India has become the world’s fourth-largest producer of crude steel. The country is slated to become the second-largest steel producer by 2015 as large public and private sector players strengthen steel production capacity in view of the rising demand. The total market value of the steel sector in India stood at US$ 57.8 billion in 2011 and is expected to touch US$ 95.3 billion by 2016. Total crude and finished steel production grew at a compound annual growth rate (CAGR) of 6.6 per cent and 4.2 per cent over FY08-11 to reach 69.6 million tonnes (MT) and 66 MT respectively. Steel consumption is expected to grow at an average rate of 6.8 per cent to reach 104 MT by 2017 driven by rising infrastructure development and growing demand for automotives. The infrastructure sector is India’s largest steel consumer, accounting for 63 per cent of total consumption in FY11. Attracted by the growth potential of the Indian steel industry, several global steel players have been planning to enter the market. The Government of India (GOI) has allowed 100 per cent foreign direct investment (FDI) in the sector through automatic route in order to attract foreign investments.

2. 







3. Fourth-largest producer
of crude steel
• Steel production in India has increased at a CAGR of 7.7 per cent over 2005–12. The
country is slated to become the second-largest steel producer by 2015 as large public and
private sector players strengthen steel production capacity in view of rising demand
Strong growth
opportunities
• Huge scope for growth is offered by India’s comparatively low per capita steel
consumption and the expected rise in consumption due to increased infrastructure
construction and the thriving automobile and railways sectors
Technological
advancements
• Increased government and corporate sector focus on using innovative production
techniques for enhancing operational as well as financial performance is a positive
Rising domestic and
international
investments
• Domestic players’ investments in expanding and upgrading manufacturing facilities are
expected to reduce reliance on imports. In addition, the entry of international players*
would provide benefits in terms of capital resources, technical know-how and more
competitive industry dynamics
Notes: * - Arcelor Mittal and POSCO

4. • The engineering sector is delicensed;
100 per cent FDI is allowed in the
sector
• Due to policy support, there was
cumulative FDI of USD14.0 billion into
the sector over April 2000 – February
2012, making up 8.6 per cent of total
FDI into the country in that period
Growing demand
Notes: FDI - Foreign Direct Investment, MT - Million Tonnes
MoUs - Memorandum of Understanding, 2016E - Estimated figure for the year 2016; These estimates are from Data monitor
Robust demand
• Demand would be supported by
growth in the domestic market
• Infrastructure, oil & gas and
automotives would drive the
growth of the industry
Increasing investments
• Intended steel capacity build-
up in India is set to result in
investments in the range of
USD104.2 billion to USD208.3
billion by 2020
• 301 MoUs have been signed
with various states for planned
capacity of about 488.6 MT
Policy support
• 100 per cent FDI through the
automatic route is allowed
• Large infrastructure projects in the
Public-Private Partnership (PPP)
mode are being formed
• National Steel Policy (NSP)
implemented to encourage the
industry to reach global benchmarks
Competitive advantage
• India is the world’s fourth-largest
producer of crude steel (up from
eighth in 2003); the country is
expected to become the second-
largest producer by 2015
• Easy availability of low-cost
manpower and presence of
abundant reserves make India
competitive in the global setup
2011
Market
value:
USD57.8
billion
2016E
Market
value:
USD95.3
billion
Advantage
India

5. Notes: TISCO - Tata Iron and Steel Company; IISC - Indian Iron & Steel Company; SAIL - Steel Authority of India Ltd
• Production of
steel started in
India (TISCO
was setup in
1907)
• IISC was set up
in 1918 to
compete with
TISCO
• Mysore Iron and
Steel Company
was set up in 1923
• According to the
new Industrial
Policy Statement
(1948), new
ventures were only
undertaken by the
central government
• Hindustan Steel Ltd
and Bokaro Steel Ltd
were setup in 1954
and 1964,
respectively
• In the early 1990s,
the public sector
dominated steel
production
• Private players were
in downstream
production mainly
producing finished
steel using crude
steel products
• SAIL was created
in 1973 as a
holding company
to oversee most
of India's iron and
steel production
• In 1989, SAIL
acquired
Vivesvata Iron
and Steel Ltd
• In 1993, the
government set
plans in motion to
partially privatise
SAIL
1907–1918
1923–1948
1954–1964
1973–1992
1993–2012
• Foreign players
began entering the
Indian steel market
• No license
requirement for
capacity creation
• Imposition of export
duty on iron ore, to
focus more on
catering growing
domestic demand
• Decontrol of domestic
steel prices
• Launch of Scheme for
promotion of
Research and
Development in Iron
& Steel sector

