UK Tax Statement

Duferco International Trading Holding S.A. (“we”, “DITH” or “the Group”) is a global leader in the trading and distribution of steel and the raw materials essential to steel production. We are active across the entire steel value chain and we operate trading and distribution companies and production units in many jurisdictions around the world.

The Group is active in the United Kingdom through its subsidiary Duferco UK Ltd and Meridian Steel Limited.

APPROACH TO TAX COMPLIANCE AND RISK MANAGEMENT

Consistent with our commitment to responsible and ethical business, DITH makes every effort to comply with tax law and practice in all the jurisdictions where we operate.

Accordingly, our approach and policy towards our tax affairs is to:

Observe all applicable tax laws, rules and regulations and meeting tax compliance and reporting responsibilities across applicable jurisdictions;
Maintain controls and procedures within our risk control framework to ensure that tax related risk is identified and suitably assessed and managed in accordance with Group’s overall approach to Risk Management;
Apply diligent and professional judgement to all tax-related matters including taking external advice where necessary; and
Work openly and transparently with tax authorities at all times.

The Group Director – Audit and Control, who reports to the CEO, is responsible for the overall approach to and management of the Group’s tax affairs.

APPROACH TO TAX

In structuring our commercial activities, we aim to identify tax risks and implement appropriate and compliant tax-related initiatives that support the Group’s commitment to protecting shareholders’ value whilst maintaining our reputation, which we regard as a key asset. We will at all times take a prudent approach to tax-related matters, operating not only within the applicable law but in a manner designed to protect and enhance our reputation in the market and with the applicable authorities.

APPROACH TO HMRC

Our Business Code of Conduct guides our actions and behaviour and is integral to the way we manage our business. It follows that we are committed to engage with HMRC applying our core principles of respect, transparency and integrity.

[Last updated: September 2017]