Countries, the external uncertainties that had continued since the first half became even more complex. Amid these conditions, POSCO Holdings, on a consolidated basis, recorded revenue of KRW 17.3 trillion and operating profit of KRW 640 billion. Despite losses at POSCO E&C, consolidated OP has bottomed out in the fourth quarter of last year and improved to three consecutive quarters. By key business sector, first, sales performance continued to improve. POSCO's average mill margin was comparable to that of last quarter, but sales volume rose, and the company's proactive cost-cutting efforts drove up operating profits. As a result, POSCO's this quarter's OP margin recorded 6.6%. In steel, although EU duty-free quotas have been reduced and tariffs on steel products increased, Korea's steel market is normalizing and, therefore, we will strive to sustain a solid level of profitability going forward. In rechargeable battery materials, losses narrowed sharply QOQ. This was because, at POSCO Future M, cathode sales volume increased ahead of the IRA benefit sunset, and at our lithium operations, the price rebound led to reversal of inventory valuation losses. As mentioned during the last earnings call, our top priority in lithium are ramping up new plants, improving process efficiency, and completing customer qualifications through to contract signing. Going forward, we will ensure disciplined execution, working to avoid any additional costs from ramp-up delays and, ultimately, securing production efficiency and price competitiveness. In infrastructure, POSCO International maintained solid profits during the summer peak power season. However, as per POSCO E&C, we recognized the full estimated loss from the Sinansan Line accident and booked a portion of roughly one month of business suspension losses related to the safety incident, therefore, profits declined. For POSCO E&C, we expect to recognize the remaining business interruption losses in full in Q4, so results are unlikely to improve meaningfully. Once most of these one-off losses are accounted for in this year, we expect to return to normal levels of profitability from next year. We at POSCO Group are focused on creating a safe workplace through group-wide safety management innovations. To prevent similar safety incidents, we will establish a comprehensive group-wide safety master plan, and all of us, employees and management, will do our utmost to drive the safe workplace initiative. Now, our Head of IR will give a more detailed presentation on 2025 Q3 results. I would like to present the earnings performance by each business sector, page five. With the safety incidents at POSCO E&C, POSCO Group has taken the opportunity to exert our utmost efforts and make due investments to improve our safety systems. We will share our progress regularly to our investors on a half-yearly basis and update you on major practices to reinforce workplace safety. This is what we will share in our progress. In July, a CEO Direct Report Group Safety Task Force was launched, along with comprehensive group-wide safety measures. First, worker participation is encouraged as agents of prevention. Second, systems will drive our safety priorities. Finally, union communication is mobilized to enhance on-site operability. To add more detail, when any element of danger is discovered, a worker has the authority to stop operation. To encourage this authority to stop work, we have introduced a new program. For safety budget, the rule is to administer first and report thereafter. Lowest-bidder bidding system has been abolished across the group. Instead, a fair bidding system has been put in place. Safety technologies are developed too. On the next page, we list our accident rate, serious accidents, and LTIFR. Since the last incident, all work has been suspended at POSCO E&C sites and other group work sites deemed high-risk in order to perform safety inspections. In early September, an MOU was signed with SGS, a Swiss safety service firm, to enhance objectivity in safety diagnoses. We launched our own professional firm, POSCO Safety Solutions. We're also setting up a care service foundation for victims of industrial incidents, as our promise to CSR. This will be completed by the first quarter of 2026. The safety of our citizens and employees is POSCO Group's most important value. In recognition of this value, we pledge to do our very best to prevent safety incidents. Portfolio management update. In the third quarter, we restructured seven projects, generating KRW 400 billion in cash. Uzbek textile plant and overseas non-core business sites have been sold. Cross-ownership of NSC shares have also been sold off. Therefore, the portfolio management that began in early 2024 has completed 63 projects, generating KRW 1.4 trillion in cash. Next is a deep dive into each company performance. First, POSCO. Operating profit was KRW 322 billion in the final quarter of last year, KRW 346 billion in the first quarter, and KRW 513 billion in the second quarter of this year. In the third quarter, we registered KRW 585 billion, which shows a continuous pattern of recovery. Despite a 4.9% increase in production volume, quarterly sales price