The Q1 21 results were excellent with the positive trend witnessed since H2 20 continuing in Q2 The final demand and the rebuilding of inventories explain this strong upward trend Anti-dumping measures, in both the US and Europe, supported this trend Margins (13% at EBITDA level in Q2, 14% in Stainless) not seen since 2006 The outlook (at least for Q3) is very supportive Despite the lack of visibility after Q3, we will upgrade forecasts and target price