Tata Steel published its standalone audited financial results for the quarter ended June 30, 2007 on July 30, 2007. The Board of Tata Steel today reviewed the provisional un-audited Consolidated Financial Statements of the Company for the quarter ended June 30, 2007. The un-audited Consolidated Financial Statements of the Company for the quarter include inter alia the audited financial results of Tata Steel Limited and the provisional financial results of Corus drawn under Indian GAAP by translation from the un-audited IFRS accounts of Corus.

For the quarter ended June 30, 2007, the Consolidated Net Turnover of the Company amounted to Rs. 31,155 crores as compared to Rs. 5,748 crores during the corresponding period of the previous year. The Consolidated Operating Profit increased to Rs. 4,904 crores as compared to Rs. 1,712 crores during the corresponding period of the previous year while the Profit before tax and exceptional items increased to Rs.3,157 crores as compared to Rs.1,498 crores during the corresponding period of the previous year. The consolidated interest expense for the quarter ended June 30, 2007 was Rs.892 crores which included interest charge of Rs.725 crores on loans taken for financing acquisition of Corus. The financial results also include extraordinary item of Rs.4,121 crores primarily representing actuarial gains due to increase in the yield rates on Bonds held by various Pension Funds of Corus.

The provisional un-audited Consolidated Financial Statement is enclosed.

The previous period figures do not include Corus and the current period includes provisional unaudited financial results of Corus.

The Company is proposing, subject to market conditions and other considerations, an offer on a rights basis of its equity shares and cumulative convertible preference shares and has filed a Draft Letter of Offer with SEBI and Stock Exchanges. The Draft Letter of Offer is available on the website of SEBI at www.sebi.gov.in and the respective websites of the BRLMs at www.jmfinancial.in, www.citibank.co.in and www.dspml.com.