support from the new Shareholder, we are positive to be more competitive in term of cost resulting the positive bottom line is achievable. Refer to the HRC price in Q3/17, we have seen the improvement of

credit ratings of structured finance products are appropriate when the risk characteristics of the assets underlying a structured finance product change materially. Where feasible and appropriate for the

is achievable. Refer to the HRC price in Q3/17, we have seen the improvement of HRC price and demand comparing with Q2/17. Up to August, average HRC price in Q3 is higher than average HRC price in Q2

$/BBL, supported by arbitrages made from the Asian region to the European side is still feasible even with freight cost at a high level, but pressured from increased export quotas from China in the third