TATASTEELNSE1 November 2023

Tata Steel Limited has informed the Exchange about Investor Presentation

Tata Steel Limited

The Secretary, Listing Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001. Maharashtra, India. Scrip Code: 500470

Dear Sir, Madam,

November 1, 2023

The Manager, Listing Department National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051. Maharashtra, India. Symbol: TATASTEEL

Sub: Submission of Press Release and Investor Presentation to be made to Analysts/Investors

Please find enclosed herewith the press release titled “Tata Steel reports Consolidated EBITDA of Rs 4,315 crores for the quarter” and investor presentation to be made to Analysts/Investors on the Financial Results of Tata Steel Limited for the quarter and half year ended September 30, 2023

This presentation is being submitted in compliance with Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, as amended.

These are also being made available on the Company’s website www.tatasteel.com

This is for your information and records.

Thanking you.

Yours faithfully, Tata Steel Limited

Parvatheesam Kanchinadham Company Secretary & Chief Legal Officer (Corporate & Compliance)

Encl: As above

Registered Office Bombay House 24 Homi Mody Street Fort Mumbai 400 001 India Tel 91 22 6665 8282 Fax 91 22 6665 7724 Website www.tatasteel.com Corporate Identity Number L27100MH1907PLC000260

Mumbai, November 01, 2023

Tata Steel reports Consolidated EBITDA of Rs 4,315 crores for the quarter

Highlights:

▪ Consolidated Revenues for the half year stood at Rs 1,15,172 crores. EBITDA was Rs 10,437 crores and

the EBITDA margin was 9%.

▪ Consolidated Revenues for the July – Sep quarter stood at Rs 55,682 crores. EBITDA was Rs 4,315 crores

and the EBITDA margin was 8%.

▪ The company has spent Rs 4,553 crores on capital expenditure during the quarter and Rs 8,642 crores for the half year. The 5 MTPA expansion at Kalinganagar and 0.75 MTPA EAF project in Punjab are under implementation.

▪ Net debt stands at Rs. 77,032 crores. Our group liquidity remains strong at Rs 27,637 crores. We are now

rated Investment grade by Standard & Poor’s and Moody’s.

▪

India1 revenues were Rs 33,922 crores and EBITDA was Rs 6,841 crores

o Crude steel production was around 5 million tons and was broadly similar on QoQ basis but up 5% on

YoY basis.

o Deliveries at 4.82 million tons were marginally higher QoQ driven by rise in domestic deliveries. Broad

based improvement was witnessed across key end use segments despite seasonal factors.

o EBITDA was Rs.6,841 crores which translates into an EBITDA margin of 20%.

▪ Europe revenues were £1,812 million and EBITDA loss stood at £242 million.

o Liquid steel production was 1.95 million tons and the QoQ improvement was primarily driven by better

operating efficiency at Netherlands.

o Deliveries stood at 1.81 million tons and were marginally lower due to subdued demand and the ongoing

reline of one of the blast furnaces at Ijmuiden, which will be completed in 3QFY2024.

▪ We have assessed the potential impact of the EAF based decarbonisation project and restructuring in UK. We have taken an impairment charge of Rs 12,560 crores in standalone financial statements and Rs 2,746 crores in consolidated financial statements. In addition, we have taken a charge towards restructuring & other provisions of Rs 3,612 crores in consolidated financial statements.

▪ Tata Steel is committed to reaching net zero by 2045 and is pursuing decarbonisation of its operations in a phased manner calibrated to the regulatory framework and support from the government and customers in each country.

o In September, Tata Steel announced plans to invest in a state-of-the-art scrap based EAF at Port Talbot, UK at a cost of £1.25 bn with a government grant of £500 million, subject to relevant regulatory approvals, information and consultation processes and finalization of detailed terms & conditions. The transition to EAF based steelmaking will result in reduction of 50 mn tons of direct carbon emissions over a decade.

o Tata Steel Netherlands has been working intensely with the Government of Netherlands on the contours of the decarbonisation project covering emission and health standards and will shortly be submitting the detailed decarbonisation proposal to the Government of Netherlands seeking regulatory and financial support which is critical to build a strong business case for Tata Steel Netherlands. Both parties will discuss the detailed conditions of the project and based on the support indicated by the Government of Netherlands, the Board of Tata Steel will duly consider the project for approval at an appropriate time.

o Tata Steel Limited to enter into an agreement to source 379 MW of renewable power for India operations,

which will enable reduction of 50 million tons of carbon emissions over a period of 25 years.

Page 1 of 3

Financial Highlights:

Key Profit & Loss account items (All figures are in Rs. Crores unless stated otherwise) Production (mn ton)3 Deliveries (mn ton) Turnover Reported EBITDA Reported EBITDA per ton (Rs. Per ton) Adjusted EBITDA4 Adjusted EBITDA per ton (Rs. Per ton) PBT before exceptional items Exceptional Items (gain)/loss Reported Profit after Tax

2QFY24 5.02 4.82 33,922 6,841 14,206 6,376 13,242 4,710 12,993 (8,854)

India1,2 1QFY24 5.02 4.79 35,352 7,516 15,682 7,571 15,796 5,404 11 4,386

2QFY23 4.80 4.91 34,663 4,776 9,730 3,799 7,739 2,608 19 1,856

2QFY24 7.31 7.07 55,682 4,315 6,106 4,147 5,869 160 6,899 (6,511)

