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Tata Steel completes £6.2bn acquisition of Corus Group plc

Mumbai/ London, April 02, 2007

Tata Steel (“the Company) is happy to announce that the Company has completed its £6.2 billion (US$12 billion) acquisition of Corus Group plc (Corus) at a price of 608 pence per ordinary share in cash. The enlarged company will have a pro forma crude steel production of 27 million tonnes in 2007 and will be the world’s fifth largest steel producer with 84,000 employees across four continents.

The combination of Tata Steel, a vertically integrated steel producer and one of the world’s most profitable steel companies, with an established and growing presence in India, South East Asia and the Pacific-rim countries, and Corus, Europe’s second largest steel producer, with a high value added product range and strong positions in automotive, construction and packaging, will create the world’s second most global steel producer with a combined presence in 45 countries.

Commenting, Mr Ratan Tata, Chairman of Tata Steel and Corus, said: "The completion of this acquisition of Corus by Tata Steel is a major step forward in the Company’s global strategy and represents an exciting future for both businesses. I firmly believe that both Tata Steel and Corus, two companies with long, proud histories, share a common business culture and a global vision for the business.

Corus’ top management will remain with the enlarged Group and the bringing together of both management teams is an expression of the strong confidence and trust that exists between the two organisations, which will ensure the successful integration of the combined business. Together we are a well balanced company, strategically well placed to compete at the leading edge of a rapidly changing global steel industry.”

Jim Leng, Retiring Chairman of Corus, said: "Corus had twin objectives from the outset. One was to secure the best value for our shareholders and the other was to ensure the best strategic future for the business. With Tata Steel, we have delivered both and the directors, senior management and other employees of Corus will see today as the beginning of an exciting new era. The Corus and Tata Steel combination will enable us to build on complementary skills in global markets. I am very much looking forward to working with Mr. Ratan Tata and the Boards and directors in both companies.”

The completion of the transaction is pursuant to the Scheme of Arrangement of the Tata Steel Scheme being declared effective by the High Court of Justice in England and Wales (the “Court”) today April 2, 2007. Tata Steel had announced on 7 February 2007 that it intends to despatch the consideration pursuant to the Scheme as soon as practicable following the Effective Date and, if practicable, on the Effective Date. Tata Steel is, under the terms of the Scheme required to despatch the consideration pursuant to the Scheme not more than 14 days after the Effective Date.

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About Tata Steel

Established in 1907, Tata Steel is Asia’s first and India’s largest integrated private sector steel company with 2005/06 revenues of US$5 billion and crude steel production of 5.3 million tonnes across India and South-East Asia. It is a vertically integrated manufacturer and is one of the world’s most profitable and value creating steel companies. In 2005, Tata Steel acquired 100% equity interest in NatSteelAsia in Singapore and in 2006 acquired majority control of Millennium Steel in Thailand, now Tata Steel Thailand.

About Corus

Corus is Europe’s second largest steel producer with revenues in 2005 of £9.2 billion (US$18 billion and crude steel production of 18.2 milliontonnes, primarily in the UK and the Netherlands. Corus provides innovative solutions to the construction, automotive, packaging, mechanical engineering and other markets worldwide. Corus has 41,100 employees in over 40 countries and sales offices and service centres worldwide. Combining international expertise with local customer service, the Corus brand represents quality and strength.