Establishment of a Joint Venture Company with NML

TATA STEEL ANNOUNCES ESTABLISHMENT OF JOINT VENTURE COMPANY WITH NEW MILLENNIUM CAPITAL CORP. TO ADVANCE THE DSO PROJECT

Mumbai - October 26, 2010 - In accordance with the terms of the Joint Venture Agreement (JVA) signed on November 6, 2009 between Tata Steel's wholly owned subsidiary Tata Steel Global Minerals Holdings Pte. Limited ("Tata Steel" or "the Company") and New Millennium Capital Corp. ("NML") the Joint Venture Company (JVC) has been incorporated.

The JVC, named Tata Steel Minerals Canada Ltd, will acquire all of the DSO mining claims and related assets, carry out detailed engineering and construction of facilities and will be responsible for the operations of the DSO Project. At closing, Tata Steel will own 80% of the JVC and NML the remaining 20%. NML will also be reimbursed for 80% of the DSO Project costs incurred to closing.

In accordance with the JVA, Tata Steel has appointed four Directors to the JVC Board:

Mr. Partha Sengupta : Vice President, Raw Materials, Tata Steel, and a Director of NML.

Mr. Rajesh Sharma: Executive In Charge, Southern Africa, Tata Steel.

Mr. Dinesh Shastri : General Manager, Global Mineral Resources, Tata Steel.

Mr.Sandip Biswas : Group Head Corporate Finance and Treasury, Tata Steel.

NML has appointed one Director, being Mr. Roy Hudson, currently Secretary and a Director of NML.

About Tata Steel

Established in 1907 as Asia's first integrated private sector steel company, Tata Steel Group is among the top ten global steel companies with an annual crude steel capacity of over 28 million tonnes per annum (mtpa). It is now the world's second-most geographically-diversified steel producer, with operations in 26 countries and a commercial presence in over 50 countries. The Tata Steel Group, with a turnover of US$ 22.8 billion in FY '10, has over 80,000 employees across five continents and is a Fortune 500 company. The Group's vision is to be the world's steel industry benchmark in "Value Creation" and "Corporate Citizenship" through the excellence of its people, its innovative approach and overall conduct. Underpinning this vision is a performance culture committed to aspirational targets, safety and social responsibility, continuous improvement, openness and transparency. In 2008, Tata Steel India became the first integrated steel plant in the world, outside Japan, to be awarded the Deming application Prize 2008 for excellence in Total Quality Management.

About New Millennium

NML controls the emerging Millennium Iron Range, located in the Province of Newfoundland and Labrador and in the Province of Quebec, which holds the world's largest undeveloped magnetic iron ore deposits. In the same area, NML is also advancing to near term production its DSO (Direct Shipping Ore) Project. Tata Steel owns 27.4% of New Millennium and is the Corporation's largest shareholder and strategic partner.

Tata Steel has exercised its exclusive option to participate in the DSO Project and has a commitment to take the resulting production, and has an exclusive right to negotiate and settle a proposed transaction in respect of the LabMag Project and the KéMag Project. The Millennium Iron Range currently hosts two advanced projects: LabMag contains 3.5 billion tonnes of Proven and Probable reserves at a grade of 29.6% Fe plus 1.0 billion tonnes of Measured and Indicated resources at an average grade of 29.5% Fe and 1.2 billion tonnes of Inferred resources at an average grade of 29.3% Fe; KéMag contains 2.1 billion tonnes of Proven and Probable reserves at an average grade of 31.3% Fe, 0.3 billion tonnes of Measured and Indicated resources at an average grade of 31.3 % Fe and 1.0 billion tonnes of Inferred resources at an average grade of 31.2% Fe.

NML's DSO project contains 64.1 million tonnes of Proven and Probable Mineral Reserves at an average grade of 58.8%Fe, 8.1 million tonnes of Measured and Indicated Mineral Resources at an average grade of 58.8% Fe, 7.2 million tonnes of Inferred Resources at an average grade of 56.8% Fe and about 40.0 - 45.0 million tonnes of historical resources that are not currently in compliance with NI 43-101. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the historical estimate should not be relied upon.

For further information, please visit www.nmlresources.com, www.tatasteel.com and www.tatasteeleurope.com.

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