Consolidated 1QFY24 7.13 7.20 59,490 6,122 8,503 6,238 8,664 1,842 (13) 525

2QFY23 7.56 7.23 59,878 6,271 8,673 5,817 8,045 2,625 19 1,297

1.Tata Steel Standalone numbers have been restated from April 1, 2022, to reflect Tata Steel Long Products Ltd. and Tata Steel Mining Limited merger into Tata Steel; Figures for previous periods have been regrouped and reclassified to conform to classification of current period, where necessary; 2. India includes Tata Steel Standalone and Neelachal Ispat Nigam Limited on proforma basis adjusted for intercompany purchase and sale; 3. Production numbers for consolidated financials are calculated using crude steel for India, liquid steel for Europe and saleable steel for SEA; 4. Adjusted for changes on account of FX movement on intercompany debt / receivables

Management Comments:

Mr. T V Narendran, Chief Executive Officer & Managing Director:

“Tata Steel India delivered steady performance, with crude steel production of around 5 million tons. Domestic deliveries were up 6% YoY, despite renewed volatility and seasonal factors during the quarter. Among the key segments, Auto and Branded Products & Retail had best ever 2Q sales. We have started producing FHCR coils at Kalinganagar CRM complex and have started receiving approvals from automotive OEMs for our cold rolled steel. Our retail sales to home builders continue to grow aided by our strong distribution network. Tata Steel Aashiyana, the e-commerce platform, services more than 10,000 unique customers per month. Moving to Sustainability, we remain committed to Net Zero by 2045 and have calibrated the decarbonisation of steelmaking as per the operating geography. In UK, we plan to invest in a state-of-the-art scrap based EAF with the government support and this will enable reduction of 50 million tons of direct carbon emissions over a decade. In Netherlands, we will shortly be submitting the detailed decarbonisation proposal to the Dutch government seeking regulatory and financial support. In India, we are committed to responsible growth and are undertaking multiple initiatives ranging from scrap charging in blast furnace to greening the power mix. We are entering into an agreement to secure 379 MW renewable power for our India operations. I am happy to share that Tata Steel has received Safety and Health Excellence recognition for 2023 by worldsteel.”

Mr. Koushik Chatterjee, Executive Director and Chief Financial Officer:

“Tata Steel Consolidated revenues for the quarter stood at Rs 55,682 crores and consolidated EBITDA stood at Rs 4,315 crores, which translates to an EBITDA margin of 8%. India business generated higher margin of around 20% and EBITDA stood at Rs 6,841 crores. In Europe, margins moderated especially in UK business while Netherlands business was broadly stable on QoQ basis. Revenue per ton was lower in both geographies. However, improved costs in Netherlands led to broadly similar margins. Cash flow from operations before interest stood at Rs 4,658 crores driven by favourable working capital movement. Our capital expenditure was Rs 4,553 crores during the quarter and Rs 8,642 crores for the half year. This is broadly in line with our annual guidance of ~Rs 16,000 crores for FY2024 and we continue to prioritise completion of the 5 MTPA Kalinganagar expansion. Our Net debt stands at Rs 77,032 crores and the group liquidity position remains strong at Rs 27,637 crores. During the quarter, Moody’s upgraded our credit rating to investment grade. Given our plans to change the processed route for steelmaking, the existing heavy end assets at TSUK will only be used for a defined period. Accordingly, we have taken an impairment charge of Rs 12,560 crores in the standalone financial statements. We have also taken a charge of Rs 6,358 crores in consolidated financial statements in relation to the UK business. We continue to remain focused on cost optimisation, operational improvements and working capital management to maximise cashflows.”

Page 2 of 3

Disclaimer Statements in this press release describing the Company’s performance may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results may differ materially from those directly or indirectly expressed, inferred, or implied. Important factors that could make a difference to the Company’s operations include, among others, economic conditions affecting demand/ supply and price conditions in the domestic and overseas markets in which the Company operates, changes in or due to the environment, Government regulations, laws, statutes, judicial pronouncements and/ or other incidental factors.

For queries and information Sarvesh Kumar, Chief Corporate Communications, Tata Steel, sarvesh.kumar@tatasteel.com

About Tata Steel

• Tata Steel group is among the top global steel companies with an annual crude steel capacity of 35 million tonnes

•

per annum. It is one of the world's most geographically diversified steel producers, with operations and commercial presence across the world.

• The group recorded a consolidated turnover of ~US$30.3 billion in the financial year ending March 31, 2023. • A Great Place to Work-CertifiedTM organisation, Tata Steel Limited, together with its subsidiaries, associates,

and joint ventures, is spread across five continents with an employee base of over 77,000.

• Tata Steel has announced its major sustainability objectives including Net Zero Carbon by 2045, Net Zero Water

consumption by 2030, improving Ambient Air Quality and No Net loss in Biodiversity by 2030.

• The Company has been on a multi-year digital-enabled business transformation journey intending to be the leader in ‘Digital Steel making by 2025’. The Company has received the World Economic Forum’s Global Lighthouse recognition for its Jamshedpur, Kalinganagar and IJmuiden Plants.

• Tata Steel aspires to have 25% diverse workforce by 2025. The Company has been recognised with the World

Economic Forum’s Global Diversity Equity & Inclusion Lighthouse 2023.

• The Company has been a part of the DJSI Emerging Markets Index since 2012 and has been consistently ranked

amongst top 10 steel companies in the DJSI Corporate Sustainability Assessment since 2016. • Tata Steel’s Jamshedpur Plant is India’s first site to receive ResponsibleSteelTM Certification. • Received Prime Minister’s Trophy for the best performing integrated steel plant for 2016-17, 2023 Steel Sustainability Champion recognition from worldsteel for six years in a row, 2022 ‘Supplier Engagement Leader’ recognition by CDP, Top performer in Iron and Steel sector in Dun & Bradstreet's India's top 500 companies 2022, Ranked as the 2023 most valuable Mining and Metals brand in India by Brand Finance, and ‘Most Ethical Company’ award 2021 from Ethisphere Institute.