continued to decline, so revenue dropped 1.7% against the previous quarter. However, various cost-cutting efforts have led to a recovery of 6.6% OP margin rate. Domestic market demand continues to slow. Imports flooded the market prior to the AD ruling. Therefore, this quarter's sales price dropped by about KRW 25,000 per ton against the previous quarter. Key raw materials costs also dropped, keeping the average mill margin similar to last quarter. However, production volume increase led to a higher operation rate, but through cost-cutting efforts and raw materials purchase, among others, profit has improved. A proportion of exports in the third quarter rose to about 49.3%. In the fourth quarter, production volume will decline moderately against the third quarter due to scheduled repairs on the Pohang rolling line due to imports that flooded the market prior to AD ruling. Inventory is saturated at customer end and in distribution. In the fourth quarter, we anticipate seasonal demand drop and depletion of distribution inventory. However, in the fourth quarter, temporary adjustment period will be coupled with our efforts to upgrade efficiency and market normalization owing to AD ruling. In 2026, steel profits will increase overall compared to the current year. Page nine, overseas steel. Overseas steel profits will experience moderate decline due to slow quarterly performance in Mexico and other rolling mills. The large plants, overseas plants, their performance is projected here. Indonesia and Vietnam will hold steady to the previous quarter. Profit shrank in India due to major repairs. Page 10, POSCO Future M. Owing to the before IRA benefit sunset impact, cathode- anode active material sales almost doubled to register KRW 56 billion operating profit. Lithium plants such as POSCO [Pobar] in Argentina are steadily and surely ramping up their plants. The size of the quarterly loss has declined against the previous quarter. However, lithium price hike led to a reversal in inventory valuation loss, which amounted to about KRW 37 billion. Page 11, POSCO International. POSCO International registered a profit similar to the previous quarter. While profits went up in energy business, it was offset by seasonal lows in the Indonesian palm farm and fluctuating steel trade triggered by changing policies in the U.S. and the EU. Page 12, POSCO E&C. In the third quarter, the Sinansan incident costs and overseas project losses were accounted for as one-time cost of KRW 288.1 billion, recording a deficit. In the fourth quarter, an additional KRW 230 billion cost will likely be needed. However, because the predominant share of the accident cost will be accounted for within this year, in 2026, we anticipate that POSCO E&C will transition to a profit and begin generating OP similar to pre-accident times. This concludes the earnings report of POSCO Holdings. We'll now move straight into the Q&A. Now we will begin the Q&A session. If you would like to ask a question, please press star on your phone followed by number one. If you want to cancel your question, please press star followed by two. Now, the first question will be asked by Mr. Park Hyun-wook from Hyundai Motor Securities. Hello, I'm Park Hyun-wook. Thank you for giving me the opportunity to ask a question. I have three questions for you. First is regarding the business plan that is under development. With regards to the steel market outlook in the fourth quarter, regarding the hot rolls, I would like to know about the AD or anti-dumping effects of China and Japan. Can you elaborate on that? Briefly, can you share with us the guidance about the steel market outlook for next year from POSCO Holdings' perspective? Second question is from next year. There is the carbon-related cost. I believe there are two issues at hand. One of that is the Carbon Border Adjustment Mechanism of EU will come into force. In the first year, the impact could be minimal, but the cost could be more and more in the next years to follow. When it comes to carbon trade emissions, when it comes to effects, I believe that the cost could go up as well. I would like to know about POSCO Holdings' response or countermeasures with regards to these two potential changes. The third is about POSCO International. In Alaska LNG project, I believe that project is under review, and I've read an article on this issue. If this project becomes realized, I would like to know how much of an annual sales volume will be impacted from the POSCO Holdings' side. I would like to ask an additional question regarding EU CBAM. Recently in EU, there was a reduction of duty-free quotas, and there is also an increase of tariffs that was announced by EU. When it comes to Korea, the export regulations in Korea are quite strict, and I think that same applies to POSCO Holdings. If all of these are realized, I would like to know from POSCO Holdings' perspective what kind of countermeasures that you would have. Thank you. Now, with regards to the first questions, I believe that [Mr. Lee Won Chol] of the Steel Business Management as well as the POSCO Marketing Strategy. The first question will be addressed by the head of POSCO Marketing Strategy and second by the