Steel 2013 MARCH - IBEF · ... TATA Steel, JSW Steel Opportunities Useful information ... Steel Ltd...

1 1

Steel

For updated information, please visit www.ibef.org

MARCH

2013

2 2

Contents

Advantage India

Market overview and trends

Growth drivers

Success stories: TATA Steel, JSW Steel

Opportunities

Useful information


Steel MARCH

2013

3 3

Steel

For updated information, please visit www.ibef.org ADVANTAGE INDIA

Advantage India

MARCH

2013

Advantage India

• Demand to be supported by growth in the domestic market

• Infrastructure, oil & gas, and automotives will drive the growth of the industry

• Intended steel capacity build-up in India is set to result in investments in the range of USD104.2 billion to USD208.3 billion by 2020

• 301 MoUs have been signed with various states for planned capacity of about 488.6 MT

• India is the world’s fourth largest producer of crude steel (up from eighth in 2003); the country is expected to become the second largest producer by 2015

• Easy availability of low cost

manpower and presence of abundant reserves make India competitive in the global setup

• 100 per cent FDI through automatic route is allowed in the sector

• Large infrastructure projects in Public-Private Partnership (PPP) mode are being formed

• National Steel Policy (NSP) to encourage industry in reaching global benchmarks

Market value: USD83 billion

2014E

Market value: USD33 billion

2009

Notes: FDI - Foreign Direct Investment, MT - Million Tonnes, MoUs - Memorandum of Understanding, 2014E - estimated figure for the year 2014; these estimates are from Data monitor

Robust demand Increasing investments

Competitive advantages Policy support

4 4

Contents

Advantage India


Growth drivers


Opportunities

Useful information


Steel MARCH

2013

5 5 For updated information, please visit www.ibef.org

Evolution of the Indian steel sector

MARKET OVERVIEW AND TRENDS

Notes: TISCO - Tata Iron and Steel Company, IISC - Indian Iron & Steel Company, SAIL - Steel Authority of India Ltd

• Production of steel started in India (TISCO was setup in 1907)

• IISC was set up in 1918 to compete with TISCO

• Mysore Iron and Steel Company was set up in 1923

• According to the new Industrial Policy Statement (1948) new ventures were undertaken only by the central government

• Hindustan Steel Ltd and Bokaro Steel Ltd were setup in 1954 and 1964 respectively

• In early 1990’s, the public sector dominated the steel production

• Private players were in downstream production, mainly producing finished steel using crude steel products

• SAIL was created in 1973 as a holding company to oversee most of India's iron & steel production

• In 1989 SAIL acquired Vivesvata Iron and Steel Ltd

• In 1993, the government set plans in motion to partially privatise SAIL

1907-1918

1923-1948

1954-1964

1973-1992

Steel

1993-2012

• Foreign players started entering the Indian steel market

• No license requirement for capacity creation

• Export duty has been imposed on iron ore, thereby giving more impetus on catering to growing domestic demand

• Decontrol of domestic steel prices

• Launch of Scheme for promotion of Research and Development in Iron & Steel sector

MARCH

2013


Structure of the steel sector


Source: Report on Indian steel industry by Competition Commission of India, Aranca Research

Steel

Steel

End use

Structural steel

Construction steel

Rail steel

Form

Liquid steel Crude steel

Ingots

Semis

Finished steel

Flat

Non flat

Composition

Non-alloy steel

Low carbon steel

Medium carbon steel

High carbon steel

Alloy

Stainless

Silicon electrical

High speed

MARCH

2013

7 7

13.5 12.7 13.0 13.1 8.6

42.6 44.5 47.6

52.9

43.4

0

14

28

42

56

70

FY08 FY09 FY10 FY11* FY12* (April- Dec)

Public sector Private sector


Steel production in India has been growing at a fast pace

→ Total crude steel production grew at a CAGR of 6.6 per cent over FY08-11 to 69.6 MT; production in the first nine months of FY12 is a little more than three-fourth of FY11 levels and is estimated to touch 128.1 MT by FY17

→ Finished steel production stood at 66.0 MT in FY11, recording a CAGR of 4.2 per cent over the above-mentioned period; analysts expect production figures to shoot up in the next five years with the Ministry of Steel forecasting production levels at 115.3 MT by FY17

Total crude steel production (million tonnes)


Steel

Source: Ministry of Steel, Aranca Research, Notes: FY - Indian Financial Year (April - March), MT - Million Tonnes, * - Provisional, CAGR - Compound Annual Growth Rate