• Received 2022 ERM Global Award of Distinction, ‘Masters of Risk’ - Metals & Mining Sector recognition at The India Risk Management Awards for the seventh consecutive year, and Award for Excellence in Financial Reporting FY20 from ICAI, among several others.

Photographs: Management and Plant facilities | Logos: Files and usage guidelines

Website: www.tatasteel.com and www.wealsomaketomorrow.com

Tata Steel |

@TataSteeLtd |

Tata Steel |

tatasteelltd

Page 3 of 3

Tata Steel Results Presentation 2023

Financial quarter ended September 30, 2023

November 01, 2023

36 feet high Charkha in Cross Maidan at Mumbai, India : Symbolises steely determination to build and sustain a self-enabled nation, made using 24 tons of Tata Structura steel hollow sections

Safe harbour statement

Statements in this presentation describing the Company’s performance may be “forward looking

statements” within the meaning of applicable securities laws and regulations. Actual results may

differ materially from those directly or indirectly expressed, inferred or implied. Important factors that

could make a difference to the Company’s operations include, among others, economic conditions

affecting demand/supply and price conditions in the domestic and overseas markets in which the

Company operates, changes in or due to the environment, Government regulations, laws, statutes,

judicial pronouncements and/or other incidental factors

Business Update

Floating solar power panels at Jamshedpur, India

Leadership in Sustainability

Leadership in India

Leadership position in technology and digital

Consolidate position as global cost leader

Robust financial health

Become future ready

Committed to ‘Zero harm’ Safe harbour statement Journey towards excellence in Safety & Health of employees1

68% LTIFR*

In the last 15 years

Fatalities

FY20

FY21

FY22

FY23 1HFY24

Safety Competency Development

› FELT Leadership Training for competency development and empowerment of site safety supervisors

e t a d p U e c n a m r o f r e P

e t a d p U s s e n i s u B

8 0 Y F

9 0 Y F

0 1 Y F

1 1 Y F

2 1 Y F

3 1 Y F

4 1 Y F

5 1 Y F

6 1 Y F

7 1 Y F

8 1 Y F

9 1 Y F

0 2 Y F

1 2 Y F

2 2 Y F

3 2 Y F

4 2 Y F H 1

*Lost Time Injury Frequency Rate per million-man hours worked, for Tata Steel Group, Fatalities covers Tata Steel Standalone, SE Asia and Europe; TSML included from 1st Sep’23

Walkathon for Healthy Heart, India

› Theme based awareness

Campaign on ‘Hypertension’ organized during the quarter

Note : 1. Employees refers to Permanent and Contract workforce

Improving quality of life of our communities Safe harbour statement Social capital and scalable change models to enable deep societal impact

Strengthening tomorrow via range of signature programs across focus areas

Program to drive rural and urban education → 6.5 lac+ lives undergoing structured learning

MANSI+ focused on maternal and newborn health → 1 lac+ pregnant women and newborns covered

Samvaad for tribal welfare → 40,000+ tribal language learners and 6 intellectual properties created

Agriculture and allied programs to drive income for marginalized → 63,400+ households impacted

e t a d p U e c n a m r o f r e P

e t a d p U s s e n i s u B

Rural & Urban Education

Public Health & Nutrition

21.8 Lakh+

Lives Impacted1

Tribal Identity

Grassroots Governance

>Rs 1,500 crores spent2 since FY20

Gender & Youth Empowerment

Dignity for the Disabled

481

406

Climate Resilient Livelihoods

Water Resources

222

193

217

Grassroots Sports

Public Infrastructure

1 Cumulative as on 1HFY24; 2 CSR Spending by Tata Steel Standalone (excl. TSLP)

FY20

FY22

1HFY24

Note : MANSI - Maternal and Newborn Survival Initiative

Net Zero by 2045 Safe harbour statement Route and Pace of decarbonisation to be calibrated across geographies

Pursuing Multiple Initiatives

Higher scrap charge

Higher Renewable energy use

Reducing ash in Coal

Steel – permanent material in the circular economy

▪ Key engineering and construction material

▪ Essential for economic

development & decarbonisation

Multilocation EAF

Progress on Hydrogen usage

Nature based solutions (biomass etc.)

Partnering with Academia

Cleaner fuel i.e. Natural gas etc.

Upscaling CCU pilots

Lower Alumina in Iron ore

New smelting technology

Note : CCU – Carbon Capture & Utilisation, EAF – Electric Arc Furnace

e t a d p U e c n a m r o f r e P

e t a d p U s s e n i s u B

Safe harbour statement TSUK: Pursuing decarbonisation to reduce 50 mn tons CO2e over a decade 2,000 UK Customers supplied by UK operations

3 mn tons Downstream capacity

50 mn tons direct emissions redn. over a decade1

Share of UK demand

Automotive

Construction

Packaging

50%

43%

62%

e t a d p U e c n a m r o f r e P

e t a d p U s s e n i s u B

Existing configuration

▪ BF – BOF based steelmaking with downstream

capacity of around 3 million tons

Intermediate financially viable configuration

▪ Sustains significant market presence across steel end

use segments in UK

Green steel configuration

▪ EAF with steelmaking capacity of 3 MTPA

o Carbon emission intensity of around 0.4 tCO2 per ton

of crude steel

o Economically and Environmentally viable solution, with

the UK government support of £500 million

o Utilise locally available scrap → recycling

Note : 1. Post transition to EAF, BF - Blast Furnace, BOF – Basic Oxygen furnace, EAF – Electric Arc Furnace, TSUK – Tata Steel UK

