Q223 was not that bad and was mostly in line with expectations. However, the outlook (for the steel market) has been revised slightly downwards. The cash generation was rather good and net debt only increased owing to “one-offs” (buy-backs, M&A, etc.). We welcome the above since the investment in “green steel” will take its toll in the future (despite subsidies) which will of course be the case for competitors as well. We will only fine-tune our estimates at this stage.