17.1 16.4 16.7 17.0 12.3

36.8 42.1

49.1 52.6

41.1

0

20

40

60

80

FY08 FY09 FY10 FY11* FY12* (April- Dec)

Public sector Private sector

Total finished steel production (million tonnes)

MARCH

2013


Shares in production: SAIL and Tata lead the way

→ SAIL is the leading player in the steel sector in India; it accounted for 18.7 per cent of crude steel production in the country in the first nine months of FY12 and had a 13.5 per cent share in finished steel production in that period

→ TATA Steel, another household name in the country, leads private sector activity in the steel sector; during April - December 2011, the firm accounted for 9.9 per cent of crude steel production and 7.8 per cent of finished steel production

India crude steel market share by production - FY12* (Apr-Dec)


Steel

Source: Ministry of Steel, Aranca Research, Notes: RINL - Rashtriya Ispat Nigam Limited, *Provisional

7.8%

13.5%

4.0%

74.7%

TATA steel

SAIL

RINL

Other

India finished steel market share by production - FY12* (Apr-Dec)

9.9%

18.7%

4.3% 67.1%

TATA Steel

SAIL

RINL

Other

MARCH

2013


Growth in market value of the Indian steel sector has also been strong

→ In 2011, the total market value of the steel sector in India was estimated to be USD55.1 billion

→ The sector has benefitted from rise in prices and production, especially since the beginning of the millennium

→ Over 2006-11, market value of the sector is estimated to have posted a strong CAGR of 19.3 per cent

Market value of the Indian steel sector (USD billion)

Source: Datamonitor, Aranca Research Note: E - Estimates


Steel

22.8 25.5

38.6

32.9

46.8

55.1

0

10

20

30

40

50

60

2006 2007 2008 2009 2010 2011E

MARCH

2013


Demand has outpaced supply over the last five years

→ Total consumption of steel exceeded production and grew to 70.9 MT in FY12 as against 66.4 MT in FY11; over FY07-12, consumption has expanded at a CAGR of 8.7 per cent

→ In the most likely economic growth scenario (9 per

cent GDP growth as envisaged by the Draft Approach Paper of the 12th Five Year Plan), demand for steel is set to rise to 113.3 MT by FY17

Consumption of steel (in million tonnes)

Source: Ministry of Steel, Indian Steel Markets Conference, Aranca Research

Notes: FY12* - Data for FY12 is provisional, MT - Million Tonnes


Steel

46.8 52.1 51.9

59.3

66.4 70.9

FY07 FY08 FY09 FY10 FY11 FY12*

MARCH

2013


A consequence of demand outpacing supply has been rising imports

→ With demand growth for steel outpacing growth in domestic production over the last few years, import dependency has increased

→ Imports have increased at a CAGR of 6.8 per cent over FY07-12

→ Total imports in FY12 stood at about 6.8 MT

Steel exports and imports (in MT)

Source: Ministry of Steel, Aranca Research Notes: FY - Indian Financial Year (April - March)

*Data for FY12 is provisional


Steel

4.9

7.0

5.8

7.4 6.8 6.8

5.2 5.1 4.4

3.3

3.5 4.0

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

FY07 FY08 FY09 FY10 FY11 FY12*

Imports Exports

MARCH

2013


Construction and infrastructure: Key consumers of steel in India

→ ‘Construction & infrastructure’ is the largest consumer of steel in India, accounting for 61 per cent of total consumption in 2010

→ This is not surprising given the heavy use of steel in this sector and soaring construction and infrastructure activity in the country over the past decade

→ ‘Capital goods’ is the next largest consumer, with 11

per cent of total consumption

Sector-wise steel consumption shares (2010)

Source: Crisil, Aranca Research


Steel

61% 11%

8%

5%

3%

12%

Construction &Infrastructure

Capital goods

Autos

Packaging

Consumerdurables

Others

MARCH

2013


Key players in the industry


Steel

Company Products

Tata Steel Ltd Finished steel (non-alloy steel)

SAIL Finished steel (non-alloy steel)

J S W Steel Ltd Hot rolled coils, strips, sheets

Jindal Steel & Power Ltd Iron and steel

Ispat Industries Ltd Hot rolled coils, strips, sheets

Welspun-Gujarat Stahl Rohren Ltd Tubes and pipes

Bhushan Steel Ltd Cold rolled coils, strips, sheets

MARCH

2013


Notable trends in the Indian steel industry


Growing investments

• SAIL has undertaken modernisation and expansion of its integrated steel plants in Bhilai, Bokaro, Rourkela, Durgapur, Burnpur and Salem