Safe harbour statement TSN: Committed to achieve 35 – 40% CO2 emission reduction by 2030 Government support is essential for transition

Roadmap+ (2019 – 2025)

Transition to Green steel

7 mn tons annual steel production in IJmuiden

One of the most

CO2-efficient

steel plant in the world

▪ Investment to achieve significant reduction in emissions, dust, odour and noise

o De-NOx unit for the pellet plant

(largest environment installation in a pellet plant in the world)

e t a d p U e c n a m r o f r e P

e t a d p U s s e n i s u B

Contributes upto

~6%

of Industry GDP1

17,000

product variants

13 product lines

o Emission reduction installation for

cold strip mill

o Installation of dust screens and slag pits with mobile covering

o Soundproofing measures on trains and conveyor belts

▪ Discussions with government and technology partners are underway

35 - 40% 1st BF replacement by 2030; DRI - EAF being considered

CO2 emission reduction

Further drop in emissions on 2nd BF replacement

Carbon neutrality by 2045

Note : NOx – Nitrogen Oxides, 1. Based on direct & indirect GVA contribution in “The Impact of the European Steel Industry on EU Economy (2019), CBS SBI C manuf. GDP contribution 2017, DRI – Direct Reduced Iron, BF – Blast furnace

Safe harbour statement TSI: Pursuing sustainability through multiple initiatives Committed to responsible growth

1st site in India to achieve ResponsibleSteelTM

GreenPro1 certified brands

One of the lowest

Coke rate

In India

Increase in Scrap usage across sites

100%

Solid waste utilisation

e t a d p U e c n a m r o f r e P

e t a d p U s s e n i s u B

379 MW renewable energy project to enable reduction of more than 50 million tons of carbon emissions over time

Increase in Steel scrap usage during steelmaking across locations to enable reduction in carbon emissions

Electric Arc Furnace being setup in Ludhiana, Punjab; will leverage scrap collection & processing at Rohtak

Successfully completed trial for injecting Hydrogen into blast furnace to reduce coke usage

Successfully commissioned 5 ton per day CCU pilot plant in Jamshedpur to capture CO2 from blast furnace gas

Note : 1. GreenPro is an ecolabel developed by Confederation of Indian Industry, CCU – Carbon Capture & Utilisation, TSI – Tata Steel India

Tata Committed to transparency via enhanced sustainability disclosures Actively involved in development of global & national standards

2001

2006

1st Sustainability report published based on GRI framework

Adopted and reporting

Contribution to UN SDGs

1st CDP Climate reporting, expanded to supply chain in 2012

Sustainability champion since inception in 2018

2016

<IR>

Voluntary shift from compliance to governance-based Integrated report

2022

Annual comprehensive ESG factsheet for all key group entities

Actively involved in global developments

2023

BRSR

1st BRSR report covering 14 entities that make up 98% of Revenues

Net Zero Steel Initiative

e t a d p U e c n a m r o f r e P

e t a d p U s s e n i s u B

Note : GRI – Global Reporting Initiative, BRSR – Business Responsibility & Sustainability Report,, CDP – Carbon Disclosure Project, <IR> - Integrated report, ISSB - International Sustainability Standards Board, SDG – Sustainable Development Goals

Tata Steel is scaling up to capitalise on India growth opportunity Tata Investments set to drive sector leading returns

capacity growth in India

Dominant manufacturing base

e t a d p U e c n a m r o f r e P

e t a d p U s s e n i s u B

62%

>75%

India share (%)

~21 MTPA

40 MTPA

India

Netherlands

SE Asia

0.75

EAF

TSK / TSM / NINL

TSK Ph 2

~21 MTPA

40 MTPA

NINL / EAF

Flats (A)

~16 MTPA

~27 MTPA

Longs (B)

~5 MTPA

~13 MTPA

Crude Steel (A+B)

~21 MTPA

40 MTPA

Upstream

36 MTPA Iron ore

60 - 65 MTPA

Tubes Wires

Tinplate

DI Pipe

Downstream

1 MTPA

0.45 MTPA

0.38 MTPA

0.20 MTPA

~4 MTPA

~1 MTPA

Note : TSK – Tata Steel Kalinganagar, EAF – Electric Arc Furnace, TSM – Tata Steel Meramandali, NINL – Neelachal Ispat Nigam Limited and DI – Ductile Iron

5 MTPA capacity expansion is progressing at Kalinganagar Tata The largest ‘Blast furnace’ in India at 5,870 cubic metres

Tata Steel Kalinganagar 5 MTPA expansion

e t a d p U e c n a m r o f r e P

e t a d p U s s e n i s u B

Consolidate leadership in chosen segments

Automotive

Engineering

Energy

Eco-friendly design

▪ Top combustion stoves* → Optimal fuel consumption

▪ Dry gas cleaning plant → Maximise energy recovery

▪ Evaporative cooling system* → lower water intake

▪ Top gas recovery turbine → Energy recovery

Note : *1st in India

2.2 MTPA CRM complex → product mix, 6 MTPA Pellet plant → Cost savings Tata Pellets and FHCR coils production commenced

Continuous Annealing & Continuous galvanising lines work underway

Widest cold rolling mill in India with capacity of 2.2 million tons per annum

e t a d p U e c n a m r o f r e P

e t a d p U s s e n i s u B

Future ready portfolio

High Tensile steel to meet lightweighting & safety needs

Advanced steel to serve Infra and Energy segments

▪ Started receiving approvals from automotive OEMs

for cold rolled steel

▪ Continuous Galvanizing lines capable of doing

multiple coatings*

▪ Two “new” primary coatings* - ZAM and AlSi, to be

rolled out

Note : *1st in India, FHCR – Full hard cold rolled steel, OEM – Original Equipment Manufacturer, ZAM – Zinc Aluminum Magnesium, AlSi – Aluminum Silicon

