company of the JSW Group is one of India’s leading steel
players with integrated steel manufacturing facilities. JSW Steel Prospects to increase the size of
its steel-making operations at a faster rate through both organic and inorganic routes. Currently,
JSW Steel in the midst of ramping up their operations further through implementation of brownfield
expansion projects. JSW Steel’s lower capital expenditure per tonnes leads to higher return profile.
A lower gestation period and capex to set up a new facility lead to a higher return on capital and
equity for JSW Steel. Analyze 10-year data of Indian steel Industry with reference to Jsw steel.
JSW Steel Net Sales and Profit growth Are positive & exponential in the last 10 Years From 2009-
2018 With the help of Different marketing Strategies digital marketing and Rural marketing. The
franchise-based authorized retail format (Jsw Shoppe) create a sustainable differentiator for JSW
Steel's exclusive value-added products and service offerings. Digital Marketing Through LinkedIn,
Facebook and other Social Media to Interacting with Customer. Jsw Shoppe Is beneficial for not
only Urban Market but for Rural Market Too. Jsw Steel Jsw Shoppe Case study use for Harvard
case study of retail marketing. JSW Steel is also among the fastest-growing companies in India
with 18.91% net sales of steel and 15% profit margin which is highest amongst steel industry
competitors. JSW Steel has plans to increase its manufacturing capacity to 44-45 million tons per
annum by 2030 from the present 19 million tonnes.

Acknowledgements
I Would Like to Express My Gratitude to The Management of United World School of Business
for Giving Me an Opportunity to Work on This Dissertation Report. I Am Profoundly Thankful to
Mr. Sanjeev Jain, Director Academics and Dr. Kishor Bhanushali, Director Academic
Administration, Uwsb For Granting Permission for The Project.
I Extended My Thanks to Dr. Kavitha Joshi, My Project Guide for Providing the Necessary Support
for Completion of My Report.
I Would Like to Express My Heartiest Gratitude to All the Faculty Members Who Have Helped
Me with Their Valuable Suggestions and Guidelines to Complete This Project.
Last but Not the Least I Thank My Batch Mates Mr. Abhi Shah and Ms. Gayatri Desai For Their
Unconditional Support.
With Thanks,
Kushal Shah

Index Page no.
Steps Content
Student’s declaration
Supervisor’s Certificate
Abstract
Acknowledgement
1 INTRODUCTION
1.1 Introduction 1
1.2 Problems and concerns of steel industry. 2
1.3 Research Objective 4
1,4 Tools and techniques of analysis 4
1.5 Scope of The Study 4
1.6 Data and Source of Data 4
2 Review of Literature
2.1 Article 1 5
2.2 Article 2 5
2.3 Article 3 5
2.4 Article 4 6
3 Industry profile
4.1 What Is Steel? 7
4.2 The History of Steel 7
3.3 Historical Steelmaking Process 7
3.4 Modern Steel Making 8
3.5 The Great Indian Steel Journey 8
3.6 Global Scenario 10
3.7 Domestic Scenario 10
3.8 Production 12
3.9 Demand- Availability 13
3.10 Imports 14
3.11 Exports 14
3.12 Top 10 Steel makers In India 15
4 Company Profile
4.1 Jsw Steel 21
4.2 Product Portfolio 22
4.3 Awards 22
4.4 Journey From 1994-2018 23
4.5 Swot Analysis 24
4.6 3Cet Analysis 25

4.7 Pestel Analysis 28
4.8 Human Resource at Jsw Steel 32
4.9 Csr Activities at Jsw Steel 33
4.10 Marketing Mix of Jsw Steel 34
4.11 Digital Marketing at Jsw Steel 37
4.12 Urban and Rural Marketing 37
4.13 Jsw Steel Financial 38
5 Data Analysis and Interpretations
5.1 Jsw Steel Sales 42
5.2 Current ratio 45
5.3 Inventory turnover ratio 46
5.4 Net operating profit per share 47
5.5 Return on capital employed 48
5.6 Earnings per share 49
5.7 Dividend payout ratio 50
6 Findings and Suggestions
6.1 Interpretations and suggestions 51
7 Conclusions
7.1 Conclusions 54
Bibliography 55
Annexure

Table
number
What the table is about Page No.
1 Top 10 steel manufacturers in the
world
12
2 Indian Steel Industry Production 13
3 Indian Steel Industry Imports 14
4 Indian Steel industry Exports 14
5 Jsw Steel P&L Account 40
6 Jsw Steel Balance Sheet 41
7 Jsw Steel Sales 42
8 Current Ratio 44
9 Inventory Turnover Ratio 46
10 Net Operating profit per Share 47
11 Return on Capital Employed 48
12 Earnings per Share 49
13 Dividend Payout Ratio 50
14 Comparisons Between Steel
Companies
51
List of Graphs Page No.
1 Jsw Steel Sales 42
2 Current Ratio 44
3 Inventory Turnover Ratio 46
4 Net Operating profit per Share 47
5 Return on Capital Employed 48
6 Earnings per Share 49
7 Dividend Payout Ratio 50
list of Images Page No.
1 Vizag Steel 15
2 Tata Steel 16
3 Brief History of Jsw Steel 23
4 Community and social
development
33
5 Education and learning 33
6 Jsw Steel Advertisement 36
7 Jsw Steel Digital Marketing 37
8 Jsw Shoppe 39

1
CHAPTER- 1 INTRODUCTION
Steel Is Crucial to The Development of Any Modern Economy and It Is Considered the Backbone
of Human Civilization. At Present, Developing Countries Lead the Growth in World Steel Demand.
Steel Occupies This Position Because Of Its Versatility, Strength and Recyclability. Steel is an
alloy of iron, carbon and other elements. Because of its high tensile strength and low cost, it is a
major component used in buildings, infrastructure, tools, ships, automobiles, machines, appliances,
and weapons.
India’s economic growth is contingent upon the growth of the Indian steel industry. Consumption
of steel is taken to be an indicator of economic development. While steel continues to have a
stronghold in traditional sectors such as construction, housing and ground transportation, special
steels are increasingly used in engineering industries such as power generation, petrochemicals and
fertilizers. India occupies a central position on the global steel map, with the establishment of new
state-of-the-art steel mills, acquisition of global scale capacities by players, continuous
modernization and upgradation of older plants, improving energy efficiency and backward
integration into global raw material sources. India is considered to be a pioneer of iron and steel
making and application which started as early as three thousand years back. After independence
government of India took the control and reserved the capacity creation only for public sector.
India’s crude steel production was up 4.4 per cent and stood at 93.11 million tonnes (mt) for the
period April 2017 to February 2018, compared with April 2016 to February 2017, which has helped
India to overtake japan and becomes the second largest producer of crude steel in the world.
JSW Steel is the flagship company of the JSW Group, a $13 billion-worth leading Indian
conglomerate. It is the most efficient steel producer in India and has the ability to expand capacities
at lower costs. The Company has one of the lowest conversion costs in the steel industry and is
constantly striving to further improve this metric. JSW Steel is also among the fastest-growing
companies in India and has a strong track record on project execution.

2
1.2 Problems and concerns of steel industry
1. Capital:
Iron and steel industry require large capital investment which a developing country like India
cannot afford. Many of the public sector integrated steel plants have been established with the help
of foreign aid.
2. Lack of Technology:
Throughout the 1960s and up to the oil crisis in mid-1970s, Indian steel industry was characterized
by a high degree of technological efficiency. This technology was mainly from abroad. But during
the following two decades after the oil crisis, steep hike in energy costs and escalation of costs of
other inputs, reduced the margin of profit of the steel plants.
In Japan and Korea, less than 1.1 tonnes (and in several developed countries 1.05 tonnes) of crude
steel is required to produce a tonnes of saleable steel. In India, the average is still high at 1.2 tonnes.
Improvement in the yield at each stage of production, particularly for value added products will be
more important in the coming years.
3. Low Productivity:
The per capita labour productivity in India is at 90-100 tonnes which is one of the lowest in the
world. The labour productivity in Japan, Korea and some other major steel producing countries is
about 600-700 tonnes per man per year.
At Gallatin Steel a mini mill in the U.S. there arde less than 300 employees to produce 1.2 million
tonnes of hot rolled coils. A comparable facility in India employs 5,000 workers. Therefore, there
is an urgent need to increase the productivity which requires retraining and redevelopment of the
labour force.
4. Inefficiency of public sector units:
Most of the public sector units are plagued by inefficiency caused by heavy investment on social
overheads, poor labour relations, inefficient management, underutilization of capacity, etc. This
hinders proper functioning of the steel plants and results in heavy losses.

3
5. Low potential utilization:
The potential utilization in iron and steel is very low. Rarely the potential utilizations exceed 80
per cent. For example, Durgapur steel plant utilizes only 50 per cent of its potential. This is caused
by several factors, like strikes, lockouts, scarcity of raw materials, energy crisis, inefficient
administration, etc.
6. Heavy demand:
Even at low per capita consumption rate, demand for iron and steel is
increasing with each passing day and large quantities of iron and steel are to be imported for
meeting the demands. Production has to be increased to save precious foreign exchange.
7. Shortage of metallurgical coal:
Although India has huge deposits of high-grade iron ore, her coal reserves, especially high-grade
cooking coal for smelting iron are limited. Many steel plants are forced to import metallurgical
coal. For example, steel plant at Visakhapatnam has to import coal from Australia. Serious thought
is now being given to replace imported coal by natural gas from Krishna-Godavari basin.
8. Inferior quality of products:
Lack of modern technological and capital inputs and weak infrastructural facilities leads to a
process of steel making which is more time consuming, expensive and yields inferior variety of
goods. Such a situation forces us to import better quality steel from abroad. Thus, there is urgent
need to improve the situation and take the country out of desperate position.