• It is in the process of expanding its crude steel production capacity to 21.4 MTPA

• Completed mega expansion of Rashtriya Ispat Nigam Limited (RINL) to more than double capacity of plant (from 2.9 MT to 6.3 MT)

Strategic alliances

• International Coal Ventures Pvt. Ltd., comprising of SAIL, RINL, CIL, NTPC, and NMDC, has been set up for acquisition of coal mines overseas

• The consortium of SAIL and National Fertilizer Limited (NFL) has been nominated for revival of Sindri Unit of Fertilizer Corporation of India Limited

• RINL, Vishakhapatnam Steel Plant and Power Grid Corporation of India Ltd. (POWERGRID) signed an MoU to set up a joint venture company for manufacturing of Transmission Line Towers and Tower Parts including R&D of new high-end products

Entry of international companies

• Attracted by the growth potential of the Indian steel industry, several global steel players have been planning to enter the market

• National Mineral Development Corporation (NMDC) has signed an MoU with Russia’s third-largest steelmaker, Severstal for a greenfield steel plant in Karnataka

• Posco Steel to invest USD12 billion for setting up 12 MT project in India

Source: Ministry of Railways, Aranca Research Notes: MOUs - Memorandum of Understanding, MT - Million Tonnes

Steel MARCH

2013

15

Source: Company websites, Aranca Research

Steel

Key steel plants in India

RINL steel plant in Vishakhapatnam

Steel integrated plants under SAIL (Bhilai, Rourkela, Bokaro,

Durgapur and Burnpur)

Biggest steel plant of Tata Steel in Jamshedpur

Alloy and special steel plants under SAIL

(Bhadrawati and Salem)

MARCH

2013

For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS

16 16

Contents

Advantage India


Growth drivers


Opportunities

Useful information


Steel MARCH

2013

17 17 For updated information, please visit www.ibef.org GROWTH DRIVERS

Strong demand and policy support driving investments

Notes: FDI - Foreign Direct Investment

Steel

Policy support

100 per cent FDI in steel sector

Government is encouraging R&D

activities in the sector

Reduced custom duty and other

favourable measures

Growing demand

Growing demand in the construction

industry

Increasing investments

Rising investments from domestic and

foreign players

Increase in number of MoUs signed to

boost investment in steel

Foreign investment of nearly USD40

billion committed in the steel sector

Inviting Resulting in

Growing demand in the automotives

sector

MARCH

2013


Construction & infrastructure and automotives driving steel growth

Steel

Source: Planning Commission, Aranca Research Notes: MTPA - Million Tonnes per annum

Projected values of investment in infrastructure (USD billion) → Investment in infrastructure is expected to expand at a CAGR of 14.5 per cent over FY12-17 by the Planning Commission

→ The Planning Commission expects total investment in infrastructure to be USD1 trillion in the 12th Five-Year Plan (2012-17), as compared to USD428 billion in the 11th Plan

→ This increase in investment in infrastructure is set to

raise steel demand by roughly 40 MTPA from FY13 to FY17

110.1 129.0

148.5

168.7

191.3

216.6

0

50

100

150

200

250

FY12 FY13 FY14 FY15 FY16 FY17

MARCH

2013


Steel

Source: SIAM, Aranca Research Notes: E - estimate; FY - Indian Financial Year (April - March)

Total production of automobiles in India (million units) → Automotives production expanded at a CAGR of 22.2 per cent over FY09-12

→ Commercial vehicles are the fastest growing segment with a CAGR of 29.8 per cent over the same period

Automotives leading sector in driving steel growth

0

5

10

15

20

25

30

35

FY09 FY10 FY11 FY12 FY16E FY21E

Passenger vehicles Commercial vehicles

Three wheelers & two wheelers

MARCH

2013


National Steel Policy 2012

• In view of the changed dynamics of the sector both globally as well as domestically, Ministry of Steel has initiated the process of drafting the new National Steel Policy in place of the existing National Steel Policy in 2005

• The government has set up a committee headed by the Steel Secretary for monitoring the progress on formulation of the new National Steel Policy

• Four task forces have been constituted to study, analyse, consult and formulate draft policy documents on different aspects of the policy