Tata Agile business model to leverage digitisation to create value

Far-site Remote Operation Centres (iROC)

Strong India franchise

e t a d p U e c n a m r o f r e P

e t a d p U s s e n i s u B

Service centers for last point processing

30+ Product Application Engineers

100% fleet covered by vehicle tracking

Agile distribution network

TOC1 enabled supply chain

250+ distributors & 20,400+ dealers

E-commerce to enhance reach

Covering 95% districts across India

Note : 1. Theory of Constraints

Tata Auto: Consolidating the position of “Preferred Steel Supplier” Product mix and enhanced services to meet needs of the future

Making Steel smarter

▪ Makes up 24% of domestic

▪ Strong presence across all the

deliveries

automotive OEMs

e t a d p U e c n a m r o f r e P

e t a d p U s s e n i s u B

Auto as % of total deliveries

24%

FY22

FY23

1HFY24

▪ Partnering with customers in

▪ Leveraging digital to enhance

value creation

customer experience

Teardown / benchmarking

Supply chain visibility

Note : TSK – Tata Steel Kalinganagar, EAF – Electric Arc Furnace, TSM – Tata Steel Meramandali, NINL – Neelachal Ispat Nigam Limited and DI – Ductile Iron

Tata Retail: Poised to grow 2x in high margin business Leveraging pan India growth and branded presence esp. Tata Tiscon

Joy of building

▪ Envisaged capacity growth at

NINL and EAF

▪ Serving 500K+ Individual Homebuilders per annum

8 times in a row

1st in India

Our retail volumes have crossed 3 million tons

▪ Enhanced Phygital reach to the

▪ Developing strong ecosystem to

market

deliver superior experience

mn tons

>70% QoQ increase in Revenues via

FY13

FY16

FY22

FY23

FY24 (annld.)

Consistent growth of cash rich business

10,000+ Dealers

10K+ Unique customers per month

Influencers

Note : EAF – Electric Arc Furnace, NINL - Neelachal Ispat Nigam Limited, Influencers refers to Architect, Contractors & Engineers

e t a d p U e c n a m r o f r e P

e t a d p U s s e n i s u B

Tata Downstream: Value added growth for product mix enrichment Set to grow by 2x – 4x

Tubes

Wires

Tinplate

Ductile Iron Pipes

Wide product portfolio incl. HAR & ERW tubes

Application of tubes in a structure at Kolkata

Our LRPC strands are widely used in India

Application in growing packaging industry

Tata Ductura, Tata Ductura, designed to last transportation of for years water and other uses

Leading manufacturer of pipes and tubes

80% share of business in bullet train projects

Market leadership in domestic tinplate industry

Leading manufacturer of Ductile Iron Pipe

Note : HAR – High Aspect Ratio, ERW – Electrical Resistance Welded, LRPC - Low Relaxation Pre-stressed steel strands

e t a d p U e c n a m r o f r e P

e t a d p U s s e n i s u B

Financial management to enable returns across cycle Tata

Value Drivers

Balance sheet management

▪ Optimise capital structure and cost

▪ Target Net Debt to EBITDA <2.5x across cycle

▪ Proactive financing & asset – liability match

Capital allocation

Outcome

Bond spreads converged to Investment grade

Tata Steel Abja 5.45 (2028)

e t a d p U e c n a m r o f r e P

e t a d p U s s e n i s u B

▪ Value accretive investments (ROIC : 15%)

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

Sep-23

▪ Portfolio restructuring

Operational excellence

▪ Minimize working capital

▪ Continuous improvement programs

Total Shareholder Returns (%)

Source : Bloomberg for Total Shareholder Returns as on 30th Sep 2023, ROIC – Return on Invested Capital, IG – Investment Grade, HY – High Yield

5 years

10 years

25 years

Value accretive consolidation with multiple benefits Tata

Unlisted

Listed

Tata Steel Mining (TSML)

S&T Mining

Indian Steel & Wire Products

TSLP Swap ratio 6.7

TCIL Swap ratio 3.3

Tata Metalliks Swap ratio 7.9

TRF Ltd. Swap ratio 1.7

Filing of scheme with Stock Exchanges (Reg. 37)

Filing of 1st motion application with National Company Law Tribunal (NCLT)

Shareholders meetings and creditor meetings ( if any)

ISWP

TRF

No objection letter from Stock Exchanges

Order of NCLT on first motion application

Filing of the second motion application with NCLT

Final hearing / order of NCLT

S&T TCIL TML

TSML and TSLP

Filing with Registrar to make scheme effective

e t a d p U e c n a m r o f r e P

e t a d p U s s e n i s u B

Note : TSLP – Tata Steel Long Products, TCIL – Tinplate Company of India Ltd, S&T Mining – SAIL & Tata Steel JV, Swap ratio is number of Tata Steel’s shares offered in exchange for one share of merging entity

Performance Update

Identifying and developing sporting talent among rural youth, India

Economic slowdown in China and elevated input costs have weighed on global steel spot spreads ▪ Global steel prices moderated in the July – Sep period on sustained concerns about slowing growth momentum across key regions

▪ Raw material prices moved slightly higher in the past few weeks. Coking coal prices are above $300/t while Iron ore prices have risen close to $120/t levels

