To
 
 The members,
 
 The Directors are pleased to present the 32nd Annual Report together
 with the Statement of Accounts for the year ended 31st March, 2011.
 
 FINANCIAL RESULTS                                    (Rs. in Crores)
 
 Particulars                       Standalone              Consolidated
 
                             Financial   Financial   Financial  Financial
                             Year ended  Year ended  Year 
                                                     ended     Year ended
                            31.03.2011  31.03.2010  31.03.2011 31.03.2010
 
 Sales & other income         9,717.34   7,484.90    13,193.60 11,151.82
 
 Profit before interest 
 and depreciation             3,726.14   2,612.13     6,398.59  5,907.99
 
 Profit before tax             2,753.36   1,907.50     4,988.02  4,553.45
 
 Profit after tax              2,064.12   1,479.68     3,804.01  3,634.56
 
 Appropriations:
 
 Interim dividend                 -        -              4.29      3.38
 
 Final dividend                 140.19     116.52       140.19    116.52
 
 Corporate tax on dividend        3.75       4.28        23.44     19.96
 
 General reserve                210.00     150.00       211.65    150.00
 
 FURTHER ISSUE OF CAPITAL
 
 The Company has allotted 30,23,507 equity shares of Re.1/- each on
 various dates against options granted under the Company''s Employee
 Stock Option Scheme- 2005 during the period under report.
 
 DIVIDEND
 
 Your Directors recommend a dividend of 150% i.e. Rs. 1.50 per equity
 share of Re. 1/- each. Stock Options under Series III (Part III) will
 vest in the employees on 27th April, 2011 and shares will be allotted
 against these Options in due course.  These shares will rank pari-passu
 with the existing shares in all respects. Accordingly, provision for
 payment of dividend for the financial year 2010-11 has also been made in
 respect of 7,40,625 equity shares being the maximum number of shares
 that may be allotted on exercise of these Options.
 
 OPERATIONAL REVIEW
 
 The Company has, on a consolidated basis, achieved an aggregate income
 of Rs. 13,193.60 crores, compared to previous year''s Rs. 11,151.82
 crores. Profit before tax has increased to Rs. 4,988.02 crores in
 2010-11 from Rs. 4,553.45 crores in 2009-10. Profit after tax has also
 grown to Rs. 3,804.01 crores in the year under review, from Rs.
 3,634.56 crores in the previous year. The Reserves and Surplus have
 touched Rs. 14,015.08 crores.
 
 Sponge Iron
 
 The Company produced 13,19,840 MT of Sponge Iron in the year under
 report as against previous year''s production of 13,09,408 MT and
 achieved a capacity utilisation of 96.3%.
 
 Steel
 
 The production of steel products during the year under report, compared
 to previous year is given below:
 
 Sl No.  Product              Production in MTs
                             (2010-11)   (2009-10)
 
 1   Finished steel products  15,85,327  12,14,583
 
 2   Semi steel products      22,72,692  19,64,032
 
 Ferro Chrome
 
 The Company produced 17,149 MT of HC Ferro Chrome/ silico manganese
 during the year as against 540 MT in the previous year.
 
 Power
 
 The Company generated 2,942 million Kwh of power during the year under
 report as against last year''s 2,976 million Kwh of power.
 
 Raipur Unit
 
 Raipur Unit produced 1,579 MT of casting and has done machining of
 8,613 MT as against 1,665 MT and 8,885 MT respectively of previous
 year.
 
 Mining
 
 The production of calibrated iron ore at captive mine at Tensa in
 Orissa was 29.09 lacs MT as against previous year''s production of 12.34
 lacs MT. The Company has exported 8.42 lacs MT of iron ore fines as
 against 6.09 lacs MT in the previous year. Coal production at captive
 mine was 59.99 lacs MT, as against previous year''s production of 59.98
 lacs MT.
 
 PROJECTS COMPLETED
 
 Following projects were completed during the year under report:
 
 1.  Steel Melting Shop: With the modifcation in mini blast furnace and
 by commissioning of steel melting shop (SMS - III) in May 2010, the
 production capacity of Hot Metal / Pig Iron has increased from 1.5 MTPA
 to 1.67 MTPA and of Mild Steel from 2.4 MTPA to 3.0 MTPA.
 
 2.  Captive Power Plant: Out of the four captive power generating units
 of 135 MW each to be set up in two phases at Dongamahua, Raigarh, two
 units of 135 MW each under Phase – I were synchronised in May and
 September 2010 respectively and are generating power.  Both the units
 have stabilised their operations and power generated is utilised for
 Raigarh works.
 