6. Steel
End use
Structural
steel
Construction
steel
Rail steel
Form
Liquid steel Crude steel
Ingots
Semis
Finished steel
Flat
Non-flat
Composition
Non-alloy
steel
Low carbon
steel
Medium
carbon steel
High carbon
steel
Alloy
Stainless
Silicon
electrical
High speed
Source: Report on Indian steel
industry by Competition Commission
of India, Aranca Research

7. Total crude steel production (million tonnes)
Total crude steel production rose at a CAGR of 6.6 per cent over FY08–11 to 69.6 MT; production in the first nine months
of FY12 was a little more than three-fourth of FY11 levels
Finished steel production stood at 66.0 MT in FY11, recording a CAGR of 4.2 per cent during FY08–11; analysts expect
production figures to improve rapidly over the next five years with the Ministry of Steel forecasting production levels at
115.3 MT by FY17
Total finished steel production (million tonnes)
17.1 16.4 16.7 17.0
12.3
36.8
42.1
49.1
52.6
41.1
FY08 FY09 FY10 FY11* FY12* (April -
Dec)
Public sector Private sector
13.5 12.7 13.0 13.1
8.6
42.6 44.5
47.6
52.9
43.4
FY08 FY09 FY10 FY11* FY12* (April -
Dec)
Public sector Private sector
Source: Ministry of Steel, Aranca Research;
Notes: FY - Indian Financial Year (April – March); MT - Million Tonnes, * - Provisional; CAGR - Compound Annual Growth Rate

8. India crude steel market share by production -
- FY12* (Apr-Dec)
SAIL is the leading player in India’s steel sector; in the first nine months of FY12, the company accounted for 18.7 per cent
of the country’s crude steel production and had a 13.5 per cent share in finished steel production
Tata Steel, another household name in the country, leads private sector activity in the steel sector; during April– December
2011, the firm accounted for 9.9 per cent of crude steel production and 7.8 per cent of finished steel production
India finished steel market share by production
- FY12* (Apr-Dec)
Source: Ministry of Steel, Aranca Research;
Notes: RINL - Rashtriya Ispat Nigam Limited, * - Provisional
9.9%
18.7%
4.3%
67.1%
Tata Steel
SAIL
RINL
Other
7.8%
13.5%
4.0%
74.7%
Tata Steel
SAIL
RINL
Other

9. Market value of the Indian steel sector
(USD billion)
In 2011, the Indian steel sector’s total market value was
USD57.8 billion
The sector has benefitted from rises in price and
production, especially since the beginning of the
millennium
Over 2007–11, the sector’s market value is estimated to
have posted a strong CAGR of 17.7 per cent 30.1
43.0
36.5
46.8
57.8
2007 2008 2009 2010 2011
CAGR: 17.7%
Source: Datamonitor, Aranca Research
Note: E - Estimates

10. Consumption of steel (in million tonnes)Total consumption of steel exceeded production and grew
to 70.9 MT in FY12 as against 66.4 MT in FY11; over
FY07–12, consumption has expanded at a CAGR of 8.7 per
cent
Driven by rising infrastructure development and growing
demand for automotives, steel consumption is expected to
grow at an average rate of 6.8 per cent, reaching 104 MT by
2017
Source: Ministry of Steel, Indian Steel Markets Conference,
Datamonitor, BMI, Aranca Research
Notes: FY12* - Data for FY12 is provisional, MT - Million Tonnes
46.8
52.1 51.9
59.3
66.4
70.9
FY07 FY08 FY09 FY10 FY11 FY12*
CAGR: 8.7%

