The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Ioannis Masvoulas - Morgan Stanley - Analyst
: Hello Marc-Simon. Thank you very much for the presentation and the comments. You spent quite a bit of time talking about the US market in terms
of the self-demand backdrop but could you also provide an update on the operational challenges you had at Calvert earlier in the year.
Where do you stand on that front and how much of an impact should we expect in Q3 and if anything continues into Q4 in terms of disruptions.
Thank you.
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Question: Ioannis Masvoulas - Morgan Stanley - Analyst
: Is there any impact?
Question: Ioannis Masvoulas - Morgan Stanley - Analyst
: Very clear. Thank you for that and I'll leave it here. I'll join back with you. Thank you.
Question: Moses Ola - JP Morgan - Analyst
: Hi, there. Thank you very much for taking my question. Just a question please here on Europe and pricing expectations. I know you can never be
explicit on pricing but if I look at the building blocks where you talked about weaker demand, higher imports. Obviously, we've seen higher domestic
supply as well following the strike in first half of the year from yourselves and peers and with inventories now at more normalized level.
Is it safe to assume that you expect likely some de-stocking pressure into Q4 and perhaps into Q1 of 2025 if the current weak demand environment
remains the same and then that de-stocking pressure leads to lower prices? Would that be fair?
Question: Moses Ola - JP Morgan - Analyst
: Just to be clear in terms of forward guidance into Q4 and beyond with what inventories are, would you say that there is increasing likelihood for
de-stocking pressure?
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Question: Moses Ola - JP Morgan - Analyst
: Okay, thank you.
Question: Ioannis Masvoulas - Morgan Stanley - Analyst
: Yes. Thank you for taking the follow up, I'm talking about the Americas again but this time around Mexico. I wanted to ask about US senators
pushing for introduction of tariffs against the Mexican steel imports. To the extent that this includes stainless steel, how do you expect the Mexican
business to adapt and is there a scenario whereby instead of shipping hot roll to Mexico and then cold roll imported back into the US, could you
sell hot rolling material in the US directly to avoid a potential tariff scenario? Thank you.
Question: Ioannis Masvoulas - Morgan Stanley - Analyst
: Thanks very much.
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