Aperam Sa Ord

Hello and welcome to the Aparam Q2 results conference call. My name is Kevin and I will be your coordinator for today's event. Please note this conference is being recorded and for the duration of the call your lines will be on listen only. You will have the opportunity to ask questions at the end of the call and this can be done by pressing star 1 on your telephone keypad to register your question. I would now like to hand the call over to Tim DeMauro, CEO. Please go ahead.

Hello, good afternoon, and welcome to the Aperam second quarter Q&A. I'm here with Sud Sivaji, and we will answer to your question. I assume that you all listened to our management podcast for the quarter, where we detail our views on the current market environment and on the outlook. Before we start with questions, let me say that the situation in Europe is difficult and warrants a comparison with 2020. Both volumes and prices are at absolute trough levels. Still, we generate cash, and our differentiated value chain with recycling and with alloys allow us to post a solid result. We are cost-competitive, and Europe is a BDA positive as a result of the leadership journey gains. Now I hand back to you, to the operator, and to you for the Q&A.

Thank you. And as a reminder, if you do have a question, it is star one. Our first question today comes from Tristan Gresser of BNP Paribas XAIN.