ArcelorMittal SA (MT) 2023 Q4 法說會逐字稿

Welcome to the Analyst Call Q4 2023 results ArcelorMittal Conference Call. I am George , the Chorus Call operator. (Operator Instructions) The conference is being recorded. (Operator Instructions). At this time, it's my pleasure to hand over to Daniel Fairclough, Vice President, IR. Please go ahead, sir.

歡迎參加安賽樂米塔爾 2023 年第四季業績分析師電話會議。我是喬治，合唱呼叫操作員。 （操作員指示）會議正在錄音。 （操作員說明）。現在，我很高興將工作交給 IR 副總裁 Daniel Fairclough。請繼續，先生。

Thank you, George. Good afternoon, everyone. This is Daniel Fairclough from the ArcelorMittal Investor Relations team. Thank you for joining this call to discuss our performance and progress in 2023. Present on the call today, we have Mr. Mittal, our Executive Chairman; our CEO, Aditya Mittal; and our CFO, Genuino Christino.

謝謝你，喬治。大家下午好。我是來自安賽樂米塔爾投資者關係團隊的 Daniel Fairclough。感謝您參加這次電話會議，討論我們 2023 年的業績和進展。今天出席電話會議的有我們的執行主席米塔爾先生；我們的執行長阿迪亞·米塔爾 (Aditya Mittal)；以及我們的財務長 Genuino Christino。

Before we begin, I would like to mention a few housekeeping items. As usual, we will not be going through the results presentation that we published this morning on our website, but I do want to draw your attention to the disclaimers on Slide 2 of that presentation. We will be moving directly to the Q&A session following some opening remarks. (Operator Instructions) With that, I will hand over to Mr. Mittal to begin the opening remarks.

在開始之前，我想提一些家事用品。像往常一樣，我們不會瀏覽今天早上在我們網站上發布的結果演示文稿，但我確實想提請您注意該演示文稿幻燈片 2 上的免責聲明。在一些開場白之後，我們將直接進入問答環節。 （操作員指示）接下來，我將請米塔爾先生開始開幕致詞。

Thank you, Daniel, and welcome, everyone. We are working tirelessly to improve our safety performance and I'm convinced that we are on the right pathway. We must achieve our target of zero facilities -- fatalities and serious injuries as quickly as possible. Against the backup of a challenging economic and geopolitical environment, our financial results in 2023 are commendable. This shows the benefits of the actions we have been taking in recent years to structurally improve our business.

謝謝你，丹尼爾，歡迎大家。我們正在不懈地努力提高我們的安全績效，我相信我們正走在正確的道路上。我們必須盡快實現零設施死亡和重傷的目標。在充滿挑戰的經濟和地緣政治環境的背景下，我們 2023 年的財務表現值得稱讚。這顯示了我們近年來為結構性改善業務而採取的行動的好處。

Destocking is showing signs of coming to an end, and we are predicting growth this year in our core markets. Interest rates have peaked and there's a confidence they will come down this year. Inflation has already started to ease and energy prices have retreated from record highs.

去庫存顯示出即將結束的跡象，我們預計今年核心市場將會成長。利率已經見頂，人們有信心今年利率會下降。通貨膨脹已經開始緩解，能源價格也從歷史高點回落。

I look to ArcelorMittal's future with great optimism. Our asset portfolio is lean and focused. Our recent acquisitions are performing strongly and the capital projects in which we have been investing will soon begin making a significant contribution to our regions. I want to thank this opportunity to thank all our employees for their efforts and contributions. Over to you, Aditya.

我對安賽樂米塔爾的未來充滿樂觀。我們的資產組合精簡且專注。我們最近的收購表現強勁，我們一直投資的資本項目很快就會開始為我們的地區做出重大貢獻。我要感謝這個機會，感謝我們所有員工的努力和貢獻。交給你了，阿迪亞。

Thank you, and welcome, everyone. I want to talk first about safety and then the subject of growth and capital returns. Beginning with safety. As we committed at our third quarter results, we have now commissioned the comprehensive third-party independent audit of our safety practices and governance. There are 3 work streams well underway. The first is the on-site audit of our fatality prevention standards, the second stream is reviewing our process safety management systems and the third stream is a review of all of our safety governance practices.

謝謝大家，也歡迎大家。我想先談論安全，然後談論成長和資本回報。從安全開始。正如我們在第三季業績中所承諾的那樣，我們現已委託第三方對我們的安全實踐和治理進行全面的獨立審計。有 3 個工作流程正在順利進行中。第一個流程是對我們的死亡預防標準進行現場審核，第二個流程是檢視我們的流程安全管理體系，第三個流程是審查我們所有的安全治理實務。

I'm confident that dss will support us in achieving our target of zero fatalities and serious injuries. Everyone at ArcelorMittal is fully aligned behind this objective. After allocating significant capital to organic growth over the past 3 years, ArcelorMittal is now on the cusp of a step change in profitability.

我相信 DSS 將支持我們實現零死亡和重傷的目標。安賽樂米塔爾的每個人都全力支持這個目標。在過去三年分配大量資金用於有機成長之後，安賽樂米塔爾現在正處於獲利能力階躍變化的風口浪尖。

This year, we will commission high value-added lines in Brazil, a new electric furnace in the U.S., new electrical steel capabilities in Europe and iron ore projects in Brazil and Liberia. These projects represent the bulk of our strategic growth envelope, which in total is expected to add $1.8 billion to our EBITDA. Today, our asset portfolio is derisked and well positioned to capture the medium to long-term demand that we forecast. Steel is a vital enabler of the transition to new energy systems. Steel will be the foundation on which supply chain security is built and steel is vital to improving the living standards of growing populations in large parts of the world.

今年，我們將在巴西投產高附加價值生產線、在美國投產一座新電爐、在歐洲投產新電工鋼產能以及在巴西和利比里亞投產鐵礦石專案。這些項目代表了我們戰略成長的大部分，預計總共將為我們的 EBITDA 增加 18 億美元。如今，我們的資產組合已經消除了風險，並且能夠很好地滿足我們預測的中長期需求。鋼鐵是向新能源系統過渡的重要推動者。鋼鐵將成為建立供應鏈安全的基礎，鋼鐵對於提高世界大部分地區不斷增長的人口的生活水平至關重要。

We estimate that these megatrends will drive approximately 300 million tons of additional steel demand ex China over the next decade with the biggest contributors being India, Brazil and North America. Our asset portfolio is well aligned to these growth vectors. Going forward, we will define our EBITDA, including the share of JV net income. What you should appreciate is that 60% of our EBITDA is driven by assets in North America, India and Brazil. And if you include our Canadian mining operations, it is almost 75%.

我們估計，未來十年，這些大趨勢將帶動中國以外約 3 億噸的額外鋼鐵需求，其中最大的貢獻者是印度、巴西和北美。我們的資產組合與這些成長向量非常契合。展望未來，我們將定義我們的 EBITDA，包括合資企業淨利潤的份額。您應該意識到，我們 60% 的 EBITDA 是由北美、印度和巴西的資產所驅動的。如果算上我們加拿大的採礦業務，幾乎是 75%。

We have excellent market positions, and we have attractive opportunities to continue to invest and capture the growth in demand. In North America, we are developing our plans to add another electric furnace at Calvert and double the scale of our asset in Texas. In India, we're currently doubling our capacity to 15 million tonnes with plans under development to eventually grow to 40 million tonnes.

我們擁有卓越的市場地位，並且擁有繼續投資和捕捉需求成長的誘人機會。在北美，我們正在製定計劃，在卡爾弗特再增加一座電爐，並將德州的資產規模擴大一倍。在印度，我們目前正在將產能翻一番，達到 1500 萬噸，並正在製定計劃，最終將產能增加至 4,000 萬噸。

In Brazil, we have a fantastic primary steelmaking position with the opportunities to add finishing capacity as domestic demand grows. In terms of capital returns, the value-creating impact that our growth investment has on every ArcelorMittal share has been significantly increased by our share buyback programs. It really is a massive achievement that we have repurchased 1/3 of our equity over the last 3 years. We still have a large buyback program outstanding, and with the positive outlook for cash flow generation, we're well positioned to continue taking advantage of our discounted valuation.

在巴西，我們擁有出色的初級煉鋼地位，隨著國內需求的成長，我們有機會增加精加工能力。在資本回報方面，我們的股票回購計畫顯著提高了我們的成長投資對每支安賽樂米塔爾股票的價值創造影響。過去3年我們回購了1/3的股權，這確實是個巨大的成就。我們仍有一項尚未完成的大型回購計劃，並且鑑於現金流產生的積極前景，我們處於有利地位，可以繼續利用我們的折扣估值。

The structural improvements we are making to profitability are feeding through into our base dividend. The change in our portfolio over the past 12 months supports a further increase in the base dividend. Again, this should be seen as a clear statement on the progress we are making and the confidence we have in our outlook. I will now hand it over to Genuino to talk more about our financial performance.

我們對獲利能力所做的結構性改進正在融入我們的基本股利。過去 12 個月我們投資組合的變化支持基本股利的進一步增加。同樣，這應該被視為對我們正在取得的進展以及我們對前景的信心的明確聲明。現在我將把它交給 Genuino，並更多地討論我們的財務表現。

Thank you, Aditya, and hello, everyone. There is much to be pleased about with our financial performance in 2023. We generated $7.6 billion EBITDA. This is $136 of EBITDA per tonne shipped, which compares very well with our history and highlights the inherent strength that we have built into our business in recent years.