4
1.3 RESEARCH OBJECTIVES
To analyze the Challenges and Growth of JSW Steel in Relations to the growth of the sector
To study Marketing Strategy of JSW Steel with special reference to Digital marketing and Rural
marketing.
To Study and analyze the financial performance of JSW Steel.
1.4 Tools and Techniques of Analysis
Data are presented in a tabular form along with column and line chart to facilitate the study. Column
chart is used in the study to show the data changes over a period of time and for illustrating
comparison. Line charts are used to show the trends of the data. Compare Industry financial
Analysis with Jsw steel to compare and check the strength and weakness of the company to
Exponential Growth in the Industry.
1.5 Scope of the study
The largest steelmaker in the country, JSW Steel, is aggressively ramping up capacity to retain top
slot, while the number three player, Tata Steel, too, has its agenda set to spring back to its earlier
leadership position. Jsw Steel taken advantage of opportunities at the right time and yet kept the
debt profile balanced. JSW target of taking the capacity to 40 million tonnes by 2030, which would
be through a mix of organic and inorganic routes. Analyze the Jsw Steel strategies to Grow by
Marketing, hr, Financial and Operations to become top steel making company in the world.
Compare Different Company with The Jsw Steel to Become a Topmost in the industry. The scope
of study is for the period of 10 years from 2009 to 2018.
1.6 DATA AND SOURCE OF DATA
The study is empirical in nature and based on secondary data. The relevant data are collected from
different books, journals and articles, World Steel Association (2018), Joint Plant Committee
(2018), annual reports of Indian steel industry and Government of India (2018). The referred period
of study is ten years from 2009-2018.

5
CHAPTER- 2 REVIEW OF LITERATURE
Article 1-Archit Agarwal (2016), has illuminated an article “Comparative study of the Indian
metals and mining sector” is currently facing a multitude of challenges like weak macro
environment, leveraged balance sheets and heightened regulatory risks. The sector has suffered
valuation de-rating since FY12 due to various factors like environmental and regulatory concerns,
cost increases, delayed projects and high interest rates. Financial analysis of Tata steel and Jindal
Steel analyzing the above ratio it is clear that the position of Tata steels is better in comparison to
Jindal steels. In above 8 ratio which we see through graph and table it is shown that in 6 ratio Tata
steel company is performing better while the position of Jindal steels is good but in comparison to
Tata steels position was not good.
Article 2-Paghadar Amala Anilbhai (2013), has illuminated an article “A Comparative Analysis
of Financial Performance of Sail and JSW” in Indian Journal of Applied Research in 2013-14.
He would like to make an analysis of financial performance of two selected units of steel Industry
i.e. SAIL and JSW. His study covers the five-year period of both units. In the paper, it has been
tried to analyze the profitability, liquidity and management efficiency of both units with various
financial tools and techniques. The paper has been also derived findings from the analysis. Under
the study he examines profitability position of SAIL is good as compare to JSW. Liquidity or
solvency position of SAIL is quite better in comparison to JSW. This shows sound liquidity position
of SAIL. Statistically there is each significant difference between them as revealed by T-Test.
efficiency of asset utilization of SAIL is better than JSW. T-Test revealed that there is significant
difference between them.
Article 3-Islam Uddin Khan (2011), has illuminated an article “Liquidity management
efficiency of Indian Steel Companies (a Case Study)” Liquidity management is of crucial
importance in financial management decision. The optimal of liquidity management is could be
achieve by company that manage the trade-off between profitability and liquidity management.
The paper analyses the association between the liquidity management and profitability of 230
Indian private sector steel companies obtained from CMIE database. Liquidity management
indicators and profitability indicator over the period from 2002 to 2010 are modeled as a linear

6
regression system in multiple correlation and regression analysis. Evidence of petite association
between those variables is found.
Article 4-Prof. Ketan Poppet (2012), has illuminated an article “A Comparative Study of
Profitability Analysis of Selected Steel Industries” The profitability ratios are calculated to
measure the operating efficiency of the business enterprise. Besides management of the company,
creditors and owners are interested in the profitability of the firm. Investor wants to get reasonable
return on their investments. This is only possible when the company is having satisfactory profit.
For this purpose, researcher would like to evaluate the profitability analysis with reference to
various ratios like, PBDT to Gross Sales, PAT to Gross Sales, PAT to Net Sales, PAT to
Shareholders fund and PAT to Total Assets to examined the financial result of selected steel
industries in India. This research gives us result of profitability with reference to study period from
2006-07 to 2010-11. JINDAL steel shows next to Tata Steel while major fluctuation in profitability
shown in JSW and SAIL but Uttam shows decrease trend in profitability.

7
CHAPTER- 3 INDUSTRY PROFILE
3.1 Steel
Steel is an alloy of iron and carbon containing less than 2% carbon and 1% manganese and small
amounts of silicon, phosphorus, Sulphur and oxygen. Steel is the world's most important
engineering and construction material. It is used in every aspect of our lives; in cars and
construction products, refrigerators and washing machines, cargo ships and surgical scalpels. Steel
is not a single product. There are more than 3,500 different grades of steel with many different
physical, chemical, and environmental properties. Approximately 75% of modern steels have been
developed in the past 20 years. If the Eiffel Tower were to be rebuilt today, the engineers would
only need one-third of the steel that was originally used. Modern cars are built with new steels that
are stronger but up to 35% lighter than in the past.
3.2 The history of steel
The history of steel can be traced back to the emergence of iron, the main component of steel.
While there are findings that suggest that iron was used 4000 BC, their use was likely more limited.
In the beginnings of metalwork, bronze was significantly more popular than iron. Archeological
discoveries prove that bronze was widely used for weaponry and armor but it also had commercial
uses. However, more and more iron findings were discovered later around 2700 BC, giving the
period the name Iron Age. Steel itself is an alloy made of at least two elements, iron and carbon,
and it emerged around 2000 years into the Iron Age.
3.3 Historical Steelmaking Processes
In antiquity, steel was produced in bloomeries and crucibles, two types of ancient furnaces made
for smelting ironwoods steel is one of the oldest manufactured steels known and has its roots in
South India. It is a high carbon steel that is known for its toughness and sharpness. In fact,
Damascus steel, which is one of the most used steel types for blades to this day, is made with wootz
steel.
Around 400 BC, the Chinese already had quench-hardened steel, which steelmaking process
demands rapid cooling of the material that results in a hard surface layer. Two hundred years later

8
(200 BC), the Chinese melted wrought iron along with cast iron to obtain a carbon-intermediate
steel.
3.4 Modern Steel making
Since the 19th century, steelmaking has made significant changes, making steel even more
economical and attainable for multi-purposes. Furthermore, these evolutions enabled more
varieties of steel types and alloy steels.
The ever-growing expansion of the railroads in the 19th century demanded exponential amounts of
iron and steel. The invention of the Bessemer Process by Henry Bessemer proved to be extremely
useful to mass-produce steel at low costs. The raw material for the Bessemer Process is pig iron,
which has a very high carbon content of up to 4.5% as well as other elements such as manganese.
In the process, impurities are blown through the molten iron by oxidation. They escape from the
material as gas or form a solid after-product. While these ‘impure’ elements can serve as
strengthening alloys, an abundance of them can cause brittleness, rust and other negative effects.
The result of the Bessemer process is mild steel, a type of steel that has a low carbon content
(approximately 0.05–0.25%), making it malleable and ductile. However, mild steel has a lower
tensile strength than higher carbon steel.
3.5 The great Indian Steel Journey
The iron and steel industry in India are one of the most essential industries in India which propels
its industrial development. It has helped in generation of several subsidiaries and small-scale
industries and also supports the power, transport, fuel and communication industries in the country.
Iron and steel are basis for laying the vibrant Indian industry. Production of steel has come to exist
as an index of a country's potential, industrial and economic growth.
The making of iron and steel had been known to the people of India since long. The iron pillar of
Delhi is a proof of it and speaks of the quality of steel produced in this country in ancient times.