11. Steel demand and production (in million tonnes)
With steel’s demand growth outpacing growth in domestic production over the last few years, import dependency has
increased
Imports have increased at a CAGR of 6.8 per cent over FY07–12
In FY12, total imports stood at about 6.8 MT
Steel exports and imports (in million tonnes)
Source: Ministry of Steel, JSPL presentation, Aranca Research
Notes: FY - Indian Financial Year (April - March), * - Data for FY12 is provisional
50
55 55
60
67
71
50
53 55 57
64 69
2007 2008 2009 2010 2011 2012
Demand Production
4.9
7.0
5.8
7.4
6.8 6.8
5.2 5.1
4.4
3.3
3.5
4.0
FY07 FY08 FY09 FY10 FY11 FY12*
Imports Exports

12. Source: JSPL May 2013 presentation, Aranca Research
Sector-wise steel consumption FY12Infrastructure is India’s largest steel consumer, accounting
for 63 per cent of total consumption in FY11
This is not surprising given the heavy use of steel in
this sector and soaring construction and
infrastructure activity in the country over the past
decade
Engineering and fabrication is the next largest consumer,
with 22 per cent of total consumption
63%
22%
10%
3%
2%
0
Infrastructure
Engineering and
fabrication
Autos
Packaging
Transportation

13. Company Products
Tata Steel Ltd Finished steel (non-alloy steel)
SAIL Finished steel (non-alloy steel)
JSW Steel Ltd Hot-rolled coils, strips and sheets
Jindal Steel & Power Ltd Iron and steel
Ispat Industries Ltd Hot-rolled coils, strips and sheets
Welspun-Gujarat Stahl Rohren Ltd Tubes and pipes
Bhushan Steel Ltd Cold-rolled coils, strips and sheets
Source: Aranca Research

14. Source: Ministry of Railways, Aranca Research
Notes: MOUs - Memorandum of Understanding, MT - Million Tonnes
Growing investments
• SAIL has modernised and expanded its integrated steel plants in Bhilai, Bokaro, Rourkela,
Durgapur, Burnpur and Salem
• The company is in the process of expanding its crude steel production capacity to 21.4
MTPA by 2013
• Completed mega expansion of Rashtriya Ispat Nigam Limited (RINL) to more than double
capacity of plant (from 2.9 MT to 6.3 MT) from 2013-14
Strategic alliances
• International Coal Ventures Pvt Ltd, comprising SAIL, RINL, CIL, NTPC and NMDC, has
been set up for acquisition of coal mines overseas
• The consortium of SAIL and National Fertiliser Limited (NFL) has been nominated for
revival of Sindri Unit of the Fertiliser Corporation of India Limited
• RINL, Vishakhapatnam Steel Plant and the Power Grid Corporation of India Ltd
(POWERGRID) signed an MoU to set up a joint venture company to manufacture
transmission line towers and tower parts including R&D of new high-end products
Entry of international
companies
• Attracted by the growth potential of the Indian steel industry, several global steel players
have been planning to enter the market
• National Mineral Development Corporation (NMDC) has signed an MoU with Russia’s
third-largest steelmaker, Severstal, for a greenfield steel plant in Karnataka
• Posco Steel to invest USD12 billion in setting up a 12 MT project in India

15. Increased emphasis on
technological
innovations
• Indian steel companies have now started benchmarking their facilities and processes
against global standards, to enhance productivity
• These steps are expected to help Indian companies improve raw material and energy
consumption as well as improve compliance with environmental and pollution yardsticks
• Companies are attempting coal gasification and gas-based direct-reduced iron (DRI)
production. Other alternative technologies such as Hlsmelt, Finex and ITmk3 being
adopted to produce hot metal
Source: Aranca Research

16. Steel integrated plants
under SAIL (Bhilai, Rourkela,
Bokaro, Durgapur and
Burnpur)
Tata Steel’s largest steel
plant, based in Jamshedpur
RINL steel plant in
Vishakhapatnam
Alloy and special steel
plants under SAIL
(Bhadrawati and Salem)
Source: Company websites, Aranca Research