謝謝阿迪亞，大家好。我們 2023 年的財務表現有很多值得高興的地方。我們產生了 76 億美元的 EBITDA。每噸運輸的 EBITDA 為 136 美元，這與我們的歷史非常吻合，並凸顯了我們近年來在業務中建立的內在實力。

The quality of our asset base and the value we are deriving from our recent acquisitions and strategic growth projects. Net income was impacted by nonrecurring impacts related to the sale of our operations in Kazakhstan and the impairment of our investment in Italy. But adjusted for these factors, net income of just under $5 billion also compares very well with our history and illustrates not only the structural improvement to EBITDA, but also the growing contribution from our JVs and the impact of our lower cost balance sheet. And then these impacts have been further geared by our consistent share buybacks. The value we are creating is clear. We are consistently delivering a solid return on our book value, which has grown to $66 per share.

我們資產基礎的品質以及我們從最近的收購和策略成長項目中獲得的價值。淨利潤受到與出售哈薩克斯坦業務和義大利投資減損相關的非經常性影響的影響。但根據這些因素調整後，略低於50 億美元的淨利潤也與我們的歷史相比非常好，不僅說明了EBITDA 的結構性改善，還說明了我們合資企業不斷增長的貢獻以及我們較低成本資產負債表的影響。然後，我們持續的股票回購進一步加劇了這些影響。我們正在創造的價值是明確的。我們始終如一地實現穩健的帳面價值回報，帳面價值已增至每股 66 美元。

Moving to cash flow. 2023 was yet again another strong year. We generated $2.9 billion of free cash flow, and this is after spending $1.4 billion funding the growth projects that Aditya referred to in his remarks. Looking to the year ahead, we have seen an end to the destocking headwind that impacted markets in the second half of last year. As a result, steel spreads have improved in recent months, and we are forecasting apparent demand growth in all our core markets in 2024, which should support growth in our shipments.

轉向現金流。 2023 年又是強勁的一年。我們產生了 29 億美元的自由現金流，這是在花費 14 億美元資助 Aditya 在他的演講中提到的成長項目之後。展望未來一年，我們看到去年下半年影響市場的去庫存逆風已經結束。因此，近幾個月鋼材價差有所改善，我們預計 2024 年所有核心市場的需求將顯著增長，這應會支持我們出貨量的成長。

To conclude my remarks, I believe our performance continues to provide evidence that ArcelorMittal can deliver value through all aspects of the steel cycle. We are consistently generating good levels of cash flow. We are investing in high-return projects, several of which will be concluded as we move through 2024. And to reiterate Aditya's message, these projects will structurally increase our EBITDA by at least $1.8 billion. And finally, we are achieving all of this while consistently returning capital to our shareholders. With that, Daniel, I believe we can start the Q&A.

最後，我相信我們的業績繼續證明安賽樂米塔爾可以透過鋼鐵循環的各個方面創造價值。我們始終保持良好的現金流水準。我們正在投資高回報項目，其中一些項目將在 2024 年完成。重申 Aditya 的訊息，這些項目將從結構上使我們的 EBITDA 增加至少 18 億美元。最後，我們在實現所有這些目標的同時，不斷向股東返還資本。丹尼爾，我相信我們可以開始問答了。

Great. Thank you, Genuino. (Operator Instructions) So we will take the first question, please, from Alain at Morgan Stanley.

偉大的。謝謝你，傑努伊諾。 （操作員說明）因此，我們將回答摩根士丹利的阿蘭提出的第一個問題。

First question is on your new accounting practices. So you decided to change your definition of EBITDA to better reflect growth in India that I would argue was overlooked by the market. Do you think that is enough to change the market's perception around your India business? And then what was your share of net debt at AMNS India in December '23 as some skeptics would argue that you have decided to consolidate net income to keep your JV net debt out of side basically? That's the first question.

第一個問題是關於你們的新會計實務。因此，您決定更改 EBITDA 的定義，以更好地反映印度的成長，我認為這一點被市場忽視了。您認為這足以改變市場對您印度業務的看法嗎？然後，23 年 12 月，您在 AMNS India 的淨債務份額是多少？一些懷疑論者會認為，您已決定合併淨收入，以基本上防止您的合資企業淨債務？這是第一個問題。

Sure. First of all, I would just say that overall, I don't think it's enough to highlight the value of our India joint venture and our other joint ventures. These joint ventures over the years have done incredibly well. They have market-leading positions. A lot of these joint ventures actually don't have much debt. To give you a flavor, the actual combined EBITDA of these joint ventures is about $4.7 billion. So we are not reporting $4.7 billion. We are just including our share of net income. And as you know, net income is after financing costs, depreciation, taxes.

當然。首先，我只想說，總的來說，我認為這還不足以凸顯我們印度合資企業和我們其他合資企業的價值。多年來，這些合資企業的表現非常出色。他們擁有市場領先地位。許多合資企業實際上沒有太多債務。為了讓您了解一下，這些合資企業的實際 EBITDA 合計約為 47 億美元。所以我們沒有報告 47 億美元。我們只包括我們的淨收入份額。如您所知，淨收入是扣除融資成本、折舊和稅收之後的收入。

So it really is the value that is accruing to ArcelorMittal. In terms of the future, I do believe that these joint ventures, especially India will continue to perform in Calvert. We have talked about how we are doubling capacity in India by 2026, that our share of net income is about $400 million from that. Clearly, the EBITDA generation is much greater. And then Calvert, we are commissioning our first EAF by end of the year, and we're progressing on plans on setting up a second EAF at our Calvert facility.

因此，這確實是安賽樂米塔爾所累積的價值。就未來而言，我確實相信這些合資企業，尤其是印度合資企業將繼續在卡爾弗特發揮作用。我們已經討論過如何在 2026 年將印度的產能翻一番，我們從中獲得的淨收入份額約為 4 億美元。顯然，EBITDA 的產生要大得多。然後是卡爾弗特，我們將在今年年底前調試我們的第一座電弧爐，並且我們正在推進在卡爾弗特工廠建立第二座電弧爐的計劃。

So the idea of including the results from our equity income into the EBITDA is to highlight, but I still believe that we need to do more in terms of really educating, demonstrating the true value of these joint ventures, which I think is a unique asset that ArcelorMittal owns.

因此，將我們的股權收入納入EBITDA 的想法是值得強調的，但我仍然認為，我們需要在真正的教育、展示這些合資企業的真正價值方面做更多的工作，我認為這是一項獨特的資產安賽樂米塔爾擁有。

And what about the net debt setting at the AMNS India?

AMNS India 的淨債務設定又如何呢？

So we have talked about it before. It's about $4.5 billion as of 2023. And that's post the infrastructure asset acquisition of $2.4 billion that we completed in '22 '23.

所以我們之前已經討論過。截至 2023 年，這一數字約為 45 億美元。這是我們在 2023 年 22 月完成的 24 億美元基礎設施資產收購後的數字。

Yes. Very clear. And my second question is on the -- on your M&A approach. You've done a few deals over the last couple of years, like CSP, HBI and so on. how much of your EBITDA today is generated by these assets? And what is the upside from here from the M&A that you have already done? And on the flip side, is there a case for a more radical approach towards assets that you own, like ACS or South Africa or some JVs that are non-core to better streamline and optimize our portfolio.

是的。非常清楚。我的第二個問題是關於你們的併購方法。在過去的幾年裡，您完成了一些交易，例如 CSP、HBI 等。今天您的 EBITDA 有多少是由這些資產產生的？你們已經完成的併購有什麼好處？另一方面，是否有必要對您擁有的資產（例如 ACS 或南非或一些非核心的合資企業）採取更激進的方法，以更好地簡化和優化我們的投資組合。

Sure. Just on net debt of AMNS, that's on a 100% basis, right? So it's not our share, just so that everyone is clear on that. So as I mentioned earlier, a lot of these joint ventures have strong balance sheets and they continue to perform well. Coming back to the overall question, look, I think this quarter, we announced that we have increased our base dividend. And we alluded directly to the Pecem acquisition and what we have done in Texas. I think it's clear reading between the lines, we're doing really well. Pecem is outperforming our expectations Texas is outperforming our expectations.

當然。僅就 AMNS 的淨債務而言，這是 100% 的基礎，對吧？所以這不是我們的份額，只是為了讓每個人都清楚這一點。正如我之前提到的，許多合資企業都擁有強勁的資產負債表，並且繼續表現良好。回到總體問題，看，我認為本季度，我們宣布增加了基本股息。我們直接提到了 Pecem 的收購以及我們在德克薩斯州所做的事情。我認為字裡行間一目了然，我們做得非常好。 Pecem 的表現超出了我們的預期 德克薩斯州的表現超出了我們的預期。

In fact, we talked about in the presentation how we intend to double the productive capacity of our facility in Corpus Christi, Texas. We are achieving -- our synergy numbers are ahead of schedule. These facilities are achieving more capacity than we thought. In the past, we have guided to EBITDA numbers of $350 million for Pecem, $150 million more in Texas. And these facilities are run rating at those levels. In 2024, we will see the benefit of Pecem on a full year basis because in 2023, as you know, we acquired it towards the end of Q1. So that's another benefit we should see 2024, apart from all of the growth projects, which are expected to be commissioned.

事實上，我們在演示中談到了我們打算如何將德克薩斯州科珀斯克里斯蒂工廠的生產能力提高一倍。我們正在實現——我們的協同效應提前於計劃。這些設施的容量超出了我們的想像。過去，我們預計 Pecem 的 EBITDA 為 3.5 億美元，德州的 EBITDA 為 1.5 億美元。這些設施的運作等級符合這些等級。到 2024 年，我們將看到 Pecem 全年的收益，因為如您所知，我們在 2023 年第一季末收購了它。因此，除了預計將投入使用的所有成長項目之外，這是我們在 2024 年應該看到的另一個好處。

We'll now move to the next question is from Tristan at BNP Paribas.

我們現在轉向法國巴黎銀行特里斯坦提出的下一個問題。

The first one is on HBI growth. You've announced plans to build in Europe, 5 DRI plants, I think, in around 10 EAFs, but you now announced plans to double HBI capacity in the U.S. So I'm curious to why you shouldn't or couldn't triple capacity in Texas and maybe drop 1 or 2 DRI projects in Europe where the economics are less favorable? Or do you really need those DRI plants in Europe?

