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.

When I think about parallels between myself and an Olympian, I believe that success in the world of business is underpinned by very similar principles of perseverance and hard work.

It is true that we are interested in scale but there are very sound reasons for this.

I am very confident that we will be able to convince all the stakeholders - the shareholders, the governments and the employees, that this is in their best interests.

It is a high for me. It is my biggest and most satisfying deal.

A strong player, which has the sufficient critical mass, can withhold pressure better and create a more stable environment that benefits shareholders as well as employees.