17. Policy support
100 per cent FDI in
the steel sector
Encouragement of
sector-based R&D
activities by the
government
Reduced custom
duty and other
favourable
measures
Growing demand in
the construction
industry
Increasing investments
Rising investments
from domestic and
foreign players
Increasing number
of MoUs signed to
boost investment in
steel
Foreign investment
of nearly USD40
billion committed in
the steel sector
Inviting Resulting in
Growing demand in
the automotives
sector
Rising demand for
consumer durables
and capital goods
Growing demand
Note: FDI - Foreign Direct Investment

18. Projected values of investment in infrastructure
(USD billion)
Investment in infrastructure by the Planning Commission is
expected to expand at a CAGR of 14.5 per cent over FY12–
17
The Planning Commission expects total infrastructure
investment to be USD1 trillion in the 12th Five-Year Plan
(2012–17), from USD428 billion in the 11th Plan
This increase in infrastructure investment is set to raise
steel demand by roughly 40 MTPA during FY13–17
Source: Planning Commission, Aranca Research
Notes: MTPA - Million Tonnes Per Annum
97.3
114.1 131.2
149.1
169.0
191.4
FY12 FY13 FY14 FY15 FY16 FY17
CAGR: 14.5%

19. Consumer durables market size (USD billion)
Over FY03-FY11, consumer durables has grown at a CAGR of 12.2 per cent as growth in disposable income resulted rise
in their demand
Capital goods and consumer durables are expected to grow at a 7.5 per cent to 8.8 per cent over 2012-2021
Automotives production expanded at a CAGR of 22.2 per cent over FY09–12
Commercial vehicles are the fastest growing segment with a CAGR of 29.8 per cent over the same period
Over FY12-FY21, the automotive sector is projected to grow at a CAGR of 11.5 per cent to 12.5 per cent
Total production of automobiles in India
(million units)
Source: SIAM, JSPL May 2013 presentation, Corporate Catalyst India, Aranca Research
Notes: E - Estimate; FY - Indian Financial Year (April - March)
2.9
3.2
3.5
3.8
4.2
4.7
5.2
6.3
7.3
FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11
1.8
2.4
3.0
3.1
5.1
9.7
0.4
0.6
0.8
0.9
1.4
2.4
8.9
11.1
14.2
16.3
21.0
30.2
FY09 FY10 FY11 FY12 FY16E FY21E
Passenger vehicles Commercial vehicles
Three wheelers & two wheelers
CAGR: 12.2%

20. National Steel Policy
2012
• In view of the sector’s changed dynamics, globally as well as domestically, the Ministry of
Steel has initiated the process of drafting a new National Steel Policy to replace the
existing National Steel Policy of 2005
• The government has set up a committee headed by the Steel Secretary to monitor the
formulation of the new National Steel Policy
• Four task forces have been constituted to study, analyses, consult and formulate draft
policy documents on different aspects of the policy
• The current policy draft proposes allotment of captive iron ore mines to producers through
open bidding and putting some mines in the general category
R&D and innovation
• A new scheme, ‘The scheme for the promotion of R&D in the iron and steel sector’, has
been approved with budgetary provision of USD24.6 million to initiate and implement the
provisions of the scheme as per the 11th Five-Year Plan
• USD10.7 million had been spent under the scheme up to December 2012
• The development of technology for cold-rolled grain oriented (CRGO) steel sheets and
other value-added products is also included under the policy purview and is allocated
USD6.7 million
Source: Ministry of Steel, Aranca Research

21. Foreign Direct
Investment
• 100 per cent FDI through the automatic route is allowed in the Indian steel sector
Rise in export duty on
iron ore
• The government hiked the export duty on iron ore to 30 per cent ad valorem on all
varieties of iron ore* (except pellets)
Source: Ministry of Steel, Aranca Research
Notes: * - w.e.f. 30th December 2011

