The Q3 23 results were solid, coming in above the consensus and our own expectations. The Special Steel business as well as the “Americas” proved resilient in terms of prices while Europe and the “side-businesses” suffered. Lower input costs led to satisfactory results. The sound cash generation led the group to suggest a share buy-back (up to 4.5% of the share capital at the current price). We will revise our forecasts and target price a tick upwards.