Arcelormittal SA

Good afternoon and good morning, everybody. This is Daniel Fairclough from the ArcelMittal Investor Relations team. Firstly, thank you for joining this call today to discuss the results for the third quarter 2020. We published those results this morning alongside a detailed Q&A document and a presentation with detailed speaker notes. So as usual, in order to be as efficient as possible, the intention of this call today is not to go back through that presentation again, but to move directly to your questions. So as a result, we should be able to complete this call in about 45 minutes. If at any time you would like to join the queue to ask a question, please just press star 1 on your telephone keypad. As we've done in the past few quarters, we really would appreciate just taking one question at a time from each analyst, and you can always rejoin the queue later if you have a further follow-up question. And with that brief opening, I will hand over to our Chairman and CEO, Mr. Mittal.

Thank you, Daniel. Good day and welcome, everyone. Thank you for joining today's call. I hope you are all keeping safe and well. I am joined today by Adit Mittal, President and CFO, Simon Wangke, Head of Mining, Genmino, Head of Finance, and Daniel. Before we answer your questions, I would like to begin, as usual, with a few remarks. Despite the ongoing challenges, the third quarter was quite positive for our summit. We prioritized the health, safety, and well-being of our workforce with COVID prevention measures rigorously implemented across all our operations. Our agile response to the changing demand environment and our initiatives to manage fixed costs drove and improved financial performance. Perhaps more important, though, is the fact that we have reached several strategic milestones during the quarter. I would like to highlight only three of them. Firstly, we completed our $2 billion assets portfolio optimization program ahead of schedule following the agreed sale of ArcelorMittal USA last month. Secondly, we achieved Our $7 billion net debt target, which represents a significant milestone for Arso Mittal and triggers a shift in capital allocation towards shareholders. This began with a $500 million buyback just completed. And we will announce a new policy with our full year results in February. And thirdly, We reinforce our commitment to decarbonize by announcing a 2050 net zero target and launched a new green steel offering for our customers. We have succeeded in doing this because of our people. We have always known as we have a great team of people around the world, but the last six months has really enforced that. I've been really struck by how our people have gone the extra mile not just to support the business, but to support one another. I speak for the board, Adit, and the whole management team when I say thank you to the hundreds of thousands of people who work for us. They have been tremendous, a real testament to the spirit and values of Arso Mittal, embracing new ways and enabling us to reach this point of the year with a lot of achievements to be proud of despite the very difficult market conditions. So with that brief opening, Adit and team and I will now be happily take questions you may have. Thank you.

Thank you, Mr. Mittal. So we have a queue of questions already. So we'll move to the first question from Jason at Bank of America. Please go ahead, Jason.