Good morning, ladies and gentlemen. Welcome to this presentation of Gränges' 3rd quarter results for 2021. My name is Jörgen Rosengren. I'm the CEO for Gränges since the 1st of October this year. With me here, I have also Oskar Hellström, our CFO and deputy CEO, and together we'll be taking you through this presentation today, which if you're on webcast, you can see on your screen, and if you are not on webcast, is available on our investor relations external webpage. The agenda for today is to go through first the Q3 results in terms of performance and important events, then to dig a little bit deeper into the financials. After that, we'll speak about the outlook for the 4th quarter, after that we'll open up for a Q&A, which you can ask over the telephone lines here. Q&A at the end. Turning to the first page of the presentation, summarizing the third quarter, we saw good growth, we saw a good profit increase, we saw very good progress in our strategic initiatives, we also saw a very challenging environment, we're expecting a challenging outlook for the fourth quarter of this year. In terms of demand, there was generally, as most people know, quite a good economic environment and good demand throughout. We also saw a rapid slowdown in the demand for automotive products relative to earlier this year, which we'll talk a lot about later during the call. In total, though, we still had growth. Sales volume increased by a full 37%, which is due partly to the growth in demand and also partly to our recent acquisition of Gränges Konin. Adjusted for that acquisition, we had 11% organic growth year-on-year. That is compared to a relatively weak third quarter of 2020, where we still were seeing effects from the COVID pandemic and the demand picture. If, however, we compare with the second quarter of 2021, it was a negative sequential growth of approximately 10%, which we will go into full detail about in a moment, but has to do again with the automotive slowdown and also some other factors. The operating profit, however, rose to SEK 219 million, a relatively strong result. In that number, we are also seeing some rather severe cost effects on prices for raw materials and other things, and they are now starting to impact our cost base. Here I'm not speaking about aluminum, because the aluminum price is passed through to our customers, although it does of course influence our revenue figure and our cost of capital and our working capital and therefore our cost of capital. I'm more speaking about the prices for energy and for freight, which had a large impact in total on our profitability in the quarter. We expect this cost pressure to continue also into the fourth quarter. Very positive, however, is to see the progress that we're making on our strategic initiatives, and there I'm speaking both about the capacity and productivity investments that we're making in most of our units, but also about the progress on sustainability initiatives, where we have some good things to report for the third quarter. As most of you know, Gränges has a very strong position in four key end customer markets, and also actually quite strong customer relations in all of these markets that we can now benefit from. Starting with the largest one, that's automotive. In automotive, as you know, the short-term demand is very tightly tied to the production of light vehicles, in our case, mostly. Longer term, we see good growth opportunities in this segment. For instance, due to the shift from gasoline or diesel-powered light vehicles to vehicles that are driven by hybrid drive or by battery drive. Second largest segment is HVAC, and there, the short-term growth is dependent on customer confidence, of course, and also on construction. There, in this segment, we see now quite good demand and quite good also outlook. In this segment, we're mainly focused on Americas, and in those customers and in that end market, there is right now a very good demand. In fact, we could probably sell a bit more than we do if we had more capacity. We have specialty packaging, which is a very stable market segment and much less cyclical than our other market segments. That's good because it brings some stability to our base. Finally, we have other niches accounting for about 20%, which grows or shrinks as the general economy grows or shrinks. Right now it's growing. Also has some very interesting growth opportunities in it. For instance, in the area of battery applications, for instance, for cars. Across these market segments and across our various regions where we're active, you see on this picture here that the growth was good generally, and it was actually good more or less all over. Again, this is in comparison to a relatively weak third quarter of 2020. Looking at the regions, there are some clear differences between them. On this picture, you can see that the strongest growth is in Europe, but then you have to take into account that Europe was also the hardest hit of our regions last third quarter in 2020 because we were still then in Europe, battling through the end effects of the COVID pandemic on our industrial base. In the other regions, there was less of an effect of COVID in the third quarter of 2020. Therefore, the growth figures look weaker this year because of a stronger base than relatively speaking. If we look across the regions