第一個是關於 HBI 成長。你們已經宣布計劃在歐洲建造5 座DRI 工廠，我認為是在大約10 個EAF 中，但你們現在宣布計劃將美國的HBI 產能增加一倍。所以我很好奇為什麼你們不應該或不能將其增加兩倍德克薩斯州的產能，也許會放棄歐洲經濟狀況較差的 1 或 2 個 DRI 項目？或者您真的需要歐洲的直接還原鐵工廠嗎？

And to add up to that question, more big picture, can you see a future European footprint without iron making? Or is it impossible due to CBAM and taxes on DRI imports? That's my first question.

綜上所述，從更宏觀的角度來看，您能看到未來歐洲在沒有煉鐵的情況下的足跡嗎？或由於 CBAM 和 DRI 進口稅而不可能？這是我的第一個問題。

Yes. Thank you. Look, it's a great question. I will provide an overall context and then provide a little bit more of a specific answer to your question. Fundamentally, when we think of decarbonizing our business, there are 2 things that we are absolutely focused on in terms of ArcelorMittal.

是的。謝謝。聽著，這是一個很好的問題。我將提供整體背景，然後針對您的問題提供更多具體答案。從根本上說，當我們考慮業務脫碳時，對於安賽樂米塔爾來說，有兩件事是我們絕對關注的。

The first, as you know, we have been a technology leader, and we will continue to be a technology leader, and we will do that also in how we should decarbonize the steel business. We have identified 3 routes, DRI-EAF, Smart Carbon and electrolysis. We continue to invest in these 3 routes. We continue to develop know-how, process knowledge, CapEx knowledge and that strategy will continue.

首先，如您所知，我們一直是技術領導者，我們將繼續成為技術領導者，我們也將在如何使鋼鐵業務脫碳方面做到這一點。我們已經確定了 3 條路線：DRI-EAF、智慧碳和電解。我們繼續投資這3條路線。我們將繼續開發專業知識、流程知識、資本支出知識，並且該策略將持續下去。

The second is that we need and we will maintain our relevant market share in terms of low-carbon products in the markets in which we are present. And so we look at both those strategies, technology leadership, market leadership in terms of low carbon products and what does that mean for our business. As a result of that, we have embarked on examining DRI-EAF projects both in Canada as well as in Europe. But the advantage of ArcelorMittal is that we are global.

第二是我們需要並且我們將在我們所在的市場中保持低碳產品的相關市場份額。因此，我們著眼於低碳產品的策略、技術領先地位和市場領先地位，以及這對我們的業務意味著什麼。因此，我們開始審查加拿大和歐洲的 DRI-EAF 計畫。但安賽樂米塔爾的優點在於我們是全球化的。

The fact that we are global as we can access energy sources, which are global or iron ore sources, which are global and use that to our advantage as we plan a low-cost approach or relatively lower cost approach to the market and supply of these products. And it's not just about the OpEx cost it's also about the CapEx cost. And without getting into specifics of which project we will start out first I want to provide you with the framework.

事實上，我們是全球性的，因為我們可以獲得能源（全球性的）或鐵礦石資源（全球性的），並利用這一點作為我們的優勢，因為我們計劃採用低成本或相對較低成本的方法進入市場和供應這些產品產品。這不僅與營運支出成本有關，也與資本支出成本有關。在不詳細討論我們將首先開始哪個專案的情況下，我想為您提供框架。

The framework is technology leadership, market leadership and ensuring that we use our asset base, the fact that we are global, present in various markets to ensure that we deliver to the market relatively the lowest cost, most CapEx-efficient, decarbonized product.

該框架是技術領先、市場領先，並確保我們利用我們的資產基礎，事實上我們是全球性的，存在於各個市場，以確保我們向市場提供相對成本最低、資本支出效率最高的脫碳產品。

All right. That's helpful. So maybe as a follow-up to that. And as my second question, if you do plan to maintain market share in your current market, notably in Europe, you're seeing competitors, they are moving a bit faster on building those EAF, building those DRI plants. So when you look at the budget and the plan, the decarbonization plan, do you see a risk there to the budget and also the time line as you may be losing first-mover advantage in the region?

好的。這很有幫助。所以也許作為後續行動。作為我的第二個問題，如果您確實計劃維持當前市場（尤其是歐洲）的市場份額，那麼您會看到競爭對手，他們在建造電弧爐、直接還原鐵工廠方面進展得更快。因此，當您查看預算和計劃、脫碳計劃時，您是否認為預算和時間線有風險，因為您可能會失去該地區的先發優勢？

Just on that, look, we have today over 1.8 million tonnes of HBI sitting in Texas. Some of that will go into Calvert as we start up the Calvert project, but we still have quite a significant amount. I mean, if you look bigger picture, we are the world's largest producer of DRI, we actually produce we're the only steel producer, which is producing DRI in Europe and Germany in Hamburg and we have plans where we can dial up the capacity and use that and bring it to Europe if that is what the market is demanding.

就這一點而言，今天德克薩斯州有超過 180 萬噸 HBI。當我們啟動卡爾弗特計畫時，其中一些將進入卡爾弗特，但我們仍然有相當多的金額。我的意思是，如果你從更大的角度來看，我們是世界上最大的直接還原鐵生產商，我們實際上是唯一一家在歐洲和德國漢堡生產直接還原鐵的鋼鐵生產商，我們有計劃可以提高產能如果市場有需求的話，可以使用它並將其帶到歐洲。

We also have electric furnace capability in Europe. We actually have a flat EAF-based facility in Europe in Sestao, Spain. So if you just look at our technology basis, we have the DRI already. and we have an electric furnace and a caster which can produce flat products. So I don't believe that we will be behind from a relative perspective in bringing products to the market. I think we will be right in front with the rest of the European steel industry.

我們在歐洲也擁有電爐產能。實際上，我們在歐洲西班牙塞斯塔擁有一個基於電弧爐的扁平設施。所以如果你看看我們的技術基礎，我們已經有了 DRI。我們有一個電爐和一個連鑄機，可以生產扁平產品。因此，從相對的角度來看，我認為我們在將產品推向市場方面不會落後。我認為我們將走在歐洲鋼鐵業其他企業的前面。

In terms of the overall budget, yes, you're right, there has been CapEx inflation, but our focus is to remain within that target and ensure that we redesign or use our advantages, whether it is global or whether it is our scale advantages to achieve the same target within the budget that we have announced.

就整體預算而言，是的，你是對的，存在資本支出通膨，但我們的重點是保持在該目標之內，並確保我們重新設計或利用我們的優勢，無論是全球優勢還是我們的規模優勢在我們宣布的預算內實現相同的目標。

So we'll move now to next question from Myles at UBS.

現在我們將轉向瑞銀邁爾斯提出的下一個問題。

A couple of questions. Maybe can you talk about the growth you expect in India sort of medium term, it's growing sort of 8% or so this year. What do you see over the next sort of 5, 10 years as a sustainable level of demand growth in India and other parts of Southeast Asia? That's the first question.

有幾個問題。也許你能談談你對印度中期成長的預期嗎？今年成長了 8% 左右。您認為未來 5 年、10 年印度和東南亞其他地區的永續需求成長水準如何？這是第一個問題。

So India has surprised us all positively. We were always very constructive on the outlook We felt that India is really a growth vector. But if you just look at the numbers coming out of India in '23, '24, I mean, in '23, apparent steel consumption grew by 12% and the year before by 9%. This year, we're projecting 6.5% to 8.5% growth. So really strong numbers that are coming out of India. And clearly, that's benefiting our joint venture and supporting our growth plans. We are in the process of doubling capacity in Hazira. Today, we have 20,000 people who are working there and we should hit 15 million tonnes of capacity by 2026. We are not stopping there. We intend to take that site to 20 million tonnes before the end of this decade and we have plans on the West Coast of the country as well.

印度給我們所有人帶來了積極的驚喜。我們對前景始終非常有建設性，我們認為印度確實是一個成長載體。但如果你看看印度在 23 年、24 年的數據，我的意思是，在 23 年，表觀鋼鐵消費量增加了 12%，而前一年增加了 9%。今年，我們預計將成長 6.5% 至 8.5%。來自印度的數據非常強勁。顯然，這有利於我們的合資企業並支持我們的成長計劃。我們正在將哈齊拉的產能翻倍。如今，我們有 20,000 名員工在那裡工作，到 2026 年我們的產能應該達到 1500 萬噸。我們不會就此止步。我們打算在本世紀末之前將該地點的年產量提高到 2000 萬噸，並且我們在該國西海岸也有計劃。

In terms of overall demand numbers, I mean, we've talked about a growth of 300 million tonnes on a global basis in terms of the steel business. And a significant portion of that is coming from India in excess of 100 million tonnes. Obviously, there's also growth in Brazil and North America, all of which are core markets for us.

就整體需求量而言，我的意思是，我們已經討論過全球鋼鐵業務成長了 3 億噸。其中很大一部分來自印度，超過 1 億噸。顯然，巴西和北美也有成長，這些都是我們的核心市場。

And that 300 million tonnes, is that by 2030? Or what was the time frame that you were thinking of for that?

那 3 億噸是到 2030 年嗎？或者您考慮的時間範圍是多少？

It's actually the next 10 years. So early part of 2030s.

實際上是未來10年。 2030 年代初。

Okay. The second question is on Liberia. How confident are you that the new concentrator will start up in Q4 and what sort of ramp-up profile and cost position will that operation has?

好的。第二個問題是關於利比里亞的。您對新選礦廠將在第四季度啟動的信心有多大？該營運的產能提升情況和成本狀況如何？

Yes. So the concentrator will start up end of the year. The ramp-up, obviously, I will say, a longer period of time. At this point in time, unless Genuino has more specifics to provide you. We have not provided that guidance. In terms of cost position, look, it's a very low-cost mine. We have a very good and extensive ore body. Costs are low in Liberia. We own the rail line. We have the port facility. I saw even a long rail line. It's a relatively short rail line. And so when we look at FOB costs, it's super competitive. Genuino perhaps you can add a little bit more detail.