R&D and innovation

• A new scheme named ‘The scheme for the promotion of R&D in the iron and steel sector’ has been approved with budgetary provision of USD24.6 million to initiate and implement the provisions of the scheme as per the 11th Five Year Plan

• A total amount of USD8.5 million has been spent under the scheme upto December 2011

• Steel Innovation Council for promotion of innovative ideas in the steel sector has been set up by the Ministry of Steel

Increased export duty on

iron ore • The government hiked the export duty on iron ore to 30 per cent ad-valorem on

all varieties of iron ore* (except pellets)

Steel

Foreign direct investment

• 100 per cent FDI through the automatic route is allowed in the Indian steel sector

GROWTH DRIVERS

Source: Ministry of Steel, Aranca Research Notes: *w.e.f. 30th December 2011

MARCH

2013

Policy support aiding growth in the steel sector


Source: Ministry of Steel, Aranca Research Notes: w.e.f - with effect from 30th December, 2011

Steel

• Export duty on iron ore has been increased to 30 per cent ad-valorem on all varieties of iron ore (except pellets), in order to preserve iron ore resources for domestic use

• As per the Government decision, 51 per cent shareholding of Government of India in Eastern Investments Company Limited (EIL) under Bird Group of Companies was transferred to RINL

• New Research and Development policy for Steel Sector has been finalised/adopted for implementation

• New techno-economic benchmarks have been evolved on international pattern for improvement in performance of steel PSUs and its implementation is being monitored closely

• The Joint Plant Committee (JPC) under the Ministry studied 300 districts, 1500 villages, 4500 manufactures and 8000 retailers spread over all the 35 states and union territories of the company to assess the steel demand in the rural areas and examine the potential of increasing the level of steel consumption

• Steel Innovation Council for promotion of innovative ideas in the steel sector has been set up by the Ministry of Steel

• New National Steel Policy for the forthcoming years is under finalisation

Major initiatives taken by the Ministry of Steel during the year

MARCH

2013

GROWTH DRIVERS


Steel SEZs in India

Steel

Developer Location Product

Viraj Profiles Ltd Thane, Maharashtra Stainless steel engineering products

Jindal Steel Ltd Kalinganagar Stainless steel

SAIL Salem SEZ Pvt Ltd Salem, Tamil Nadu Steel

Orissa Industrial Infrastructure Development Corporation

Jajpur, Orissa Metallurgical-based engineering and

ancillary/downstream industry

Source: Formal approvals granted in the Board of Approvals after the SEZ rules coming into force,” Special Economic Zones in India website, www.sezindia.nic.in

GROWTH DRIVERS

MARCH

2013


The sector witnessed rising investments in the last decade

Steel

M&A scenario - details

Period: 1 January 2011 to 13 June 2012

Deal type No of deals Largest deal (USD million)

Inbound - -

Outbound 1 1.01

Domestic 7 474.4

Source: Thompson ONE Banker, “Fact Sheet On Foreign Direct Investment (FDI)”, Department of Industrial Policy and Promotion; “JSW - JFE Partnership Press Meet Presentation”, Press releases; and Ministry of Steel,

Government of India, Annual Report 2009-10

Cumulative FDI inflows

Period: April 2000 to September 2012

Sector

Metallurgical industries USD6.7 billion

Per cent of total FDI inflow 4.0

GROWTH DRIVERS

MARCH

2013


Steel

State MoUs signed Capacity addition (MTPA)

Orissa 63 81.2

Jharkhand 49 105.1

Chhattisgarh 76 60.0

West Bengal 16 39.4

Karnataka 57 173.0

Andhra Pradesh 18 11.8

Other states 22 18.2*

Total 301 488.6

Capacity addition plans

Company Plans

SAIL SAIL is planning to invest USD27.3 billion to increase capacity from 21.4MTPA to 45MTPA. In its recent expansion plan, it has undertaken modernisation and expansion of its integrated steel plants at Bhilai, Bokaro, Rourkela, Durgapur, Burnpur and a special plant at Salem

NMDC It is setting up a greenfield integrated steel plant of 3MTPA capacity in Nagarnar, Chhattisgarh at an estimated cost of about USD3.2 billion

GROWTH DRIVERS

Source: Ministry of Steel, Annual report 2011-12, Note: MTPA - Million Tonnes Per Annum, * - Estimated figures

MARCH

2013

Planned capacity additions in different states

25 25

Contents

Advantage India


Growth drivers


Opportunities

Useful information


Steel MARCH

2013


TATA Steel: A compelling growth story … (1/3)

