JSW Steel Limited , one of India's leading steel producers, has announced the completion of Mr. Haigreve Khaitan's tenure as an Independent Director. The company made this disclosure in compliance with the Securities and Exchange Board of India (SEBI) regulations.

Key Details of the Announcement

• Director: Mr. Haigreve Khaitan (DIN 00005290)
• Position: Independent Director
• Tenure Completed: Second term of 5 years
• Date of Cessation: July 23, 2025

Completion of Tenure

Mr. Haigreve Khaitan's second term as an Independent Director of JSW Steel Limited came to a natural conclusion on July 22, 2025. The company emphasized that this was due to the expiration of his tenure and not a result of resignation or removal.

Company's Acknowledgment

In its official communication to the stock exchanges, JSW Steel expressed its deep appreciation for Mr. Khaitan's contributions during his time with the company. The statement read, "The Company places on record its deep appreciation of the valuable contribution made by Mr. Haigreve Khaitan during his tenure with the Company."

Regulatory Compliance

The announcement was made in adherence to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. JSW Steel has disclosed this information to various stock exchanges, including:

1. National Stock Exchange of India Ltd. (NSE)
2. BSE Limited
3. Singapore Exchange Securities Trading Limited

Additional Information

The company stated that this disclosure would also be made available on JSW Steel's official website ( www.jsw.in ) in compliance with Regulation 30(8) of the Listing Regulations.

The announcement was signed by Manoj Prasad Singh, serving as the Company Secretary in an interim capacity.

This change in the board composition marks a significant event for JSW Steel, as independent directors play a crucial role in maintaining corporate governance standards and providing objective oversight to company operations.

JSW Steel , one of India's leading steel producers, has raised concerns about the potential influx of cheap steel imports into the country, despite government measures to protect domestic industry. This warning comes as the company reports a significant increase in quarterly profits, surpassing analyst expectations.

Import Concerns Amid Global Trade Tensions

Jayant Acharya, Joint Managing Director of JSW Steel, expressed apprehension about the threat of cheap steel imports flooding the Indian market. This concern persists even after the government's implementation of a 12% safeguard duty aimed at protecting domestic steel producers. Acharya pointed out that the situation is being exacerbated by U.S. tariffs on steel, which are intensifying oversupply concerns from China, the world's largest steel producer.

India's vulnerability to trade diversions is particularly acute due to its rapid economic growth. The country has already seen a notable increase in iron and carbon steel imports from China, which reached 264,854 tons in June—the highest level since October. However, it's worth noting that overall import volumes for the first half of the year remain lower compared to the previous year.

Strong Quarterly Performance

Despite these challenges, JSW Steel reported impressive financial results for the recent quarter. The company's profits more than doubled, exceeding analyst estimates. This robust performance underscores JSW Steel's resilience in the face of global market pressures and its strong position in the domestic steel industry.

Ambitious Expansion Plans

Looking ahead, JSW Steel has outlined ambitious plans for capacity expansion. The company aims to increase its steelmaking capacity from the current 35.70 million tons annually to:

• 42.00 million tons by September 2027
• 50.00 million tons by the end of the decade

These expansion plans reflect JSW Steel's confidence in the growth potential of the Indian market. The company sees India as its primary growth driver, with construction demand expected to fuel the need for increased steel production.

Market Outlook

The juxtaposition of JSW Steel's strong performance and its concerns about imports highlights the complex dynamics of the global steel industry. While the company is capitalizing on robust domestic demand, particularly from the construction sector, it remains vigilant about external threats to market stability.

As India continues its rapid economic growth, the steel industry will likely play a crucial role in supporting infrastructure development and industrial expansion. However, balancing domestic production with global trade pressures will remain a key challenge for both steel producers and policymakers in the coming years.