是的。因此，選礦廠將於今年底啟動。我會說，顯然，上升期需要更長的時間。目前，除非 Genuino 可以向您提供更多具體資訊。我們尚未提供該指導。從成本位置來看，這是一個成本非常低的礦。我們擁有非常優質且廣泛的礦體。利比里亞的成本很低。我們擁有這條鐵路線。我們有港口設施。我甚至看到了一條很長的鐵路線。這是一條相對較短的鐵路線。因此，當我們考慮離岸成本時，它極具競爭力。 Genuino 也許你可以添加更多細節。

Yes, Aditya, I think you're absolutely right. So we should start, have first ore by the end of this year. And then the idea is that we start in -- we will have 3 models. So first 5 million tonnes. And then by the end of 2025, we should be at the run rate of 15 million tonnes. So that's the plan. And then the teams are also exploring the possibility that we can keep the DSO for some more time so that we can also maybe add some more value to the total project.

是的，阿迪亞，我認為你完全正確。所以我們應該開始，在今年年底前獲得第一批礦石。然後我們的想法是，我們將擁有 3 個模型。首先是 500 萬噸。到 2025 年底，我們的產能應該達到 1,500 萬噸。這就是計劃。然後團隊也在探索我們可以將 DSO 保留一段時間的可能性，這樣我們也可以為整個專案增加更多價值。

And what's the capacity of the rail if you're thinking about longer-term options.

如果您正在考慮長期選擇，鐵路的容量是多少？

Sorry, Myles, I could not, I do not.

抱歉，邁爾斯，我不能，我不會。

Sorry, I was just thinking about the capacity of the rail line for the optionality in the future.

抱歉，我只是在考慮未來鐵路線的容量。

Yes. So as we execute the project now, we are actually taking capacity of the rail from to about 30 million tonnes. So we will have a capacity that should go to a second wave as and when we feel it's appropriate.

是的。因此，當我們現在執行該項目時，我們實際上正在將鐵路的運力增加到約 3000 萬噸。因此，當我們認為合適時，我們將擁有應該進入第二波的能力。

So we'll now move to a question from Tom at Barclays.

現在我們來回答巴克萊銀行湯姆的問題。

The first one, just on the U.S. business in Calvert. Maybe just any thoughts on how you see the U.S. system evolving, given your partner at Calvert is potentially taking on quite a lot of U.S. footprint basically, whether or not you see any opportunities with Calvert into those U.S. steel assets.

第一個是關於卡爾弗特的美國業務。也許只是關於你如何看待美國體系演變的任何想法，因為你在卡爾弗特的合作夥伴基本上可能會在美國佔據相當多的足跡，無論你是否看到與卡爾弗特一起進入這些美國鋼鐵資產的任何機會。

Yes, sure. Look, Myles, we have -- sorry, Anyway, let me answer the question. In terms of Calvert, we are very focused on increasing and growing our business. We have talked about the first year has been commissioned in 2024. And we're committed to doubling the capacity electric capacity at Calvert and we have plans for a second EAF. If you look on a broader basis, you will notice that we have renamed our NAFTA segment. I mean, NAFTA no longer existed as USMCA. So now it's called North America which is a core growth region for the company.

是的，當然。聽著，邁爾斯，我們——抱歉，無論如何，讓我回答這個問題。就卡爾弗特而言，我們非常專注於增加和發展我們的業務。我們已經談到第一年已於 2024 年投入運作。我們致力於將卡爾弗特的電力容量增加一倍，並且我們計劃建造第二座電弧爐。如果您從更廣泛的角度來看，您會注意到我們已經重新命名了北美自由貿易協定部分。我的意思是，北美自由貿易協定不再以 USMCA 的形式存在。所以現在它被稱為北美，這是公司的核心成長區域。

What does that really mean? It means that we have world-class assets, an excellent team and the best automotive franchise. We have almost 13.8 million tonnes of hot roll capacity in North America. And if you include our Canadian mining business, almost 40% of group EBITDA is coming from North America. The other very interesting aspect of our business is that we are decarbonized to a large degree. If you look at our Mexican business, it's operating with a DRI and EAF.

那個的真實意義是什麼？這意味著我們擁有世界一流的資產、優秀的團隊和最好的汽車特許經營權。我們在北美擁有近 1,380 萬噸熱卷產能。如果算上我們的加拿大採礦業務，集團 EBITDA 的近 40% 來自北美。我們業務的另一個非常有趣的方面是我們在很大程度上實現了脫碳。如果你看看我們的墨西哥業務，你會發現它採用 DRI 和 EAF 進行營運。

Calvert, as you know, is electric, and we have plans to decarbonize Dofasco. So we have a very strong platform to continue to grow and develop the business. In terms of Calvert's role in the future, I think the role really is to expand and develop the business of the Calvert site.

如您所知，卡爾弗特是電動車，我們計劃使 Dofasco 脫碳。因此，我們擁有一個非常強大的平台來繼續發展和發展業務。就卡爾弗特未來的角色而言，我認為真正的角色是擴大和發展卡爾弗特站點的業務。

Understood. Fair enough. And then the second one, just on the strategic envelope. You've sort of given the waterfall chart of various projects all coming online in various stages of '24, maybe more of a sort of housekeeping question. But what's the sort of phasing of earnings from these projects because I guess, a lot of them come online in 2024, but there's various ramp-up stages. I guess, Liberia is the main one where you're not seeing full impact until probably 2026, right, when it's at full run rate. So yes, if you have a sort of number of -- or percentage of this $850 million that's coming online next year, how much of that is actually recognized in '24, how much in '25, how much in '26?

明白了。很公平。然後是第二個，就在策略範圍內。您已經給出了 24 年各個階段上線的各種項目的瀑布圖，也許更像是一種內務問題。但這些專案的收益是怎麼分階段的，因為我猜，其中許多專案會在 2024 年上線，但有不同的啟動階段。我猜想，利比里亞是主要的國家，你可能要到 2026 年才能看到全面的影響，對吧，那時它已經滿載運行了。所以，是的，如果你知道明年將上線的這 8.5 億美元的數量或百分比，那麼其中有多少在 24 年實際得到認可，有多少在 25 年得到認可，有多少在 26 年得到認可？

Tom, I mean, we -- as you can see there, so we are guiding for about $900 million worth of EBITDA in projects to be completed this year, right? I mean some of them ready towards the end of the year. So we should not really see a significant impact from the projects in 2024, but I would expect to see a large part of it already in 2025, the exception of Liberia as we discussed, Liberia of course, about $300 million of the total. I would expect to see perhaps half of it in 2025 and then the full benefit in 2026.

湯姆，我的意思是，正如你所看到的，我們指導今年完成的項目價值約 9 億美元的 EBITDA，對嗎？我的意思是其中一些已在年底準備就緒。因此，我們不應該真正看到 2024 年這些項目的重大影響，但我預計 2025 年就會看到其中很大一部分，我們討論過的利比里亞除外，當然，利比里亞佔總額的約 3 億美元。我預計到 2025 年可能會看到一半的收益，然後到 2026 年會看到全部收益。

So sorry, just to clarify, half in 2025, that means half of the Liberia benefit or half of the.

很抱歉，我想澄清一下，到 2025 年，這意味著利比里亞受益的一半或一半。

That's what I would guide today.

這就是我今天要指導的內容。

So we will move now to a question from Max at ODDO.

現在我們將討論 ODDO 的 Max 提出的問題。

Yes. First question is on U.S. steel now that the process is behind all of us. Can you confirm that you had made an offer for the unit? And can you give us -- can you tell us also -- I mean, why you think it was not retained by U.S. steel? That would be my first question.

是的。第一個問題是關於美國鋼鐵的，因為這個過程已經在我們所有人的支持下進行了。您能否確認您已對該單位提出報價？你能否告訴我們——你也能告訴我們——我的意思是，為什麼你認為它沒有被美國鋼鐵公司保留？這是我的第一個問題。

Max, thank you for your question. As you know, ArcelorMittal has a long-standing policy of not commenting on M&A. So we have not commented in the past and we won't be commenting now. I think there have been a lot of questions on North America. So I won't repeat what I just said. But suffice to say, we are committed to our business in North America. We have a very strong platform and we intend to build on that.

麥克斯，謝謝你的問題。如您所知，安賽樂米塔爾長期以來一直奉行不對併購發表評論的政策。所以我們過去沒有發表評論，現在也不會發表評論。我認為關於北美有很多問題。所以我就不再重複我剛才說的話了。但可以說的是，我們致力於北美業務。我們擁有一個非常強大的平台，我們打算在此基礎上繼續發展。

Okay. Okay. Fair enough. So my second question is on ACIS. It's been now moved to other. So is it fair to assume that basically for the foreseeable future, the 2 remaining units, South Africa and Ukraine will remain loss-making. I think that in Ukraine, local management was hopeful that production could increase quite significantly this year versus 2023? I mean what's your view on that? And in South Africa, are you still committed to withdrawing from the Long segment? And what would be the benefits in terms of margins from that withdrawal?

好的。好的。很公平。我的第二個問題是關於 ACIS 的。現在已經轉移到其他地方了。因此，可以公平地假設，基本上在可預見的未來，剩下的兩個單位——南非和烏克蘭將繼續虧損。我認為在烏克蘭，當地管理階層希望今年的產量比 2023 年能大幅增加？我的意思是你對此有何看法？而在南非，你們仍然致力於退出長線市場嗎？從提款中獲得的利潤會帶來什麼好處？

Yes. Sure. So let me address your question. So first of all, South Africa is not a bit negative in 2023. We do have, of course, issues, problems with the long business. That's why we took an impairment there, and we are in discussions with the government in South Africa and wider stakeholders to try to preserve the business, the Long business. South Africa is EBITDA positive. Ukraine and Kazakhstan, as we know we were EBITDA negative in 2023. Kazakhstan is now out. That's about $100 million of EBITDA loss that we should not see again repeating in 2024. And I think the Ukrainian team is doing a great job minimizing the losses Today, we are below really $100 million, even less when it comes to free cash.