SUCCESS STORIES: TATA STEEL, JSW STEEL

Steel

Source: Company website (www.tatasteel.com), Planning Commission, Aranca Research

Projected crude steel capacity in the 12th Plan (million tonnes) TATA Steel Limited

Established in 1907, by the visionary-founder JN Tata, Tata Steel

is among the top ten global steel companies with an annual

crude steel capacity of over 28 million tonnes per annum

(MTPA)

Caters to - Automotive, Construction, Consumer goods,

Engineering, Packaging, Energy & Power, Ship Building, Rail,

and Defence and Security

• Milestones

• 2009 - Tata Ryerson and HMPCL merge with Tata Steel in 2009

• 2007 - Integration of Tata Steel and Corus was accomplished at USD12 billion, making Tata Steel one among the top ten steel producers globally

6.8 7.6

9.2 11.0

15.1

17.5

20.0

0

5

10

15

20

25

FY11 FY12 FY13 FY14 FY15 FY16 FY17

MARCH

2013




Steel

Financial growth (USD billion) Production and sales of steel division (million tonnes)

0.9 1.0 1.1 1.1 1.4 1.4

4.2 4.7

5.7 5.8

6.8 7.4

-

2

4

6

8


NPAT Gross revenue

Source: Company website (www.tatasteel.com), Aranca Research Notes: NPAT - Net Profit After Tax

4.9 5.4

6.4 6.7 7.0

4.8 5.2

6.2 6.4 6.6

-

1

2

3

4

5

6

7

8

FY08 FY09 FY10 FY11 FY12

Production Sales

MARCH

2013


Steel


1994 1995 1996 1997 1998 1999 2000 2002 2004 2006 2008 2010 2011 2012

Blast furnace

Wheel, tyre and

axle plant (railways)

Alloy steel

Iron making and

castings

Developed products

Organic growth in Steel

Capacity expansion

(3 MT)

M&A (Tata-Corus)

Technological upgradation

1912 Production capacity (1.6 Lakh tonnes)

Diversification (Coal injection

unit)


FY06 USD3,625 million

turnover

FY12 USD7,445

million turnover

Pig iron and

steel ingots

Wheel, tyre and


Alloy steel

Iron making and

castings

Developed products

MARCH

2013

29 29 For updated information, please visit www.ibef.org SUCCESS STORIES: TATA STEEL, JSW STEEL

Steel

Source: Company website (www.jsw.in), Planning Commission, Aranca Research

Projected crude steel capacity in the 12th Plan (million tonnes)

JSW Steel

Established in 1994, JSW Steel Ltd manufactures iron and steel

products in India and abroad

Products - Hot rolled coils, plates, and sheets; cold rolled coils

and sheets; galvanised sheets and coils; pre-painted galvanised

coils, sheets, and galvanised corrugated sheets

• Achievements -

• 2011 - National Sustainability Award by Indian

Institute of Metals

• 2009 - Gold Award in Metal and Mining Sector

• 2008 - National Energy Management Award instituted by CII

11.1 13.23

14.3 14.3 14.3

17.6 18.4

0

4

8

12

16

20

FY11 FY12 FY13 FY14 FY15 FY16 FY17

MARCH

2013

JSW Steel: Surging ahead on cost competitiveness … (1/3)

30 30 For updated information, please visit www.ibef.org SUCCESS STORIES: TATA STEEL, JSW STEEL

Steel


1,937 2,631

3,162

4,053

5228

7221

269 360 96 421 419 339

0

2,000

4,000

6,000

8,000


Gross revenue NPAT

Source: Company website (www.jsw.in)

0.3

3.1

1.1

1.6

0.4

4.3

1.5 1.7

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Semis Rolled Flats Rolled Longs Value AddedFlat

FY11 FY12

MARCH

2013

Product group-wise sales (in million tonnes) Financial growth (in USD million)


Notes: JV - Joint Venture TMT - Thermo Mechanically Treated, MML - Mysore Minerals Limited MTPA - Million Tonnes Per Annum

Steel



MARCH

2013

1994 1995 1996 1997 1998 1999 2000 2002 2004 2006 2008 2010 2011 2012

Special steel bars

Wheel, tyre and


Alloy steel

Iron making and

castings

Organic Growth & Integration

1994 ISO Accreditations

Capacity addition 7.8 MT

1994 Production capacity

(1.25 MTPA)