9
The first attempt to start an iron and steel mill at Portonova in Tamil Nadu was made in 1830 by
Joshia Heath with the help of East India Company. This attempt failed. Later, in 1870 a plant was
set up at Kulti (near Kolkata). This plant was taken over by the Bengal Iron and Steel Company in
1889. Then first modern steel plant was set up in 1907.
The credit of steel manufacturing on large scale goes to Jamshedji Tata, who set up Tata Iron and
Steel Company (TISCO) at Sakchi (Jamshedpur- Jharkhand). This plant produced iron in 1911 and
steel in 1913. In 1919, Indian Iron and Steel Company established a steel plant, at Burnpur (Hira
Pur-Kolkata).
In 1923, Visvesvaraya Iron and Steel Works Limited (Mysore) started functioning at Bhadravati
(Karnataka). The protection granted by the government to the industry and the outbreak of World
War II gave an impetus to the industry.
Till 1950, there were only three iron and steel manufacturing plants in India namely TISCO, IISCO
and VISUAL and produced only 10 lakh tonnes of steel and 15 lakh tonnes of pig iron.
Iron and steel industry made rapid strides after independence. Special emphasis was laid on the
development of the industry during the Second Five Year Plan. Three new integrated steel plants
under Hindustan Steel Limited were set up at Rourkela (Orissa), Bhili (Madhya Pradesh) and
Durgapur (West Bengal).
The capacity of each plant was 10 lakh tonnes. These three plants came into operation between
1956 and 1962. The expansion of programmed of TISCO and IISCO was also taken in hand to
increase the capacity to 20 lakh tonnes and 10 lakh tonnes respectively. The expansion was
completed in 1959. In the Third Five Year Plan emphasis was given on the expansion of three
plants under H.S.L. and a new plant at Bokaro (Jharkhand) was set up.
Fourth Five-year Plan further emphasized on having maximum production from existing plants and
starting new plants at Salem (Tamil Nadu), Vijayanagar (Karnataka) and Visakhapatnam (Andhra
Pradesh) in order to meet the increasing demand of steel in the country.
In 1978, the installed ingot steel capacity increased to 106 lakh tonnes. The Salem Steel Plant
started commercial production in 1982.

10
The management of IISCO was taken over by the Government of India in 1972 and ownership was
acquired in 1976. In order to manage the affairs of execution of steel plants relating to iron and
steel development, the Government of India set up an organization named Steel Authority of India
Limited (SAIL) in January 1973.
3.6 GLOBAL SCENARIO
In 2018,the world crude steel production reached 1789 million tonnes (mt) and showed a growth
of 4.94% over 2017.China remained world’s largest crude steel producer in 2018(928mt) followed
by India(106mt), Japan(104mt) and the USA (87mt).World Steel Association has projected Indian
steel demand to grow by 7.3% in 2019 while globally, steel demand has been projected to grow
by 1.4% in 2019. Chinese steel use is projected to show nil growth in 2019.As Per capita finished
steel consumption in 2017 is placed at 212kg for world and 523kg for China by World Steel
Association. The same for India was 69 kg in 2017.Per capita steel consumption is yet to be publish
be WSA.
3.7 DOMESTIC SCENARIO
India’s steel production grew 4.5% to its highest ever level of 102 million tonnes in FY18. The
Government of India has been proactive in addressing the issues faced by domestic steelmakers. It
has taken major steps to stop unfair trade and to safeguard the interests of domestic players. This
has been accompanied by recovery in construction activity and shut down of excess capacities in
China. China has phased out capacities to the tune of 115 million tonnes in the past two years; and
is gearing up for another production cut of 30 million tonnes in 2018. Leading steel makers in India
are well poised to benefit from this development. Rapid rise in production has resulted in India
becoming the 2 nd largest producer of crude steel during the current year (2018) so far, from its
3rd largest status in 2017. The country is also the largest producer of sponge iron or DRY in the
world and the 3rd largest finished steel consumer in the world after China & USA.
In a deregulated, liberalized economic/market scenario like India the Government’s role is that of
a facilitator which lays down the policy guidelines and establishes the institutional

11
mechanism/structure for creating conducive environment for improving efficiency and
performance of the steel sector. In this role, the Government has released the National Steel Policy
2017, which has laid down the broad roadmap for encouraging long term growth for the Indian
steel industry, both on demand and supply sides, by 2030-31.
The said Policy is an updated version of National Steel Policy 2005 which was released earlier and
provided a long-term growth perspective for the domestic iron and steel industry by 2019-20.
The Government has also announced a policy for providing preference to domestically
manufactured Iron & Steel products in Government procurement. This policy seeks to accomplish
PM’s vision of ‘Make in India’ with objective of nation building and encourage domestic
manufacturing and is applicable on all government tenders where price bid is yet to be opened.
Further, the Policy provides a minimum value addition of 15% in notified steel products which are
covered under preferential procurement. In order to provide flexibility, Ministry of Steel may
review specified steel products and the minimum value addition criterion.

12
Crude steel production (million metric tons):
RANK
COUNTRY/REGIO
N 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008
Worl
d
1808.6 1675 1606 1620 1670 1649 1553 1490 1414 1220 1327 1351
1 People's
Republic of
China
928.
3
831.
7
786.
9
803.
8
822.
7
779
724.
7
683.
3
626.
7
573.
6
500.
3
— European Union
[15]
168.
2
168.
7
162.
3
166.
2
169.
3
166.
4
168.
6
177.
7
172.
8
139.
3
198.
2
2
India
106.
5
101.
4
95.5 89.6 87.3 81.2 77.3 72.2 68.3 62.8 57.8
3
Japan
104.
3
104.
7
104.
8
105.
2
110.
7
110.
6
107.
2
107.
6
109.
6
87.5
118.
7
4
United States
86.7 81.6 78.5 78.9 88.2 87 88.6 86.2 80.6 58.2 91.4
5
South Korea
72.5 71.1 68.6 69.7 71.5 66 69.3 68.5 58.5 48.6 53.6
6
Russia
71.7 71.3 70.5 71.1 71.5 69.4 70.6 68.7 66.9 60 68.5
7
Germany
42.4 43.6 42.1 42.7 42.9 42.6 42.7 44.3 43.8 32.7 45.8
8
Turkey
37.3 37.5 33.2 31.5 34 34.7 35.9 34.1 29 25.3 26.8
9
Brazil
34.7 34.4 30.2 33.3 33.9 34.2 34.7 35.2 32.8 26.5 33.7
10
Iran
25 21.8 17.9 16.1 16.3 15.4 14.5 13 12 10.9 10
Table 1 Top 10 steel manufacturers in the world
3.8 PRODUCTION
Steel industry was de-licensed and de-controlled in 1991 & 1992 respectively.
India is currently the 2nd largest producer of crude steel in the world.
In 2017-18, production of total finished steel (alloy + non alloy) was 126.85 mt, a growth of 5.6%
over last year. Production of Pig Iron in 2017-18 was 5.73 mt, a decline of 45% over last year.

13
India was the largest producer of sponge iron in the world. The coal-based route accounted for 79%
of total sponge iron production (30.51 mt) in the country in 2017-18.
Indian steel industry: Production (in million tonnes)
Indian steel industry: Production (in million tonnes)
Category Pig Iron Sponge Iron Total Finished Steel
2013-14 8.35 22.87 99.38
2014-15 10.23 24.24 104.58
2015-16 10.24 22.43 106.6
2016-17 10.34 28.76 120.14
2017-18 5.53 30.51 126.85
April-Jan. 2018-19* 5.024 27.574 109.169
Table 2 Indian steel industry production
3.9 Demand - Availability
Industry dynamics including demand – availability of iron and steel in the country are largely
determined by market forces and gaps in demand-availability are met mostly through imports.
Interface with consumers exists by way of meeting of the Steel Consumers’ Council, which is
conducted on regular basis. Interface helps in redressing availability problems, complaints related
to quality. Steel Prices regulation of iron & steel was abolished on 16.1.1992. Since then steel prices
are determined by the interplay of market forces.
Domestic steel prices are influenced by trends in raw material prices, demand – supply conditions
in the market, international price trends among others. As a facilitator, the Government monitors
the steel market conditions and adopts fiscal and other policy measures based on its assessment.
Currently, GST of 18% is applicable on steel and there is no export duty on steel items. The
government has also imposed export duty of 30% on all forms of iron ore except low grade (below
Fe 58%) iron ore lump & fines and iron ore pellets both of which have nil export duty.
In view of rising imports, the Government had earlier raised import duty on most steel items twice,
each time by 2.5% and imposed a gamut of measures including anti-dumping and safeguard duties
on a host of applicable iron and steel items. In a further move to curb steel imports, the Indian
government banned the production and sale of steel products that does not meet Bureau of Indian

14
Standard (BIS) approval and to check the sale of defective and sub-standard stainless steel products
used for making utensils and various kitchen appliances, it issued the Stainless Steel (Quality
Control) Order, 2016 for products used in making utensils and kitchen appliances, that will help
filter imports of the metal. Again, in February 2016, the Indian Government had imposed the
Minimum Import Price (MIP) condition on 173 steel products.
3.10 Imports
Iron & steel are freely importable as per the extant policy.
Data on import of total finished steel (alloy/stainless + non alloy) is given below for last five years
and April-November 2018-19 (prov.):
Indian Steel Industry: Import Of total Finished Steel (In Million Tonnes)
Category Qty
2013-14 5.45
2014-15 9.32
2015-16 11.71
2016-17 7.23
2017-18 7.48
April-Jan. 2018-19 * 6.547
Table 3 Indian steel industry import
3.11 Exports
Iron & steel are freely exportable. India emerged as a net exporter of total finished steel in 2016-
17 and 2017-18.
Data on export of total finished steel (alloy/stainless + non alloy) is given below for last five years
and April-November 2018-19 (prov.):
Indian Steel Industry: Export Of total Finished Steel (In Million Tonnes)
Category Qty
2013-14 5.99
2014-15 5.59
2015-16 4.08
2016-17 8.24
2017-18 9.62
April-Jan. 2018-19 * 5.15
Table 4 Indian steel industry exports

