Nova Iron & Steel Ltd. reported unaudited earnings results for the third quarter and nine months ended December 31, 2012. For the quarter, the company reported loss from operations before other income, interest and exceptional items of INR 46.105 million, loss from ordinary activities before tax of INR 14.707 million and net loss of INR 14.707 million or INR 2.47 per basic and diluted loss per share after extraordinary items on net sales of INR 242.005 million compared to loss from operations before other income, interest and exceptional items of INR 84.850 million, loss from ordinary activities before tax of INR 84.722 million and net loss of INR 84.722 million or INR 0.56 per basic and diluted loss per share after extraordinary items on net sales of INR 175.944 million reported in the same period last year. For the nine months, the company reported loss from operations before other income, interest and exceptional items of INR 158.290 million, loss from ordinary activities before tax of INR 89.174 million and net loss of INR 89.174 million or INR 2.47 per basic and diluted loss per share after extraordinary items on net sales of INR 932.779 million compared to loss from operations before other income, interest and exceptional items of INR 113.150 million, loss from ordinary activities before tax of INR 118.861 million and net loss of INR 118.861 million or INR 0.56 per basic and diluted loss per share after extraordinary items on net sales of INR 181.403 million reported in the same period last year.

Nova Iron & Steel Ltd. at its meeting held on January 31, 2013 approved the proposal of expansion and setting up of 1.5 mtpa integrated steel plant and 356 MW captive power plant at existing plant site at village Dagori Bilaspur (Chhattisgarh).

Nova Iron & Steel Ltd., Board Meeting, Jan 31, 2013. Agenda: To approve the proposal of expansion and setting up of 1.5 mtpa integrated steel plant and 356 MW captive power plant at existing plant site at village Dagori Bilaspur (Chhattisgarh).