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Priority - stabilization of JSW Group's finances

The Management Board of JSW S.A. continues to hold working consultations with the Management Boards of its subsidiary companies as part of the ongoing Strategic Transformation Program of JSW and its subsidiaries. Individual meetings were held on 4 and 6 February. The focus was on dimensioning specific targets to protect liquidity, as well as on tasks that cut down or even cut out costs that do not affect the companies' operating potential.

The key effort now is to negotiate with strategic counterparties of JSW and the Group as a whole who understand the business and cyclicity of the raw materials industry. In previous crises, they supported JSW's liquidity by extending payment terms for liabilities and applying a system of discounts.

In addition, the companies were obliged to thoroughly analyze all areas of their operations, including their organizational structure, and improve efficiency.

The Management Board of JSW SA is aware that it is the employees that have the greatest potential and the power needed to carry out the transformation of JSW and its subsidiaries. Therefore, it has strongly emphasized that any optimization measures must not adversely affect the occupational safety of JSW and JSW Group employees. Joint efforts and determination will result in many rational solutions to stabilize the finances of the JSW Group. Specific benefits have already been outlined. In future meetings, the management board expects further initiatives and tangible results from its efforts.

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