32. Subsequent events

Subsequent to the reporting date, in April 2026, operations at the Direct Sheet Plant (“DSP”) were temporarily suspended following the identification of chromium‑6 emissions exceedances. Management assessed the impact of the temporary closure, including short‑term and extended outage scenarios, and identified mitigating operational and commercial actions. While the suspension is expected to result in a temporary adverse impact on production volumes, EBITDA and cash flows in the early part of FY2027, the Group expects this impact to be absorbed within existing liquidity resources and financing arrangements. The temporary closure does not affect the carrying values of assets recognised at 31 March 2026 and, accordingly, no adjustment has been made to the financial statements.

Preparation of a formal decision to revoke (part of) the environmental permit for CGP 1 and CGP 2

On 23 April 2026, Tata Steel Nederland B.V. received a letter from the North Sea Canal Area Environmental Agency (Omgevingsdienst Noordzeekanaalgebied, “ODNZKG”) indicating its intention to revoke (part of) the environmental permits for the Coke and Gas Plants (CGP 1 and CGP 2).

TSN is engaged in discussions with the relevant authorities to substantiate management's proposed timeline to ensure a safe, responsible and controlled closure process. However, it is currently unknown when a decision will be issued by the competent authorities and what the contents of such a decision will be. Management assessed that it would need a certain period of time to close cokes and gas plants CGP 2 and CGP 1 in a safe and responsible manner. Should this timeline not be granted by the EA, this could result in an unsafe and/or irresponsible shutdown of the cokes and gas plants. An uncontrolled shutdown of one or both cokes and gas plants would have a material impact on the going concern of TSN as disclosed in the Basis of preparation.