22. • Export duty on iron ore has been increased to 30
per cent ad valorem on all varieties of iron ore
(except pellets), to preserve iron ore resources for
domestic use
• As per the government’s decision, the Government
of India’s 51 per cent shareholding in Eastern
Investments Company Limited (EIL), under Bird
Group of Companies, was transferred to RINL
• New Research and Development policy for the
steel sector have been finalised/adopted for
implementation
• New techno-economic benchmarks have been
evolved on international patterns to improve
performance of steel PSUs; implementation is
being monitored closely
• Under the Ministry, the Joint Plant Committee
(JPC) studied 300 districts, 1,500 villages, 4,500
manufactures and 8,000 retailers spread over
India’s 28 states and 7 union territories to assess
steel demand in the rural areas and examine the
potential to increase steel consumption levels
• The Ministry of Steel set up the Steel Innovation
Council to promote innovative ideas in the steel
sector
• The New National Steel Policy for the forthcoming
years is under finalisation
• In April 2013, the Ministry of Steel signed a Letter
of Intent (LoI) with the Tanzanian Government to
strengthen cooperation in steel and mining
activities
Source: Ministry of Steel, Aranca Research
Notes: W.E.F - With Effect From 30th December, 2011

23. Developer Location Product
Viraj Profiles Ltd Thane, Maharashtra
Stainless steel engineering
products
Jindal Steel Ltd Kalinganagar Stainless steel
SAIL Salem SEZ Pvt Ltd Salem, Tamil Nadu Steel
Orissa Industrial Infrastructure
Development Corporation
Jajpur, Orissa
Metallurgical-based engineering
and ancillary/downstream industry
Source: Formal approvals granted in the Board of Approvals after the SEZ rules coming into force,”
Special Economic Zones in India website, www.sezindia.nic.in

24. M&A scenario – details
Period: 1 January 2012 to 21 June 2013
Deal type Number of deals Largest deal (USD million)
Inbound 2 -
Outbound 1 -
Domestic 3 232.6
Cumulative FDI inflows
Period: April 2000 to March 2013
Sector
Metallurgical industries USD7.5 billion
Per cent of total FDI
inflow
3.9
Source: Thomson ONE Banker, “Fact Sheet On Foreign Direct Investment (FDI)”, Department of Industrial Policy and Promotion

25. For updated information, please visit www.ibef.org
State MoUs signed (2011) Capacity addition (MTPA)
Orissa 63 81.2
Jharkhand 49 105.1
Chhattisgarh 76 60.0
West Bengal 16 39.4
Karnataka 57 173.0
Andhra Pradesh 18 11.8
Other states 22 18.2*
Total 301 488.6
Capacity addition plans 2012
Company Plans
SAIL
SAIL plans to invest USD27.3 billion in increasing capacity from 21.4 MTPA to 45 MTPA. In
its recent expansion plan, the company modernised and expanded its integrated steel
plants at Bhilai, Bokaro, Rourkela, Durgapur, Burnpur and a special plant at Salem
NMDC
NMDC is setting up a greenfield integrated steel plant of 3 MTPA capacity in Nagarnar,
Chhattisgarh at an estimated cost of about USD3.2 billion
Source: Ministry of Steel, Annual Report 2011-12; Note: MTPA - Million Tonnes Per Annum, * - Estimated figures

26. Jindal Steel and Power Limited
Incorporated in 1979, Jindal Steel and Power Limited (JSPL)
is an integrated steel producer and the largest coal-based
sponge iron manufacturer in the world. The company has an
installed steel production capacity of 3 MTPA. JSPL is
engaged in manufacturing long products and is specialised
in producing long rails for railways and large sized H-beams
as well as columns for the infrastructure and construction
sector
JSPL also has significant presence across the mining, power
generation and infrastructure sectors
• Achievements:
• 2011 – Ranked third in the Metals category of
Business World’s Most Respected Companies
Survey, 2011
• 2010 – Rated the World’s Second-Largest Value
Creator by the Boston Consulting Group (BCG)
and the World’s Largest Value Creator in the
Mining and Materials category
Projected crude steel capacity in the 12th Plan
(million tonnes)
Source: Company website (www.jindalsteelpower.com),
Planning Commission, Aranca Research
3.0 3.0
4.5
7.0
8.0
10.0
11.5
FY11 FY12 FY13 FY14 FY15 FY16 FY17
CAGR: 25.1%