and talk more in absolute terms, the strongest demand we're seeing right now is in Americas and again in HVAC and also other segments there. Whereas in Europe and Asia, we're hit harder by the slowdown in automotive than in Americas. Globally, as you can see, we had an 11% growth year-over-year. Looking at the end customer markets, it's also different. The HVAC, as I spoke about, very strong demand. Other niches, very good growth, specialty packaging, quite stable. In automotive, we also saw growth actually, 8% year-over-year. Automotive is the segment that was the hardest hit last year by COVID, and this 8% growth is growth over a weak quarter. If you, on the other hand, compare it with the second quarter of this year, is in fact a shrinking market. It shrank by about 13% relative to the second quarter of 2021. Why is automotive shrinking? It's shrinking because our volumes are shrinking because we're shipping less, and we're shipping less because our customers are canceling orders and because they are postponing orders to Q4 or later. They are doing that because the automotive production has gone from a very strong growth in the second quarter to a very weak, in fact, negative growth in the third quarter. That's happening as most of you no doubt know, because of the generally global shortage of semiconductors and also other components that's hitting our end market, which in this case is light vehicle manufacturing. We expect, like we said before, this to remain at this level also during Q4. If we take all these factors together, we saw a sequential volume decline from the 2nd to the 3rd quarter, there were a couple of factors that influenced it. One was this auto decline that I've now mentioned several times, there you can compare, for instance, with the IHS forecast for Q3, which came in at something like -12% or so. That's more or less the same order of magnitude that we had in our volume decline. Positively though, good demand in other markets and other segments. On the other hand, we also had temporary production disturbances in our Americas unit. Because that unit is now running at very high utilization levels, very near to its capacity ceiling, such disturbances are then hard to pick up on during the quarter, and that volume then needs to either be postponed or in some cases may be lost. Also, of course, it's so that the third quarter generally is a seasonally weaker quarter than the second quarter. All these taken together then led to this -10% sequential volume decline from the second to the third quarter. On a very positive note, however, we have made in the quarter very good progress on many of our strategic initiatives. On this page, you can see some of the investments that we're making into increasing our capacity, increasing our productivity, but also increasing or decreasing rather, our environmental footprint in our different sites. In Gränges Konin, we reached a very important milestone when we rolled the first coil in our new cold rolling mill there during September in fact. We also cast for the first time in our new casting complex there. These investments will both lead to more capacity in the fullness of time, but they will also lead to better control of our scrap flow and a better ability to control the alloys and the scrap content of our product, which is an important strategic sustainability target for us. In Finspång, we are overhauling the entire in-plant logistics, in a very dramatic way. There we reached a first milestone by finalizing the first phase of this project, which will continue throughout 2022 before it's completed. When it is completed, it will have added something like 20,000 tons of capacity if you assume at least the same mix. It will have improved our productivity significantly, and it will have reduced our environmental footprint by, for instance, reducing the amount of, or eliminating the need for diesel truck traffic in the plant. In Huntingdon, we broke ground, as you can see on this cheerful picture for our new casting center there, which is sorely needed, not because it will so much increase capacity, but because it will make us less reliant on supply of cast semi-finished goods that we now procure at a relatively high cost, and often from overseas. This too helps us control the scrap flows much better and helps us improve productivity and also our cost level quite a bit. In total, these things constitute quite a solid platform for continued growth and productivity increase, and it's very pleasant as a new CEO to see the competence and the dedication with which the Gränges team completes these actions under also otherwise quite tough conditions. It's also really good to see that there is yet I haven't met anybody who is not super confident about the outlook for our various units, partly as a result of this long-term commitment to growth and to further productivity improvements that's manifested in these investments. Really quite encouraging, I have to say. Turning to another very important area for Gränges, quite a strategic one, in fact, is sustainability, and there we made good progress in the quarter, for instance, also on things like scrap. Maybe externally most visibly is this sustainability-linked bond that we launched in the third quarter. I was given the pleasure of announcing or starting the trading of the bond on the 1st