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.

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.

We have no intention of shutting down plants. We have always said there will be no redundancies or lay-offs as a result of this merger.

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

Everyone experiences tough times, it is a measure of your determination and dedication how you deal with them and how you can come through them.

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.