Ref.: SEC/337/2026-27

May 15, 2026

Dear Madam, Sirs,

Sub: Outcome of Board meeting of Tata Steel Limited

This has reference to our intimation of meeting of the Board of Directors of Tata Steel Limited ('Company') dated May 7, 2026.

The Board of Directors ('Board') of the Company at its meeting held today, i.e. May 15, 2026, inter alia, transacted the following business:

1.   Financial Statements and Results

(a)  Considered and approved the audited Standalone and unaudited Consolidated Financial Statements and Results of the Company for the quarter ended March 31, 2026.

(b)  Considered and approved the audited Standalone and Consolidated Financial Statements and Results of the Company for the financial year ended March 31, 2026.

The financial information as required to be provided in terms of Regulation 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('SEBI Listing Regulations') forms part of the Financial Results.

Price Waterhouse & Co. Chartered Accountants LLP, the Statutory Auditors of the Company have issued the Auditors' Report(s) with an unmodified opinion on the Financial Results and Statements of the Company for the financial year ended March 31, 2026. Further, there are no opinions/ adverse remarks provided by the statutory auditors in their Audit Report(s) which have bearing on the interest payment / principal repayment capacity of the Company.

A copy of the said Financial Results together with the Statutory Auditors' Report for the financial year ended March 31, 2026, are enclosed herewith as Annexure 1.

These are also being made available on the website of the Company at www.tatasteel.com

2.   Dividend and 119^th Annual General Meeting

Recommended a dividend of ₹4/- per Ordinary (equity) Share of face value ₹1/- each (400%) to the shareholders of the Company for FY2025-26.

The dividend recommended by the Board of the Company is subject to the approval of the shareholders at the ensuing Annual General Meeting ('AGM') of the Company scheduled to be held on Thursday, July 2, 2026.

The dividend, if approved by the shareholders at the AGM, will be paid, subject to deduction of applicable tax at source, on and from Monday, July 6, 2026.

3.   Record Date

Pursuant to Regulation 42 of the SEBI Listing Regulations, the Board of the Company has fixed Friday, June 12, 2026 as the Record Date for determining the Members entitled to receive the dividend for the FY2025-26.

4.   Acquisition of equity stake in TM International Logistics Limited

TM International Logistics Limited ('TMILL') is a 51:26:23 joint venture company between Tata Steel Limited, NYK Holding Europe B.V ('NYK') and IQ Martrade Holding Und Management GmbH ('IQ'), respectively.

The Board of the Company considered and approved the acquisition of 41,40,000 equity shares of face value ₹10/- each (23% equity stake), in TMILL, from IQ for a consideration of ₹335 crore, subject to necessary approvals. The Company has today, executed Share Purchase Agreement with IQ and TMILL. The transaction is subject to customary conditions precedent, and approvals from regulatory authorities including Competition Commission of India and other stakeholders, as applicable.

On completion of the above transaction, the Joint Venture Agreement dated July 26, 2001, between the Company and IQ, and the Deed of Adherence dated November 26, 2009, amongst the Company, TMILL, NYK, and IQ will be terminated and the Company will hold 74% equity shares in TMILL and NYK will hold 26% equity shares in TMILL.

For further details on this transaction, please refer Annexure 2.

5.   Update on Tata Steel Netherlands

Tata Steel Netherlands ('TSN') is a wholly owned indirect subsidiary of the Company. TSN continues to be deeply engaged with the local regulatory bodies on addressing the issues related to the IJmuiden operating site. Based on the local Environment Agency's measurements of exceedances of emissions of substances versus certain prescribed limits, TSN has received multiple notices alleging non-compliance and has paid more than €20 million of penalties in FY2026 in relation to the coke and gas plants. These actions initiated by regulatory authority(ies) against TSN was not in relation to Tata Steel Limited. Many of these penalties relate to exceedances where no technically and operationally feasible best practices are currently available globally to address the issue in a time frame acceptable to the Environment Agency given the design and vintage of these coke ovens (40 - 50 years old). The Environment Agency and the local Province have also on April 23, 2026 issued a letter to Tata Steel Netherlands indicating their intention to revoke operating permits and trigger an early closure of the coke and gas plants. Tata Steel Netherlands has made a detailed assessment and shared with the Agency and the Province a timeline which is necessary to ensure a safe, responsible and controlled closure process. Tata Steel Netherlands is also exploring all options including legal recourse to ensure that the closure process is managed with due care and prudence. However, pending assurance on a feasible timeline, the financial statements of Tata Steel Netherlands have been prepared taking into account a material uncertainty to going concern in discussion with its auditors. Tata Steel Netherlands is also engaged with the regulators on evolving standards relating to classification and disposal of steel slag, where local requirements in Netherlands now not only exceed EU standards but are threatening to become infeasible.

The Board meeting commenced at 2.00 p.m. (IST) and concluded at 5:15 p.m. (IST).

Further, please find enclosed herewith the Press Release and Investor Presentation to be made

to Analysts/ Investors of Tata Steel Limited.

These disclosures are being made pursuant to Regulation 30, 33, 52, 51 read with Schedule III and other applicable provisions of the SEBI Listing Regulations, as amended, along with applicable SEBI Circulars notified in this regard.

This is for your information and records.

Encl.: As above.

http://www.rns-pdf.londonstockexchange.com/rns/5899E_1-2026-5-15.pdf