of October, my first day at work. We're the first Swedish company to launch a sustainability-linked bond on Nasdaq. This particular bond then of SEK 600 million is part then of a new framework that we've also launched for green bonds and sustainability-linked bonds and financing in general, which is quite a big work item that we're quite happy to have concluded now. The interest rate of this bond is a case of us putting our money where our mouth is, as the saying goes. If we do not reach our sustainability targets, then we will pay a higher interest rate on this bond than otherwise. That shows our commitment to reaching those targets in 2025 that we now communicated earlier this year externally. It was also quite encouraging, I have to say, to see the investor confidence in this bond, and therefore also the confidence in us reaching those targets. The bond was heavily oversubscribed. It was a case then of distributing the volume that we have over the investors that showed interest. Especially we got positive feedback on the fact that we are linking this bond to our Scope 3 carbon emission or carbon equivalent emissions, which not many companies do, and where we really are a leading company in the materials industry. That felt good also. Those were my comments on the operational, let's say, more strategic issues that we had in the third quarter. There I would like to turn over to you, Oskar, to take us through the financials for the third quarter before we turn to the outlook. Yeah. Thank you, Jörgen. As Jörgen mentioned, we did improve both sales volume and operating profit in the third quarter if we compare with the same quarter last year. Still, if we look at the margin, the operating profit per ton decreased from 2,300 SEK in Q3 2020 to 1,800 SEK in Q3 this year. As you can see on this chart, the year-over-year margin decrease is partly due to geographical mix changes and the impact of Gränges Konin. If we look at the two business areas, the Eurasia margin, excluding Konin, increased from 0.5 in 2020 to 1.1 in 2021, and the corresponding increase for Americas is from 2.6 to 2.7. I will come back and comment more on the two business areas later. Looking at Gränges Konin, it currently has a below average operating profit per ton of 1,200 SEK. In Q3, this distorts the comparison somewhat. If we exclude Gränges Konin, the adjusted operating profit per ton was about 2,100 SEK for the group in Q3. If we leave the year-over-year perspective and instead compare the third with the second quarter this year, we can see a reduction in both sales volume with about 10% in operating profit and in margin. This quarter-to-quarter development, it really follows the regular seasonal pattern for the Gränges business. I would say that in a normal year, this would not stand out as unusual in any way. That said, I don't really think we can consider this year to be fully normal in that sense, so it's worth to look at the sequential development as well, especially since it will also have an impact on the outlook for the fourth quarter that Jörgen will come back to later. An important driver behind the lower margin in Q3 than in Q2 is the lower capacity utilization following the lower sales volume in the automotive part of the business. Capacity utilization is just about 80% for the group in the quarter, compared with 90% in Q2. In addition to the lower capacity utilization, the most important driver behind the margin reduction is the increasing inflationary pressure on, for instance, energy and freight costs. As you may recall, we did see effects on this also in the second quarter, but this has increased further during the third quarter, and we currently expect to see this continue going into the fourth quarter as well. If we look at the third quarter in more detail, we can see that the sales volume increased by 37% to 119,000 tons, and that the net sales increased by close to 80% to SEK 4.6 billion. Excluding acquisitions, sales volume increased by 11% and net sales by 51%. The main reason for that, the net sales increased so much more than the sales volume is the increasing aluminum price. Net impact of changes in foreign exchange rates was, on the other hand, -SEK 14 million compared with the third quarter last year. If we look at the earnings, the adjusted operating profit increased to SEK 219 million in Q3, SEK 16 million higher than prior year. Of this, the acquired Konin business contributes with an operating profit of SEK 27 million. The operating profit was positively impacted by increased sales volume, higher average conversion price, and positive effects from metal management. As just mentioned, though, significant inflationary cost pressure related to primarily energy and freight had a negative impact on the operating cost development in the quarter. Cost for strategic projects amounted to about SEK 10 million, and net changes in foreign exchange rates had a negative impact of SEK 16 million in the quarter. Depreciation and amortizations increased with, in total, SEK 73 million, and of this, SEK 27 million are related to Konin. Important to point out, it also includes SEK 40 million that relates to a write-off of assets damaged by the fire in Newport earlier this year. Those SEK 40 million are fully met by revenues for insurance compensation, and the net impact on the operating profit is