14. Trade and other payables

14. Trade and other payables

(i) Trade and other payables primarily comprise amounts outstanding for the purchase of raw materials and services, payables to group companies, and other statutory and operational liabilities. Trade payables are non‑interest bearing and are generally settled within normal credit terms, which typically range from 30 to 90 days.

(ii) Amounts owed to Tata Steel companies mainly relate to the purchase of raw materials and services within the Tata Steel group. Amounts owed to other group companies include balances arising from shared services, management fees, and intercompany settlements. Payables to associates represent short‑term operational balances.

(iii) Other taxation and social security liabilities consist mainly of accrued payroll‑related taxes, social security contributions, and indirect taxes payable to tax authorities. Capital expenditure creditors relate to invoices received or accrued for property, plant, and equipment. Interest payable includes accrued interest on borrowings outstanding at the reporting date.

(iv) Derivative financial instruments and Derivative financial instruments owed to group companies represent the fair value of derivative contracts with a negative value at the balance sheet date. These contracts are used to hedge the risks related to commodity prices, the price of EU allowances and foreign exchange rates, and are measured at fair value through profit or loss. The negative value reflects the price level at reporting date relative to the contracted price of the derivative transaction. No derivative financial instruments were owed to group companies at 31 March 2026 (2025: €1 million). Additional disclosure of the derivative positions is included in Note 17.

(v) Holiday pay and other payroll provisions relate to employee entitlements, including accrued vacation days, bonuses, and other short‑term employee benefits.

(vi) Emission rights represent a financial liability arising from transactions whereby emission allowances were sold to banking counterparties with an obligation to repurchase these allowances at a future date. The liability reflects the repurchase obligation outstanding at the reporting date.

(vii) Other payables include various accrued expenses and sundry creditors arising in the normal course of business.

All trade and other payables are expected to be settled within twelve months after the reporting date.