D.24. Unrecognized purchase commitments

There are long-term purchase commitments in connection with the Group’s raw material and energy supply, which are managed by procurement management. As of the reporting date, there are long-term supply contracts for raw materials (in particular HBI, iron ore, coke, and coal) and operating supplies (in particular oxygen and nitrogen) resulting in unrecognized commitments with a nominal value of EUR 5,132.3 million (March 31, 2025: EUR 3,962.7 million). The majority of these are based on variable price formulas and are therefore considered to be transferable in the market. The remaining terms range from 2 to 18 years.

In addition, there are unrecognized commitments with a nominal value of EUR 306.2 million (March 31, 2025: EUR 174.5 million) from long-term energy purchase agreements (band hedges with energy supply companies and Power Purchase Agreements that do not fall under IFRS 16), the majority of which are based on fixed prices. The remaining terms are mainly between 2 and 20 years.

In application of the own use exemption in accordance with IFRS 9, these long-term energy purchase agreements are not measured as derivatives under IFRS 9.