therefore zero from this item. It's a one-off item for the third quarter. There are no items affecting comparability in the third quarter, and the profit for the period increased to SEK 153 million, and earnings per share remained stable at SEK 1.44 per share in the third quarter. During the third quarter, net debt increased by SEK 280 million to SEK 3.8 billion, corresponding to 2.2 x EBITDA on a rolling 12-month basis. As you can see on this slide, the increase in net debt is primarily driven by the negative cash generation in the third quarter, with a cash flow before financing adjusted for expansion investments of - 135 million SEK. What you can also see is that this is driven by working capital increase, and that in turn is fully related to the increase in aluminum price. The aluminum price has increased further by 25% during the quarter and is now at the level of $3,200 US per ton, this is a level we haven't seen since 2008. This further increase will continue to have an impact on Gränges working capital also in Q4 and will partly offset the expected seasonal working capital release. During the third quarter, we've continued to invest in total SEK 85 million in the expansion of the Gränges business through the ongoing strategic initiatives or programs that Jörgen mentioned earlier. If we look at the Gränges Americas business area, we continued to experience a strong market activity in the third quarter. We did, however, also experience temporary production disturbances impacting the bottlenecks in primarily the Huntingdon plant. When we are running at close to maximum utilization, as we're doing in Americas right now, it's very difficult to make up for time lost in production. That means that reduced or lost capacity is immediately translated to lower sales. In Q3, we lost about 4,000 tons of sales due to these production disturbances. Despite these issues, the sales volume in the third quarter increased by 8% to 64,000 tons. The adjusted operating profit for the 3rd quarter increased to SEK 172 million, which corresponds to an adjusted operating profit per ton of SEK 2,700. The improvement in operating profit was driven by the increased volume, further supported by higher average conversion prices. Also, in Americas, the operating costs increased due to the inflationary pressure, but also partly related to the higher maintenance costs due to the production issues that we faced in the quarter. The 4th quarter is typically the seasonally lowest quarter for Gränges, and this is also when we schedule most of our major maintenance activities, and 2021 will not be any different in that respect. This year, we will, however, need to do more extensive maintenance activities in the Huntingdon plant than what we would do a normal year. As a consequence of this, we will need to close part of the Huntingdon operation for a longer period of time in December, and this will lead to about 8,000 tons less available production capacity in the fourth quarter. Also, Gränges Eurasia continued to experience a positive demand development year-over-year in the third quarter, but with the sequential slowdown compared with the second quarter then driven by the lower auto demand. The sales volume in the third quarter reached 61,000 tons, which represents an organic 22% increase over the third quarter last year, but a 14% decline over the second quarter this year. The adjusted operating profit for the third quarter increased to SEK 69 million, corresponding to an adjusted operating profit per ton of SEK 1,100. The improvement in profits was primarily driven by the increased volume in combination with some favorable effects from improved metal management. Operating costs increased due to the inflationary pressure on energy, but primarily on freight for the Eurasia business. The reason for this is that in Eurasia is where we have the overseas export business, and that is then the one that is most impacted by the higher freight costs that we see in the world right now. Net changes in foreign exchange rates at a negative impact of 13 million SEK in the quarter. On a more positive note, the integration of Gränges Konin continued to move forward according to plan. Since Gränges Konin has a broader product portfolio, it is slightly less impacted by the slowdown in automotive demand in the quarter, and Konin delivered a sales volume of 22,000 tons. On the more negative side for Konin, we do see a large impact from increasing Central European energy prices. As we mentioned earlier, the adjusted operating profit for the quarter reached SEK 27 million. As we heard from Jörgen earlier, we did, however, also reach two important milestones in the expansion of Konin in September. The first coil was successfully rolled in the new cold rolling mill, and the first metal was melted in the new casting furnace. With that, I hand over back to Jörgen for the outlook and a summary of the third quarter. Yes. Okay, starting with outlook. We have mentioned automotive several times during this call, and as you can see on this graph, the forecast automotive production, in this case, the source is IHS, is that the negative organic growth of automotive production light vehicles will prevail also during Q4, which of course impacts our sales. As a result of that, we're forecasting a 10% negative organic sequential growth in the fourth