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28. Related party transactions

Summary of article:  The table below sets out details of transactions and loans between TSN, other Tata Steel companies, joint ventures and associates.

29. Consolidated subsidiaries

Summary of article:  The subsidiary undertakings of TSN on 31 March 2026 are set out below. Country names are countries of incorporation. Undertakings operate principally in their country of incorporation except where otherwise stated.

3. Restructuring and impairment costs

Summary of article:  As part of the SCALE transformation programme, the Group has initiated structural and organisational measures aimed at improving operational efficiency and long‑term cost competitiveness.

30. Joint ventures, joint operations and associates

Summary of article:  

31. Ultimate and immediate parent company

Summary of article:  Tata Steel Netherlands Holdings B.V. is the company’s immediate parent company, which is incorporated and registered in the Netherlands.

32. Subsequent events

Summary of article:  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.

4. Employees

Summary of article:  The average number of the Group’s employees (headcount) during the year was 11.866 (2025: 12.217).

5. Financing items

Summary of article:  

6. Taxation

Summary of article:  Tax consists of current and deferred tax. Tax is recognised in the income statement and in the statement of OCI in the period in which it arises.

7. Intangible assets

Summary of article:  Goodwill acquired in a business combination is allocated at acquisition to the cash‑generating units expected to benefit from the combination. Goodwill is tested for impairment annually, or more frequently if indicators of impairment exist.