Steel Business Management head. You can answer the questions respectively. Yes, I'm head of Marketing Strategy. With regards to the fourth quarter steel market outlook, I believe that it would be very difficult to directly link it with the hot rolled anti-dumping because in August and in September, before imposed, there are the imports that are being distributed in the market before the provisional tariffs that were imposed. Since it is a non-peak season, it will be very difficult to translate them directly into demand for now. The inventory or the stocks will be all used up before the fourth quarter, is our expectation. Focusing on the real estate market from November and December, we believe to see some positive impact that will come along. When it comes to the steel market trend next year, globally, it is estimated that the growth will be around 1% or 2%-ish, but mostly will be focused on India or Southeast Asia that are high-growth regions. Especially this year, the demand fell in the U.S. and Europe. We believe that the demand would pick up next year. When it comes to China, following this year as well, the demand is expected to decline next year as well. As for Korea, there are some ups and downs or positive and negative factors. Regarding the AD tariffs, if the price goes up dramatically, then the customers that depend on exports, their demand would slightly decline. As for Korea, since the situation was not very good this year, we believe that things would pick up next year. When it comes to Korea, we believe that the domestic market will stay pretty much the same. Yes, I am [Hong Joon Young] of the Trade and Investment Office. Regarding the EU's CBAM from 2026, the CBAM will be implemented, and there will be certification costs that will be incurred. Because of the streamlined law that was enacted, we believe that these costs will be put off to 2027. With the duty-free quota reduction, we believe that the importer's burden will be much less than we had expected. As for the free allowances of benchmark of Europe, it will be shortened, and it will phase out. The certification burden will go up and up year by year. When it comes to CBAM rights and the calculations, all of these relevant detailed regulations are not announced yet. That is causing uncertainty in the Korean market. There is a European ETS system, and based on the identified information, we're going to develop our guideline as for how to counter the CBAM initiative or implementation. Going forward, we'll continue to address uncertainties regarding CBAM and double our efforts in reducing carbon footprint. We will continue to be engaged in communication with the EU. Now, I'm [Jin Young- Joo] from POSCO Environment Energy. I'd like to answer about the ETS. When it comes to the Tier 4 or the Phase 4 ETS or emissions, we have had a workshop. In the beginning, it was about 35 million in the third phase. In the fourth phase, it was about 2.5 billion tons. There was a huge reduction. Compared to Phase 3, we believe that we'll be able to reduce much more carbon footprint in Phase 4. When it comes to the prior allowances for the power generation sector, it will be 15% lower than Phase 3. Our allowances at POSCO will be drastically reduced as well. When it comes to the fourth phase allowances of the government, it has not been confirmed yet. It will be confirmed sometime in November. By company, it will be confirmed sometime in December. As for today, when it comes to Phase 4, POSCO from 2027, the allowances of credits will be lacking. We may have to purchase additional credits. In order to minimize costs when it comes to ETS, we want to run the EAF, electric arc furnace, by 2025. That is able to produce about 2.5 million tons per year. That will be able to reduce carbon footprint during the manufacturing process. When it comes to the steelmaking, we will continue to expand the use of scraps for environmental friendliness and leverage OTBB. I am [Woo Yong -Dae] from Infra Project, Infra Project Team, our office. I think there was a question about a project of Alaska. When it comes to investment volume amount, as well as the LNG fluctuations, there are also risks associated with it. We are fully looking into this project, and it is under review. If we implement this project in terms of steel supply, we would be able to supply about 300,000 tons through this project. The timeline would be 2026 to 2028. In a span of about three years, it will be 300,000 tons of LNG steel and so forth. We'll take the next question. Next is from iM Securities, Kim Yoon- Sung. Please ask your question. Hello, my name is Kim Yoon- Sung. I'd like to ask three questions. First, mid to long-term steel strategies. Whether it's the EU or the U.S. or tariffs on the Southeast Asian nations, I think a lot of the companies, including the Chinese companies, are seeing a first-time deficit. These burdens will increase over time. In the case of NSC, their local capacity is going to be decreased, and then their overseas capacity increased through investments in the U.S. and other parts of the world. Perhaps POSCO should have some of these mid to long-term strategies as well. I'd like to know what your response