Presentation for 5th Asian Stainless Steel Conference, in Tianjin:China SMR - Steel & Metals Market Research

1. Prabhash Gokarn, Tata Steel, India Chrome Alloy Scenario In India May 2010

2. May 2010 This presentation is an amalgamation of the author’s own views. Tata Steel does not necessarily subscribe to the views expressed in the presentation and the views should not be taken as company policy.

4. May 2010 Chrome : Usage Source : ICDA, USGS 94% 94% of total chrome used in metallurgical applications - prime demand driver Chromite - Uses 70% of chrome used in metallurgical applications - is for making stainless steel 18% is for making alloy steel 3% 2% 1%

5. May 2010 Global Chrome Reserves India in The Global Chrome Market (1) Global Chrome Alloy Production CY09 India has a total chrome ore reserve of 213 million MT (proved 31mill MT, probable 35 mill MT, recoverable 66 mill MT). 98% in state of Orissa India has a total chrome alloy production capacity of 876 MVA, Prodn in 2009 : 6,05,000 MT 70% in state of Orissa Chinese LAM Coke preferred Power cost & availability concerns

6. May 2010 India in The Global Chrome Market (2) 60% 80% 50% 32% 60% < 10% Chrome Ore/Concentrate Ferro Chrome India has moved from mainly a supplier of Chrome Ore/Concentrate to a global supplier of Ferro Chrome. Today, most chrome ores are used within India. Domestic consumption of ferro chrome has remained more or less stagnant, due to slow growth of the SS & Alloy steel industry. Share of FeCr used within the country has dropped to one-third.

7. May 2010 India in The Global Chrome Market (3) Production capacity 2.5 mil MT. Product mix- 75% Flat :25% Long. 76% output in 200 series. 10% in 400 series fast growing Majority from Private enterprises which mainly produce Flat products. 5% production from Govt enterprises who are mostly in Long products In 2009 SS production expected : little over 2 mill MT SS Exports 0.5 million MT, mainly Bright Bars, Utensils.

8. May 2010 China in The Global Chrome Market (1) Chrome Ore Insignificant Chrome Ore Reserves compared to India Chrome ore production < 3 lakh MT, mainly used for refractory & chemical applications. Imports Chrome Ore from mainly S Africa, Oman. Imports from India have reduced sharply. Ferro Chrome Turned a net importer of HC Ferro Chrome from 2002. Significant imports from India. Quantum jump in HC FeCr imports in last 2 years. Significant producer of Silico Chrome & LC FeCr

11. ¿ Quo Vadis ? May 2010

12. May 2010 Ferro Chrome : India catching up with China China turned a net importer of HC Ferro Chrome from India since 2002, with a quantum jump in HC FeCr imports in last 2 years. Significant increase in FeCr production within India forecast, India will catch up with China by 2013.

14. May 2010 The Changing Chrome Relationship Between India and China

16. THANK YOU May 2010