是的。當然。那麼就讓我來回答你的問題。首先，南非在 2023 年不會有一點消極。當然，我們確實存在長期業務的問題。這就是我們在那裡遭受減損的原因，我們正在與南非政府和更廣泛的利益相關者進行討論，以努力保留這項業務，即長期業務。南非的 EBITDA 為正值。烏克蘭和哈薩克斯坦，眾所周知，2023 年我們的 EBITDA 為負值。哈薩克現在已經出局了。這大約是1 億美元的EBITDA 損失，我們不應該看到這種情況在2024 年再次重演。我認為烏克蘭團隊在最大限度地減少損失方面做得很好。今天，我們的實際損失低於1 億美元，在自由現金方面甚至更少。

So I think it's -- given the circumstances, it's going relatively well. What we see more recently, which give us also some optimism is that the Black Sea is showing signs of normalizing or at least there are some routes that our unit can now start to use. So that should provide a boost to our exports. If that materializes, if that is sustainable, we will see. That is very well. And we should not forget that we see Ukraine as in future and situation normalizes giving the strong asset base, the quality of the iron ore that we have available can be an important part of our European strategy as well.

所以我認為，考慮到目前的情況，進展相對順利。我們最近看到的情況也讓我們感到一些樂觀，那就是黑海正在顯示出正常化的跡象，或者至少我們的部隊現在可以開始使用一些路線。因此，這應該會促進我們的出口。如果這成為現實，如果這是可持續的，我們拭目以待。那很好。我們不應該忘記，我們認為烏克蘭的未來和局勢正常化，賦予其強大的資產基礎，我們現有的鐵礦石品質也可以成為我們歐洲戰略的重要組成部分。

Okay. Okay. And the last one, if I may, on ADI, what's your cost of action? And what's your residual exposure to the unit. I mean, would you, I mean lose any cash if the unit went into administration.

好的。好的。最後一個問題，請容許我談談 ADI，您的行動成本是多少？您對該裝置的殘留暴露程度是多少。我的意思是，如果該單位進入管理狀態，您會損失任何現金嗎？

Well, as you know, we have taken the impairment now in Q4 and we are not today subject to any other commitment. So at this stage, we don't expect any more liabilities or costs associated with the asset.

嗯，如您所知，我們現在已經在第四季度進行了減值，並且今天我們不受任何其他承諾的約束。因此，在現階段，我們預計不會再有任何與該資產相關的負債或成本。

So we'll move now to a question from Moses at JPMorgan.

現在我們轉向摩根大通的摩西所提出的問題。

So the first one I had, please, just on the ongoing share buyback with a materially strong free cash flow generation in this quarter. Just wanted to understand if the May 2025 target for the completion of the ongoing share buyback remains relevant or is there perhaps is a case for reauthorization sooner? That's my first question, please.

因此，我的第一個建議是關於正在進行的股票回購，以及本季產生的強勁自由現金流。只是想了解 2025 年 5 月完成正在進行的股票回購的目標是否仍然相關，或者是否有必要提前重新授權？這是我的第一個問題，謝謝。

Yes, Moses look, I think we have -- I think I was very pleased with what we achieved in quarter 4. So we did well. We took advantage of the very weak share price. We continue to buy back as we speak. You can see the disclosures on a weekly basis. We will continue that. So we are very confident that the group will continue to generate good levels of free cash this year.

是的，摩西，我想我們已經——我想我對我們在第四季度取得的成績感到非常滿意。所以我們做得很好。我們利用了股價非常疲軟的機會。就在我們說話的同時，我們繼續回購。您可以每週查看披露資訊。我們將繼續這樣做。因此，我們非常有信心該集團今年將繼續產生大量的自由現金。

We have said that we want to keep and we will keep our capital allocation policy. So 50% of that will continue to be -- the minimum 50% will be dedicated to the buybacks. So at this point, we feel confident that, first of all, we're going to be able to complete the program by May and next year at the latest. And we'll see as and when we cross that bridge, we will then, of course, ask for a new authorization for more buybacks.

我們已經說過，我們希望並且將會保留我們的資本配置政策。因此，其中 50% 將繼續用於回購，至少 50% 將用於回購。因此，在這一點上，我們有信心，首先，我們將能夠在五月和最遲明年之前完成該計劃。當我們跨過那座橋時，我們當然會要求新的授權以進行更多回購。

Okay. So my second question is just on pricing power here in Europe. We've seen disruptions at the Red Sea import lower demand for imports. Just wanted to see from what you're seeing currently, if you're seeing greater pricing power due to greater demand for domestic material and how that weighs versus potential demand destruction, if any, as well.

好的。所以我的第二個問題是關於歐洲的定價能力。我們看到紅海進口中斷導致進口需求下降。只是想從您目前所看到的情況來看，是否會因為對國內材料的需求增加而看到更大的定價能力，以及這與潛在的需求破壞（如果有的話）的權重如何。

Yes. I think you're right. We have seen that there is a little bit more reluctance from importers because of all the disruptions that we are seeing that's clearly positive-it's difficult really to isolate all the elements. What we are seeing in Europe is we are really coming from, again, a severe destock phase in the second half of 2023, especially Q4. Q4 was again a quarter where we saw a high level of destock, with that now hopefully behind us, we start to see prices recovering, spreads recovering.

是的。我想你是對的。我們已經看到，進口商更加不願意，因為我們看到的所有乾擾顯然都是正面的——很難真正隔離所有因素。我們在歐洲看到的是，2023 年下半年，尤其是第四季度，我們確實再次經歷了嚴重的去庫存階段。第四季我們再次看到了高水準的去庫存，現在希望這種情況已經過去，我們開始看到價格回升，價差回升。

So that give us good hope for 2024. You saw (inaudible) consumption forecast for the year. So -- but the reality is that imports in Europe continue to be high, I mean, lower than 2022 overall. But still in terms of market share imports basically kept the market share that they had in 2023.

因此，這給我們帶來了 2024 年的美好希望。您看到了（聽不清楚）今年的消費預測。所以，但現實是，歐洲的進口量仍然很高，我的意思是，整體低於 2022 年。但從市佔率來看，進口仍基本上維持了2023年的市佔率。

So it remains a point of concern that we have continuously -- we are highlighting to develop and (inaudible). It's something to be watchful.

因此，這仍然是我們一直關注的問題——我們強調要發展和（聽不清楚）。這是值得警惕的事。

And finally from me, just thinking about M&A here and how essentially as you look to continue decarbonizing the business and we see the capital intensity required for those CO2 steel assets. How do you weigh that versus the ability to maybe purchase some low CO2 steel assets versus essentially building them out currently?

最後，我想談談這裡的併購，以及您希望繼續使業務脫碳的本質，我們看到這些二氧化碳鋼鐵資產所需的資本強度。您如何權衡購買一些低二氧化碳鋼鐵資產的能力與目前基本建立它們的能力？

Sure. That's an ongoing dialogue, right, internally. So we're always assessing opportunities and reviewing it versus our ability to decarbonize our own business. I mean case in point is we -- in some sense, we're doing both. We acquired a facility in Texas, which allows us to have today HBI capacity. We have over facility, which can do more than 2 million tonnes and our share of capacity is more than 1.8 million tonnes. We intend to double that facility. That's a good example in which we have bought something and then we're doubling it, and we're going to use that product. within our plants.

當然。這是一個持續的內在對話。因此，我們一直在評估機會，並根據我們自身業務脫碳的能力進行審查。我的意思是，從某種意義上說，我們兩者都在做。我們在德克薩斯州收購了一家工廠，這使我們能夠擁有今天的 HBI 產能。我們擁有超過 200 萬噸的設施，我們的產能份額超過 180 萬噸。我們打算將設施增加一倍。這是一個很好的例子，我們購買了一些東西，然後我們將其加倍，並且我們將使用該產品。在我們的工廠內。

In terms of decarb, I think we made some important investments already. We have made progress in capturing the CO2 from our blast furnaces. So we have a flagship project in Belgium, which has started up this year. It's a EUR 200 million project. We actually take the off gases convert it into bioethanol and therefore, allow the CO2 to be reused. So I think it's an ongoing dialogue. I think we're very focused as a company that we ensure that as we decarbonize, we generate a return on that. And I think that becomes critical as we navigate the future and how we continue to generate value for all stakeholders.

在脫碳方面，我認為我們已經做了一些重要的投資。我們在捕獲高爐二氧化碳方面取得了進展。我們在比利時有一個旗艦項目，今年已啟動。這是一個耗資 2 億歐元的項目。實際上，我們將廢氣轉化為生物乙醇，使二氧化碳重複使用。所以我認為這是一個持續的對話。我認為，作為一家公司，我們非常注重確保在脫碳的同時產生回報。我認為，當我們展望未來以及我們如何繼續為所有利害關係人創造價值時，這一點變得至關重要。

We will move now to a question from Timna at Wolfe Research.

現在我們將討論沃爾夫研究中心蒂姆納提出的問題。

I really wanted to follow up, if I could, about the mention of the core growth region in North America and particularly the comments about automotive exposure. Can you talk -- expand perhaps on the opportunities in Canada, Mexico, U.S. and maybe downstream versus build versus buy. Just you did divest some automotive exposed assets to Cliffs a couple of years ago. So just wondering what type of growth you're looking at, if you could just give us some high-level thoughts.