is. Secondly, because the steel business is becoming more ambiguous and more unpredictable, I think you must be looking into some new investment strategies. This may be too early to tell, but because of some of your projects in the pipeline right now in the United States and in India, there's a lot of CapEx increase. We're also hearing about your potential participation in acquiring [H&M]. When the steel business is becoming more unpredictable, I want to know what kind of investment plans you have in other areas of your business. Third, there has been some restructuring in the steel business, but also restructuring in the battery businesses in China as well. In relation to our or your market position in these businesses, what is the impact? Those are my questions. First from the Marketing Strategy Office, and second question I will answer. The third question, I think Mr. [Lee Jae- Young] from Energy Materials Business Management can answer. What about our steel business and our future strategy? When we look at some of the examples that were provided by you, such as NSC, our plans for future facility investment, I think, is the gist of your question. We have some similarities with NSC's strategies because, yes, there are some demand declines in the local market. We do intend to try and increase capacity in overseas locations. These are the similarities. In the domestic market for the past several years, we have been doing away with facilities, shutting down facilities that are not as competitive. Instead, we are making investments in new facilities for electrical steel and EAFs as well. Same thing into the future. If we feel that some of our facilities are losing competitiveness, then we will be shutting them down. We will also, at the same time, identify new growth areas to make sure that we make investments for the future. As you've already read in the papers, I'm sure, the new growth markets are the United States and India. These are specifically the markets that we're analyzing. We're taking steady steps to see what we may be able to do there. The second, regarding investment priorities, let me answer that question. For example, for environmental investments, such as in HIREX, this is something that we are pursuing as a national project as well. In terms of priority, this is probably top priority. For overseas capacity additions, this would be in the steel business. We are focused on certain growth markets, and that is the focus of our future strategy. We are working with JSW Group in India and Hyundai Motor Group in the United States, as well as PTKP Expansion in Indonesia and looking into the Whyalla Steel Works in Australia. These are some of the things that are in our pipeline. Priority-wise, India, Indonesia, and Australia are our sequence of priorities. In rechargeable battery materials, we have investments that have already been made that are being stabilized. We will be adjusting speed a little bit. We will also take advantage of the market situation so that we can acquire some blue chip assets. This is part of our priority as well. Finally, as a separate effort for long-term growth potentials, if we believe that certain business sectors align with our strategy and they promise size in the future, we are willing to make M&A efforts as well. In response to your third question, my name is Lee Jae Young. I am with Energy Materials Business Management. There are some restructurings that are going on. The impact is price increase, especially in lithium. With this price rebound, we are able to take advantage of some of our processes. Also, some of the subsidies are going away. Between the materials producers in Korea and China, that price gap is actually being eliminated. As they reach the U.S. ports, the difference in price between Chinese materials and our materials is almost none. That's one impact. The other is with the difficulties that are occurring to the Chinese market, there are certain problems that are becoming more prolonged. For example, next year, lithium price this year is between $8 - $9, very low. Almost no smelter is able to make a profit. Next year, everyone is expecting the price to go up to $10, and by the second half of next year, to $15. A dramatic performance improvement next year, I can't guarantee that, but I can say with some level of certainty that things will improve next year. ESS and other demand industries, if we can find some contracts and orders there, I think we can definitely look forward to some improvement. Next question, please. Next question will be by [Yu An-Su] from Yuanta Securities. Hello, I'm [Yu An-Su] from Yuanta Securities. I would like to ask you two questions. Some of it was addressed through the answer by the marketing personnel. I think that the earliest from the fourth quarter this year, POSCO raw materials drops will come to an end. That is my expectation. In the third quarter, the selling price went down, but the raw materials actually went down as well. If there is no further drop in raw material prices because there are lots of inventory, maybe it will be difficult for the fourth quarter. From the first quarter of next year, if the raw materials do not drop in terms of