What happened? We had the pleasure of hosting Gunnar Groebler, CEO of Salzgitter for a group call with investors. Key takeaways . Papenburg: The recent Manager Magazin story was inaccurate (see link). Papenburg, Salzgitter''s former largest shareholder, is not planning to dispose of its entire stake. Salzgitter''s CEO expects the group to remain an important shareholder with a double-digit stake. . MandA: Salzgitter''s stance on German consolidation is unchanged with little industrial logic seen in potential MandA, with German mills focusing rather on their own technological transformation separately. . HKM: There is no rush to decide on the future of the plant as no re-line is needed before 2030-32. Management anticipates operations will continue unchanged at least until late 2027 but running HKM as a standalone entity is not viable. . Aurubis: The stake in Aurubis is still seen as core with management satisfied with the recent convertible offering. . Technology: The robust KHS business is not part of the portfolio optimization process according to management. . Restructuring: Mr. Groebler flagged good progress made notably within the Trading division with the FY25 group target likely to be surpassed. Steel Processing could see further cost reduction. . Demand: No material demand recovery is expected in 1H26. Any uplift is projected for the back half of the year. . Quotas: Salzgitter''s CEO believes the German government''s position has shifted, reducing the risk of major dilution to the European Commission''s proposal. Implementation is still feasible in Q2. Management does not believe that front-loading (higher imports, higher inventories) will be overly aggressive as safeguards remain. . CBAM: Some regulatory work still needs to be done with the Commission aware of some inconsistencies in default values. Mr. Groebler talked positively about the CBAM impact in closing a 5-10% gap in carbon costs with imports. Support from the European Parliament is...