如果可以的話，我真的很想跟進有關北美核心成長地區的提及，特別是有關汽車業務的評論。您能否談談—或許可以談談加拿大、墨西哥、美國以及下游、建造或購買的機會。幾年前，您確實將一些汽車相關資產剝離給了克利夫斯。所以只是想知道您正在尋找什麼類型的成長，是否可以給我們一些高層次的想法。

Sure. Thank you, Timna. So just overall, starting with the basic facts, I think I mentioned this already, but we have about 14 million tonnes of hot roll capacity. So just starting with Mexico, we just commissioned a new hot strip mill that's doing really well. it has hit -- it's been better than the ramp-up that we had anticipated. So the young team has done a fabulous job there. We have the ability to continue to invest downstream, right? So this is a value-add finishing projects, and that opportunity exists.

當然。謝謝你，蒂姆納。總的來說，從基本事實開始，我想我已經提到過這一點，但我們的熱卷產能約為 1400 萬噸。因此，從墨西哥開始，我們剛剛委託了一個新的熱軋帶鋼軋機，運作得非常好。它已經達到了——比我們預期的成長要好。所以這支年輕的團隊在那裡做得非常出色。我們有能力繼續投資下游吧？所以這是一個增值的整理項目，而且這個機會是存在的。

We continue to invest in our finishing operations. When you look at North America, we we're increasing automotive capacity through Usibor investments and other investments that we continue to make in our finishing lines. Moving to Calvert in Alabama. Clearly, our focus right now is to invest in electrifying our primary operations today purchase of slabs, where we have the opportunity to do almost 3 million tonnes of electric furnace capacity there. which not only supports the automotive franchise, but also helps our presence in the market. As we complete those projects, I think we will update the market on future expansion opportunities that we may have in the U.S.

我們繼續投資於我們的精加工業務。看看北美，我們正在透過 Usibor 投資和我們繼續在精加工生產線上進行的其他投資來提高汽車產能。搬到阿拉巴馬州的卡爾弗特。顯然，我們現在的重點是投資於今天購買板坯的主要業務的電氣化，我們有機會在那裡生產近 300 萬噸的電爐產能。這不僅支持汽車特許經營權，還有助於我們在市場上的地位。當我們完成這些項目時，我認為我們將向市場通報我們未來在美國可能擁有的擴張機會。

And moving on to Canada, I think the biggest opportunity there is how do we decarbonize. Otherwise, if you look at Dofasco asset, it's a flagship asset. It has a lot of value-add capability. It continues to generate very good margins remains a low-cost, high-quality producer, and we have the opportunity to now move into the low-carbon, low-carbon production routes and also reduce its cost because if you look at the energy mix in Canada, I think there are some opportunities to decarbonize and also find cost savings.

轉向加拿大，我認為最大的機會是我們如何脫碳。否則，如果你看看 Dofasco 資產，它是一項旗艦資產。它具有許多增值能力。它繼續產生非常好的利潤，仍然是一個低成本、高品質的生產商，我們現在有機會進入低碳、低碳生產路線，並降低其成本，因為如果你看看能源結構在加拿大，我認為有一些脫碳和節省成本的機會。

So I hope that gives you a flavor on how we intend to develop upstream as well as downstream capacity in our North American business. I've not talked about metallics, but just very quickly to complete the picture. We intend to double our capacity of HBI in Texas. And we have a flagship mining business in Canada, we should not lose sight of that. That's a 24 million tonne business. It has a 10 million tonne pelletizer. And that pelletizer has been converted to full DRI capability as we speak. So then we will have 10 million tonnes of DR pellet available in Canada, which obviously is a good location to supply to various of our facilities.

因此，我希望這能讓您了解我們打算如何發展北美業務的上游和下游產能。我沒有談論金屬，但只是很快地完成圖片。我們打算將德州 HBI 的產能增加一倍。我們在加拿大有旗艦採礦業務，我們不應該忽視這一點。這是一項2400萬噸的業務。擁有1000萬噸造粒機一台。正如我們所說，該造粒機已轉換為完全 DRI 功能。因此，我們將在加拿大擁有 1000 萬噸 DR 顆粒，這顯然是向我們的各種設施供應的好地方。

A great overview and there's a lot of demand for it second or third alternative in the market for automotive. So that all sounds great. I just wanted to shift, if I could, on the second question on the Brazilian market has been kind of plagued by cheap Chinese imports or other imports that doesn't have as many trade barriers. Just wondering if you see any room for hope there. Obviously, the demand is solid longer term, but any signs of greater protection going forward from those imports?

這是一個很好的概述，汽車市場上對它的第二或第三個替代方案有很大的需求。所以這一切聽起來都很棒。如果可以的話，我只是想轉移一下巴西市場的第二個問題，巴西市場一直受到廉價的中國進口產品或其他沒有那麼多貿易壁壘的進口產品的困擾。只是想知道你是否看到了希望的空間。顯然，從長遠來看，需求是穩定的，但有跡象表明這些進口會提供更大的保護嗎？

Yes. Thank you. So that remains a live discussion with the Brazilian government. We remain focused on ensuring that there's a fair trade environment, a level playing field. At this point in time, I don't have an update. But what I would add is that our Brazilian business is going through a growth phase. There are a number of projects which are being commissioned. You asked about automotive. We are expanding our automotive capability there through expansion of Vega, which is our downstream cold roll and galvanizing facility. We're also growing our Long products capability, growing our mining business. And so when you look at Brazil in 2024, we actually think it will do better than 2023.

是的。謝謝。因此，這仍然是與巴西政府的即時討論。我們仍然致力於確保公平的貿易環境和公平的競爭環境。目前，我沒有更新。但我要補充的是，我們的巴西業務正在經歷成長階段。目前有多個項目正在調試中。你問的是汽車。我們正在透過擴建 Vega（我們的下游冷軋和鍍鋅工廠）來擴大我們的汽車產能。我們也正在提高長材產品產能，發展採礦業務。因此，當你觀察 2024 年的巴西時，我們實際上認為它會比 2023 年表現更好。

Also the inclusion of Pecem, the acquisition that we made in the Northeast of Brazil is doing really well. and have the benefit of full year results from Pecem. So I do see higher Chinese imports into the Brazilian market. We clearly are working with relevant stakeholders to ensure there's a level playing field but in spite of that, just because of the strength, resilience, the high-quality, low-cost nature of our business, we'll continue to do well in 2024 relative to 2023.

我們在巴西東北部收購的 Pecem 也表現出色。並受益於 Pecem 的全年業績。因此，我確實看到巴西市場的中國進口量增加。我們顯然正在與相關利益相關者合作，以確保公平的競爭環境，但儘管如此，憑藉我們業務的實力、韌性、高品質、低成本性質，我們將在 2024 年繼續表現出色相對於 2023 年。

So we'll move now to a question from Patrick at Bank of America.

現在我們來回答美國銀行派崔克的問題。

Thank you very much for the presentation. Two questions, please. The one is just what percentage of EBITDA do you think your strategic projects will be once they ramp up. So we've had quite a few moving parts and now a change in disclosure as well with ACIS basically going. So the $1.8 billion at normalized spreads, what would that kind of be of your group total? And then the second question, I think, is probably a follow-on from me, but a bit of a different angle.

非常感謝您的介紹。請教兩個問題。一個問題是，您認為您的策略專案一旦啟動，將佔 EBITDA 的百分比是多少。因此，我們有相當多的變動部分，現在揭露方面也發生了變化，ACIS 基本上也在進行中。那麼，以標準化利差計算，18 億美元在您的集團總額中是多少？我認為第二個問題可能是我的後續問題，但角度有點不同。

So Nippon is your JV partner at Calvert but if they take over U.S. Steel, which seems very likely then they end up being quite a significant competitor in terms of automotive. Is that a conflict of interest at all? And how do you manage it or are you comfortable that the JV is sufficiently independent that it's not going to be an issue at all.

因此，日本是卡爾弗特的合資夥伴，但如果他們收購美國鋼鐵公司（這似乎很可能），那麼他們最終將成為汽車領域相當重要的競爭對手。這根本就是利益衝突嗎？您如何管理它，或者您是否認為合資企業足夠獨立，根本不會成為問題。

Sure. I'll take the second question, and I'm not sure Genuino answer your first question because I think you're almost asking for guidance, but I will leave him -- I'll leave it up to him. In terms of your second question, look, I'm not going to comment on the specific provisions of our joint venture. But typically in such situations, when there is a selling partner, they sell it to the other partner in the joint venture, right? So I could imagine such a situation would develop, Genuino?

當然。我將回答第二個問題，我不確定 Genuino 是否會回答你的第一個問題，因為我認為你幾乎是在尋求指導，但我會離開他——我會把這件事留給他。關於你的第二個問題，我不會對我們合資公司的具體條款發表評論。但通常在這種情況下，當有銷售合作夥伴時，他們會將其出售給合資企業中的其他合作夥伴，對嗎？所以我可以想像會出現這樣的情況，Genuino？

Yes. So Patrick, I mean, as you can see, I mean, all the EBITDA that we are providing for the project, there based on, I would say, conservative assumptions. These two projects, they are based on the average spreads that we saw during 2015 to 2020. And the mining projects, we have long-term assumptions that are, as we all know, are much lower than what we have seen in the last couple of years. So I would say that today, we see, if you were to do a mark-to-market of these projects, I would see a lot of upside in the mining projects.

是的。所以派崔克，我的意思是，正如你所看到的，我的意思是，我們為該專案提供的所有 EBITDA 都是基於保守的假設。這兩個項目是基於我們在 2015 年至 2020 年期間看到的平均利差。對於採礦項目，我們有長期假設，眾所周知，這些項目比我們在過去幾個項目中看到的要低得多年。所以我想說，今天，我們看到，如果你要對這些項目進行以市價計算，我會看到採礦項目有很多好處。

But it's not our intention to be providing this mark-to-market, we will see when we start to produce and sell the products but clearly, today, based on the assumptions today, that is a good upside to the numbers that we are providing there.