price, can we expect an increase in the price of the products? The second is when we, on the news, in the beginning of November, we hear that there's going to be an announcement from the government about the important announcements made by the government regarding the sophistication and modernization of the steel industry. When it comes to the Plant 2, I heard that stainless Plant 2, I heard that it could be suspended for operations or it will shut down operations by the end of this year. I would like to know about your plans as a company. I know that FINEX 3 Plant, is it going to be operational by the end of this year? When it comes to non-performing steel businesses and steel projects that you're going to restructure and manage, when it comes to FINEX 2 Plant, I would like to know what is the operating profit. Is it plus or a minus? I would like to know if you broke even for the FINEX 2 or is it in deficit? I am Head of the Marketing Strategy. I would like to answer the question. From the fourth quarter, you said that the raw materials prices might stop dropping. There are still fluctuations in terms of market raw material prices. I believe that the price will remain at a comparable level. One of the profit factors or the factors that actually affected our profits is that we have been helped by the increasing spread with the drop of raw material prices. Next year, as mentioned earlier on, when it comes to the steel market outlook, we don't think that it's going to turn around completely. In terms of volume, it's not going to go up. When it comes to AD impact, we're seeing its impact on the plates, steel plates, and believe that the impact will be more pervasive by the end of this year. When it comes to the average selling price, we expect that the prices will drive up. When it comes to the overall spread improvement, it depends on the auto formula. In the first half of the year, the auto price is not going up. Maybe in the second or the third quarter next year, the profits or the results may be better. That's all from me. [Yuen Gwo] from Steel Business Management. Now, regarding the second question about the modernization of the steel industry by the government, in October, the Ministry of Trade, Industry and Energy already provided us with a guideline with regards to the unfair practices, unfair trade, and decarbonization of the steel market or steel industry and going for more value-added products. There are also some measures according to specific product types. These are the overall guidelines that will be further elaborated by the government. As for POSCO, we have also shared and presented some opinions regarding the government's proposal so that we are sort of reaching a consensus. When it comes to the overall capacity, I think it depends very much on the product item. It comes to utilization and imports and penetration. All of these need to be taken into account for the overall master plan. There will be a plan regarding the import resumption. When it comes to the products, if the utilization is low and the import is very low, then we may have to draw up countermeasures to restructure it. With regards to that, the rebars and the steel bars will be a focus of the modernization. POSCO 's impact on the short term will be very much limited. When it comes to the modernization policy of the government, this is not to increase the individual competitiveness of companies, but this is to boost the security, it's to meet the security needs at the national level. That is why POSCO Group should work together with the government as one team. Now, regarding the FINEX 2 Plant and your question, in conclusion, regarding the FINEX 2 operation, nothing has been decided yet. As for FINEX 3, it will begin operations from February, and there are some improvements that are being made. We have expanded the scope of improvements and refurbishment. We believe that the operation will go live sometime in December. Regarding FINEX's profitability, I cannot delve deeper into it, but POSCO Holdings has turned to profit. We expect to see profit from FINEX 2 as well. That is our expectation or estimation. Thank you. Next question. Next question is from [Yi Yu Jin] Securities. [Yu Jin] will pose the question. Hello, everyone. In China, what is the steel demand situation? What do you know about it? Secondly, Intel and MP Materials, there's a lot of financial assistance from these companies with some of the agreements that were entered into with the United States. Will we be able to get this kind of assistance too? Secondly, through portfolio management, you've generated a lot of cash. I wonder what kind of investment plans you have. We've heard about some investments in the news. I'd like to get an update on those. Sorry for asking so many questions. You mentioned ESS. Lithium demand next year, how much expansion or increase can we anticipate? Thank you. Marketing Strategy Office Chief. Restructuring of the steel industry in the Chinese market, it's a question you ask every quarter. I'm sorry we can't give you any dramatically revealing response here. Since the two sessions in March, and every time they have these [Politburo] meetings, they seem to make some