15
3.12 Top 10 Steel Makers in India
1. Rashtriya Ispat Nigam Limited (RINL) vizg steel
Figure 1 Vizag steel
One of the most profitable ventures of the Indian government, the Rashtriya Ispat Nigam Limited
has been producing excellent steel ever since its inception in the year 1982. Rashtriya Ispat Nigam
Limited is also known as Vizag Steel since its headquarters are located at Visakhapatnam.
As a high-profile government company Rashtriya Ispat Nigam Limited earns an estimated two
billion dollars a year. This a testament to the fact that Rashtriya Ispat Nigam Limited has a steady
patronage from customers not only within the country, but internationally as well.
Revenue: $2 Billion
Ownership: Government of India

16
2. Tata Steel
Figure 2 Tata steel
Tata Steel is another top 10 steel companies in India and also one of the oldest top 100 steel
companies in India. The list of private steel plants in India is incomplete without the mention of
Tata Steel as it is also a global name for the steel industry in India. Tata Steel is one of the leading
steel manufacturers in India that was founded in 1907 by Dorabji Tata and is headquartered in
Mumbai. Tata Steel, one of the largest steel companies in India has an annual revenue of around
$20 billion with a massive steel production in India capacity of more than 30 million metric tons
in a year
Revenue: $20 Billion
Ownership: TATA Group
3. JSW Steel
JSW Steel is one of the top 10 steel companies in India and is a subsidiary of the JSW
Group. JSW Steel is also one of the top 100 steel companies in India. JSW Steel was
founded in 1982 and is headquartered at Mumbai. This best steel brand in India has six lists
of private steel plants in India and has steel production in India with a capacity of around
15 million metric tons annually. The list of stainless-steel manufacturers in India is never
completed with having JSW Steel on it. This leading steel companies in India has an annual
turnover of over $11 billion with a prominent visibility in the steel industry in India.
Revenue: $11 Billion
Ownership: JWS Group

17
4. SAIL
Steel Authority of India Limited (SAIL) is another top 10 steel companies in India and features
high on the list of stainless-steel manufacturers in India. SAIL is among the top 100 steel companies
in India and was formed in 1954 in New Delhi, India. SAIL is one of the top steel manufacturers
in India of the steel industry in India has an annual production capacity of around 5 million metric
tons and has an annual turnover of approximately $7.5 billion to rank as the best steel brands in
India with more than 5 integrated steel plants across India.
Revenue: $7.7
Billion Ownership: Government of India
5. VISA Steel
VISA Steel is another top 100 steel companies in India from the steel industry in India. This top
steel supplier in India was established in 2003 and is headquartered out of Kolkata. Currently, VISA
Steel is in the leading list of top 10 steel companies in India has 3 steel manufacturing plants with
a steel production in India capacity of over a million metric tons. This leading list of private steel
plants in India company has an annual turnover of more than $3 billion and is ranked as one of the
best steel manufacturers in India and is owned by the VISA group of companies.
Revenue: $3 Billion
Ownership: Vishambhar Saran

18
6. Essar Steel
Essar Steel is one of the top 10 steel companies in India with massive steel production in India
plants. This leading steel suppliers in India ranks prominently on the list of private steel plants in
India with an annual turnover of around $2.5 billion with a steel production in India capacity of
more than 10 million metric tons annually. This top 100 steel companies in India; Essar Group was
founded in 1998 and is located at Mumbai. This best steel companies in India has 6 steel production
in India plants and various operational units across the globe.
Revenue: $2.5 Billion Ownership: Essar Group
7. Bhushan Steel
Bhushan Steel is one of the renowned top 10 steel companies in India and one of the best steel
manufacturers in India. This leading steel suppliers in India features predominantly on the list of
stainless-steel manufacturers in India with its headquarters at New Delhi and established in 2003.
This leading steel brands in India of the steel industry in India has an annual steel production in
India with a capacity of more than 5 million metric tons and a yearly turnover of under $2 billion
approximately. Bhushan Steel in India has three manufacturing plants for steel production in India.
Revenue: $1.7
Billion Ownership: Brij Bhushan Singal

19
8. Jindal Steel & Power
Jindal Steel & Power is one of the leading top 100 steel companies in India with an annual
production capacity of more than three million metric tons and a yearly turnover of around $3
billion. Jindal Steel and Power is on the list of top 10 steel companies in India and is regularly
mentioned in the list of private steel plants in India. Jindal Steel has various steel production in
India plants across the country. This is one of the top steel suppliers in India was founded by O P
Jindal in 1952 and has its headquarters located at New Delhi. Currently, Jindal Steel in India is
headed by Naveen Jindal.
Revenue: $3 Billion
Ownership: OP Jindal/ Jindal Group
9. Facor Steel
Facor Steel is one of the top 10 steel companies in India and a renowned steel brand in India. This
is one of the top leading steel companies in India was founded in 1956 by Durgaprasadji Saraf and
is headquartered in Nagpur, India. This top steel brands in India has an annual turnover of more
than $1.5 billion and a steel production in India capacity of around 2 million metric tons. This
leading steel suppliers in India and top 100 steel companies in India is also an established steel
company in India exporting to many countries around the world. Facor steel is one of the fastest
growing steel producing companies in Asia.
Revenue: $1.5 Billion
Ownership: FACOR Group

20
10. MESCO Steel
MESCO Steel is also one of the top 10 steel companies in India with a global presence from the
steel industry in India. This is list as one of the tops few leading steel suppliers in India was founded
in 1992 with collaborated on technology from Sino Steel, the Chinese steel conglomerate. MESCO
Steel is in the list of top 100 steel companies in India that produces over 1000 tons of hot metal
every day and operates from two steel production in India plants. This major steel manufacturers
in India is renowned as having the lowest debt-equity ratio among several steel companies in India.
MESCO steel is growing to become one of the leading steel producers in India and the Asia-Pacific
region.
Revenue: $2 Billion
Ownership: Masco Group

21
CHAPTER-4 COMPANY PROFILE
4.1 JSW STEEL
JSW Steel, the flagship company of the JSW Group is one of India’s leading steel players with
integrated steel manufacturing facilities. With an annual capacity of 18 MTPA, the Company has
seven state-of-the-art manufacturing units spanning western and southern India and a strategic
overseas presence, making it among the foremost integrated steel players in the world. The
Company manufactures and markets a highly diversified portfolio of steel products. An expansion
pan-India reach (over 8,600 exclusive and non-exclusive retail outlets) and an export presence in
over 100 countries, gives the Company the capability to customize offerings to varied market
requirements. The Company is widely perceived as a preferred supplier of high end and value-
added steel. In the preceding two-and-a-half decades, the Company has grown significantly with a
deep and abiding commitment to nation-building. From a 1.6 MTPA capacity in 2002, it currently
holds crude steel production capacity of 18 MTPA; and is on track to touch 40 MTPA in the next
decade. The Company has an extensive portfolio of flat and Long products and is one of India’s
leading producers and exporters of coated flat steel products.
Manufacturing facilities JSW Steel's manufacturing units are located in Bellary District near
Bangalore, near Mumbai and TamilNadu.Its manufacturing facilities, Vijayanagar Works in
Bellary district is the first greenfield project in the world to have Corex technology to produce hot
metal. JSW Steel Vasind &Tarapur Works, located near Mumbai, is India’s biggest producer and
largest exporter of galvanized steel. The total capacity of this plant is 0.9 MTPA of galvanized,
Gallium and color coated cold rolled products. The company Tamil Nadu plant, Salem Works
manufactures pig iron, steel, billet and rolled steel products with 1 MTPA of production capacity.
JSW Steel is India’s third largest steelmaker that has received various certifications such as ISO:
9001 for Quality Management System, ISO: 14001 for Environment Management System and
OHSAS: 18001 for Occupational Health and Safety Management System.

22
4.2 Product Portfolio
• Hot rolled coils (HRC)
• HR Sheets and plates
• Cold rolled coils and sheets
• Galvanized and galvalume products
• Pre-painted galvanized and galvalume products
• Thermo mechanically treated (TMT) bars
• Wire rods and special steel bars
• Rounds and blooms
• Plates and pipes of various sizes
• Cold rolled non-grain-oriented products
4.3 Awards
JSW Steel received CII-ITC Sustainability Award for Significant Achievement in Economic,
Environment and Social Performance.
It was honored with CII-Exim Bank Award for significant Achievement towards Business
Excellence
The company received Gold Award in Metal and Mining Sector: for Outstanding Achievement in
Safety Management by Greentech Foundation.

