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.