但我們無意提供這種按市場定價的方式，我們會在開始生產和銷售產品時看到，但很明顯，今天，根據今天的假設，這對我們提供的數字來說是一個很好的上升空間那裡。

So we'll move to Bastian at Deutsche Bank.

所以我們將轉向德意志銀行的巴斯蒂安。

Yes. I got two left, actually. And the first one is on the new sustainable solutions segment, which is something you're moving into the focus here as well. So will you report the green steel sales under this new segment as well? Or is it mostly just the renewables which will drive growth here? And then also maybe in that context, is this an area where you're looking for M&A because even after doubling EBITDA, it will obviously be still pretty small in the group context? That's my first question.

是的。其實我還剩兩個。第一個是關於新的永續解決方案領域，這也是您在這裡關注的焦點。那麼您是否也會報告這個新細分市場下的綠色鋼鐵銷售情況？或者主要是再生能源將推動這裡的成長？然後也許在這種情況下，這是否是您正在尋找併購的領域，因為即使在 EBITDA 翻倍之後，它在集團背景下顯然仍然很小？這是我的第一個問題。

Yes. So in terms of sustainable solutions, it's actually a business that we own -- businesses that we own. It is not meant to capture our low-carbon product. So maybe I'll just first address the low-carbon product offerings that we have. So as you know, we're already selling various products under our ex-car branding. They're doing well. In this earnings presentation, we have highlighted how Schneider and Vestas are procuring our items and using them and providing them with the real carbon solutions.

是的。因此，就永續解決方案而言，它實際上是我們擁有的業務——我們擁有的業務。它並不是為了捕獲我們的低碳產品。因此，也許我會先談談我們提供的低碳產品。如您所知，我們已經在以我們的前車品牌銷售各種產品。他們做得很好。在本次收益報告中，我們重點介紹了施耐德和維斯塔斯如何採購和使用我們的產品，並為它們提供真正的碳解決方案。

So I think we continue to do well. I think as we decarbonize the product that we will sell from a low carbon standpoint is part of our core business, right? So that's not changing. So as the market develops and our customers, whether it's auto or otherwise, we'll be demanding these products, they will be furnished by our North America segment, by our Europe segment, by Brazil, et cetera, et cetera. These sustainable services is really a bunch of businesses which have a fundamentally different character to the businesses that we own. A lot of them are downstream.

所以我認為我們會繼續做得很好。我認為，當我們脫碳時，我們將從低碳角度銷售的產品是我們核心業務的一部分，對吧？所以這並沒有改變。因此，隨著市場的發展和我們的客戶，無論是汽車或其他領域，我們都會需要這些產品，它們將由我們的北美部門、歐洲部門、巴西等部門提供。這些永續服務其實是一群與我們擁有的企業有著根本不同特徵的企業。其中很多都在下游。

So for example, our construction business that we call internally is really supporting manufacturing of buildings and systems. We have project engineering in which we supply product for energy infrastructure requirements. We have an E-based facility called Industeel, which provides really niche high-quality plates, whether it's to the nuclear industry or to low cost -- not low cost, low carbon segments of the industrial landscape. Included in this will be the scrap, the metallics, which is recycled steel as well as our renewable investments.

例如，我們內部所說的建築業務實際上是支援建築物和系統的製造。我們有專案工程，為能源基礎設施需求提供產品。我們有一個名為 Industeel 的基於電子的工廠，它提供真正利基的高品質板材，無論是核工業還是低成本——而不是工業領域的低成本、低碳部分。其中包括廢棄物、金屬、再生鋼以及我們的可再生投資。

So really, what we want to highlight is that we have a bunch of high-growth niche capital-light businesses which are playing an important role in supporting climate action and have a different profile in terms of the capital that is deployed, the return on capital and the stability of earnings. We intend to double this based on the existing plans that we have. And to the extent that it makes sense to acquire and further boost the growth, we will examine that.

因此，實際上，我們想強調的是，我們擁有一群高成長的輕資本利基企業，它們在支持氣候行動方面發揮著重要作用，並且在部署的資本、投資回報方面具有不同的特徵。資本和收益的穩定性。我們打算根據現有計劃將其增加一倍。如果收購並進一步促進成長有意義，我們將對此進行研究。

Okay. Great. That's great color. Then my second question is one on ADI, actually. So I'm wondering what was the recent underlying run rate for the loss in the fourth quarter, if you were to (inaudible) impairment? And then maybe also, is there still a realistic pathway for you to retain an involvement. And I guess I'm asking that because, I guess, if you're not able to run it on your platform as a European market leader, I'm not quite sure who will be capable or willing to take on that risk.

好的。偉大的。那顏色真棒。那麼我的第二個問題其實是關於 ADI 的。所以我想知道如果您要（聽不清楚）減值，第四季虧損的最新基本運行率是多少？也許還有一個現實的途徑可以讓你保持參與。我想我問這個問題是因為，我想，如果你無法作為歐洲市場領導者在你的平台上運行它，我不太確定誰有能力或願意承擔這種風險。

Yes, sure. I will answer the second part of your question, and then maybe Genuino would like to add something. As you know and as you have alluded to, the troubles of Ilva are well documented, right? We have entered into a public-private partnership with the government, to ensure that the assets remain sustainable and viable.

是的，當然。我將回答你問題的第二部分，然後也許 Genuino 想要補充一些東西。如你所知，正如你所提到的，伊爾瓦的麻煩是有據可查的，對嗎？我們已與政府建立公私合作夥伴關係，以確保資產保持可持續和可行。

On our part, we have invested a significant amount of capital. We have completed all of the environmental investments, which were mandated. We have actually even spent more than 1 billion in capital equipment or CapEx and improving the performance of existing assets. I believe that today, we are in a discussion with the government on the appropriate way forward. The energy crisis that occurred in Europe over the last 18 months has exacerbated the viability of this asset or has diminished, I should say, the viability of this asset.

就我們而言，我們投入了大量資金。我們已經完成了所有規定的環境投資。實際上，我們甚至在資本設備或資本支出以及改善現有資產的績效方面花費了超過 10 億美元。我相信今天我們正在與政府討論適當的前進方向。過去 18 個月歐洲發生的能源危機加劇了該資產的生存能力，或削弱了該資產的生存能力。

And therefore, we remain in discussions on the appropriate way forward. This is a live discussion. As you are aware, and to the extent that there are developments, we will immediately keep you performed. In terms of the impairment, it was prudent to impair our assets in Ilva based on our future cash earning projections as well as the potential settlement. We're not expecting any further impacts from Ilva or ADI going forward.

因此，我們仍在討論適當的前進方向。這是現場討論。如您所知，只要有進展，我們將立即讓您繼續履行職責。就減損而言，根據我們未來的現金收入預測以及潛在的和解，對我們在 Ilva 的資產進行減損是謹慎的做法。我們預計 Ilva 或 ADI 未來不會產生任何進一步的影響。

Okay. And again, just on the -- and then on the run rate -- loss run rate contribution, excluding the impairment, I guess, if you were to consolidate it, you would probably get a relief on the associates line?

好的。再說一次，就在運行率上，損失運行率貢獻，不包括減值，我想，如果你要合併它，你可能會在聯營行上得到緩解？

Sorry, Bastian. Can you repeat again your question?

對不起，巴斯蒂安。你能再重複一次你的問題嗎？

Yes, sure. Genuino, I think in the fourth quarter, you've been impairing Ilva. But I guess you also on an underlying basis has been loss-making. And so if you -- if you just exclude the impairment effect from the net loss, what would have been the loss contribution to the associates and joint venture line. And I guess if you were to deconsolidate it, just to gauge what the asset could be, so i.e., what has been the underlying loss before impairment in Q4?

是的，當然。 Genuino，我認為在第四季度，你一直在損害 Ilva。但我猜你從根本上來說也一直在虧損。因此，如果您只是從淨虧損中排除減損影響，那麼對聯營公司和合資企業的損失貢獻是多少。我想如果你要對其進行拆分，只是為了衡量該資產可能是什麼，也就是說，第四季度減值之前的基本損失是多少？

Right. Yes. So for full year, so that would -- I mean, of course, you don't have the losses of Q4 because we have impaired the assets, right? So then -- so it would have improved our results in JVs by about $50 million.

正確的。是的。所以對於全年來說，我的意思是，當然，你沒有第四季度的損失，因為我們已經減值了資產，對吧？那麼，這將使我們在合資企業的業績提高約 5,000 萬美元。

So we have about 5 minutes left of this (inaudible) and question about 3 more people to ask questions. So hopefully, we can get through this. But we'll take the next question from Andrew at UBS.

我們還剩大約 5 分鐘的時間（聽不清楚），還有 3 個人要提問。所以希望我們能夠渡過難關。但我們將回答瑞銀集團安德魯的下一個問題。

I think a lot of the questions have already been answered. But just for the first quarter, just curious if you could just talk us through some of the main divisions, your expectations for sort of broadly volume change, spread mix or estimates? And just a quick comment on the European market. I mean we're seeing prices just ticking down a little bit on plants the last couple of days. I mean just wondering if we've -- if you're seeing the end of that destocking bounce or in your view, what's sort of driving that, is that the blast furnaces restarting or -- just give us a bit of color about how you see the European HRC price at the moment.

我認為很多問題已經得到解答。但就第一季而言，只是好奇您能否向我們介紹一些主要部門，您對整體交易量變化、利差組合或估計的預期？對歐洲市場進行快速評論。我的意思是，我們看到過去幾天植物的價格略有下降。我的意思是只是想知道我們是否——如果你看到去庫存反彈的結束，或者在你看來，是什麼推動了這種情況，是高爐重新啟動還是——給我們一些關於如何進行的信息現在您看到的是歐洲熱軋捲價格。

Yes, sure, Andrew. Let me take this one. So in terms of the moving parts for quarter 1, clearly, we're going to see the benefits of the higher prices that we started to see really in the second part of Q4. so that will impact our -- positively impact our results in quarter 1 to higher prices, especially in NAFTA, to some extent also in Europe. We should also see better shipments. We will see improvements, of course.