 810 MW (6x135 MW) captive power plant is a part of steel plant proposed
 to be set up at Angul, Orissa.  The first unit of 135 MW has been
 commissioned in March 2011.
 
 The Company''s total power generation capacity has increased to 782 MW
 which includes 24 MW of windmill power plant at Satara, Maharashtra.
 
 3.  Cement Plant: A 0.5 MTPA capacity slag grinding unit at Raigarh,
 Chhattisgarh has been completed and is operating since May 2010. This
 plant is utilising the slag produced by blast furnace I and II and
 clinker, purchased from outside, is mixed with slag to produce cement.
 A part of the production is used in-house for various civil works and
 balance is sold in the market.
 
 4.  Medium and Light Section Mill: A 0.6 MTPA medium and light section
 mill at Raigarh, Chhattisgarh has been completed and commenced
 production from January 2011. This mill has the capacity to produce 400
 mm beams, 300 mm channels and 200 mm channels which are in great
 demand. This mill will complement the product range of rail and
 universal beam mill (RUBM) which produces 100 mm beams and 400 mm
 columns and rails. The capacity to produce a range of products has
 provided the Company a strong market edge.
 
 5.  6 Strand Billet caster: This unit is a part of SMS- III and started
 commercial production from March 2011. The billets are used as raw
 material for the production of medium sections, beams, channels, wire
 rods used by construction sector and angels used for construction of
 transmission towers.
 
 6.  Wire Rod Mill and Bar Mill: A 0.6 MTPA capacity wire rod mill and
 1.0 MTPA capacity bar mill, at Patratu, Jharkhand has commenced
 production on 29th March, 2010 and 30th March, 2011 respectively. Wire
 rod mill produces wire rods of 5.2 mm to 22 mm and rebars of 6, 8 10 &
 12 mm, which are used in the manufacture of springs, high tension
 fasteners, electrodes, nails, concrete wires. Bar mill produces rebars
 of 8 mm to 40 mm size, angels of 50x50x5 mm to 90x90x9 mm and rounds of
 20-63 mm diameter and RCS of 40-63 mm diameter. These products are used
 in civil construction, fabrication and structural work and for the
 production of fasteners and bolts, among others.
 
 7.  Shadeed Sponge Iron Plant: The Company through its 100% subsidiary
 Jindal Steel & Power (Mauritius) Limited, Mauritius (JSPLM), has
 acquired Shadeed Iron & Steel Co. LLC (SISCO), a Company incorporated
 under the laws of the Sultanate of Oman, in June 2010. SISCO has a 1.5
 MTPA gas-based Hot Briquetted Iron (HBI) plant at the industrial port
 area of Sohar, Oman. The plant has been commissioned in record time and
 commercial operations started in December 2010, three months ahead of
 its schedule. The plant has a 600 meter long quay with 19 meter draught
 capable to handle cape size vessels. The Company proposes to set up a
 1X200 T/hr EAF and a billet caster and the orders for the same will be
 placed in the current financial year.
 
 8.  Producer Gas Plant: 2x48500 Nm3/hr producer gas plant has been set
 up at Barbil, Orissa and is operating since March 2010. The gas
 produced by this plant is a substitute for furnace oil, which is used
 in the pellet plant.
 
 PROJECTS UNDER IMPLEMENTATION
 
 1.  Captive Power Plant in Raigarh, Chhattisgarh: Under Phase – II, 270
 MW (2 x 135 MW) captive power plant, is being set up at Dongamahua,
 Raigarh. Environment clearance and consent to establish have been
 obtained.  Complete BOP packages like CHP, AHP and Water Treatment
 Plant, Switchyard, C&I Packages etc. have been awarded to different
 vendors. Target date for the synchronisation of the Unit I of Phase II
 is September 2011 and for Unit II is December 2011.
 
 2.  Steel Plant in Angul, Orissa: The Company is at an advanced stage
 of implementation of this project. All major orders for engineering,
 equipment supply and construction works have been placed. Out of 4,331
 acres of land required for the project, 4,067 acres of land have
 already been acquired. The following facilities are being set up viz.,
 plate mill (1.5 MTPA), coal Gasification plant (225,000Nm3/hr), sponge
 iron plant (1.8 MTPA), steel melting shop (1.64 MTPA), slab caster
 (1.62 MTPA), oxygen plant (2x1200 TPD), lime and dollime plant
 
 (2x500 TPD), coal washery (2x600 TPH) and captive power plant (6x135
 MW). Target date of commissioning of the steel plant is March 2012.
 