27. Financial growth (USD million)Sale of steel (million tonnes)
0.3
0.2
0.7
1.0
1.2
1.6
1.9
0.5
0.8
1.4 1.6
2.0
2.3
2.82.8
3.8
FY06 FY07 FY8 FY9 FY10 FY11 FY12
Finished steel products Semi steel products Pellets
671
816
1,488
1,803
1,596
2,287
3,315
3,007
103
197
431 438 395
634
818 721
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13
Gross revenue PBIDT
Source: Company website (www.jindalsteelpower.com)
Notes: Company clubs iron and steel segment ‘s performance; PBIDT (Profit Before Interest, Depreciation and Tax)

28. 1991 1993 1995 1997 1999 2002 2006 2010 2012
Long track rails
Hot-rolled parallel
flange beams
Column sections
Plate and coils
Wire rods
Organic growth
through capacity
additions
Foray into the oil &
gas and cement
sectors as a part of
diversification
1991
Commenced
operations
FY08
ISO
9001:2008
accreditation
FY 13–14
Steel capacity to
rise from
3.5MTPA to
7.0MTPA
The iron and steel
segment continues
to be a major
contributor (~75%)
Expansion in
international
markets
TMT Re-bars
Strong diversified
customer base of
2,758 customers

29. Bhushan Steel Limited
Established in 1983, Bhushan Steel Limited (BSL) is the
third-largest secondary steel producer in India. The company
has an existing steel production capacity of 2.5 MTPA. It
primarily manufactures flat steel products for the automobile
industry
Products – Cold-rolled closed annealed coils, galvanised
coils and sheets, high tensile steel strapping, colour coated
coils, galume sheets and coils, hardened and tempered steel
strips, billets, sponge iron, precision tubes and wire rods
• Milestones:
• 2004 – Commissioned secondary steel production at
Khapoli, Maharashtra
• 2006 – Commissioned primary steel production at
Meramandali, Odisha
• 2006 – Commissioned secondary steel production at
Sahibabad, Uttar Pradesh
Projected crude steel capacity in the 12th Plan
(million tonnes)
2.2
2.5
4.5
5.0 5.0 5.0 5.0
FY11 FY12 FY13 FY14 FY15 FY16 FY17
Source: Company website (www.bhushansteel.com),
Planning Commission, Aranca Research

30. Financial growth (USD million)Production of steel (million tonnes)
Source: Company website (www.bhushansteel.com), Aranca Research
Notes: NPAT - Net Profit After Tax
1.0
1.2
1.1
1.6
1.8
2.1
FY07 FY08 FY09 FY10 FY11 FY12
693
928
1,161 1,178 1,266
1,662
2,251
1,541
35 69 105 92
178 221 213
116
FY06 FY07 FY08 FY09 FY10 FY11 FY12 9MFY13
Gross revenue NPAT

31. 1989 1991 1993 1995 1997 1999 2002 2006 2010 2012
Cold-rolled
Wheel, tyre and
axle plant (railways)
Alloy steel
Iron making and
castings
Organic growth in
steel and flat
products
Capacity
expansion
(0.9 MT to 2.5 MT)
1989
Secondary
steel
production in
UP
Partnership with
Japanese steel
producer,
Sumitomo
FY06
Primary steel
production in
Odisha
FY12
USD2.5 billion
turnover
Galvanised
Color coated tiles
and pipes
Alloy billets
Sponge iron
Other
developed products
Technological
upgradation and
further capacity
addition
Strong diversified
customer base of
3,300 customers

32. Tata Steel Limited
Established in 1907 by the visionary founder – JN Tata, Tata
Steel is among the top ten global steel companies with an
annual crude steel capacity of over 28 MTPA
The company caters to sectors such as automotive,
construction, consumer goods, engineering, packaging,
energy & power, ship building, rail and defense & security
• Milestones:
• 2009 – Tata Ryerson and HMPCL merge with Tata
Steel
• 2007 – Tata Steel and Corus were integrated at
USD12 billion, making Tata Steel one of the top ten
global steel producers
Projected crude steel capacity in the 12th Plan
(million tonnes)
Source: Company website (www.tatasteel.com),
Planning Commission, Aranca Research
6.8
7.6
9.2
11.0
15.1
17.5
20.0
FY11 FY12 FY13 FY14 FY15 FY16 FY17
CAGR: 19.7%