是的，當然，安德魯。讓我拿走這個。因此，就第一季的活動部件而言，顯然，我們將看到價格上漲的好處，我們在第四季的第二部分開始真正看到這一點。因此，這將對我們第一季的業績產生正面影響，導致價格上漲，特別是在北美自由貿易協定中，在某種程度上也在歐洲。我們也應該看到更好的出貨量。當然，我們會看到改進。

As we all know, Q4 is seasonally a weak quarter in some regions, and also, we faced the destocking in most parts of our business. So we'll see a recovery in shipments, we will see better prices. But at the same time, we're also going to see some pressure from costs as we all know, we have also seen raw materials rising, especially coking coal, so that should also be taken into account. So that's in terms of the moving parts.

眾所周知，第四季度是部分地區季節性疲軟的季度，我們大部分業務都面臨去庫存的情況。因此，我們將看到出貨量的復甦，我們將看到更好的價格。但同時，我們也會看到一些來自成本的壓力，眾所周知，我們也看到原物料價格上漲，特別是焦煤，所以也應該考慮到這一點。這就是移動部件的情況。

Europe. I think I touched on it already. The fact that we had this very severe destock again in Q4 put us in a good place. I mean, in terms of apparent consumption going forward in Q1, we start to see prices, of course, recovering. We start to see the spreads improving as well. So that looks positive for quarter 1. But of course, we also need to take into account that raw material costs also increased, as I talked about.

歐洲。我想我已經觸及它了。事實上，我們在第四季度再次進行了非常嚴重的庫存削減，這使我們處於有利地位。我的意思是，就第一季的表觀消費而言，我們開始看到價格當然正在復甦。我們也開始看到利差有所改善。因此，第一季的情況看起來是積極的。但是，當然，正如我所說，我們還需要考慮到原材料成本也有所增加。

And do you see a (inaudible) in imports in the near term, just given these Red Sea issues. So is that likely to keep supply tight into 2Q? Or can you see can you see prices sort of starting to drift there?

考慮到這些紅海問題，您是否會在短期內看到進口量（聽不清楚）。那麼，這可能會導致第二季供應緊張嗎？或者你能看到價格開始漂移嗎？

Well, as you know, Andrew, we cannot really comment much on future prices. We're not allowed to do that. So we -- I guess we will have to wait and see. But the point is that we have highlighted in our earnings, I guess, they're all positive, right? The fact that the parent consumption for you should be positive this year, the fact that inventory levels are at the low levels, so we talked about some of the disruptions also impacting the Red Sea shipments. We'll see, right? But I think the evidence that we have today in front of us it's good.

嗯，正如你所知，安德魯，我們無法對未來的價格做出太多評論。我們不被允許這樣做。所以我們——我想我們將不得不拭目以待。但重點是，我們在盈利中強調了這一點，我想，它們都是積極的，對吧？事實上，今年你們的母公司消費應該是積極的，庫存水平處於較低水平，所以我們討論了一些也會影響紅海運輸的中斷。我們會看到，對吧？但我認為今天擺在我們面前的證據是好的。

So we've got a couple of follow-ups. We'll take the first from Max at ODDO.

所以我們有幾個後續行動。我們將從 ODDO 的 Max 那裡獲得第一個。

Maybe given the (inaudible) of recovery, you think what do you think of reopening a (inaudible), there is still one blast furnace there. So what can you say on this topic?

也許考慮到（聽不清楚）的恢復，你認為重新開放（聽不清楚）那裡仍然有一座高爐怎麼樣。那你對這個話題有什麼想說的呢？

Yes, for now, there is no decision yet to restart the furnace.

是的，目前還沒有決定重啟熔爐。

Okay. And I think iron ore production last year was really soft. Can you give some kind of soft guidance on 2024? Do you think you can come back to the '22 levels in terms of iron ore production?

好的。我認為去年的鐵礦石產量非常疲軟。您能為 2024 年提供某種軟指導嗎？您認為鐵礦石產量能回到22年的水準嗎？

Well, absolutely, I think that's absolutely the target. So unfortunately, we had the bridge failure in Liberia. Will still impact us in January. But after that, we have restarted again haulage, so we should be up and running again. And minus Canada, in January, we are doing well in terms of material movements. So I think the whole team is committed to be back to the 24 million tonnes there.

嗯，絕對，我認為這絕對是目標。不幸的是，我們在利比里亞發生了橋樑故障。一月仍然會對我們產生影響。但在那之後，我們又重新開始了運輸，所以我們應該再次啟動並運行。除加拿大外，一月份我們在物質流動方面表現良好。所以我認為整個團隊都致力於回到 2400 萬噸的水平。

Okay. And lastly, you don't have any coal assets anymore. And in that situation, this could be interesting to have some given how high prices are? Are you willing to come back into that area alongside iron ore, where you have significant presence, or is it too difficult to handle given the security constraints?

好的。最後，你不再擁有任何煤炭資產。在這種情況下，考慮到價格有多高，這可能會很有趣？您是否願意與鐵礦石一起返回該地區，您在那裡擁有重要的業務，或者考慮到安全限制，處理起來是否太困難？

Yes. Thank you. Look, we at ArcelorMittal today, we do not operate any coal mines globally. That will be the case for the foreseeable future. I do not rule out equity investments to secure our supply chain but not a direct operating mine, not a direct operating coal mine under our ownership. I think we remain very focused on expanding our existing iron ore business. We have flagship assets, both in Canada and with the investments we're making in Liberia.

是的。謝謝。瞧，今天的安賽樂米塔爾，我們在全球範圍內不經營任何煤礦。在可預見的未來，情況仍將如此。我不排除透過股權投資來確保我們的供應鏈，但不排除直接經營的礦山，也不排除我們擁有的直接經營的煤礦。我認為我們仍然非常專注於擴大現有的鐵礦石業務。我們在加拿大和利比里亞都有旗艦資產。

It's a Tier 1 high-quality deposit we'll be running at 15 million tonnes, and you heard from Genuino, we can take the rail line has a capacity of 30 million tonnes and the deposit there can support that output. So really, our focus in terms of the mining business is growing and developing our existing mining assets, i.e., iron ore and not focused on developing or acquiring coal assets in which we are the operator.

這是一個一級優質礦床，我們將運行 1500 萬噸，你從 Genuino 那裡聽說，我們可以認為鐵路線的容量為 3000 萬噸，那裡的礦床可以支持該產量。事實上，我們在採礦業務方面的重點是成長和開發我們現有的採礦資產，即鐵礦石，而不是專注於開發或收購我們作為營運商的煤炭資產。

So Aditya, we'll take last question from -- it's a follow-up from Alain at Morgan Stanley, and then I'll hand back to you.

Aditya，我們將回答最後一個問題——這是摩根士丹利的 Alain 的後續問題，然後我將交還給您。

Just one quick question is on the slab market in Europe. Do you see it structurally changing with the plant closure of course, Talbot and all the trouble that Ilva and the progressive sanctions on imported Russian slabs and how well are you positioned to capitalize on this new and evolving dynamic?

一個簡單的問題是關於歐洲的板坯市場。當然，您是否認為隨著工廠關閉、塔爾博特以及伊爾瓦帶來的所有麻煩以及對進口俄羅斯板材的逐步製裁，它會發生結構性變化？您是否能夠很好地利用這一新的、不斷變化的動態？

Well, Alain, we -- the whole teams are focused on, of course, making sure that we are capturing all the opportunities, right? So unfortunately, as we know, the Russian slabs, they continue to flow into Europe. There is quite a long transition period. We will see when that happens, right? I think we're going to be in a position to then to be an important supplier to the market if that happens. I think we will have the capacity to do that. But we'll see how it develops, right? Because we know that has that got extended at least once, we'll see how it develops.

好吧，阿蘭，我們——整個團隊當然都專注於確保我們抓住所有機會，對吧？不幸的是，正如我們所知，俄羅斯的石板繼續流入歐洲。有一個相當長的過渡期。我們會看看什麼時候會發生，對嗎？我認為如果這種情況發生，我們將能夠成為市場的重要供應商。我認為我們有能力做到這一點。但我們會看看它如何發展，對嗎？因為我們知道它至少被延長過一次，我們將看看它如何發展。

Okay. Great. I'll conclude the call. Thank you, everyone. We covered a lot of ground on the call today, but I hope your takeaways are clear. We are on the cusp of a step change in our profitability. The outlook for steel demand is positive, and we are well positioned to capitalize on the growth vector that exist within our industry.

好的。偉大的。我將結束通話。謝謝大家。我們在今天的電話會議中討論了很多內容，但我希望您能清楚地了解要點。我們正處於獲利能力發生重大變化的風口浪尖。鋼鐵需求前景樂觀，我們處於有利位置，可以利用業界現有的成長向量。

We're organizing various events this year to provide you with more insight on these dynamics including a trip to visit our operations in India at the end of September, where you can see firsthand all the positive developments that are occurring at the facility and the potential of the facility as well as the country.

今年我們將舉辦各種活動，讓您更深入地了解這些動態，包括 9 月底參觀我們在印度的業務，在那裡您可以親眼目睹該設施正在發生的所有積極進展和潛力設施以及國家。

More details will follow soon, I'm sure. And in the meantime, if you need anything, please do reach out to Daniel and his team. With that, I conclude the call. I wish you all the best in the year ahead. Stay safe and keep those around you safe as well. Thank you.

我確信更多細節很快就會公佈。同時，如果您需要任何幫助，請聯繫丹尼爾和他的團隊。至此，我結束了通話。祝您在新的一年一切順利。確保安全並確保您周圍的人的安全。謝謝。