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

It's difficult for them to do a deal at these levels.

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.

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

I understand that this has taken a lot of politicians by surprise. But we believe that this is an important and right step for the steel industry.

This is a learning in the business life that first of all you need to have commitment, dedication and passion for what you are doing.

The torch relay is an excellent embodiment of all that the Olympic Games have come to symbolise - a celebration of the human spirit. Personally to me, it represents striving to be the best in whatever we do, never giving up despite the odds, and a commitment to health and fitness.