quarter over the third quarter. I'll get back to you soon with some more details on that. We're also seeing some very sharp cost increases. This is familiar information for most of you, I assume. For us, the energy and freight are the two most important components in the short term, at least in the third quarter. There we saw throughout the third quarter, but also into the fourth quarter, continued increases, especially of natural gas. Natural gas is important for us in all of our sites, but especially important in Konin, and there we have also the highest effect of the natural gas price in the third quarter. On this background, turning to the outlook for the fourth quarter, we have to say it's challenging. Sorry, I'm a little bit lost here. We have to say it's challenging because the sales volume in total is expected to be about 10% lower than in the third quarter. There are a couple of factors behind that. One is that the demand continues to be good for many end customers. On the other hand, like we said, there's going to be a low demand from automotive customers. Also volume in the fourth quarter will be influenced by reduced capacity because we're planning to have a more extensive maintenance stop in the Americas. Because, again, of the high capacity utilization there, we're not expecting to be able to make up for that in other days than when the factory is shut down. Most of that will happen during December. We're also expecting the cost pressure to continue and even increase during the fourth quarter. We're, of course, attempting to mitigate that with price increases, and we will increase prices, but we do not expect those price increases to fully mitigate the cost impact during the fourth quarter already. In this context, we have to mention the additives. Gränges, as you know, is a highly technical company, and we have highly technical and very specialized products that are made up mostly of aluminum, but also contain a variety of additives, mostly metals, but also some other elements that help then make the very special technical characteristics of our products the right ones. For Gränges, the most important ones are silicon and manganese, but also zinc and iron and magnesium and other metals and other elements. Some of these elements, unfortunately, have been experiencing some very, very dramatic cost increases recently, and in the third quarter for sure, but also well into the fourth quarter. The most dramatic of those is magnesium, and it serves as a good example then because like many of these other elements, the cause of this very high price increases is dramatic and very sudden supply shortage. It, in turn, then has to do with other bottlenecks, and in the case of magnesium then, it has to do with the shortage of energy, and especially electricity in China, which has then influenced output of the Chinese magnesium industry. The Chinese magnesium industry is by far the biggest producer of magnesium in the world market. That has led to very low inventories of magnesium in Europe, and therefore also price increases. Now these price increases, but also the shortages, are a problem for Gränges in the short term, but they're also a big problem actually for the aluminum industry as a whole and also for the automotive industry as a whole. Where this will end, it's hard to say. It will be, for sure, a topic for these calls, but also for many other companies throughout the fourth quarter and into 2022, who knows? Of course, we all hope that this bottleneck will be resolved and that more normal levels will prevail because this kind of volatility is not really good for anybody. Our focus, meanwhile, is on putting in place a long list of mitigating actions. The most important of those are, of course, price increases, because when our costs go up, we have to increase our prices, and that's also what we're doing. We can also do other things, and our customers, of course, require that we do what we can to mitigate this cost effect. For instance, we're working a lot on improving our recycling so that we can reuse scrap that has these elements in them. For instance, in the U.S., we're working quite hard to recycle more of manganese-holding aluminum, so we can use that then instead of virgin manganese, so to speak. We're adjusting, of course, or attempting to adjust and substitute these alloys with other alloys that have the same characteristics or nearly the same characteristics, but do not require exactly these metals then. That requires, of course, a very tight cooperation with our customers and our suppliers and our operations to make sure that all these things mesh. A lot of work, in fact. Turning to the summary of the third quarter and the outlook, we can say that we have, in fact, a pretty good demand picture, and for sure, a very, very strong recovery from last year's very tough situation with the COVID pandemic. We are also experiencing a severe slowdown, actually, of the automotive sector in particular, relative to earlier in this year. Nevertheless, we saw in the third quarter increased sales volume, and we saw an increased profit, all good. Even though the sales volume was quite significant, at 37%, I believe, total growth. It was, however, then a negative sequential growth relative to the second quarter of 10%. We are seeing an increased effect of the general inflationary