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

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

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.

In the past twenty years, we have lived through several cycles and we have always managed to buy under good terms and conditions at the right time. This has enabled us to build a solid group that is now the world number one.

Hard work certainly goes a long way. These days a lot of people work hard, so you have to make sure you work even harder and really dedicate yourself to what you are doing and setting out to achieve.

We are not in the business of iron ore. Whatever captive iron ore sources we have, we use it to make steel.

We do not believe in oversupplying the market. When you are a large company, you can afford to do it. When you are a small player, your flexibility gets reduced.