33. Financial growth (USD million)Production and sales of steel division (million tonnes)
Source: Company website (www.tatasteel.com), Aranca Research
Notes: NPAT - Net Profit After Tax
4.6
4.9 4.9 5.4
6.4 6.7 7.0
7.9
4.4 4.8 4.8
5.2
6.2
6.4 6.6
7.5
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13
Production Sales
0.8
0.9 1.2 1.1 1.1
1.5 1.4
3.9
4.5
5.6 5.9 5.8
7.2 7.1
FY06 FY07 FY08 FY09 FY10 FY11 FY12
NPAT Gross revenue

34. Source: Company website (www.tatasteel.com), Aranca Research, * - Revenues from Indian operations
Note: M&A - Mergers and Acquisitions
1912 1995 1996 1997 1998 1999 2000 2002 2004 2006 2008 2010 2011 2012 2013
Blast furnace
Organic growth in
steel
Capacity
expansion
(3 MT)
M&A
(Tata-Corus)
Technological
upgradation
1912
Production
capacity (1.6
lakh tonnes)
Diversification
(coal injection
unit)
FY06
USD3,625
million
turnover
FY13
USD7.0
billion
turnover*
Pig iron and
steel ingots
Wheel, tyre and
axle plant (railways)
Alloy steel
Iron making and
castings
Developed products
Announced plans
to merge Tata
Metaliks Ltd and
Tata Metaliks
Kuboto Pipes Ltd
with itself in April
2013

35. JSW Steel
Established in 1994, JSW Steel Ltd manufactures iron and
steel products in India and abroad
Products – Hot-rolled coils, plates and sheets; cold-rolled
coils and sheets; galvanised sheets and coils; pre-painted
galvanised coils, sheets and galvanised sheets
• Achievements:
• 2011 – National Sustainability Award by the Indian
Institute of Metals
• 2009 – Gold Award in the Metal and Mining sector
• 2008 – National Energy Management Award
instituted by CII
Projected crude steel capacity in the 12th Plan
(million tonnes)
Source: Company website (www.jsw.in),
Planning Commission, Aranca Research
11.1
13.23
14.3 14.3 14.3
17.6
18.4
FY11 FY12 FY13 FY14 FY15 FY16 FY17
CAGR: 8.8%

36. Financial growth (USD million)Product group-wise sales (million tonnes)
Source: Company website (www.jsw.in)
0.3
4.7
1.1
0.4
5.9
1.5
0.3
6.9
1.71
Semis Rolled Flats Rolled Longs
FY11 FY12 FY13
1,417 1,937
2,631
3,162
4,053
5,228
7,221 7,137
178 269 360
96
421 419 339 332
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13
Gross revenue NPAT

37. Notes: JV - Joint Venture, TMT - Thermo Mechanically Treated, MML - Mysore Minerals Limited, MTPA - Million Tonnes Per Annum
1994 1995 1996 1997 1998 1999 2000 2002 2004 2006 2008 2010 2011 2012 2013
FY 14
Saleable steel
sales to reach
9.75 million
tonnes
Special steel bars
Galvanised
product
TMT Re-bars
Wire rods
Cold-rolled
Hot-rolled
Organic growth
and integration
JV formed to
explore, develop &
mine iron ore with
MML
1994
ISO
accreditations
Capacity
addition 7.8 MT
1994
Production
capacity
(1.25 MTPA)
FY06
USD1,417
million
turnover
FY 13
USD7.1
billion
turnover

