We are pleased with the very positive reception our offer has received, and are confident that progress is being made towards establishing the regulatory framework for the offer.

At the end of the day you have to keep emotions away.

We have experienced highly challenging global market conditions in the past quarter with significant steel price decline in all regions.

Production cutbacks have remained in place in the third quarter and this has helped to further reduce inventory levels worldwide.

The danger, though - and there have been signs of this recently - is that Europe begins to demonstrate a return to more nationalist sentiment. To my mind, that would be a great mistake.

There will be no job cuts arising out of this merger in Europe - this is in the interest of jobs in Europe.

I have confidence that the government of Luxembourg will not make any decision that frustrates this transaction.