General Announcement::Preliminary Offering Circular for the issue of foreign currency denominated Notes

Ref: JSWSL: SECT: MUM: SE:2021-22

September 10, 2021

1. National Stock Exchange of India Ltd. 2. BSE Limited

Exchange Plaza	Corporate Relationship Dept.
Plot No. C/1, G Block	Dalal Street, Mumbai - 400 001.
NSE Symbol: JSWSTEEL	Scrip Code No.500228.
Kind Attn.: Mr. Hari K, President	Kind Attn: The General Manager
(Listing)	(CRD).

Sub: Intimation under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") and the Preliminary Offering Circular for the issue of foreign currency denominated Notes

Dear Sir,

Please refer to our letter dated January 22, 2021 whereby we had informed the stock exchanges that the Board of Directors ("Board") of JSW Steel Limited (the "Company") in its meeting held on January 22, 2021 had approved the raising of long term funds through the issuance of non-convertible foreign currency/Rupee denominated senior unsecured fixed rate notes up to USD 1 billion (the "Notes"), in one or more tranches, in the international markets, either by the Company or by any of its subsidiaries backed by corporate guarantee of the Company.

We hereby inform you that the Company is contemplating an issuance of the Notes, in two tranches, subject to market conditions. Further, if, subject to market conditions and other relevant considerations, the Board or the Finance Committee of the Board decide to open an issue of the Notes, then a meeting of the Finance Committee will be held on or after September 15, 2021, inter alia, to consider and approve the pricing, tenure and other terms of the Notes. Please treat this as the intimation required under Regulation 29 of the Listing Regulations. You are requested to take the same on record and acknowledge receipt.

We would also like to inform that the senior management team of the Company together with the joint lead managers appointed for the proposed issue of Notes shall engage in calls between September 13, 2021 and September 15, 2021 with institutional investors, analysts, amongst others, outside of India, in relation to the proposed issuance. A copy of the investor presentation is available on the Company's website www.jsw.in.

A preliminary offering memorandum ("OM") has been prepared and shall be made available to the prospective investors in relation to the contemplated issue of Notes. The Notes will not be offered or sold in India.

The OM contains certain unpublished material information about the Company. In accordance with the Company's disclosure obligations on account of its securities being listed in India, the Company would like to make such unpublished information available to the public, in the form of reviewed standalone condensed interim financial statements of the Company as at and for the three months period ended June 30, 2021, as attached, and the investor presentation, which is available on the Company's website www.jsw.in.

Further, the OM also contains a sustainability-linked bond framework (the "Sustainability- Linked Bond Framework")with respect to one of the tranches of Notes. DNV GL Business Assurance India Private Limited, India has issued an opinion (the "Second-partyOpinion") confirming the alignment of the Sustainability-Linked Bond Framework with the Sustainability-Linked Bond Principles administered by the International Capital Market Association and analysing the sustainability performance target. The Sustainability-Linked Bond Framework and the Second-party Opinion are available on the Company's website www.jsw.in.

You are requested to take the same on record and treat the same as compliance under applicable regulations under the Listing Regulations and acknowledge receipt.

Thanking you,

Yours faithfully,

For JSW STEEL LIMITED

Lancy Digitally signed by

Lancy Varghese

Varghese Date: 2021.09.10 19:13:14 +05'30'

Lancy Varghese

Company Secretary

cc:

Singapore Exchange Securities Trading Limited

11 North Buona Vista Drive,

#06-07, The Metropolis Tower 2,

Singapore 138589

Hotline: [phone]

Fax: [phone]

Note:

The Notes will not be offered or sold and have not been offered or sold in India by means of any document or any other offering document or material relating to the bonds, directly or indirectly, to any person or to the public in India which would constitute an advertisement, invitation, offer, sale or solicitation of an offer to subscribe for or purchase any securities in violation of applicable Indian laws.

The Notes referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") or the laws of any state of the United States or elsewhere and, subject to certain exceptions, may not be offered or sold within the United States except pursuant to an applicable exemption from, or in transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws of the United States. There is no intention to register any portion of any offering in the United States or to conduct a public offering of securities in the United States or in any other jurisdiction. Nothing in this communication shall constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction in which such offer or sale would be unlawful. No money, securities or other consideration is being solicited by this announcement or the information contained herein and, if sent in response to this announcement or the information contained herein, will not be accepted.