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Liberian Government clears Tata Steel, invites company to the bidding process for mines in Liberia

Jamshedpur, December 19, 2008

Ministry of Justice, Republic of Liberia, has cleared Tata Steel of all allegations and has invited Tata Steel Ltd. to join the bidding process for the Western Cluster iron ore project in Liberia. In a communiqué the Ministry has informed the Company that the investigations have not shown any involvement by Tata Steel in any acts of impropriety, as alleged in media reports, as these have not been substantiated by the investigation panel of Liberia's Public Procurement and Concession Commission.

The communiqué was in response to Tata Steel's letter of remonstration to the Government of Liberia against the alleged acts of impropriety, as reported in sections of the media, where in the Company had denied the media reports and allegations. The Company's letter also expressed Tata Steel's anguish and protest against the media report quoting Government spokesperson and putting allegations against the Company without checking the veracity of such reports and discussing with the Company, especially in view of the fact that Tata Steel’s bid was rated very high on terms of technical, financial and social aspects by international consultant, engaged by the Government of Liberia.

In addition to this notification received from the Ministry, the Appeals Board has decided that Tata Steel is eligible again to participate in the re-tendered bidding process for the Western Cluster Iron Ore deposits.

Tata Steel had always been upfront and transparent in its dealings, as has been the philosophy of the Company and the Tata Group, in relation to the bidding process. It would be prudent to mention here that Tata Steel and Tata Group are the world benchmark in Corporate Social Responsibility and remains committed to improving the quality of life of all the communities in its areas of operations and believes that it can favourably impact the population of Liberia in ensuring that benefits from its operations reach them.