Strengthening cost efficiency and raw material security

JSW Steel has firmly established itself as a cost leader in the Indian steel industry, ranking among the most efficient globally. By leveraging a combination of industryleading technologies including non-recovery coke ovens, blast furnace, DRI, twin shell Conarc, Corex and zero power furnace, we optimise costs and enhance operational efficiencies. The adoption of these advanced technologies gives us the flexibility to blend coking coal of different quality for the manufacturing of coke, producing pellets and sinter in the iron ore agglomeration (pelletisation and sinter plants) process. We generate a significant proportion of our power from waste heat and gases captured in the steelmaking process.

Our integrated steelmaking facilities benefit from strong raw material linkages, particularly for iron ore, which ensures long-term security and consistent quality to boost productivity. To further fortify our raw material base, we actively participate in mine auctions, securing essential resources to support our facilities. We are in the process of commissioning three coking coal mines in India which will provide us coking coal at a lower cost vs import. The announced acquisition of Minas de Revuboe mine in Mozambique is a step towards securing coking coal supply. This pre-development mine project has more than 800 MnT of high-quality coking coal reserves.

We are setting up 30 MTPA slurry pipeline from our mines in Odisha to the port, slated for commissioning in FY 2026-27. This will drive significant savings in logistics costs. At our Vijayanagar facility, we employ a pipe conveyor system to efficiently transport iron ore fines.

FY 2023-24

US$130/tonne

Conversion cost - Standalone

FY 2023-24

33%

Iron ore consumption met
through captive mines

FY 2026-27

30 MTPA

Slurry pipeline for transporting iron ore in Odisha to be commissioned

Expanding high-margin product portfolio

At JSW Steel, we prioritise the development of innovative steel products tailored for various sectors, including infrastructure, construction, consumer durables, general engineering, railways, defence, and automotive industries. In recent years, we have increased our downstream capacities and developed new products and grades to meet the rising demand for specialty steel in India, a demand that was previously largely fulfilled by imports. By focusing on creating brands and introducing niche products, we diversify our product portfolio and enhance our profit margins, ensuring sustained growth and competitiveness in the market.

~13.5 MTPA

Domestic downstream capacity

FY 2023-24

61%

Share of VASP in total sales

41%

Branded product sales in total retail sales

Advancing our sustainability agenda

A major component of JSW Steel’s approach to sustainability includes a targeted reduction in CO₂ emissions intensity, aiming for a 42% reduction to reach 1.95 tonnes of CO₂ per tonne of crude steel by 2030. We have committed to achieving net neutral in carbon emissions by 2050 for all operations under our direct control. The introduction of advanced technologies such as green hydrogen for steelmaking, syngas utilisation, and carbon capture, utilisation & storage (CCUS) form part of our medium to long-term sustainability strategies.

Moreover, our sustainability progress has garnered global accolades. JSW Steel has been included in the DJSI World Index as well as the DJSI Emerging Markets Index, and our flagship decarbonisation program – SEED, has been awarded the Global Energy Transition Changemaker award at COP 28. We have been recognised as a Steel Sustainability Champion by Worldsteel for the sixth consecutive year. We are the only steelmaker globally to attain an A score in CDP Water Security this year. Additionally, JSW Steel was awarded a Leadership Rating in Climate change for the fourth consecutive year.

2050

Net Neutral

Carbon emissions commitment

#2

Globally in the steel sector in the S&P Global Corporate Sustainability Assessment

Future-ready through technology-led transformation and digitalisation

JSW Steel places a strong emphasis on safety, security, governance and sustainability-driven R&D. We have implemented initiatives like Project SAMPARK which optimises logistics and reduces costs, while IoT sensors and real-time monitoring improve tracking and operational control. The Company employs a mix of automation, integration, and intelligence, with the aim of transforming every functional area end-to-end. With over 150 digital projects in FY 2023-24, JSW Steel s setting a benchmark in the steel industry for how digital technologies can be leveraged to drive operational improvements.

For FY 2024-25, JSW Steel plans to enhance advanced business planning and scheduling systems, expand the use of AI-driven analytics for process optimisation, and further integrate IoT solutions across its operations for a holistic transformation. These efforts aim to improve efficiency, reduce operational costs, and enhance overall productivity. Further, our R&D efforts are aimed at cost reduction, including material optimisation and energy-efficient processes.

Robust financial profile and strong credit ratings

JSW Steel employs a disciplined approach to financial management and capital allocation. The Company has maintained a healthy balance sheet with a net debt to equity ratio of 0.93x and a net debt to EBITDA ratio of 2.62x, supported by `12,590 crore in cash and cash equivalents. We continuously seek to improve our financial profile as we believe that a strong financial position will be critical to support our future growth. Such financial practices have ensured that we have a healthy balance sheet and industry leading financial metrics. Our solid financial management is validated by favourable international and domestic credit ratings, ensuring we are well positioned for future growth and resilience.

`12,590 crore

In cash and cash equivalents

FY 2030-31

2.62x

Debt-to-EBITDA ratio

US$3.84 billion

Raised through global bond markets since 2014

Delivering consistent shareholder returns

JSW Steel is committed to delivering consistent shareholder returns by maintaining a strong financial profile and leveraging strategic growth initiatives. Our robust operational performance, disciplined capital allocation, and prudent financial management have enabled us to provide reliable dividends and enhance shareholder value. With a focus on sustainable growth, we continue to invest in value-creating opportunities while maintaining a healthy balance sheet and strong credit ratings, ensuring long-term profitability and shareholder confidence.

FY 2023-24

20%

Of consolidated profit to be paid out as dividends

25%

10-year total
shareholder return (TSR)

24%

5-year CAGR in market capitalisation