Essar Steel - Outcome of Board Meeting

Essar Steel Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 31, 2007, inter alia, has decided to obtain consent by way of postal Ballot of the shareholders holding 0.01% Cumulative Redeemable Preference shares as well as equity shareholders for premature redemption of 0.01% Cumulative Redeemable Preference Shares of Rs 10 each at a premium of Rs 2.50 per share (viz, at Rs 12.50 per share).