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<!--CTW V1.0 (26-06-2026)-->
<xbrli:xbrl xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2023-06-30/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Closure_Of_Trading_Window/2023-06-30/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Closure_Of_Trading_Window/2023-06-30/in-capmkt-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-type="https://www.sebi.gov.in/xbrl/2023-06-30/in-capmkt-types" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.xbrl.org/2003/XLink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2023-06-30.xsd"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532604</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-22</xbrli:instant></xbrli:period></xbrli:context><in-capmkt:NameOfTheCompany contextRef="MainI">S.A.L. STEEL LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="MainI">SALSTEEL</in-capmkt:NSESymbol><in-capmkt:ISIN contextRef="MainI">INE658G01014</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncementForClosureOfTradingWindow contextRef="MainI">New</in-capmkt:TypeOfAnnouncementForClosureOfTradingWindow><in-capmkt:TypeOfEventForClosureOfTradingWindow contextRef="MainI">Closure of Trading Window</in-capmkt:TypeOfEventForClosureOfTradingWindow><in-capmkt:DateOfStartOfTradingWindowClosure contextRef="MainI">2026-10-01</in-capmkt:DateOfStartOfTradingWindowClosure><in-capmkt:DateOfEndOfTradingWindowClosure contextRef="MainI">2026-11-16</in-capmkt:DateOfEndOfTradingWindowClosure><in-capmkt:BriefDetailsForTradingWindowClosureEndDate contextRef="MainI">Pursuant to the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 as amended and clarification given by NSE vide letter no. NSE/CML/2019/11 dated 02nd April, 2019 and BSE vide circular no. LIST/COMP/01/2019-20 dated 02nd April, 2019 regarding trading restriction period and Company's Code of Conduct for Prohibition of Insider Trading, the Trading Window for dealing in the securities of the Company by Designated Persons shall remain closed with effect from October 01, 2026 till 48 hours after announcement / declaration of Financial Results for the   quarter and half year ending on September 30, 2026. 
The date of Board Meeting for approval of the Financial Results of the Company shall be intimated in due course.
In view of the above, all the Directors/Connected Persons/Designated Persons and their immediate relatives are advised not to trade in the securities of the Company during the aforesaid period of closure of trading window.
</in-capmkt:BriefDetailsForTradingWindowClosureEndDate><in-capmkt:PurposeOfTheClosureOfTradingWindow contextRef="MainI">Announcement / declaration of Financial Results for the   quarter and half year ending on September 30, 2026</in-capmkt:PurposeOfTheClosureOfTradingWindow><in-capmkt:DateOfReport contextRef="MainI">2026-09-22</in-capmkt:DateOfReport></xbrli:xbrl>