Daniel Fairclough: Yes. So, I would say that the Kazakhstan operations did well. We had a good quarter. So, we have basically in terms of the order book, in terms of production, the company was able to achieve its goals. So, we had a good quarter performance from a shipment point of view, profitability point of view, exporting materials from out of Kazakhstan. Ukraine, unfortunately, the situation, even though on the ground, nothing has really changed. The office continues to be safe, our people continue to be safe. As we know, market conditions have deteriorated. We are facing more now blackouts in terms of power availability. But we continue to run the operations at a reduced capacity still running on blast furnace at about 20% of the capacity.
And so far, also recovering from some of the labor issues that we faced in quarter two. So, I would say that stability in Ukraine and improvement in Kazakhstan and South Africa. Regarding the strategic importance of Kazakhstan, I think we are investing. We have been investing, and we will continue to invest to bring this facility up to the mark. There are challenges, of course, but we believe that with the energy that the team is put on this, the investments behind, we’re going to be able to bring this facility to the level that it has used to be.
Tristan Gresser: Okay. Thank you.
Operator: Thanks Tristan. So, we’ll move to the next question, please, from Myles at UBS. Go ahead Myles.
Myles Allsop: Thank you. Maybe just a couple of things. First of all, on order books, how weak are they? As you look into 2023, what’s the best case in terms of the length of this destocking as you look at the market today?
Daniel Fairclough: Myles, the order book is — it’s okay, taking into account our forecast for the apparent steel consumption, right? Of course, they are not as high as they were before, but in line with our expectations for apparent steel consumption that, as we discussed, it’s going to be, again, weak as a result of the destocking. Now the duration is really, very hard to say when it ends. In our view, it really started in Q3 already. It’s visible in Q3, of course, and especially in Europe. So we believe that probably we are going through the worst of the destocking now in quarter four. So I think the teams are hopeful that we can start to see some improvement in terms of at least closing the gap between the apparent steel consumption and real demand from quarter one onwards. But again, it’s very hard, we need to be precise on that.
Myles Allsop: Okay. That’s helpful. Maybe just on the iron ore side, a couple of things we could clarify. What’s the latest with the Liberia expansion, now that iron ore prices have fallen, does that become a more marginal project? And then also, when we think about Ukraine, I presume there is no temptation to export iron ore, while the blast furnaces are down. But I just wanted to double check that, that was the case.
Genuino Christino: In Ukraine, start with your second question. In Ukraine, we have been operating the mines, so they were stopped during quarter three for some time, more really to help with the cash flows and destock. The mine is running again. So we are running at about 30%. And this iron ore, what has not been consumed locally then it’s been transferred to our operations in Poland, primarily. So that has been the case already now for quite some time. And Liberia, as you can imagine, when we run these projects, our long-term assumptions are quite conservative, right? So we never really €“ we will see what happens, but we don’t run our — when we go through the approval process for the — for these projects, we have a very conservative assumption.