▪ In China, steel production and subdued domestic demand have led to average steel exports of around 7 - 8 mn tons in July – August

▪ Overall, Steel spot spreads moderated across key regions driven by demand dynamics and input costs. EU steel spot spreads are below $250/t levels

China Steel spot spreads (Domestic, Export)

EU Steel spread including energy, carbon costs

HRC spot gross spreads ($/t)

China domestic Spreads

China export Spread

1,000

EU Steel spot spread

EU spread (w Energy, Carbon)

0 Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

Sep-23

Sources: World Steel Association, IMF, Bloomberg, Steelmint; China HRC export spread = China HRC export FOB – 1.65x Iron Ore (62% Fe CFR) - 1x Coal (Premium HCC CFR); China HRC domestic spot spread is with China HRC domestic prices; EU HRC spot spreads = HRC (Germany) - 1.6x iron ore (fines 65%, R’dam) - 0.8x premium hard coking coal (Aus) - 0.1x scrap (HMS, R’dam) ; EU spot spread incl. energy = EU HRC spot spread – Carbon cost – 0.5 x NG ($/Mwh) – 0.15 x Electricity ($/Mwh)

2222

750

500

250

0 Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

Sep-23

600

450

300

150

India steel demand remained resilient despite seasonal rains while EU steel demand was subdued on economic slowdown

India ▪ Indian apparent steel consumption was up around 10% on

QoQ basis in 2QFY24

Europe ▪ Eurozone manufacturing PMI was 43 in Sep, indicating the

persistent concerns about economic activity

▪ Domestic demand was aided by government spending and

▪ Construction and Machinery demand was subdued on

pick up in automotive demand

elevated interest rates

Key steel consuming sectors*

Key steel consuming sectors (%, YoY growth)

Capital Goods

Infrastructure/ construction goods

Automotive

150

100

0 Jan-20

Machinery

Construction

Vehicles (units)

100%

50%

-50%

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

Jul-23

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

Jul-23

Sources: Bloomberg, SIAM, Joint Plant Committee, MOSPI, CMIE, Eurostat and Tata Steel, *Figures of Industrial Production for Capital Goods, Infrastructure/Construction, consumer durables and railways are rebased to Nov'18=100 using FY12 index-based sector weights; number of units produced as per SIAM; growth of key steel consuming sector is calculated by removing sub-segments which do not consume steel, ECB – European Central Bank

Note : All data is on consolidated basis; 1. FY20 and FY21 incl. Southeast Asia Operations which is reclassified as continuing operations; 2. Interest Coverage Ratio: EBITDA / Interest, LTM basis

Steady increase in India sales to chosen segments Domestic deliveries up 6% YoY on improving demand

Business Verticals

mn tons

4.91

0.67

1.53

1.81

0.36 0.54

2QFY23

4.79

0.68

1.57

1.89

0.41 0.25 1QFY24

4.82

0.72

1.62

1.87

0.41 0.20 2QFY24

Auto and ancillaries

1.2

1.1

End use sectors

Retail : Individual housebuilders

Construction & Infrastructure

0.8

0.7

1.1

1.2

2QFY23 1QFY24 2QFY24

Energy and Engg. goods

Consumer Durables and Packaging

0.7

0.3

Trade and Commercial

0.5

2QFY23 1QFY24 2QFY24

Automotive

BPR

IPP

Downstream

Exports

Note: 1 India incl. Tata Steel Standalone and Neelachal Ispat Nigam Limited, BPR –

Branded Products and Retail, IPP – Industrial Products and Projects

Note : 2QFY23 is estimates based on FY23 breakup, Auto and ancillaries incl. B2B and ECA sales, Wire & Specialty steel sales; Retail is B2C includes Tiscon, Shaktee, Galvanised Plain Retail, Tubes and Wires; Construction & Infra is B2B sales to construction companies; Energy incl. Oil & Gas, Wind, Solar etc.; Engineering incl. Shipbuilding, Railways and Capital Goods etc.; Consumer Durables is sales to Furniture, Appliances; Packaging incl. Tinplate, High Tensile steel strapping ,LPG, Drums & Barrels and Trade & Commercial is sales to rerollers, fabrication etc., B2B – Business to Business, ECA – Emerging Corp. accounts, B2C – Business to 24 Consumer and LPG – Liquefied Petroleum Gas

Tata Steel Consolidated

(All figures are in Rs. Crores unless stated otherwise)

Production (mn tons)1

Deliveries (mn tons)

Total revenue from operations

Raw material cost2

Change in inventories

Employee benefits expenses

Other expenses

EBITDA

Adjusted EBITDA3

Adjusted EBITDA per ton (Rs.)

Other income

Finance cost

Pre exceptional PBT

Exceptional items (gain)/loss

Tax expenses

Reported PAT

Other comprehensive income

2QFY24

1QFY24

2QFY23

Key drivers for QoQ change:

7.31

7.07

55,682

25,147

756

5,917

19,594

4,315

4,147

5,869

228

1,959

160

6,899

(228)

(6,511)

(774)

7.13

7.20

59,490

25,961

1,515

5,925

20,915

6,122

6,238

8,664

1,177

1,825

1,842

(13)

1,331

525

7.56

7.23

59,878

31,058

281

5,318

17,160

6,271

5,817

8,045

329

1,519

2,625

1,308

1,297

(3,173)

(3,414)

▪ Revenues: decreased by 6% due to lower volumes, as

well as lower realisations across geographies

▪ Raw Material cost: decreased on lower raw material

costs in India, partly offset by increase at Europe

▪ Change in inventories: relates to decline in inventory

value at Europe

▪ Other expenses: decreased on lower royalty and

power expenses partly offset by emission rights costs

▪ Exceptional items: primarily relates to impairment of heavy end assets and restructuring cost relating to UK operations

▪ Other comprehensive income: primarily relates to

remeasurement loss on defined benefit plans

1. Production Numbers: Standalone & Neelachal Ispat Nigam Limited - Crude Steel Production, Europe - Liquid Steel Production; SEA - Saleable Steel Production. 2. Raw material cost includes raw material consumed, and purchases of finished and semi-finished products. 3. Adjusted for changes on account of FX movement on intercompany debt / receivables.

