General Announcement::Integrated Report & Annual Accounts for Financial Year 2020-21 of Tata Steel Limited

June 7, 2021

Singapore Stock Exchange

Singapore

Dear Madam, Sirs,

Sub: Integrated Report & Annual Accounts for Financial Year 2020-21

of Tata Steel Limited ('Company')

This is in furtherance to our letter dated May 5, 2021 wherein we had informed that the 114th Annual General Meeting ('AGM') of the Company will be held on Wednesday, June 30, 2021 at 3.00 p.m. (IST) via two-way Video Conference/Other Audio-Visual Means only, in accordance with the General Circulars issued by the Ministry of Corporate Affairs dated April 8, 2020, April 13, 2020, May 5, 2020 and January 13, 2021 and the Securities and Exchange Board of India Circulars dated May 12, 2020 and January 15, 2021.

Please find enclosed herewith the 6th Integrated Report & 114th Annual Accounts of Tata Steel Limited for the Financial Year 2020-21 along with the Notice of the 114th AGM ('Integrated Report'). The Integrated Report is also being sent through electronic mode to those Members whose e-mail addresses are registered with the Company/Registrars and Transfer Agent/Depositories.

The Integrated Report is available on the website of the Company at https://www.tatasteel.com/media/13915/tsl_ir21_final.pdf

This is submitted pursuant to Regulation 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

This is for your information and records.

Thanking you.

Yours faithfully,

Tata Steel Limited

Parvatheesam Kanchinadham

Company Secretary &

Chief Legal Officer (Corporate & Compliance)

Encl: As above

Registered Office Bombay House 24 Homi Mody Street Fort Mumbai 400 001 India

Tel [phone] Fax [phone] Website www.tatasteel.com

Corporate Identity Number L27100MH1907PLC000260

114th Year

Resilient. Resolute. Future-Ready.

Contents

04 Performance Snapshot

68 Capitals

At Tata Steel, innovation and responsibility have been at the core of building a sustainable enterprise and exploring possibilities towards creating a better future. Whether by developing high-strength steel or offering new solutions for construction and mobility, we relentlessly focus on delivering world-class products that are synonymous with quality and durability. We also deploy best available technologies and processes to drive resource efficiency and develop materials of the future which are superior, sustainable and affordable.

The ebbs and flows of business cycles notwithstanding, we have focussed on strengthening our balance sheet, upholding the highest standards in ethical and responsible business practices and striving towards a shared future of prosperity. Even when faced with a once-in-a-century global crisis that tested our resilience, we stayed true to our core values and worked together with our stakeholders to embrace a new normal.

Summary FY 2020-21	04
Health, safety and new businesses	06
Combating COVID-19	08

14 About Tata Steel

Corporate portrait	14
Integrated operations	16
Product portfolio and
geographic presence	18
Introducing our capitals	20
Business model	22
Value creation imperatives	24
28 Leadership
Board of Directors	28
Chairman's message	30

Financial capital	68
Manufactured capital	72
Intellectual capital	76
Human capital	82
Natural capital	90
Social and Relationship capital	98

112 Governance

Compliance and ethics	112
Sustainability strategy	114
Awards and recognition	116

120 Statutory Reports

Board's Report	120
Annexures	138

About Tata Steel

Established in India as Asia's first integrated private steel company in 1907, Tata Steel today is one of the most profitable and lowest cost producers of steel in the world, with captive iron ore mines and collieries located near our

manufacturing facilities in Jamshedpur and Kalinganagar. Our comprehensive portfolio of products and brands caters to multiple industries and segments, making the steel we produce an integral part of everyday life.

Management speak	34
40 Strategy
Strategy planning	40
Strategic objectives	42
Risk management	44

236 Financial Statements

Financial Highlights	236
Standalone	240
Consolidated	334

Tata Steel's Four Pillars of Transformation	Read more in the Chairman's message on Page 30
Resilience	Simplification		Technology and	Enabling Planet
and Agility	and Scale	Digital Leadership	Resilience

	Opportunities	54
58	Stakeholders and
	Materiality
	Stakeholder engagement	58
	Materiality	62

King Power MahaNakhon, Bangkok

Notice of AGM

452

A marvel of tomorrow elevating the skyline and exemplifying ingenuity and innovation, raising the bar of luxury for tomorrow.

The iconic structure is built using 2,000 tonne of Tata Tiscon rebars.

Sure, we make steel.

But #WeAlsoMakeTomorrow

ABOUT THIS REPORT

Our approach to reporting

This is the sixth Integrated Report of Tata Steel Limited (Tata Steel). Our Integrated Report provides quantitative and qualitative disclosures on our relationships with the stakeholders and how our leadership, culture and strategy are aligned to deliver value while managing risks and changes to the external environment. Our Report continues to evolve towards enhanced disclosures to meet the requirements of our investors and other stakeholders.