announcements. Most recently, what we've heard is the results from the fourth plenary session of the Central Committee. Although we don't have anything specific at the moment, what we've heard from here and there is that they are going to focus much more on the domestic market demand. They want to enhance their quality as well. This is not limited to steel. I think they want to be more sustainable and focus on digital technology as well. There is a Central Economic Work Conference that is scheduled to happen in December. I think we'll be able to hear more details then. I think they're definitely reducing production volume. There's definitely a movement toward production cutting. In the [Hub Bay] region, where a lot of steelmakers are congregated, some of the more competent ones are looking to differentiate. I think some of the larger steelmakers want to keep their capacity and operation rate high. However, at the end of this year, we'll definitely, I think, see some production volume cuts, and this will continue into next year. I do believe we will start to see some capacity decreases and volume cuts as well. Because we're not seeing any real demand increases, depending on just how much production cuts they make, we will not be able to know exactly how much volume adjustment will happen in the market. Compared to this year, next year, I think we may be able to anticipate about 10% cuts. Energy Materials Management Office, my name is [Yi Song Won]. I'd like to talk about investments. On June 30th, in the state of Utah, Anson Resources is an Australian company that we entered into an MOU agreement with. Anson, up until now, has not received any subsidy from the federal government or the Utah government. Our joint project prepares each other for commercial production. First, we are doing pilot tests through demo plants. The size is very small. Any subsidy from the U.S. government is not something that we are ready to apply for. The third question I would like to answer. Portfolio management has generated some cash, yes. At the moment, we are trying to put this into generating business growth as non-leverage assets. This is going to go toward managing our portfolio. An update on [H&M] acquisition. In September and in October, we made disclosures on this on two occasions. We are in a review stage, and there is no decision that's been made about this acquisition. That's what was disclosed. Today, there is nothing remarkable to add to these previous disclosures. Thank you. Lithium demand, let me answer that question. There are three types of demands in lithium. One is in EVs, second is ESS, and the next is commercial-grade lithium for glass making or metal alloys. We are anticipating about 14 million EVs, and next year, about 16.5 million vehicles. Lithium demand was based on 1.2 million this year. Next year, we will produce 1.3 million tons. We'll take the next question. Next question is from [Yi Jae Young] of NH Investment & Securities. Hello, I am [Yi Jae Young] from NH. Now, regarding the PPLS and POSCO Argentina, can you share with us about the update on its ramp-up and when can it go for a full operation? Recently, in Sweden, there was a news report about a company that would go bankrupt in Sweden. I would like to know how we should take that. From our perspective, is that a positive thing or how should we view this news? Thank you. Yes, to answer your first question, POSCO Argentina is a lithium brine. Usually, we do a ramp-up of two to three years. Last year in October, we went live. Sometime in November this year, ramp-up will be completed. According to our ramp-up completion, we are undergoing qualification with customers. As for PPLS, we have two plants. One is already under commercial operation, and another one, it is a different technique or processing technique. The completion was a bit delayed, but ramp-up is underway until November. In the beginning of next year, ramp-up will be completed and will be engaged in commercial production. Regarding the second question, I'd like to provide you with the answer. In Europe, as for the green steel, the target is 2027 to 2030, where the hydroxide, lithium hydroxide was expected. There are only two steelmakers, so [Tuatara] and [SEGURA], these are the two steelmakers that are going for green steel. In Europe, we need to have infrastructure to develop and manufacture hydrogen, produce hydrogen. That is being delayed by these steelmakers, so one to two years. When it comes to Europe, the energy prices are quite high. When it comes to infrastructure, the EU is providing CapEx and OpEx. From the company's perspective, because of CO2 prices and hydrogen infrastructure conditions, there is not much progress. By 2030, we believe that there is going to be quite a delay. Any additional questions? Please confirm. No one has requested to pose a question. If you have a question, please press star one. Next question is from [Yu Jin] Securities. [Yi Yu Jin] will ask a question. Hello, I'd like to add a few more questions. Next year's lithium price you anticipated will be about $10 - $15, and you say that your plants are going to be all ramped up in normal operation by early next year. Can we anticipate