MSP Steel & Power Ltd

Dear Shareholder,

It is with great pride that I present to you the annual report for MSP Steel & Power Limited for the fiscal year 2023-2024. This year has been marked by significant achievements and formidable challenges, yet our commitment to excellence and innovation has remained unwavering.

Performance Highlights

This year, MSP Steel has continued to build on its legacy of resilience and growth. Despite a volatile global market, we have achieved robust financial results, marked by

a significant increase in production capacity and improved operational efficiencies. Our revenue growth stands testament to the hard work and dedication of our team, who have tirelessly worked to optimize our processes and deliver high- quality products to our customers.

Strategic Initiatives

In line with our vision to be a leader in the steel manufacturing industry, we have undertaken several strategic initiatives. Our steps in advanced technologies and automation have not only enhanced our production capabilities but have also significantly reduced our environmental footprint.

We have also strengthened our supply chain to ensure seamless delivery and to mitigate any disruptions that may arise.

At MSP, we prioritize sustainable growth and strengthen our market presence by highlighting real-time testimonials from dealers, suppliers, fabricators, individuals, and home builders, thereby enhancing our brand's credibility

Global Steel Economy

The global steel industry has faced numerous challenges, including fluctuating demand and supply

: Mr. Suresh Kumar Agrawal

Chairman chain disruptions. However, the sector is witnessing a recovery, driven by increased demand from key industries such as construction and automotive. MSP Steel remains committed to maintaining its competitive edge through continuous innovation and strategic partnerships, ensuring we stay ahead in the global market.

India's G20 presidency in 2023 showcased the country's crucial role in advancing multilateral policy priorities. The steel industry has faced challenges from high inflation, elevated interest rates, and growing geo-economic fragmentation.

The slowdown of steel-consuming sectors, particularly in the EU and US, continued in 2023 as investment and consumption weakened. However, the delayed effect of tightening monetary policy may allow a slow recovery in advanced economies in 2024, while emerging economies, particularly in Asia, may grow faster.

Indian Economy and Steel Sector

India's economy has shown remarkable resilience, and the steel sector has been a key driver of this growth. As the second-largest steel producer in the world, India's demand for steel is expected to rise with the government's focus on infrastructure development and urbanization. MSP Steel is well-positioned to capitalize on these opportunities, contributing to nation-building while driving our growth.

India is poised for robust growth this decade, driven by significant investments in emerging sectors, continued major government investments, and efficiency gains from advancements in digitalization and physical connectivity.

Sustainability and Corporate Social Responsibility

At MSP Steel, we believe in creating value that transcends financial metrics. Our commitment to sustainability is reflected in our rigorous adherence to environmental standards and our initiatives aimed at reducing carbon emissions. We have also continued to invest in our communities through various CSR activities, focusing on education, healthcare, and skill development. These efforts are integral to our mission of fostering inclusive growth and making a positive impact on society

Innovation and Future Outlook

Innovation remains at the core of our strategy. We are continually exploring new avenues to enhance our product offerings and improve our manufacturing processes. Our R&D efforts are geared towards developing sustainable steel solutions that meet the evolving needs of our customers. Looking ahead, we are optimistic about the future and are confident that our strategic direction will enable us to navigate the challenges and seize the opportunities that lie ahead.

Acknowledgements

I would like to express my sincere gratitude to our shareholders, customers, and partners for their unwavering support and trust. I also extend my heartfelt thanks to our employees, whose hard work and dedication are the bedrock of our success. Together, we will continue to strive for excellence and drive MSP Steel to new heights.