Ann: JSW Steel Purchase Order, page-205

Hi jhurn,

I don't mean it in a pumping kind of way, or that they have over delivered yet... I just feel like their language and targets have been more conservative for the last few months or so...

Things like commissioning of thickening circuit time guidance, time frame for ordering phase three and timeline for production from Phase three etc.... all appear to have been more conservative and it was us the hc folk that wanted to see things quicker than what they were suggesting even.

I just feel like they're trying to pull back the reins and not get carried away on promising more then they can deliver, and probably all based on the experiences they've had with phase two....which no doubt they've learnt a hell of a lot from, but, certainly wasn't on time unfortunately.

Maybe I'm reading it wrong.... just my perception of a change in their approach.