 3.  Steel plant in Patratu, Jharkhand: The Company is setting up an
 integrated steel plant in Patratu in the state of Jharkhand with the
 following key facilities viz.  Blast Furnace (10,000 TPD), Sinter Plant
 (5.04 MTPA), Coke Ovens (1.70 MTPA), billet caster (2 X 8 strands),
 Oxygen Plant (2 X 1300 TPD), Lime & Dollime Plant (3 X 600 TPD), BOF
 Shop (2 X 180/200 Tons). Orders for major technological packages have
 been fnalised/are in the advanced stages of finalisation. The steel
 plant is expected to be commissioned in second half of 2013.
 
 4.  Machinery Division, Raipur, Chhattisgarh: The Company is expanding
 production capacity of this division from 5,100 to 10,000 metric tons
 per annum. During the year under report, two sheds were completed and
 the CNC machines have been commissioned enhancing the production
 capacity to 9,000 metric tons per annum.  During the current financial
 year, two more sheds will be constructed in which cranes will be
 installed thereby increasing the production capacity to 10,000 metric
 tons per annum. This division is capable of manufacturing equipment for
 steel melting shop, blast furnace, sponge iron plant, sinter plant etc.
 The production capacity of foundry division has been increased to 4,600
 metric tons. Work for setting up of Pressure Vessel Division with
 production capacity of 2,500 metric tons per annum is going ahead and
 sheds have been completed.
 
 5.  El-Mutun Iron Ore Mine, Bolivia: Jindal Steel Bolivia S.A (JSB), a
 subsidiary of the Company, has been allotted land for setting up of an
 integrated 1.7 MTPA steel plant, a 6 MTPA sponge iron plant, a 10 MTPA
 iron ore pellet plant and a 450 MW power plant. EIA clearance for
 mining and beneficiation plant has been obtained and the mining activity
 is progressing smoothly. Engineering consultant for the project has
 been appointed. All major packages for the project are in the process
 of finalisation. The dispatch of the ore being produced is expected to
 start by June 2011.
 
 SUBSIDIARY COMPANIES AND THEIR BUSINESS
 
 Jindal Power Limited (JPL) is operating 1,000 MW (4 X 250 MW) power
 plant in Raigarh (Chhattisgarh). JPL has closed financial year 2010-11
 with a total income of Rs. 3,564.35 crores and earned a Profit after tax
 of Rs. 2,001.60 crores.  The Company is expanding its power generation
 capacity by setting up 2,400 MW (4 X 600 MW) power plant adjacent to
 the existing site at Tamnar, Raigarh. JPL envisages setting up of 1,320
 MW thermal power plant in Dumka, Jharkhand and 1,320 MW thermal power
 plant in Godda, Jharkhand and Hydro Electric Power Plants of 6,100 MW
 power generation capacity in the state of Arunachal Pradesh in Joint
 Venture with Hydro Power Development Corporation of Arunachal Pradesh
 Limited.
 
 The Company has deepened and expanded its roots in the African
 continent and has its presence in Mozambique, South Africa, Congo,
 Madagascar, Zimbabwe, Tanzania and Zambia through subsidiary companies
 for undertaking the mining activities related to coal, limestone, base
 metals and precious metals.
 
 TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND
 
 Pursuant to Section 205C of the Companies Act, 1956, the Company has
 transferred unclaimed matured fixed deposit amounting to Rs. 1,07,296/-
 (Rupees one lac seven thousand two hundred ninety six only) and unpaid
 / unclaimed fnal dividend for financial year 2002-03 and interim
 dividend for financial year 2003-04 amounting to Rs. 22,82,910/- (Rupees
 twenty two lacs eighty two thousand nine hundred ten only) and Rs.
 14,00,114/- (Rupees fourteen lacs one hundred fourteen only)
 respectively to Investor Education and Protection Fund of Government of
 India. The details including last date of claiming unclaimed / unpaid
 dividend amount is given at the end of the Notice of the Annual General
 Meeting.
 
 As required by Clause 12 of SEBI (Employee Stock Option Scheme and
 Employee Stock Purchase Scheme) Guidelines, 1999 information with
 respect to active Stock Options as on 31st March, 2011 is given in a
 separate statement as Annexure-I forming part of this Report.
 