38. Note: Capex – Capital Expenditure
Automotive
• The automotives
industry is forecasted
to grow in size by
USD122–159 billion
by 2016
• With increasing
capacity addition in
the automotive
industry, demand for
steel from the sector
is expected to be
robust
Capital goods
• The capital goods
sector accounts for
11 per cent of steel
consumption, and
has the potential to
increase in tonnage
and market share
• Corporate India’s
capex is expected to
grow and generate
greater demand for
steel
Infrastructure
• The government aims
to increase
infrastructure
spending from 8.4
per cent of GDP in
FY11 to 10.7 per cent
by FY17
• Due to such a huge
investment in
infrastructure the
demand for long steel
products would
increase in the years
ahead
Airports
• More and more
modern and private
airports are expected
to be set up
• Development of Tier-
II city airports would
sustain consumption
growth
• Estimated steel
consumption in
airport building is
likely to grow more
than 20 per cent over
next few years

39. Source: Planning Commission, Aranca Research
Railways
• The dedicated rail
freight corridor
(DRFC) network
expansion would be
enhanced in future
• Gauge conversion,
setting up of new lines
and electrification
would drive steel
demand
Oil and gas
• The liquid fuel
transportation pipeline
network is likely to
grow from the present
16,800 km to 22,000
km in 2014
• This would lead to an
increase in demand of
steel tubes and pipes,
providing a lucrative
opportunity to the
steel industry
Power
• The government aims
to add 71,000–
1,07,500 MW (Mega
Watt) of capacity
during the 12th Five-
Year Plan
• Both generation and
transmission
capacities would be
enhanced, thereby
raising steel demand
from the sector
Rural India
• Rural India,
accounting for 70 per
cent of Indian
population has low
per capita steel
consumption which
provides huge scope
for growth
• Policies like Bharat
Nirman and Rajiv
Gandhi Awaaz Yojna
are driving growing
demand for
construction steel in
rural India

40. Indian Stainless Steel Development Association
L-22/4, DLF Phase-II
Gurgaon, Haryana –122 002
Phone: 91-124-4375501
Fax: 91-124-4375509
E-mail: nissda@gmail.com

41. CAGR: Compound Annual Growth Rate
FDI: Foreign Direct Investment
FY: Indian Financial Year (April to March)
So FY10 implies April 2009 to March 2010
JV: Joint Venture
MoU: Memorandum of Understanding
MT: Million Tonnes
MTPA: Million Tonnes Per Annum
NPAT: Net Profit After Tax
SEZ: Special Economic Zone
TMT: Thermo Mechanically Treated

42. USD: US Dollar
Wherever applicable, numbers have been rounded off to the nearest whole number

43. Year INR equivalent of one US$
2004-05 44.95
2005-06 44.28
2006-07 45.28
2007-08 40.24
2008-09 45.91
2009-10 47.41
2010-11 45.57
2011-12 47.94
2012-13 54.31
Exchange Rates (Fiscal Year)
Year INR equivalent of one US$
2005 45.55
2006 44.34
2007 39.45
2008 49.21
2009 46.76
2010 45.32
2011 45.64
2012 54.69
2013 54.45
Exchange Rates (Calendar Year)
Average for the year

44. India Brand Equity Foundation (“IBEF”) engaged Aranca to prepare this presentation and the same has been prepared
by Aranca in consultation with IBEF.
All rights reserved. All copyright in this presentation and related works is solely and exclusively owned by IBEF. The
same may not be reproduced, wholly or in part in any material form (including photocopying or storing it in any medium
by electronic means and whether or not transiently or incidentally to some other use of this presentation), modified or in
any manner communicated to any third party except with the written approval of IBEF.
This presentation is for information purposes only. While due care has been taken during the compilation of this
presentation to ensure that the information is accurate to the best of Aranca and IBEF’s knowledge and belief, the
content is not to be construed in any manner whatsoever as a substitute for professional advice.
Aranca and IBEF neither recommend nor endorse any specific products or services that may have been mentioned in
this presentation and nor do they assume any liability or responsibility for the outcome of decisions taken as a result of
any reliance placed on this presentation.
Neither Aranca nor IBEF shall be liable for any direct or indirect damages that may arise due to any act or omission on
the part of the user due to any reliance placed or guidance taken from any portion of this presentation.