Industeel UK Limited

	Page
Company Information	1
Directors' Report	2—3
Independent Auditor's Report	4—7
Income Statement	8
Statement of Comprehensive Income	9
Statement of Financial Position	10
Statement of Changes in Equity	11
Statement of Cash Flows	12
Notes to the Statement of Cash Flows	13
Notes to the Financial Statements	14—20

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Company No. 02332296

Directors' Report For The Year Ended 31 December 2025

Directors' Report

The directors present their report and the financial statements for the year ended 31 December 2025.

Dividends

No dividends will be distributed for the year ended 31st December 2025.

Directors

The directors who held office during the year were as follows:

Mrs L Smith

Ms L Tournay

Statement of Directors' Responsibilities

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, Ormerod Rutter Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

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Industeel UK Limited

Directors' Report (continued)

For The Year Ended 31 December 2025

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board

Mrs L Smith

Director

31st March 2026

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Independent Auditor's Report

to the Members of

Industeel UK Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Industeel UK Limited for the year ended 31 December 2025 which comprise the Income Statement, Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit/(loss) for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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Independent Auditor's Report (continued)

to the Members of

Industeel UK Limited

Other Information

The directors are responsible for the other information. The other information comprises the information included in the Report of the directors, but does not include the financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records or returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit, or
the company has taken advantage of the small companies' exemptions in preparing the Directors' Report and taken advantage of the small companies' exemptions from the requirement to prepare a Strategic Report.

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Independent Auditor's Report (continued)

to the Members of

Industeel UK Limited

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2—3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations including those that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, and the extent to which non-compliance might have a material effect on the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed included:

Discussions with management, including consideration of known or suspected instances of non compliance with laws and regulation and fraud;
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; entries posted containing unusual account descriptions, and entries posted with unusual amounts; and
Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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Independent Auditor's Report (continued)

to the Members of

Industeel UK Limited

Use Of Our Report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Garry Rutter FCA (Senior Statutory Auditor)

for and on behalf of Ormerod Rutter Limited , Statutory Auditor

8th April 2026

Ormerod Rutter Limited

The Oakley

Kidderminster Road

Droitwich Spa

Worcestershire

WR9 9AY

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Industeel UK Limited

Income Statement

For The Year Ended 31 December 2025

Income Statement

		2025	2024
	Notes	£	£
TURNOVER	3	270,132	273,860

GROSS PROFIT		270,132	273,860

Administrative expenses		(224,414 )	(227,613 )

OPERATING PROFIT	4	45,718	46,247
Other interest receivable and similar income		302	393
Interest payable and similar charges	9	(998 )	(995 )

PROFIT BEFORE TAXATION		45,022	45,645
Tax on Profit	10	(12,237 )	(13,992 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		32,785	31,653

The notes on pages 13 to 20 form part of these financial statements.

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Industeel UK Limited

Statement of Comprehensive Income

For The Year Ended 31 December 2025

Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	32,785	31,653
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	32,785	31,653

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Industeel UK Limited

Statement of Financial Position

As At 31 December 2025

Statement of Financial Position

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	11		110		147

			110		147
CURRENT ASSETS
Debtors	12	51,817		84,818
Cash at bank and in hand		324,078		264,966

		375,895		349,784
Creditors: Amounts Falling Due Within One Year	13	(30,996 )		(37,707 )

NET CURRENT ASSETS (LIABILITIES)			344,899		312,077

TOTAL ASSETS LESS CURRENT LIABILITIES			345,009		312,224

NET ASSETS			345,009		312,224

CAPITAL AND RESERVES
Called up share capital	14		1,000		1,000
Income Statement			344,009		311,224

SHAREHOLDERS' FUNDS			345,009		312,224

On behalf of the board

Mrs L Smith

Director

31st March 2026

The notes on pages 13 to 20 form part of these financial statements.

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Industeel UK Limited

Statement of Changes in Equity

For The Year Ended 31 December 2025

Statement of Changes in Equity

	Share Capital	Income Statement	Total
	£	£	£
As at 1 January 2024	1,000	279,571	280,571
Profit for the year and total comprehensive income	-	31,653	31,653

As at 31 December 2024 and 1 January 2025	1,000	311,224	312,224


Profit for the year and total comprehensive income	-	32,785	32,785

As at 31 December 2025	1,000	344,009	345,009

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Industeel UK Limited

Statement of Cash Flows

For The Year Ended 31 December 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	72,658	84,283
Interest paid		(998 )	(995 )
Tax paid		(12,850 )	(12,157 )

Net cash generated from operating activities		58,810	71,131

Cash flows from investing activities
Interest received		302	393



Increase in cash and cash equivalents		59,112	71,524
Cash and cash equivalents at beginning of year	2	264,966	193,442