FY06 USD1,417 million

turnover

FY 12 USD7,221 million

turnover

Galvanised

product

TMT rebars

Wire rods

Cold rolled

Hot rolled

JV formed to explore, develop & mine iron ore

with MML

32 32

Contents

Advantage India


Growth drivers


Opportunities

Useful information


Steel MARCH

2013

33 33 For updated information, please visit www.ibef.org OPPORTUNITIES

Opportunities … (1/2)

Notes: Capex - Capital Expenditure

Steel

Automotive

• The size of the automotives industry is forecasted to grow between USD122 billion and USD159 billion by 2016

• With increasing capacity addition by the automotives industry, demand for steel from the sector is expected to be robust

Capital goods

• Capital goods accounts for 11 per cent of steel consumption, and has the potential to increase in tonnage and market share

• Corporate India’s capex is expected to grow and generate greater demand for steel

Infrastructure

• The government aims to increase infrastructure spending from 8.4 per cent of GDP in FY11 to 10.7 per cent of GDP by FY17

• Due to such a huge investment in infrastructure the demand for long products of steel will be increasing in years ahead

Airports

• More and more modern and private airports expected to be set up

• Development of Tier-II city airports will sustain consumption growth

• The estimated steel consumption in airport building is likely to grow more than 20 per cent over next few years

MARCH

2013

34 34 For updated information, please visit www.ibef.org OPPORTUNITIES

Opportunities … (2/2)

Steel

Railways

• Dedicated Rail Freight Corridor (DRFC) network expansion will be enhanced in future

• Gauge conversion, setting up of new lines, and electrification will drive steel demand in the near future

Oil and gas

• Pipeline network for liquid fuel transportation is likely to grow from the present 16,800 km to 22,000 km in 2014

• This would lead to an increase in demand of steel tubes and pipes and hence provides a lucrative opportunity to the steel industry

Power

• The government is aiming to add 71,000-1,07,500 MW of capacity during the 12th Five Year Plan

• Both generation and transmission capacities will be enhanced, thereby raising steel demand from the sector

Source: Planning Commission, Aranca research

MARCH

2013

35 35

Contents

Advantage India


Growth drivers


Opportunities

Useful information


Steel MARCH

2013

36 36 For updated information, please visit www.ibef.org USEFUL INFORMATION

Industry associations

Indian Stainless Steel Development Association L-22/4, DLF Phase - II Gurgaon, Haryana - 122 002 Phone: 91-124-4375501 Fax: 91-124-4375509 E-mail: [email protected]

Steel MARCH

2013


Glossary

→ CAGR: Compound Annual Growth Rate

→ FDI: Foreign Direct Investment

→ FY: Indian Financial Year (April to March)

→ So FY10 implies April 2009 to March 2010

→ JV: Joint Venture

→ MoU: Memorandum of Understanding

→ MT: Million tonnes

→ MTPA: Million tonnes per annum

→ NPAT: Net Profit After Tax

→ SEZ: Special Economic Zone

→ TMT: Thermo Mechanically Treated

→ USD: US Dollar

→ Conversion rate used: USD1= INR48

→ Wherever applicable, numbers have been rounded off to the nearest whole number

USEFUL INFORMATION

Steel MARCH

2013

38

India Brand Equity Foundation (IBEF) engaged Aranca to prepare this presentation and the same has been prepared by Aranca in consultation with IBEF. All rights reserved. All copyright in this presentation and related works is solely and exclusively owned by IBEF. The same may not be reproduced, wholly or in part in any material form (including photocopying or storing it in any medium by electronic means and whether or not transiently or incidentally to some other use of this presentation), modified or in any manner communicated to any third party except with the written approval of IBEF. This presentation is for information purposes only. While due care has been taken during the compilation of this

presentation to ensure that the information is accurate to the best of Aranca and IBEF’s knowledge and belief, the content is not to be construed in any manner whatsoever as a substitute for professional advice. Aranca and IBEF neither recommend nor endorse any specific products or services that may have been mentioned in this presentation and nor do they assume any liability or responsibility for the outcome of decisions taken as a result of any reliance placed on this presentation. Neither Aranca nor IBEF shall be liable for any direct or indirect damages that may arise due to any act or omission on the part of the user due to any reliance placed or guidance taken from any portion of this presentation.

For updated information, please visit www.ibef.org DISCLAIMER

Steel MARCH

2013

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