2 5

Consolidated 2QFY24 EBITDA1 stood at Rs 4,147 crores EBITDA margin was at 7%

4,021

4,300

▪ Selling Result: driven by lower realisations in

India and Europe

▪ Cost Changes: given drop in raw material

costs especially coking coal

1,716

▪ Volume/Mix: primarily driven by lower

deliveries in Europe

4,147

▪ Others: relates to higher other income in 1Q on account of execution of long-term lease arrangement with Tata Bluescope

Selling Result

Cost Changes

Volume/Mix

Others

Adjusted EBITDA 2QFY24

6,238

Adjusted EBITDA 1QFY24

1 EBITDA adjusted for changes on account of FX movement on intercompany debt / receivables

Net debt stood at Rs 77,032 crores Group liquidity remains strong at Rs 27,6371 crores

90,440

689

212

184

89,723

12,691

in Rs crores

77,032

Net Debt Sep'23

Gross Debt Jun'23

Movement in leases

Loan movement

FX Impact and Others

Gross Debt Sep'23

Cash, Bank & Current Investments

Note : All data is on consolidated basis; 1. FY20 and FY21 incl. Southeast Asia Operations which is reclassified as continuing operations; 2. Interest Coverage Ratio: EBITDA / Interest, LTM basis

1 Group liquidity includes cash & cash equivalents and undrawn fund-based lines

272727 27 27

Key financial credit metrices EBITDA Margin (%)1

EBITDA / ton (Rs.)1

Interest Coverage Ratio (x)1,2

Gross & Net Debt (Rs. crore)

26.2%

21,626

11.7

18.9%

19.8%

12.2%

13.4%

9.1%

11,110

6,267

11,358

10,838

7,316

3.9

4.1

5.2

3.0

2.4

1,16,328

1,00,816

88,501

1,04,779

75,561

84,893

89,723

94,879

75,389

77,032

67,810

51,049

Net

Gross

FY 19

FY 20

FY 21

FY22

FY23

1HFY24

FY19

FY20

FY21

FY22

FY23

1HFY24

FY19

FY20

FY21

FY22

FY23

1HFY24

FY19

FY20

FY21

FY22

FY23

1HFY24

Net Debt / EBITDA (x)2

Net Debt / Equity (x)

Credit Rating

5.91

1.42

1.43

0.98

3.19

3.53

2.44

2.07

0.79

0.61

0.52

FY19

FY20

FY21

0.80 FY22

FY23

1HFY24

FY19

FY20

FY21

FY22

FY23

1HFY24

BBB-/ Baa3

BB+/ Ba1

BB/ Ba2

Investment Grade

S&P

Moody's

BB-/ Ba3

e l t i T s 3 i x B+/ B1 A

2 B/ B2 1

B-/ B3 0 Sep-19

FY19 FY20 FY21 FY22 FY23 1HFY24

Sep-22

Sep-23

Sep-20

Sep-21

Note : All data is on consolidated basis; 1. FY20 and FY21 incl. Southeast Asia Operations which is reclassified as continuing operations; Interest Coverage Ratio: EBITDA/ Interest 2. EBITDA on LTM basis

282828 28

Annexures

Safety Competency Development through VR modules

Tata Steel Standalone1 Continued focus on operational efficiencies and minimizing environmental impact

Coke Rate (kg/thm)

Specific Energy Consumption (Gcal/tcs)

2 6 3

5 6 3

8 5 3

9 4 3

Good

4 4 3

0 0 . 6

5 9 . 5

5 8 . 5

3 6 . 5

Good

9 7 . 5

Specific Fresh Water Consumption (m3/tcs)

Good

1 5 . 3

0 2 . 3

4 8 . 2

4 7 . 2

3 5 . 2

FY20

FY21

FY22

FY23

1HFY24

FY20

FY21

FY22

FY23

1HFY24

FY20

FY21

FY22

FY23

1HFY24

CO2 Emission Intensity (tCO2/tcs)

Specific Dust Emission (kg/tcs)

Solid Waste Utilisation (%)

9 4 . 2

2 5 . 2

0 5 . 2

4 4 . 2

Good

5 4 . 2

8 5 . 0

9 4 . 0

3 4 . 0

7 3 . 0

Good

5 3 . 0

1 9

0 0 1

9 9

8 9

Good

0 0 1

FY20

FY21

FY22

FY23

1HFY24

FY20

FY21

FY22

FY23

1HFY24

FY20

FY21

FY22

FY23

1HFY24

Note : 1. Tata Steel Standalone now includes Tata Steel Long products (TSLP) and Tata Steel Mining Limited (TSML) and accordingly numbers have been revised for prior periods. CO2 emission intensity calculated as per worldsteel methodology

3 0

Tata Steel Standalone1

(All figures are in Rs. Crores unless stated otherwise)

Production (mn tons)

Deliveries (mn tons)

Total revenue from operations

Raw material cost2

Change in inventories

Employee benefits expenses

Other expenses

EBITDA

Adjusted EBITDA3

Adjusted EBITDA per ton (Rs.)