23
Figure 3 Brief History JSW Steel

24
4.4 SWOT ANALYSIS
Strength
1. India’s third largest steelmaker with a combined capacity of 14+ MTPA hence enjoys economies
of scale
2. High growth prospects with a consistently increasing revenue and strong financial position
3. One of the lowest cost steel producers in the world
4. First steel producer in the world to use Corex Technology for producing hot metals
5. Operates in both upstream as well as downstream sectors
Weaknesses
1. Limited portfolio diversification compared to industry leaders
2. Low number of mines under its hood affects availability of raw materials
3. Capacity utilization is not cent percent
Opportunities
1. Increase in demand from all sectors in Indian & Global world
2. Mergers & Acquisition to keep steady supply of raw materials
3. Product development by investing more in R&D
Threats
1. Cyclical nature of steel industry needs to have efficient process of production
2. Competition from existing and foreign players
3. Government and environment regulations
4. Changes in the prices of raw materials & end products

25
4.5 3CET
Company
JSW Steel Ltd. The flagship company of over $13 billion JSW Group, JSW Steel is one of India's
leading integrated steel manufacturers with a capacity of 18 MTPA. It is one of the fastest growing
companies in India with a footprint in over 140 countries. JSW Steel is an Indian steel company
owned by the JSW Group based in Mumbai, Maharashtra, India. JSW Steel, after merger of ISPAT
steel, has become India's second largest private sector steel company.
Competitions
Below are the 3 main JSW Steel competitors:
1. Tata Steel
2. Sail
3. ArcelorMittal
Customer
JSW Steel's focus is to add value to its customers and remain a supplier of choice in all markets,
while improving the wellbeing of customers and the society. The Company is committed to
operating processes and conducting marketing promotions in a transparent and responsible manner
by sharing product information.
JSW Steel strives to ensure an efficient customer feedback mechanism and conducts regular
customer satisfaction surveys to understand their expectations and concerns. JSW Steel conducts
customer satisfaction surveys through a third party. The survey captures customer expectations on
the following attributes:
Product Quality
Order servicing

26
Customer Relationship
Company Personnel
Customer Loyalty
Environmental Factors that Impact JSW Steel
Renewable technology is also another interesting area for JSW Steel. It can leverage the trends in
this sector. India is providing subsidies to invest in the renewable sector.
Extreme weather is also adding to the cost of operations of the JSW Steel as it has to invest in
making its supply chain more flexible.
Environmental norms are also altering the priorities of product innovation. In many cases products
are designed based on environmental standards and expectations rather than catering to traditional
value propositions.
Customer activism – Greater awareness among customers have also put environmental factors at
the center of JSW Steel strategy. Customers expects JSW Steel to adhere to not only legal standards
but also to exceed them to become responsible stakeholder in the community.
Regular scrutiny by environmental agencies is also adding to the cost of operations of the JSW
Steel.
Waste management especially for units close to the urban cities has taken increasing importance
for players such as JSW Steel. India government has come up with strict norms for waste
management in the urban areas.
Technological Factors that Impact JSW Steel
5G and its potential – JSW Steel has to keep a close eye on the development and enhancement of
user experience with increasing speed and access. This can completely transform the customer user
experience in the Iron & Steel industry.

27
Lowering cost of production – The latest technology is fast lowering production and servicing cost
in the Basic Materials sector. JSW Steel has to restructure its supply chain to bring in more
flexibility to meet both customer needs and cost structures.
Intellectual property rights and patents protection – If India have higher safeguards for IPR and
other intellectual property rights then more and more players are likely to invest into research and
development.
Research and development investment at both macro level and micro level in India. If there is an
environment of creative disruption and both government and private players are spending resources
on developing new solutions.
Empowerment of supply chain partners – Technology has shortened the product life cycle and it
has enabled suppliers to quickly develop new products. This has put pressure on JSW Steel
marketing department to keep the suppliers happy by promoting diverse range of products. It has
added to the cost of operations of the JSW Steel.
Technology transfer and licensing issues for JSW Steel – In the Basic Materials sector there is no
strong culture of technology transfer and companies often are reluctant to transfer or license
technologies for the fear of creating competitors out of collaborators.

28
4.6 PESTEL
Political Factors that Impact JSW Steel
Governance System – The present governance system in India has served its purpose for the long
time and I don’t think much will change in the process even though it may throw up leaders that
can lead divergent policy making from the historical norm. JSW Steel has to keep a close eye on
the industry wide government priorities to predict trends.
Other stakeholders such as non-government organizations, protest & pressure groups, activist
movements play critical role in policy making in India. JSW Steel should closely collaborate with
these organizations so that it can contribute better to the community goals as well as with corporate
goals.
Government of India has come under increasing global pressures to adhere to World Trade
Organization’s regulations on Iron & Steel industry.
Regulatory Practices – JSW Steel has to manage diverse regulations in the various markets it is
present in. Over the last few years India and other emerging economies have changed regulations
regarding not only market entry but also how companies in Iron & Steel can operate in the local
market.
Importance of local governments in India – Unlike in most other countries, local governments play
critical role in policy making and regulations in India. JSW Steel has to closely follow the states
and territories it has presence in rather than devising nation-wide policies in India.
Taxation policies – Over the last two decades JSW Steel has benefitted from lower taxation policies
throughout the western hemisphere. It has resulted in high profits and increasing spending in the
research and development. The increasing inequality in India can lead to changes in the taxation
policies. Secondly local governments are also looking into Iron & Steel specific taxation policies
to contain the carbon footprint of the Basic Materials sector.

29
Economic Factors that Impact JSW Steel
Exchange rate – The volatile exchange rate of India can impact JSW Steel investment plans not
only in the short term but also in the long run.
Availability of core infrastructure in India – Over the years India government has increased the
investment in developing core infrastructure to facilitate and improve business environment. JSW
Steel can access the present infrastructure to drive growth in sectorname sector in India.
Inflation rate – The easy liquidity in the market post the great recession of 2018 will lead to
increasing inflation in the India economy.
Skill level of workforce in India market – The skill level of human resources in India is moderate
to high in the Basic Materials sector. JSW Steel can leverage it to not only improve services in
India but also can leverage the skilled workforce to create global opportunities.
Economic Performance of India – I believe the economic performance of India in the near future
5-10 years will remain stable given – government expenditure, stable demand because of disposable
income, and increasing investment into new industries.
Increasing liberalization of trade policy of India can help JSW Steel to invest further into the
regions which are so far off limits to the firm.
Social Factors that Impact JSW Steel
Demographics – For the Basic Materials products, JSW Steel has demographics on its side. India
is a young country and growing. JSW Steel can use this trend to cater to various segments of the
population.
Migration – The broader attitude towards migration is negative in India. This can impact JSW Steel
ability to bring international leaders and managers to manage operations in the country.
Media outlets play a critical role in influencing the public opinion India. Both traditional media and
social media are rapidly growing in India. JSW Steel can leverage this trend to better market and
position its products.
Gender roles – The gender roles are evolving in India. JSW Steel can test various concepts to cater
to and support these evolving gender roles in India society.

30
Attitude towards health and safety – With increasing liberalization the attitude towards health and
safety are getting lax. JSW Steel needs to stay away from these attitudes as the cost of failure is too
high in India.
Power structure – There is an increasing trend of income inequality in India. This has altered the
power structure that has been persistent in the society for over last 6-7 decades.
Technological Factors that Impact JSW Steel
5G and its potential – JSW Steel has to keep a close eye on the development and enhancement of
user experience with increasing speed and access. This can completely transform the customer user
experience in the Iron & Steel industry.
Lowering cost of production – The latest technology is fast lowering production and servicing cost
in the Basic Materials sector. JSW Steel has to restructure its supply chain to bring in more
flexibility to meet both customer needs and cost structures.
Intellectual property rights and patents protection – If India have higher safeguards for IPR and
other intellectual property rights then more and more players are likely to invest into research and
development.
Research and development investment at both macro level and micro level in India. If there is an
environment of creative disruption and both government and private players are spending resources
on developing new solutions.
Empowerment of supply chain partners – Technology has shortened the product life cycle and it
has enabled suppliers to quickly develop new products. This has put pressure on JSW Steel
marketing department to keep the suppliers happy by promoting diverse range of products. It has
added to the cost of operations of the JSW Steel.
Technology transfer and licensing issues for JSW Steel – In the Basic Materials sector there is no
strong culture of technology transfer and companies often are reluctant to transfer or license
technologies for the fear of creating competitors out of collaborators.

31
Environmental Factors that Impact JSW Steel
Renewable technology is also another interesting area for JSW Steel. It can leverage the trends in
this sector. India is providing subsidies to invest in the renewable sector.
Extreme weather is also adding to the cost of operations of the JSW Steel as it has to invest in
making its supply chain more flexible.
Environmental norms are also altering the priorities of product innovation. In many cases products
are designed based on environmental standards and expectations rather than catering to traditional
value propositions.
Customer activism – Greater awareness among customers have also put environmental factors at
the center of JSW Steel strategy. Customers expects JSW Steel to adhere to not only legal standards
but also to exceed them to become responsible stakeholder in the community.
Regular scrutiny by environmental agencies is also adding to the cost of operations of the JSW
Steel.
Waste management especially for units close to the urban cities has taken increasing importance
for players such as JSW Steel. India government has come up with strict norms for waste
management in the urban areas.
Legal Factors that Impact JSW Steel
Time take for business cases in court – some countries even though follow international norms but
the time for resolution often run in years. JSW Steel has to carefully consider average time of
specific cases before entering an international market.
Environment Laws and guides – The level of environmental laws in the India and what JSW Steel
needs to do to meet those laws and regulations.
Business Laws – The business laws procedure that India follows. Are these norms consistent with
international institutions such as World Trading Organization, European Union etc.
Data protection laws – Over the last decade data protection has emerged as critical part of not only
privacy issues but also intellectual property rights. JSW Steel has to consider whether India have a
robust mechanism to protect against data breaches or not.

