<?xml version="1.0" encoding="UTF-8" standalone="no"?><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2024-05-31/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Notice_Of_Shareholders_Meeting/2024-05-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Notice_Of_Shareholders_Meeting/2024-05-31/in-capmkt-roles" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:xlink="http://www.w3.org/1999/xlink"><link:schemaRef xlink:href="in-capmkt-ent-2024-05-31.xsd" xlink:type="simple"/><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>2026-04-17</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="D_DetailofResolution1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532604</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-17</xbrli:startDate><xbrli:endDate>2026-04-17</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ResolutionOrAgendaAxis"><in-capmkt:ResolutionOrAgendaDomain>ResolutionOrAgendaDomain1</in-capmkt:ResolutionOrAgendaDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_DetailofResolution1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532604</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-17</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ResolutionOrAgendaAxis"><in-capmkt:ResolutionOrAgendaDomain>ResolutionOrAgendaDomain1</in-capmkt:ResolutionOrAgendaDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NameOfTheCompany contextRef="MainI">S.A.L. STEEL LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="MainI">SALSTEEL</in-capmkt:NSESymbol><in-capmkt:TypeOfAnnouncement contextRef="MainI">New</in-capmkt:TypeOfAnnouncement><in-capmkt:DateOfOccurrenceOfEvent contextRef="MainI">2026-03-28</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="MainI">19:47:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:EventForNoticeOfShareholdersMeeting contextRef="MainI">Postal Ballot</in-capmkt:EventForNoticeOfShareholdersMeeting><in-capmkt:ModeOfShareholdersMeeting contextRef="MainI">Postal Ballot</in-capmkt:ModeOfShareholdersMeeting><in-capmkt:NumberOfShareholdersMeeting contextRef="MainI">1</in-capmkt:NumberOfShareholdersMeeting><in-capmkt:DayOfShareholdersMeeting contextRef="MainI">Saturday</in-capmkt:DayOfShareholdersMeeting><in-capmkt:DateOfShareholdersMeeting contextRef="MainI">2026-04-18</in-capmkt:DateOfShareholdersMeeting><in-capmkt:ShareholdersMeetingCommencementTime contextRef="MainI">09:00:00</in-capmkt:ShareholdersMeetingCommencementTime><in-capmkt:PlaceOfShareholdersMeeting contextRef="MainI">Ahmedabad</in-capmkt:PlaceOfShareholdersMeeting><in-capmkt:EndDateOfPostalBallotVoting contextRef="MainI">2026-05-17</in-capmkt:EndDateOfPostalBallotVoting><in-capmkt:NumberOfAgendaOrBusinessToBeTransacted contextRef="MainI" decimals="0" unitRef="pure">1</in-capmkt:NumberOfAgendaOrBusinessToBeTransacted><in-capmkt:TypeOfResolution contextRef="I_DetailofResolution1">Special Resolution</in-capmkt:TypeOfResolution><in-capmkt:CategoryOfResolution contextRef="I_DetailofResolution1">Others</in-capmkt:CategoryOfResolution><in-capmkt:SubCategoryOfResolution contextRef="I_DetailofResolution1">Others</in-capmkt:SubCategoryOfResolution><in-capmkt:DetailsOfOtherSubCategoryOfResolution contextRef="D_DetailofResolution1">To Consider and approve overall Borrowing Limits of the Company and Mortgage/Creation of Charges on the assets of the company</in-capmkt:DetailsOfOtherSubCategoryOfResolution><in-capmkt:BriefDetailsOfResolution contextRef="D_DetailofResolution1">To Consider and approve overall Borrowing Limits  of the Company Which shall not Exceed 2000 Crores (Rupees Two Thousand Crores Only) in excess of the aggregate of its paid up share capital and free reserves of the Company as per the latest annual audited financial statements, apart from temporary loans obtained from the Company’s bankers in the ordinary course of business. and Mortgage/Creation of Charges on Assets of the Company</in-capmkt:BriefDetailsOfResolution></xbrli:xbrl>