Other income

Finance cost

Pre exceptional PBT

Exceptional items (gain)/loss

Tax expenses

Reported PAT

Other comprehensive income

2QFY24

1QFY24

2QFY23

Key drivers for QoQ change:

4.91

4.82

33,223

14,062

540

1,775

10,095

6,917

6,453

13,401

850

1,125

5,050

12,993

588

(8,531)

195

4.84

4.79

34,693

15,457

(477)

1,635

11,464

7,503

7,558

15,768

1,475

1,027

5,632

1,016

4,605

157

4.80

4.91

34,643

17,837

1,583

1,708

8,849

4,954

3,977

8,102

814

994

3,043

809

2,215

▪ Revenues: decreased on lower steel realisations

▪ Raw Material cost: decreased primarily due to lower

coking coal consumption cost

▪ Other expenses: decreased on lower royalty, FX

impact and power costs

▪ Other Income: was lower as 1Q included one time gain on execution of long-term lease agreement with Tata BlueScope with respect to color coated lines

▪ Exceptional items: primarily relates to impairment of

investment value in UK operations

▪ Tax expenses: moved lower on account of credit due to

merger of TSLP and TSML

3 1. Tata Steel Standalone now includes Tata Steel Long products (TSLP) and Tata Steel Mining Limited (TSML) post merger; 2. Raw material cost includes raw material consumed, and purchases of finished 1 and semi-finished products 3. Adjusted for changes on account of FX movement on intercompany debt / receivables

TSUK

TSN

Key operating parameters

Coke Rate (kg/thm)

Specific Energy Consumption (GJ/tcs)

4 2 3

1 9 2

7 3 3

0 0 3

3 3 3

Good

8 9 2

7 1 3

5 7 2

1 1 3

9 7 2

Good

CO2 Emission Intensity (tCO2/tcs)

Good

9 . 3 2

8 9 1

8 . 2 2

2 0 2

1 . 3 2

4 0 2

3 . 3 2

5 9 1

6 . 2 2

1 1 2

5 2 . 2

6 7 1

4 1 . 2

7 7 1

6 1 . 2

8 7 1

8 1 . 2

6 7 1

1 1 . 2

4 8 1

FY20

FY21

FY22

FY23

1HFY24

FY20

FY21

FY22

FY23

1HFY24

FY20

FY21

FY22

FY23

1HFY24

Specific Fresh Water Consumption (m3/tcs)

Specific Dust Emission (kg/tcs)

Solid Waste Utilisation (%)

7 . 8

8 . 9

2 . 5

8 . 4

2 . 5

5 . 6

9 . 4

7 . 1 1

Good

5 . 6

Good

4 . 0

3 . 0

3 0

3 . 0

3 0

2 0

3 . 0

2 0

3 . 0

2 0

9 9

8 9

9 9

8 9

CY19

CY20

CY21

* CY22 CY23YTD

CY19

CY20

CY21

* CY22 CY23YTD

CY19

CY20

CY21

* CY22 CY23YTD

Note : TSUK and TSN report KPIs on a calendar basis aligned to regulatory requirements in their geographies, TSN parameters have been affected by ongoing reline of one of the blast furnaces, CO2 emission intensity as per worldsteel methodology, *CY23YTD is an estimate, Solid waste utilisation for TSN revised to include use of byproducts and waste

3 2

2QFY24

1QFY24

2QFY23

Key drivers for QoQ change:

Tata Steel Netherlands

(All figures are in Rs. Crores unless stated otherwise)

Liquid Steel production (mn tons)

Deliveries (mn tons)

1.19

1.23

0.94

1.37

1.65

1.27

Total revenue from operations

12,961

15,026

14,894

Raw material cost1

Change in inventories

Employee benefits expenses

Other expenses

EBITDA

7,014

(39)

2,536

4,594

6,372

2,265

2,691

4,871

(1,144)

(1,173)

8,718

(1,730)

2,287

3,834

1,785

EBITDA per ton (Rs.)

(9,296)

(8,574)

14,177

1. Raw material cost includes raw material consumed, and purchases of finished and semi-finished products; Figures prior to inter value chain eliminations

▪ Revenues: were lower on reduction in volumes as well

as realisations

▪ Raw Material cost: was higher QoQ due to higher purchase of slabs given ongoing reline of one of the blast furnaces at Ijmuiden

▪ Employee benefits expenses: decreased on provision

reversal relating to wages

▪ Other Expenses: decreased primarily on lower bulk

gas related costs and repairs & maintenance

3 3

Tata Steel UK

(All figures are in Rs. Crores unless stated otherwise)

Liquid Steel production (mn tons)

Deliveries (mn tons)

Total revenue from operations

Raw material cost1

Change in inventories

Employee benefits expenses

Other expenses

EBITDA

2QFY24

1QFY24

2QFY23

Key drivers for QoQ change:

0.76

0.73

7,288

3,853

312

1,121

3,369

(1,367)

0.85

0.75

7,738

4,032

(221)

1,129

3,196

(398)

▪ Revenues: declined upon reduction in steel realisations

▪ Raw Material cost: was lower QoQ due to drop in

coking coal and iron ore consumption cost

▪ Change in Inventories: was primarily driven by NRV

provision

▪ Other Expenses: increased on emission rights related costs partly offset by decline in bulk gas and electricity costs

▪ Employee benefits expenses: was broadly stable

0.75

8,054

3,722

332

831

3,176

(7)

(68)

EBITDA per ton (Rs.)

(18,801)

(5,331)

1. Raw material cost includes raw material consumed, and purchases of finished and semi-finished products; Figures prior to inter value chain eliminations

3 4

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