Arcelormittal SA

Good afternoon, everyone. This is Daniel Farquhar from the Arslan Mittal Investor Relations team. Thank you for joining this call to discuss Arslan Mittal's performance and progress in the third quarter of 2026. Leading today's call will be our CFO, Mr. Germino Cristina. Before we begin, I would like to mention a few housekeeping items. As usual, we will not be going through the results presentation, which was published this morning on our website. However, I do want to draw your attention to the disclaimers on slide 24 of that presentation. Following some opening remarks from Joe Meadow, we will move directly to the Q&A session. So if you'd like to ask a question, then please do press star 1 1.

Thanks Daniel, welcome everyone and thanks for joining today's call. As usual I will keep my remarks brief. Let me begin with safety, which remains our highest priority.

We are now approaching the end of the second year of our safety transformation. Through disciplined execution of our safety roadmaps, we are seeing more consistent performance across the group. This is encouraging, and we remain firmly focused on our ambition of achieving zero fatalities and zero serious injuries as quickly as possible. Turning now to the business, I would like to focus on three key points. First, our results continue to demonstrate the structural improvement margins. Third quarter of 2016 was $2 billion, a 34% year-on-year. The beta per ton increased to $155 billion. which is $44 higher than a year ago and well above historical averages. This demonstrates that our portfolio optimization and strategic execution are delivering results and I believe there is significantly more to come. Importantly, these results do not yet reflect The full benefits of the new European trade framework, which is restoring sustainability to the European steel industry.