32
Health and safety norms in the India and what JSW Steel needs to do to meet those norms and what
will be the cost of meeting those norms.
Legal protection of intellectual property, patents, copyrights, and other IPR rights in India. How
JSW Steel will be impacted if there are not enough protection.
HUMAN RESOURCE AT JSW
Employee retention of 95+%, as a result of continuous engagement with employees, well fare
measures and learning and development opportunities to create a motivated workforce.
Learning & Development initiatives such as Project Lakshya, Future Fit Leaders and IIM-A
Executive Education Programmed enable employees to be better prepared for the strategic pillar
'Build for Tomorrow'
• Online JSW Learning Academy to simplify and accelerate training around three strategic pillars:
career-based capabilities, competency-based capabilities and leadership
• Widening reach across leading campuses in India through Summer Internship Programmed and
Management Internship Programmed to attract and retain talent
• Human rights policy to ensure no discrimination and demonstrating diversity enriches the Human
Capital; same benefits, training and skill enhancement for all members of workforce - including
contract workers and differently-abled persons. Monitoring of compliance with regulations as well
as internal policies to ensure nil complaints on child labour, forced labour and sexual harassment
at workplace.
• Promoting diversity by recruiting, developing, retaining and advancing diverse talent, and
initiatives such as JSW Diversity and Inclusion - Springboard for women employees
• Institutional mechanism to listen to employees through interactions, tool-box talks, town halls
and joint safety committees. Also, Candid Conversation as a platform for employees to have
meaningful and free-flowing interaction with the leadership team
• Addressing corruption through: biometric attendance system and direct transfer of wages to the
bank account of contract employees

33
• Emphasis on safety at the workplace with Near-Miss Reporting going up three-fold from FY17,
increase in safety training, linking of safety performance with the variable pay of senior
management (including executive director) including executive director and safety audit by the top
management
4.8 CSR ACTIVITIES
Community and Social Development
JSW Steel’s commitment to nation-building is also reflected in
its CSR policy which is led by the philosophy of working closely
with communities living contiguous to the Company’s
operations and beyond. All the activities in the seven priority
areas are carried out by the JSW Foundation on behalf of JSW
Steel, and have benefitted over 650,000 persons. The financial year registered the best-ever
performance for the Company, and the expenditure for CSR was `61 crore.
Education and Learning
JSW STEEL Continued emphasis on upgrading infrastructure of
government-run “anganwadis” (day-care centers) and schools across
sites with Computer-aided learning, digital classrooms and remedial
classes for rural students Bellary and Palghar.
Health and Nutrition Real-time growth tracking of children aged
below six years Over 2,00,000 get the beneficiaries From Company. Jsw Steel CSR activity for
Water and Environment, Agriculture, Skill Enhancement, Rural Bpo and sports.
Figure 4 Community and Social
Development
Figure 5 Education and Learning

34
4.9 Marketing Mix of Jsw Steel
Product in the Marketing Mix of JSW Steel:
JSW Steel is a fully-integrated steel plant that produces diversified and qualitative products from
color-coated steel to pellets. It has one of the largest 3.3 MTPA capacity blast furnaces. JSW Steel
has targeted sectors like construction, automotive, oil and infrastructure as its target customers. Its
product portfolio includes-
Hot Rolled Coils
Wire Rods
Color Coated products- It has features like corrosion resistance and high strength
Cold Rolled Closed Annealed or simply CRCA sheets and coils are manufactured at modern
facilities with latest operational technologies
Galvanized Steel manufactured by JSW Steels are of impeccable quality
Galvalume- JSW Steel is the first license holder in India to produce Galvalume via the help of
technology from BIEC International Inc. This product is known for its excellent features like heat
reflectivity and corrosion resistance.
TMT Bars- It has an absorption capacity for higher energy and are specially designed for zones
that are prone to earthquakes
Special Alloy Steel- It has 1 MPTA installed capacity and its products are popular because of
customized production, on-time delivery and consistent quality.

35
Place in the Marketing Mix of JSW Steel:
JSW Steel serves a worldwide area as its products are exported to several countries in the world.
Its headquarters base is at Mumbai in Maharashtra. After a merger with ISPAT Steel, JSW Steel
was ranked at the second position as largest steel company in private sector. It has now footprint
in more than 140 global countries and continents like India, Middle-East region, Europe, Asia,
Africa, South America and the United States.
Its manufacturing units in India are in Vijayanagar in Karnataka, Salem in Tamil Nadu and Tarapur,
Kalmeshwar, Dolvi and Vasind in Maharashtra. JSW Steel has a strong and focused R&D division
that helps in producing the best quality product. JSW Steel has a robust and wide-spread
distribution channel that helps in dispatching of its products to its customers on time with a retail
network of 4,700 outlets spread over nearly 495 districts. It is served by a capable workforce that
includes nearly 40,000 individuals.
Price in the Marketing Mix of JSW Steel:
JSW Steel has entered into partnership with several global sector leading companies and its
technological edge along with reduced costing of raw materials and labour has helped in the
manufacturing of lowest-cost steel in the global market, thus providing it with a major competitive
advantage over rival companies. JSW Steel has been able to manage a significant amount of sales
growth and high volumes have resulted in garnering better revenues.
All this has been possible because of its reasonable and affordable pricing policy. Its low cost has
helped in reducing the product prices without any effect on actual revenue figures. The company
has put its strength behind penetrating further markets and hence has adopted a penetration policy
to strengthen its market position and bring in new customers.

36
Promotions in the Marketing Mix of JSW Steel:
Figure 6 Jsw Steel Advertisement
JSW Steel is a global company aware of its social responsibility towards nature and its employees.
It has taken steps for reduction of carbon footprint. It has launched a relationship program titled
Sahyog to celebrate and promote collaboration of company with partners like influencers, retailers
and shoppers. JSW Steel has a capable and experienced marketing team to promote its wide range
of products to different parts of the globe. It has adopted both direct and indirect strategy. Its ads
are promoted in print media via industrial directories, trade publications and business magazines.
It also has increased its efforts of direct marketing via data sheets, catalogs and direct mail.

37
4.10 Digital marketing
Figure 7 Jsw Steel Digital Marketing
DIGITAL MARKETING
JSW Steel use different social media like LinkedIn, Facebook, Instagram for constantly customer
engagement to generate more Exponential revenue. LinkedIn marketing can make direct sales through the
LinkedIn sales. People Get connected with the advertisement with the hashtag campaign on twitter, LinkedIn
and word-of-mouth spreading positively.
4.11 Urban and Rural marketing
JSW SHOPPE
It’s a shop like no other. One where you’ll find both top-notch steel products, as well as the know-
how to use them right for your business. Couple this with a host of services including finance, and
processing facilities that offer value addition on products, and you have everything you’ll ever need
when it comes to steel.

38
JSW Shoppe is a unique network of stores launched in 2007. Run on a franchisee model, managed
by Jsw channel partners, these outlets directly meet the needs of individual customers and small
and medium enterprises (SMEs) across the country. Not just in cities, but also in towns and
villages. Nearly half of our 400 outlets nationwide are located in semi-urban and rural areas, with
200 more in the pipeline. And the plan for tomorrow? To reach customers beyond our borders, too,
with new stores in the SAARC region, beginning with Sri Lanka and Nepal. Harvard Business
School took it up as a case study, it threw light on the challenges of transforming from a distribution
model to a more relationship-based franchise model. It allowed students to find solutions, to
problems that may arise when a distribution model is changed.
JSW Steel Financial
JSW Steel has a strong pool of financial capital to sustain its growth. Being in a capital-intensive
industry, the Company's objective is to maintain a strong credit rating, healthy capital ratios and
establish a capital structure that maximizes returns to stakeholders through an optimum mix of debt
and equity.
The Company’s capital requirement is mainly to fund capacity expansion, repayment of principal
and interest on its borrowings and strategic acquisitions. The principle source of funding for the
Company has been, and is expected to continue to be, cash generated from its operations
supplemented by funds from bank borrowings and the capital markets.
The Company regularly considers other financing and refinancing opportunities to diversify its debt
profile, reduce interest cost and elongate the maturity of its debt portfolio; and closely monitors the
judicious allocation of the same amongst competing capital expansion projects and strategic
acquisitions to capture market opportunities at minimum risk.
The Company monitors its capital using gearing ratio, which is net debt divided to total equity. Net
debt includes interest-bearing loans and borrowings-less cash and cash equivalents, bank balances
other than cash and cash equivalents and current investments. Funds generated are utilized for
operations of the business, government levies, dividend and funding growth and strategic
investments.
JSW Steel is constantly ranked among the top 3 lowest-cost steel producers in the world. It is known
to undertake sizeable capacity expansions at lower cost, with conversion costs that are among the

39
best in the industry. For the last 10 years, the Company has been rated among the top 10 companies
by World Steel Association. Guided by the philosophy of becoming 'Better every day', this is an
outcome of the relentless efforts to improve performance, including those to bring down conversion
costs.
Figure 8 Jsw Steel Shoppe

