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.
Production cutbacks have remained in place in the third quarter and this has helped to further reduce inventory levels worldwide.
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.
I have confidence that the government of Luxembourg will not make any decision that frustrates this transaction.
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.
