Orissa Sponge Iron & Steel Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 31, 2008, inter alia, to discuss mainly the following agenda:

1. To consider revenue budget for FY 2008-09.

2. To consider the Final Term Sheet and Draft Loan Agreement of FMO

3. To consider the proposal for Iron Ore Mining by a JV of TSPL & Rabinsons Holding Ltd.

4. To consider delisting of Company’s shares from Bhuabeswar & Kolkata Stock Exchange.