And the Korean government is also very attentive about this issue as well. And I think that it is having an active discussion with the U.S. Thank you.
Unidentified Company Representative: Yes, with regard to the labor union, I would like to provide you with some updates. As you probably know already, October 2nd, the labor union decided that they could not agree on the collective agreement. And also, they’ve asked for a mediation to a government authority. And as a result, we had a two-round meeting convened by the labor committee. We attended the meeting and the mediation period was altogether about 10 days and we actually extended that to 10 more days. So by 30th of October, we are going to have a final mediation meeting. So [indiscernible] 28th and 29th, they will be having a vote to decide whether or not they’re going to go on a strike. So, 28th and 29th of October, the labor union will get their vote results and if the majority vote agrees to strike and if the mediation meeting breaks down, then it is possible that they could have a legal labor strike.
But as you probably all know, POSCO and the labor union, since the foundation of the company has built a very constructive relationship and so far we have never had a labor strike. So this time around I think that our employees will pull their collective wisdom to come up with a solution. And, of course, the management is going to make all our efforts so that we can come up with a reasonable compromise. Thank you.
Operator: Next question will be from Mr. [indiscernible] of NH Investment and Securities. Please go ahead.
Unidentified Analyst: Hi, I am [indiscernible] of NH Investment and Securities. I have two questions. The first question is a following. So it is related to the increase in the shareholders’ equity. So as for the shareholders’ equity right now, so it is a little over 20% in terms of the value. So I was wondering, is this a bit too large? So do you have any plans for extinguishment of those stops? And secondly, with regards to the [indiscernible] lithium solution, once it starts its operation, then as for the raw materials, when those are being purchased and when the finished goods, the lithium oxide is being sold, what will be the benchmark index that you will be using? And when you are purchasing the raw materials or when you are selling your products, what will be the point where you are referencing those benchmarks?
So which time point of the benchmark are you going to be using for those indices? And last question. And as for the Argentinian [indiscernible], it has been carried out. And what is the cash cost that you have in mind at POSCO?
Unidentified Company Representative: So you asked about the shareholders’ equity. So Ms. Han Young-Ah from the IR team will be answering. And as for lithium and Argentina operation, Mr. Lee Kyung-seop, the head of lithium battery materials business will be answering.
Han Young-Ah: So as of the total numbers of shares issued, we have 10.3% being captive. And we had the convertible bonds that we issued before and that is under the Korean Securities Institution and that is around 3.8%. So it is actually less than 7% in terms of the stocks that can actually be used. And we actually extinguished 3% last year. And we actually made some shareholders’ recovery last year, I mean, in the previous years as well, and we can make additional considerations. However, with regards to the extinguishment of additional treasury stocks, we don’t have anything in plan. And when we have additional finances later on, then we will consider our financial situations and be able to report to you.
