Lee Kyung-seop: Now about the lithium production capacity. So currently at Gwangyang [PPLS], it’s about half of the 43,000 ton will be completed by October this year, so that’s Phase 1. And next year it’s going to be sequentially completed for construction. And we also have 25,000 tons expected for next year as well. And as for recycling, 2,500 tons. It has been actually completed and we are currently in the ramp up process. And in 2026, there is additional 60,000 and also 10,000 for recycling tons expected. But when it comes to lithium, when we actually build the process, the ramp up and also the licensing, all of that takes about 12 months. So at the time of completion, the production will gradually increase. And even though without the certification or licensing, we can actually sell these products with a little bit of a discount, but we actually consider about one year for all the production to be stabilized.
So it will be by 2025 for when all of the things that we produce, that is 166,000 tons to be completely sold.
Unidentified Company Representative : Regarding the energy steel. So we believe the energy actually market to be very important in terms of our strategy. And actually, we have a separate entity working for the energy steel materials business. And actually for this year, we run about 1 million tons for 700,000 for solar and 300,000 for wind. And wind will be actually increased by threefold by 2030 and PV will increase by double by 2030. That will be the market growth. So we want to be in line with the market growth and we also hope to achieve — increase our goal to 1.5 million and also to increase the PV goals by — or solar goals by twofold. And when it comes to wind power, we have Greenable brand separately launched and rolled out.
So as for the wind power market, we consider it to be very important. So overall, if you look at the growth potential, the Korean market or domestic market is very much limited. So the Korean market will be about 20% and we’ll focus more on the European as well as Americas. So there is Ørsted and Vestas, the big wind power turbine manufacturers. We want to actually collaborate with them so that we can focus on the substructures for the offshore projects. And when it comes to the growth potential, we believe that it’s very, very promising. Thank you.
Jeong Ki-Seop: Do we have additional questions? Do we have more questions? Next from Eugene Securities, Mr. Lee Eu-gene will ask questions.
Lee Eu-gene: Hello. I have about two questions. So first for recycling. So on Monday of last week, you said that you will handle black powder and the total will be about 10,000 tons. And is that included to the 30,000 tons by 2030 goal? And also I have a question about recycling margin. So if you look at the sales of black powder, as of Li-Ni, it’s about 70% or 70% nickel. So that’s how it’s being sold right now. And I would like to know more details about that and also the recycling margin. Thank you.
Jeong Ki-Seop: Yes. So for recycling and for lithium, you asked a few questions. And Mr. Lee Kyung-seop, Head of LiB Materials business will give you the answer.
Lee Kyung-seop: Well, for recycling, so by 2030, the goal is — so it depends on the type of battery, but we have N62 target, about 70,000 tons of total minerals. And cobalt takes up about 10,000. So yes, it is included in the 30,000. And for cobalt, we haven’t released any plans yet, but for cobalt, we plan to recycle. And then during nickel refining, we can then get cobalt, which is why we don’t have it as a separate business. And also the recycling margin, it’s not a stable margin, but the hurdle rate, that’s 9.98%. And together with our new businesses, it would be approximately about 15% to 20%. That is the target, but black mass and scraps for recycling, the prices keep fluctuating. So, I can’t give you the exact number for now.