40
Figure 9 Jsw Steel P&l Account
Mar-
07
Mar-
08
Mar-
09
Mar-
10
Mar-
11
Mar-
12
Mar-
13
Mar-
14
Mar-
15
Mar-
16
Mar-
17
Mar-
18
Sales 8,555
12,42
8
15,93
5
18,95
7
24,10
6
34,36
8
38,21
0
51,22
0
52,97
2
41,54
6
55,604 70,225
Expenses 5,888 8,950
12,94
4
14,88
7
19,23
8
27,57
1
31,71
5
42,07
5
43,61
6
35,12
7
43,302 55,328
Operating
Profit
2,667 3,478 2,990 4,070 4,868 6,797 6,495 9,145 9,355 6,420 12,302 14,897
OPM % 31% 28% 19% 21% 20% 20% 17% 18% 18% 15% 22% 21%
Other Income 164 314 -520 543 190 -1,444 -290 -1,606 111 -1,964 24 -200
Interest 407 626 1,168 1,115 1,060 1,427 1,967 3,048 3,493 3,601 3,768 3,701
Depreciation 498 742 988 1,299 1,560 1,933 2,237 3,183 3,434 3,323 3,430 3,387
Profit before
tax
1,927 2,424 315 2,200 2,438 1,993 1,999 1,308 2,539 -2,468 5,128 7,609
Tax % 32% 32% 23% 29% 32% 25% 42% 70% 32% 80% 33% 20%
Net Profit 1,304 1,640 275 1,598 1,754 538 963 452 1,797 -335 3,523 6,214
EPS in Rs 5.52 6.29 0.96 6.18 5.9 1.68 3.14 1.24 5.64 0 11.7 20.58
Dividend
Payout %
22% 21% 9% 15% 20% 40% 30% 74% 19% -67% 19% 16%

41
Mar
-07
Mar
-08
Mar
-09
Mar
-10
Mar
-11
Mar
-12
Mar
-13
Mar
-14
Mar
-15
Mar
-16
Mar
-17
Mar-
18
Sep-
18
Share
Capital
504 537 537 527 563 563 563
1,06
7
1,06
7
301 301 302 301
Reserve
s
5,13
3
7,35
2
7,26
7
8,73
0
15,4
37
16,1
86
16,7
81
20,8
71
21,9
87
18,6
65
22,3
46
27,6
96
31,0
06
Borrowi
ngs
4,17
3
12,1
36
16,5
50
16,1
73
16,4
76
19,9
09
21,3
46
34,7
62
37,9
90
42,2
04
43,3
34
39,3
93
40,6
61
Other
Liabiliti
es
3,71
1
6,62
6
10,3
82
10,6
37
14,0
18
17,9
28
19,3
17
24,6
64
28,3
32
21,2
96
30,4
43
32,8
33
32,0
34
Total
Liabiliti
es
13,2
42
26,3
62
34,4
48
35,7
88
46,2
15
54,3
07
57,7
28
80,6
00
88,6
12
82,4
65
96,4
24
100,
224
104,
002
Fixed
Assets
8,19
3
15,8
14
19,0
92
22,3
52
26,9
04
33,8
12
34,7
17
47,0
46
52,1
76
56,1
40
58,7
30
57,8
48
60,0
32
CWIP
2,01
2
5,77
1
9,58
5
6,95
6
6,02
3
2,83
2
5,89
8
9,40
0
8,26
5
7,27
1
4,36
3
5,95
0
8,16
5
Investm
ents
245 470 397 628
2,91
4
2,09
0
1,75
0
663 599
1,19
5
1,36
6
1,46
9
1,88
4
Other
Assets
2,79
2
4,30
8
5,37
4
5,85
2
10,3
74
15,5
74
15,3
63
23,4
92
27,5
71
17,8
60
31,9
65
34,9
57
33,9
21
Total
Assets
13,2
42
26,3
62
34,4
48
35,7
88
46,2
15
54,3
07
57,7
28
80,6
00
88,6
12
82,4
65
96,4
24
100,
224
104,
002
Figure 10 JSW STEEL Balance Sheet

42
Chapter 5 Data Analysis and Interpretation
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Sales
15,934.
84
18,957.
17
24,105.
89
34,368.
05
38,209.
65
51,219.
62
52,971.
51
41,546.
17
55,604.
00
70,225.
00
Figure 11 Jsw Steel Sales
5.1 Jsw Steel Sales
Chart 1 Jsw Steel Sales

43
Interpretation
Jsw Steel Sales growth for 10 year is 17.92% and Y-O-Y growth from 2017 to 2018 is
26.29%. Sales growth was decreasing in year 2016 (21.56% decreasing) because of
Exports declined by 18% due to low prices of commodities and lackluster global
demand. The net loss after tax for the quarter was Rs 923 crore, after incorporating
the financials of subsidiaries, joint ventures and associates, it added. Its crude steel
production fell by 15 % to 2.70 million tonnes (mt) during the December quarter in
2015-16 from 3.17 mt in the year-ago period.

44
5.2 Current ratio
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
Current
Ratio (X)
0.8 0.72 0.58 0.75 0.6 0.64 0.61 0.59 0.58 0.5
Table 5 current Ratio
Chart 2 current Ratio
Interpretation
The current ratio is a financial ratio that measures whether or not a firm has enoughresources topay
its debts over the next 12 months. It compares a firm's currentassets to itscurrent liabilities. Itis
expressed as follows: The current ratio is an indication of a firm's market liquidity and ability
tomeetcreditor's demands. Acceptable current ratios vary from industry to industry and
aregenerally between 1.5 and 3 for healthy businesses. If a company's current ratio is inthis range,
then it generally indicates good short-term financial strength. If currentliabilities exceed current
assets (the current ratio is below 1), then the company mayhave problems meeting its short-term
obligations. If the current ratio is too high, then the company may not be efficiently using its current
assets or its short-termfinancing facilities. This may also indicate problems in workingcapital
management. Low values for the current or quick ratios (values less than 1) 0indicate that a firmmay
have difficulty meeting current obligations. Here Jsw Steel Has a lower than 1 value of current
ratio for 1 years but Good long-term Prospects. Low values, however, do notindicate a critical
problem. If an organization has good long-term prospects, it maybe able to borrow against those
prospects to meet current obligations. Some types ofbusinesses usually operate with a current ratio

45
less than one. If all other things were equal, a creditor, who is expecting to be paid in the next
12months, would consider a high current ratio to be better than a low current ratio, because a high
current ratio means that the company is more likely to meet itsliabilities which fall due in the next
12 months. You should view the relationbetween the operation cycle period and the current ratio.

46
5.3 Inventory turnover ratio
A ratio showing how many times a company's inventory is sold and replacedover a period. The
days in the period can then be divided by the inventoryturnover formula to calculate the days it
takes to sell the inventory on hand or"inventory turnover days."
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
Inventor
y
Turnover
Ratio (X)
5.58 4.88 4.99 4.81 6.28 6.95 5.94 5.47 6.6 5.45
Table 6 Inventory turnover ratio
Chart 3 Inventory turnover ratio
Interpretation
From the above graph and table, it is clear that Inventory turnover ratio of Jsw steelsis high and it
shows the company’s efficiency in turningits inventory into sales. A low turnover rate indicates
poor liquidity. Here Jindalsteel performance is Good. In 2013 Inventory Turnover Ratio Is highest
but after 2103 it was slow down. company Has a problem With the Efficiency. Company Can not
Manage the Problem of Inventory. Company takes More time to sell products in given time.

47
5.4 Net operating profit per share.
Interpretation
A calculation used to analyze real estate investments that generate income.Net operating income
equals all revenue from the property minus allreasonably necessary operating expenses. Aside from
rent, a property mightalso generate revenue from parking and service fees, like vending and
laundrymachines. Operating expenses are those required to run and maintain thebuilding and its
grounds, such as insurance, property management fees, utilities, property taxes, repairs and
janitorial fees. NOI is a before-tax figure; it also excludes principal and interest payments on loans,
capital expenditures, depreciation and amortization.
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
Revenue from
Operations/Sha
re (Rs.)
232.5
3
184.7
3
1,380.7
3
1,749.6
8
1,691.8
1
1,344.7
0
1,209.5
0
848.3
5
762.7
4
642.5
4
Table 7 revenue From Operations
Chart 4 revenue from operations

48
5.5.Return on capital employed
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
Return
on
Capital
Employe
d (%)
18.35 15.19 5.71 2.96 0.87 2.46 1.6 5.62 6.08 1.13
Table 8 return On Capital Employed
Chart 5 return On Capital Employed
Interpretation
A financial ratio that measures a company's profitability and the efficiency withwhich its capital is
employed. Return on Capital Employed (ROCE) is calculated as:ROCE = Earnings Before Interest
and Tax (EBIT) / Capital Employed“Capital Employed” as shown in the denominator is the sum
of shareholders' equityand debt liabilities; it can be simplified as (Total Assets – Current
Liabilities).Instead of using capital employed at an arbitrary point in time, analysts and
investorsoften calculate ROCE based on “Average Capital Employed,” which takes theaverage of
opening and closing capital employed for the time period.A higher ROCE indicates more efficient
use of capital. ROCE should be higher thanthe company’s capital cost; otherwise it indicates that
the company is not employingits capital effectively and is not generating shareholder value.

