The First Reporter

Tata Steel, through its subsidiary, Tata Steel Global Minerals Holdings has entered into Joint Venture Agreement on 6th November 2009 with New Millennium Capital Corp. (NML) and LabMag Limited Partnership (through its General Partner) for development of the Direct Shipment Ore
(DSO) Project in Canada.

The feasibility study for the DSO Project is underway based upon which Tata Steel may make its investment decision within 180 days from delivery of feasibility to Tata Steel.

The JVA envisages formation of a Joint Venture Company (JVC) upon closing of the transaction subsequent to a notice of Joint Venture Investment being delivered to NML by Tata Steel. On the decision to develop, Tata Steel will arrange to fund 100% of the project cost upto C$300 million for 80% equity stake in the joint venture company with NML holding a 20% stake.

DSO Project contains, based on historical estimates that are not in compliance with NI 43-101, a resource of about 100 million tonnes of direct shipping quality ore. NML expects to produce 4 million tonne per annum of iron ore products from the DSO Project. Subject to completion of a positive feasibility study, regulatory approvals and project financing, the DSO Project is expected to start initial production in Q2 of 2011.

Tata Steel will have 100% offtake rights for the production from the project.