A – Aditya Mittal: So maybe I will just start with the macro and if we need to provide you further details, I’m sure Genuino can supplement. I think we started with the call by saying we have a constructive outlook, so it’s predicated on few elements. The first is that we feel that the destock has peaked and there’s lot of evidence of that just based on how our customers are ordering and what we’ve seen in terms of real demand and the pan demand. The second I would add is that energy costs, even though they are still very elevated had eased relative to the second half, particularly relative to the fourth quarter and clearly that’s positive momentum as we enter 2023 and is also positive in terms of real demand, right, because the energy complex is not just impacting us from impacts.
All European industry and impacts, the European consumer as we’re all well aware. In terms of the things that remain outstanding. I mean, first and foremost is Ukraine, where we don’t have a resolution of peace, but the immediate direct economic impact of energy has eased, and we also have a tightening monetary condition environment, right, and that’s offsetting the inflationary pressures that we have seen in 2022. So those headwinds remain. China, we still have to see how China comes out of the holiday season and what type of demand environment, but we’re also constructive in China, and that is why ensuring all of these factors, that the overall, the destock has peaked, we see that the energy complex has €“ the pricing has eased and that’s a positive headwind, but yes there are typing monetary conditions, but perhaps not to the same degree that you would have forecasted a few months ago.
Relatively good news throughout of China allows us to have a constructive apparent state assumption outlook. And interestingly enough, in almost all markets, you know whatever numbers we have posted in our presentation, matches the real demand environment, real steel consumption environment. So it’s not that we are forecasting an inventory build into 2023. What we’re forecasting is real demand improvement relative to 2022.
Rochus Brauneiser : Okay, understood. Maybe on CSP, can you give us an update of when in Q1 you’re expected to close the transaction and giving us any update nonetheless in terms of what CSP is actually shipping and maybe also any hint on what the EBITDA performance is at the moment?
A – Genuino Christino: The transaction should close now, end of the month, right, and I think we will update you in Q1 in terms of performance. Of course, at this point in time the level of information that we have is limited. We believe we have evidence that the company continues to do quite well. So we are encouraged by that, and I think the whole thing in this year is they are excited to €“ waiting for the transaction to close and I’m sure we will have the opportunity to update you on performance expectations for that plant as we made in quarter one, but the transaction closes end of this month.
Rochus Brauneiser : Okay, that’s clear. Thank you very much.
Operator: Thanks, Rochus. And so we’ll move now to a question from Max at Oddo, go ahead Max.
Max Kogge: Hey! Good afternoon. So I have this first question on the SIS, because in your press release you used some good questions on the evolution of the region this year. But given the extent of company specific issues you faced last year, could we expect a better performance for your own operations. And perhaps can you give a sense of all things we developed doing in South Africa because you’re adding a number of officials to next year, and should we expect a rebound to there, to reference the question.
Genuino Christino: Max, I missed the last part of your question. A rebound where, sorry?
Max Kogge: In South Africa given that you had also another officials there that year?