a transition into profit next year? In lithium demand, I think EVs are going to loom large. Could you provide ratios for ESS and commercial-grade materials as well? Yes, I told you that we would be producing about 1.3 million, but the commercial grade is removed from here. That's going to be about 1.5 million. What percentage of lithium goes into EVs? Currently, it's 10%. It's going to be probably about eventually 20% - 30%. I think next year we will surpass 20%. EBITDA-based OP, when price reaches about $10, I really couldn't give you an idea about whether we can turn a profit then because we're still ramping up. I would like to check once again, is there any further question? The next question will be from Hanwha Investment & Securities, Mr. Kwon. Hello. Thank you for giving me the opportunity to ask the question. Now, one of the questions that was asked, I think it was partially answered, or maybe I missed it. Regarding the duty-free quota reduction and the tariff increase of the EU, how is it going to impact our operations? When it comes to POSCO E&C regarding the Sinansan Line inventory evaluation losses, what can we expect about its reversal in the fourth quarter? Head of Marketing Strategy. Now, regarding the quota reduction and tariff issues of Europe and how it's going to impact us. With regards to quota cut in Europe, it was something that was expected. Of course, it's going to have an impact on our business. As a countermeasure, we see twofold. We're really engaged in individual negotiations with the countries that we signed the FTA. We are going to go for outreach activities to secure more quota individually. The second thing is that the market in Europe was quite good. We have expanded the sales to Europe gradually. Out of these volumes that we expanded, we're going to reduce the volumes going to low-profit customers and divert that to other customers. Of the volumes that are going to EU, there are low-profitable ones. We want to divert those volumes to other regions or other customers. We believe that that's going to offset the impact coming from Europe. Depending on the final ton of the quota cut, we have developed different scenarios to respond to the situation. Last but not least, Europe and the U.S., the tariff barriers are going up, and the trade barriers are increasing. There are regions that will have lower trade barriers. We want to identify customers to whom we can actually wield our influence in order to address the tariff issue as well. With regards to the second question, I'd like to provide the answer. With regards to POSCO E&C, the Sinansan Line provisions in the third quarter, all of it was reversed or recognized in full. When it comes to Sinansan Line and its investigation report, it's going to be disclosed in the first quarter of next year. By then, we'll be able to identify the gap with what we have recognized this quarter. Not only for Sinansan Line, what is important is that for one month, we suspended our operations for construction. There are the losses incurring from the suspended construction. Partially, it was recognized in the third quarter. In the fourth quarter, we're going to book the remaining. We believe that in the fourth quarter, the additional cost would be about KRW 230 billion. If that is the case, then all of the losses, including the Sinansan Line as well as the construction suspension, will be booked in the fourth quarter. From next year, we'll be able to return to normal levels. Thank you. Any additional questions? Next question is from NH Investment & Securities. Please answer, pose your question. Hello. BHP and CMRG in China have been in a conflict recently. From a steelmaker's viewpoint, is this a positive or a negative? I'm in charge of Raw Materials One office. CMRG is a Chinese state-owned trading company, and their influence in the steelmaking industry is limited. Gradually, they are increasing their volume traded. In 2010, the benchmark system collapsed, and three top steelmakers dominated the market. Since then, for the first time, steelmakers have regained their bargaining power. I think they can definitely serve as pumping water for this bargaining power. From that perspective, I think they provide some leeway for us to be able to have some bargaining power. China has its own market where they can negotiate or exercise influence there. Perhaps we need to be able to ally with our government, or maybe our alliance needs to be set up with Japan. The conflict with BHP has been covered in the news, but that impact in the market is not large. In fact, that conflict has led to spot volume, which we can purchase from the market at a lower price. This is from a purchasing perspective. Through iron ore investments, we are able to keep our self-sufficiency rate at about 50%. This is what helps our performance and helps us to hedge against market variability. Thank you. Is there any more question? There's no more question. If you'd like to ask an additional question, press star followed by one. I believe there are no further questions or comments. I'd like to thank all the investors for joining us for the earnings call. This wraps up the 2025 Q3 results call. Thank you very much.