 LISTING
 
 The equity shares continue to be listed on The Bombay Stock Exchange
 Limited (BSE) and the National Stock Exchange of India Limited (NSE).
 Both these stock exchanges have nation-wide terminals and therefore,
 shareholders / Investors are not facing any difficulty in trading in the
 shares of the Company from any part of the Country. The Company has
 paid annual listing fee for the financial year 2011-12 to BSE & NSE and
 annual custody fee to National Securities Depository Limited and
 Central Depository Services (India) Limited. Shares issued against
 stock options have been listed and trading permission has been granted
 by these stock exchanges.
 
 FIXED DEPOSITS
 
 The Company has received Rs. 11.01 crores as fresh deposits from 2,099
 applicants during the year under report. The aggregate amount
 outstanding in respect of fixed deposits as on 31st March, 2011 was Rs.
 59.67 crores against 11,522 fixed deposit holders. Amount of deposits
 that have matured but were unclaimed as on 31st March, 2011 was Rs.1.28
 crores representing 441 deposit holders. Since then 71 deposits
 totalling Rs. 23.02 lacs have been paid.
 
 DIRECTORS
 
 Shri Arun Kumar Mukherji, resigned from the Directorship and Wholetime
 Directorship of the Company from close of business hours of 23rd
 November, 2010. Shri Naushad Akhter Ansari was appointed as an
 Additional Director and Wholetime Director of the Company w.e.f 1st
 December, 2010. Smt. Savitri Jindal, Shri Ratan Jindal, Shri Arun Kumar
 Purwar and Shri Anand Goel, Directors of the Company will retire by
 rotation at the forthcoming Annual General Meeting and being eligible
 have offered themselves for re-appointment.
 
 PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
 FOREIGN EXCHANGE EARNINGS AND OUTGO
 
 Information pursuant to Section 217(1) (e) of the Companies Act, 1956
 read with Rule 2 of the Companies (Disclosure of Particulars in the
 Report of Board of Directors) Rules, 1988 regarding conservation of
 energy, technology absorption and foreign exchange earnings and outgo
 is given in Annexure II forming part of this report.
 
 PARTICULARS OF EMPLOYEES
 
 In terms of the provisions of Section 217(2A) of the Companies Act,
 1956 read with the Companies (Particulars of Employees) Rules, 1975 as
 amended from time to time, the particulars of employees are set out in
 Annexure-III to this Report. However, as per provisions of Section
 219(1)(b)(iv) of the said Act read with Clause 32 of the Listing
 Agreement, the Annual Report excluding the aforesaid information is
 being sent to all the members of the Company and others entitled
 thereto. Any member interested in obtaining such particulars may write
 to the Company.
 
 CORPORATE GOVERNANCE
 
 Your Company has implemented the conditions of Corporate Governance as
 contained in Clause 49 of listing agreement. Separate reports on
 Corporate Governance and Management Discussion and Analysis along with
 necessary certificates are given elsewhere in this Annual Report as
 Annexure IV & V.
 
 AUDITORS
 
 M/s S.S.Kothari Mehta & Co. (Firm Registration Number - 0000756N),
 Auditors of the Company hold office upto the conclusion of the ensuing
 Annual General Meeting. The Company has received communication from
 them to the effect that their appointment, if made, would be within the
 limits prescribed under Section 224(1B) of the Companies Act, 1956.
 They are proposed to be appointed as Auditors of the Company for the
 financial year 2011-12.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under Sub Section 2AA of Section 217 of the
 Companies Act, 1956, with respect to the Directors Responsibility
 Statement, it is hereby confirmed:- i) that in preparation of the annual
 accounts for the financial year ended on 31st March, 2011, the
 applicable accounting standards had been followed along with proper
 explanations relating to material departures.
 
 ii) that the Directors had selected such accounting policies and
 applied them consistently and made judgements and estimates that are
 reasonable and prudent so as to give a true and fair view of the state
 of affairs of the Company at the end of the financial year and of the
 Profit of the Company for the year under report.
 
 iii) that the Directors had taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 1956 for safeguarding the assets of
 the Company and by preventing and detecting fraud and other
 irregularities.
 
 iv) that the Directors had prepared the accounts for the financial year
 ended on 31st March, 2011 on a ''going concern basis''.
 
 APPRECIATION
 
 Your Directors wish to place on record their gratitude for the valuable
 guidance and support rendered by the Government of India, various State
 Government departments, Financial Institutions, Banks and various
 stakeholders, such as, shareholders, customers and suppliers, among
 others.  The Directors also commend the continuing commitment and
 dedication of the employees at all levels, which has been critical for
 the Company''s success. The Directors look forward to their continued
 support in future.
 
                                    For and on behalf of the Board
 
 Place: New Delhi                                   Savitri Jindal
 
 Date: 21st April, 2011                                Chairperson