Contributing to UN Global Goals

Our capitals

Financial	Manufactured	Intellectual
capital	capital	capital

Reporting principle

The financial and statutory data presented in this Report is in line with the requirements of the Companies Act, 2013 (including the rules made thereunder), Indian Accounting Standards, the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)

Reporting period

The information is reported for the period

April 1, 2020 to March 31, 2021. For KPIs, comparative figures for the last three to five years have been incorporated in the Report to provide a holistic view.

Human	Natural	Social and
capital	capital	Relationship
		capital

Management responsibility

Independent assurance

Regulations, 2015, and the Secretarial Standards issued by The Institute of Company Secretaries of India. The Report is prepared in accordance with the Integrated Reporting framework of the International Integrated Reporting Council (IIRC) and discloses performance against Key Performance Indicators (KPIs) relevant to Tata Steel, which are aligned with Global Reporting Initiative (GRI), the requirements of Business Responsibility Reporting issued by the Securities and Exchange Board of India (SEBI) and World Steel Association (worldsteel).

Scope and boundary

The Report predominantly covers information with respect to Tata Steel's plants located at Jamshedpur, Jharkhand and Kalinganagar, Odisha, Raw Materials Division and Profit Centres. However, certain sections of the Report include KPIs (financial and production) of our subsidiaries, Tata Steel

To optimise governance oversight, risk management and controls, the contents of this Report have been reviewed by the senior executives of the Company, including the Chief Executive Officer and Managing Director; Executive Director and Chief Financial Officer; Vice President (Safety, Health and Sustainability); and the Company Secretary and Chief Legal Officer (Corporate and Compliance).

Assurance on financial statements has been provided by independent auditors Price Waterhouse & Co. Chartered Accountants LLP and on non-financial statements by Ernst & Young Associates LLP. The certificate issued by Ernst & Young Associates LLP is available on our website at www.tatasteel.comor can be accessed at https://bit.ly/3ppjwr3

BSL Limited (TSBSL) and Tata Steel Long Products Limited (TSLP).

Forward-looking statements

Approach to materiality

The Report presents an overview of our business and associated activities that help in long-term value creation. Report content and presentation is based on issues material to Tata Steel and its stakeholders. Material issues are gathered from multiple channels and forums of engagement across the organisation and from external stakeholders.

In FY 2018-19, Tata Steel updated its Environmental, Social and Governance (ESG) material issues and incorporated them in its long-term plans.

1. Environmental S Social
   G Governance

Certain statements in the Report regarding our business operations may constitute forward-looking statements.

These include all statements other than statements of historical facts, including those regarding the financial position, business strategy, management plans and objectives for future operations.

Forward-looking statements can be identified by words such as 'believes', 'estimates', 'anticipates',

'expects', 'intends', 'may', 'will', 'plans', 'outlook' and other words of similar meaning in connection with a discussion of future operational or financial performance.

Forward-looking statements are necessarily dependent on assumptions, data or methods that may be incorrect or imprecise and that may be incapable of being realised, and as such, are not intended to be a guarantee of future results, but constitute our

current expectations based on reasonable assumptions. Actual results could differ materially from those projected in any forward-looking statements due to various events, risks, uncertainties and other factors. We neither assume any obligation nor intend to update or revise any forward- looking statements, whether as a result of new information, future events or otherwise.

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Integrated Report & Annual Accounts 2020-21 | 114th Year

3

SUMMARY FY 2020-21

A year of resilience

The first half of the financial year witnessed disruptions caused by the pandemic. However, the domestic steel demand improved from the second half with favourable policies, increased government spending and relaxed movement norms. We managed to deliver broad-based, market- leading volume growth supported by our agile business model.

Performance	About	Leadership	Strategy	Stakeholders	Capitals	Governance	Statutory	Financial
Snapshot	Tata Steel	and Materiality	Reports	Statements

We achieved highest-ever India deliveries as well as consolidated EBITDA during FY 2020-21.

Tata Steel (Standalone)		Tata Steel (India)

Crude Steel Production (MnT)

12.19 7% 16.92 7%

Deliveries (MnT)
12.36	0%	17.31	2%

Turnover (₹ crore)

64,869 7% 91,037 11%

Reported EBITDA (₹ crore)

21,952 45% 28,587 62%

Tata Steel (Consolidated)

28.54 7%

28.50 1%

1,56,294 5%

30,892 71%

Tata Steel (Standalone)		Tata Steel (India)		Tata Steel (Consolidated)

Reported EBITDA per tonne (₹)

17,764 45% 16,515 59% 10,838 73%

Reported profit-after-tax (₹ crore)

13,607

102%

16,695

198%

8,190

599%

Cash generated from operations - before tax (₹ crore)

29,729

95%

39,612

135%

45,031

102%

Tata Steel (India) - Tata Steel standalone + Tata Steel BSL Limited (TSBSL) + Tata Steel Long Products Limited (TSLP) Tata Steel (Consolidated) - Tata Steel India + Tata Steel Europe + Tata Steel South-East Asia + Rest of the World

Numbers pertain to FY 2020-21. The percentage increase/decrease is compared to FY 2019-20

4	Integrated Report & Annual Accounts 2020-21 | 114th Year

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