Aperam Sa Ord

Hi, good afternoon. Thank you very much for joining our conference call today. All our comments were contained in the podcast that we published this morning, which, you know, supports our quarterly financial reporting and where applicable, our disclosure of regulated information. We hope we can also save more time so you can ask pertinent questions during this call. Together with my colleague, Nicolas Charjois, I'm looking forward to this dialogue with you. So let's start right away with the Q&A. Operator, can you please open the lines? Thank you.

We will take the first question from Tristan Grasser and BNP Paribas. Please go ahead.

Yes, hi, thank you for taking my questions. The first one is on stainless Europe. We've seen U.S. stainless price rising close to 600 euro per ton since Q4. Scrub prices are also up maybe 400 euro per ton. So it looks like you have a solid spread expansion year to date. But in your guidance, I've been surprised you don't mention any price-cost effects into Q2. So maybe can you discuss the other elements of your cost base and if we should expect a positive cost effect in Q2 for stainless and electrical?