Tata Steel Ltd

- Tata Steel aims to resume deleveraging in FY2024 with a target of about $1 billion (approx. Rs. 8,300 crores) reduction in debt, primarily through working capital release, earnings, and tighter business operations across geographies (Page 18, 8). - There is no indication of new fundraising through additional debt; existing debts are consolidated within Tata Steel's single balance sheet and are being managed actively (Page 22, 8). - The company is focused on capital allocation for Tata Steel Kalinganagar, which is their most value-accretive capital deployment currently (Page 8). - Any incremental investment or new asset additions will need to be value accretive and justified with a clear investment case (Page 8). - Letters of comfort for refinancing existing debt, particularly for UK operations, are in place but do not represent new debt or guarantees (Pages 8, 12, 22).

- Rs. 16,000 crores capex planned for FY2024 (Page 4) - Rs. 10,000 crores of this capex in India, largely focused on accelerating the Kalinganagar project (Page 4, 10) - Kalinganagar project total spend so far Rs. 17,000 crores; an additional Rs. 6,500-7,000 crores expected this year, followed by Rs. 3,000-4,000 crores more (Page 10, 17) - Blast Furnace 6 reline in IJmuiden (Netherlands) as part of strategic capex over next 12 months (Page 4) - Multiple projects ongoing: - KPO (Kalinganagar Pellet Plant & Expansion) - Iron ore mines and associated infrastructure augmentation (Page 20) - Sustenance capex across facilities (Jamshedpur, Kalinganagar, Meramandali) over 5 years (Page 20) - Any new investments to be value accretive and strategic (Page 8) - Hydrogen-based DRI pilot in early stages in India (Page 18) No specific mention of major new strategic investments beyond these ongoing projects.

- Tata Steel India aims to increase crude steel production, currently at a record 19.9 million tons, with growth driven by debottlenecking and ramping up assets like Neelachal Ispat. - India deliveries grew 11% YoY, surpassing previous bests, with domestic deliveries accounting for 85-90% of volumes. - FY2024 consolidated deliveries expected to be 1.5 million tons higher than FY2023, split evenly between India and Europe. - Growth projects underway, targeting 40 million tons production capacity in India. - Kalinganagar 5 MTPA expansion with a 2.2 MTPA cold rolling mill will add significant volume; cold rolled steel market remains strong, backed by auto demand. - Domestic market growth (7-8 million tons annually) supports incremental volume absorption without export pressure. - Exports maintained as a strategic option at 10-15%. - Infrastructure and pre-engineered building sectors expected to drive growth, especially before elections (India). - Europe production impacted by blast furnace shutdown but sales expected to grow via slab processing. Overall, steady volume growth with emphasis on India and value-added product mix.

- Tata Steel aims to push EBITDA beyond Rs. 15,000 per ton on a like-to-like basis with value accretive expansions, such as the commissioning of the pellet plant and cold roll mill. (Page 16) - The standalone long-term margin target is around Rs. 14,000 to Rs. 15,000 per ton; recent quarters have seen fluctuations between Rs. 7,000 to Rs. 30,000 per ton. (Page 15) - The ramp-up of the Kalinganagar Phase 2 (TSK Phase 2) 5 MTPA expansion is expected to increase volumes, with full raw material integration (iron ore self-produced). (Pages 16 & 4) - Strategic capex of about Rs. 16,000 crores planned for FY2024, focusing on growth projects like Kalinganagar and modernization (pellet plant, PLTCM, IJmuiden relines). (Page 4) - Tata Steel intends to continue deleveraging and strengthening the balance sheet while maintaining free cash flows for growth and dividends. (Page 4) - Europe remains challenged, with impairments and cash losses expected, but downstream assets and certain operations like Netherlands expected to be cash flow positive. (Pages 22, 21, 13) Overall, the company targets sustainable earnings growth anchored in integration, capacity expansion, and operational improvements, balanced with financial discipline.

- Construction sector in India shows strong order books, with pre-engineered building customers holding 4 to 6 months of orders. - Industrial construction and infrastructure sectors are experiencing strength, with expectations of accelerated activity before elections. - For Kalinganagar plant, new blast furnace expected to come online within the next 12 months, indicating ramp-up in future production capacity. - India typically experiences shutdowns in Q1, with volumes expected to be around 400,000 tons less than Q4 due to planned maintenance. - Overall, order visibility appears robust in construction and infrastructure segments, supporting stable demand outlook in the near term.