49
5.6. Earnings per share
The portion of a company's profit allocated to each outstanding share of common stock. Earnings
per share serve as an indicator of a company's profitability.
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
Basic
EPS
(Rs.)
25.85 14.66 -1.4 72.93 17.35 41.71 22.65 84.56 64.4 11.08
Table 9 Earning Per share
Chart 6 Earning Per Share
Interpretation
From the Above table from 2009-2018 EPS chart 2011 has an 84.56 EPS and 2016 has a -1.4 EPS
so 2016 Has a bad Year for shareholder and company. From 2009 to 2018 Eps has Been increased
from 11.08 to 25.85 means 133.30% Growth In EPS.
-10
0
10
20
30
40
50
60
70
80
90
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
Basic Eps

50
5.7. Dividend payout ratio
Dividend payout ratio is the fraction of net income a firm pays to its stockholders in dividends:
Payout Ratio = (Dividends - Preferred Stock Dividends)/Net Income
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
Dividen
d
Payout
Ratio
(CP)
(%)
6.82 3.13 10.71 5.08 7.91 6.97 6.77 8.24 6.13 1.48
Chart 7 Dividend Payout Ratio
Chart 8 Dividend Payout Ratio
Interpretation
The part of the earnings not paid to investors is left for investment to provide for future earnings
growth. Investors seeking high current income and limited capital growth prefer companies with
high Dividend payout ratio. However, investors seeking capital growth may prefer lower payout
ratio because capital gains are taxed at a lower rate. High growth firms in early life generally have
low or zero payout ratios. As they mature, they tend to return more of the earnings back to investors.
JSW STEEL Give Higher return on 2016 investors and in 2009 give lower return on dividend to
its long-term investors. Jsw Give 117% return from last year.
0
2
4
6
8
10
12
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
Dividend Payout Ratio (CP) (%)

51
CHAPTER 6 FINDING AND SUGGESTION
S.No. Name CMPRs.
Div
Yld%
Sales
QtrRs.Cr.
ROCE
10Yr %
Sales
Var
10Yrs %
Profit
Var
10Yrs %
Mar
Cap
10yrs
back Cr.
Inven
TO
DebtRs.Cr.
1 JSW Steel 294.25 1.36 20318 11.61 18.91 15.28 5751.7 5.85 39393
2 JSW Steel 294.25 1.36 18393 13.55 19.02 11.39 5751.7 6.72 36181
3 Tata Steel 549.3 1.85 41219.9 7.24 0.05 -3.26 15040.5 4.97 92147.1
4 S A I L 59.25 0 15835.8 6.66 3.79 39837.7 3.47 45408.7
5
Tata Steel
BSL
33.1 0 4888.54 4.4 15.19 1691.58 4.76 49640.8
6
Mah.
Seamless
483.1 1.24 785.88 12.63 3.63 0.21 990.38 4.29 15.34
7 Jindal Saw 84.6 1.42 7.67 2.2 -9.19 1154.98 3.55 6311.27
8
Welspun
Corp
146.45 0.34 2657.86 9.74 6.98 -7.87 1388.49 4.6 1386.43
Table 10 Comparisons Between Steel Industry

52
FINDINGS AND SUGGESTION
Comparisons Between top steel manufacturing company in India to know about the future of Indian
steel industry with reference to Jsw Steel. Every Company has a unique selling proposition but
competitor also try to find out week points and make a profitable for them. Jsw steel constantly
check every aspects of the competitions in the sector to sustainable topmost position in specific
industry. It has been found that Jsw Steel Sales growth for 10 year is 17.92% and Y-O-Y growth from 2017
to 2018 is 26.29%.
Sales growth was decreasing in year 2016 (21.56% decreasing) because of Exports declined by
18% due to low prices of commodities and lackluster global demand. Marketing is the positive
point for the jsw Steel industry to grow. Sail, Welspun is not a problem for past 10 years.
Profit for Last 10 year is important for any business to grow for working cycle management and
liquidity management. Indian steel industry has a problem with this profit and revenue margin. Jsw
steel is also better in this field with highest 15% profit till last 10 years.
The range of current ratio is between 0.5 to 0.8 for the past ten years. Inventory turnover ratio
shows a negligible improvement from 5.45 in 2009 to 5.58 in 2018.Return on capital employed has
shown a considerable increase from 1.13 in 2009 to 18.35 in 2018.EPS has increased from 11.08in
2009 to 25.85 in 2018 which means 133.30% Growth In EPS.
Jsw Steel has an opportunity to Merger and Acquisition to keep steady supply of raw material and
become number one manufacturer of Indian steel industry. Jsw Steel can invest more in R&D.
Company has a competition from Existing and foreign players but learn from them To Make More
Revenue Out Of it. Government Support company to manufacturing more steel to retain in 2nd
manufacturing of steel in the world. Changes In prices are problem but Indian cycle Works
Efficiently from the Generate proper Balance between Demand and supply.
Lack of captive raw material sources albeit improved partially owing to commencement of iron
ore mines: Since the company relies on open market purchases for its key raw materials, i.e., iron
ore and coking coal, the company’s profit margins are susceptible to volatility in the raw material
prices. However, three of the six captive iron ore mines have recently started operations and the
balance three are likely to commence mining by the end of the fiscal. All the five mines collectively
are likely to contribute to around 4.5 to 5 mtpa of ore per annum, which ensures 20% of the iron

53
ore requirements of JSW’s Vijayanagar plant at the current capacity of around 12mtpa. JSWSL’s
coking coal requirements are largely met through imports at present, the prices of which have seen
significant volatility in the past. However, operationalization of Moitra mine which has extractable
coal reserve of about 30 mtpa and upcoming auction of iron ore mines in the state of Karnataka are
likely to improve the company’s raw material security position to some extent in the medium term.
Also, JSW is self-sufficient with regard to its power requirement through integrated captive power
plants, thereby reducing its power cost. Moreover, with the improved backward integration by way
of setting up of coke oven plants, beneficiation plants, sponge iron plants and iron ore pelletisation
plant, JSWSL is able to control the overall production cost to some extent
Some Weaknesses of the Jsw steel Like Limited portfolio diversification compared to industry
leader tata steel, sail etc. suggestion here about make variety of products to sustain in competitions.
Low Number Of mines under its Hood Affects Availability of raw material so suggestion is to
purchase more mines to get raw material and more raw material with more revenue for company.
capacity utilization is not proper to save money suggestion is to utilize capacity with proper
management to generate more revenue.

54
CHAPTER 7 - CONCLUSION
7.1 Conclusion
In recent time the steel industry is one of the fastest growing industries in India and as well as in
the world. The purpose of the study is to evaluate the actual condition and trend of the steel industry
in India With Reference to Jsw Steel Company Growth. The steady growth of production and
consumption indicates that India has set a higher growth path by the end of the decade. JSW Steel
increased the size of its steel-making operations at a faster rate through both organic and inorganic
routes. Currently, Jsw Steel in the midst of ramping up their operations further through the
implementation of brownfield expansion projects. JSW Steel’s lower capital expenditure per tonnes
leads to higher return profile. A lower gestation period and capex to set up a new facility lead to a
higher return on capital and equity for JSW Steel. The franchise-based authorized retail format (Jsw
Shoppe) create a sustainable differentiator for JSW Steel's exclusive value-added products and
service offerings. Digital Marketing Through LinkedIn, Facebook and other Social Media to
Interacting with Customer. Jsw Shoppe Is beneficial for not only Urban Market but for Rural
Market Too. Jsw Steel Jsw Shoppe Case study use for Harvard case study of retail marketing. JSW
Steel is also among the fastest-growing companies in India with 18.91% net sales of steel and 15%
profit margin which is highest amongst steel industry competitors. JSW Steel has plans to increase
its manufacturing capacity to 44-45 million tons per annum by 2030 from the present 19 million
tonnes.

55
BIBILIOGRAPHY
1. Bagchi, J (2005), Development of Steel Industry in India, New Delhi. International
2. Banerjee, D., (2005). Globalization, Industrial Restructuring and Labour Standards Where Indian
Meets the Global. New Delhi: Sage Publications India Pvt. Limited.
3. Bharti Bala, Y. and De, S. Steel Signs of Revival, The Analyst, November, 2009.
4. Burang, L.G., Yamini, S. (2010), “Competitiveness of the Firms in Indian Iron and Steel
Industry”. Working Paper UDE 33/2/2010. Department of Economics, University of Mumbai,
India.
5. Chadha R. (1989), Key Sector of Indian Economy: A System View of Steel Industry, New Delhi:
Concept Publishing Company
6. D’Costa, A.P., (1999), “The Global Restructuring of the Steel Industry: Innovations, Institutions
and Industrial Change”, U.K: Routledge.
7. Ghosh, A., Chatterjee, A., (2008) “Iron and Steel Making- Theory and Practice”, New Delhi:
Prentice Hall of India Private Limited.
8. Government of India, 2003; Annual Report, Ministry of Steel, Government of India, New Delhi.
http://steel.nic.in/Annual%20Report%20(2002-03)/Chapter%20II.pdf
9. Mazumdar Mitra, S., Ghosal, T. (2003), “Strategies for Sustainable turnaround of Indian Steel
Industry, Journal of the Institutions of Engineers, 84(1):64-78
http://www.ieindia.org/publish/mm/1003/Oct03mm2.pdf
10. Mongia, P., Schumacher, K., Sathaye, J. (2001), “Policy Reforms and Productivity Growth in
India’s Energy Intensive Industries”, Energy Policy, 29(4): 715-724
11. Muthu Raman, B. (2006). Steel Steals the Show, International Trade Fair. New Delhi, India,
http://www.tatasteel.com/company/itf_06.asp.
12.Pal, S. (2012), “Comparative Study of Financial Performance of Indian Steel Companies under
Globalization”, International Journal of Accounting and Financial Management Research, 2(4): 1-

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