Cash and cash equivalents at end of year	2	324,078	264,966

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Industeel UK Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 December 2025

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	£	£
Profit for the financial year	32,785	31,653
Adjustments for:
Tax on profit	12,237	13,992
Interest expense	998	995
Interest income	(302 )	(393 )
Depreciation of tangible assets	37	49
Movements in working capital:
Decrease in trade and other debtors	33,001	28,253
(Decrease)/increase in trade and other creditors	(6,098 )	9,734

Net cash generated from operations	72,658	84,283

2. Cash and cash equivalents

The amounts disclosed on the Statement of cash flows in respect of cash and cash equivalents are in respect of these Statement of financial position amounts:

	2025	2024
	£	£
Cash at bank and in hand	324,078	264,966

3. Analysis of changes in net funds

	As at 1 January 2025	Cash flows	As at 31 December 2025
	£	£	£
Cash at bank and in hand	264,966	59,112	324,078

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Industeel UK Limited

Notes to the Financial Statements

For The Year Ended 31 December 2025

Notes to the Financial Statements

1. General Information

Industeel UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02332296 . The registered office is 14 Victoria Square, Droitwich, Worcester, Worcestershire, WR9 8DS.

The company's principal activity continues to be that of manufacturing of basic iron and steel and of ferro-alloys.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.2. Financial Reporting Standard 102 - Reduced Disclosure Exemptions

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group.

The company has therefore taken advantage of exemptions from the following disclosure requirements:

Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues:

Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’:

Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’:

Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Arcelor Mittal Group, a company incorporated in Belgium. These consolidated financial statements are available from its registered office: Rue de Châtelet, 266 – 6030 Marchienne-au-Pont, Belgium.

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Industeel UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.3. Going Concern Disclosure

These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computer Equipment

25% on reducing balance

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

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Industeel UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.7. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.

2.8. Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. Turnover

An analysis of the company's turnover and other revenue is as follows:

	2025	2024
	£	£
Turnover from services provided	270,132	273,860

4. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Operating lease rentals	5,829	7,096
Depreciation of tangible fixed assets	37	49

5. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	6,300	6,250

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Industeel UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	89,837	94,576
Social security costs	13,343	12,057
Other pension costs	77,025	61,860

	180,205	168,493

7. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2025	2024
Office and administration	2	2

	2	2

8. Directors' remuneration

	2025	2024
	£	£
Emoluments	50,854	54,404
Company contributions to money purchase pension schemes	67,394	59,528

	118,248	113,932

The number of directors to whom retirement benefits were accruing was as follows:

	2025		2024
Defined benefit pension schemes	1		1

Included within directors emoluments are benefits in kind to a total value of £9,655 (2024: £11,304).

9. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	987	991
Late payment tax charges	11	4

	998	995

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Industeel UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

10. Tax on Profit

	Tax Rate		2025	2024
The tax charge on the profit for the year was as follows:
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	12,237	12,792
Prior period adjustment			-	1,200

			12,237	13,992


Total tax charge for the period			12,237	13,992


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2025	2024
			£	£
Profit before tax			45,022	45,645

Tax on profit at 25% (UK standard rate)			11,256	11,412
Goodwill/depreciation not allowed for tax			9	12
Expenses not deductible for tax purposes			972	1,368
Prior period adjustment			-	1,200

Total tax charge for the period			12,237	13,992

11. Tangible Assets

	Computer Equipment
	£
Cost
As at 1 January 2025	1,965

As at 31 December 2025	1,965

Depreciation
As at 1 January 2025	1,818
Provided during the period	37

As at 31 December 2025	1,855

...CONTINUED

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Industeel UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

Net Book Value
As at 31 December 2025	110

As at 1 January 2025	147

12. Debtors

	2025	2024
	£	£
Due within one year
Prepayments and accrued income	986	927
VAT	1,298	327
Amounts owed by group undertakings	49,533	83,564

	51,817	84,818

13. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	114	302
Other creditors	5,247	4,622
Corporation tax	11,935	12,548
Taxation and social security	-	2,585
Accruals and deferred income	13,700	17,650

	30,996	37,707

14. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
1,000 Ordinary Shares of £ 1.00 each	1,000	1,000

15. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	5,414	5,414
Later than one year and not later than five years	2,256	7,669

	7,670	13,083

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Industeel UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

16. Pension Commitments

The company pays contributions into employee's individual personal pension plans. During the year the charge to profit or loss in respect of defined contribution schemes was £77,025 (2024: £61,860).

17. Controlling Parties

The company's ultimate controlling party is Arcelor Mittal Group , a company incorporated in Luxembourg. Advantage is taken under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose transactions and balances with other group companies. Copies of the consolidated accounts can be obtained from Rue de Châtelet, 266 – 6030 Marchienne-au-Pont, Belgium.

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