environment that we're experiencing in most of the places where we're active, and that is now starting to impact our cost base. We're offsetting that with price increases, but we have not yet succeeded to offset it completely. Positively though, we're making very good progress on our strategic initiatives, and I spoke about some of them here. Maybe most interesting for the external world are the things that we are doing on the sustainability front, which is becoming an increasingly important topic for us and for our customers, and investors. Internally, we think quite a lot about the efforts that we're putting in to increasing our capacity, our productivity, and to reduce our own sustainability-related carbon footprint. There, as I said, we're seeing good progress. The near-term outlook is challenging, for that, we need to take action. The actions we need to take are, in the near term, to intensify our efforts to increase our prices to the customers, to work on, as always, on cost efficiency and to work on productivity. Longer term, we're taking this opportunity to review the strategies of both of our business areas so as to make sure that we are going to be able to meet our long-term target of having a 15%-20% return on capital employed. Also to meet the strategic targets that we set out for sustainability, and have now also committed to in economic terms, to reach by 2025. Given our very stable and global customer base, which carries within it a lot of very interesting growth opportunity, given Gränges' strong team, and given the strong efforts we're putting into this, we have, in fact, every opportunity to succeed, both short term and long term. That's also what I think will happen. I mentioned the team finally, and I think that's good to end on that note. Gränges has a strong team, and in my experience now, short experience I should say, in Gränges, also a very competent team and a very committed team. I think that team is showing now what it can do, because we're battling at the same time some short-term volatility in cost and in demand, which requires a lot of work internally to reschedule, to talk to suppliers, to work with customers, to work through these things. At the same time, we're working on our long-term strategic projects in an exemplary way, I think, a really impressive way. For that, I'd like to thank the whole team and say keep it up. We're going to need a bit of an effort in the short term, but if we make that effort, we're also going to be successful in the long term, I have no doubt. Thank you for that, and also thank you, ladies and gentlemen, for listening, because now then it's time for questions if you have any. Operator, we are now ready then to take questions. Thank you. If you have a question, please press 01 on your telephone keypad and you will enter a queue. Our first question comes from the line of Gustaf Schwerin from Handelsbanken. Please go ahead. Yes, good morning, everyone. A couple of questions. We start with your Q4 guidance. Looking at your auto volumes in Q3, you grew 8% organically, you clearly continued to outperform light vehicle production. Looking at Q4, I guess you expect that to revert in order to get to your volume guidance. What I'm looking for is how much autos is expected to contribute to the 10% lower volumes for the group. That was my first one. Gustaf, thank you for joining. Your line was a little bit bad, so it was not entirely clear to me exactly what the question was, but I understood it to be how much of the 10% is due to auto. I think it's like so that, of course, we don't give details on exactly what comes from where, but the main factors influencing the sequential decline are, number one, auto, number two, capacity relative to the Gränges Americas in particular. Those two factors together make up that 10%. Now, of course, we're seeing year-over-year a negative auto expected production volume of 20%, but that's a year-over-year effect, not a quarter-over-quarter effect. Those numbers are not entirely comparable, and that's why maybe that question arises. I think, at least if I look historically, rolling quarters, you have correlated very well with light vehicle production. The first three quarters of this year, there has been a clear outgrowth. I guess that implies some sort of restocking in the customer chain. Just to get to your Q4 volume guidance, I need to apply more than the IHS forecast on light vehicles, if I assume that you have these production restraints in the U.S. as well. Basically, my question, should we be closer to global LVP in Q4 than we've seen so far this year? No, Gustaf, it's Oskar here. I think the effect that will have a bit of an impact here also that we see already is that there are inventory ahead of us in the supply chain. Basically, many of our customers have fairly high inventory levels of Gränges products going into the fourth quarter. Even though there may be a sequential pickup in auto production, let's hope for that, it means that there is still some inventory that can be reduced before increasing orders from Gränges again. This, in combination with it being a fourth quarter towards year-end, the typical pattern for year-end is that Many of our customers are focusing on reducing inventory levels for the year-end close. The combination of this leads to a slightly softer outlook for our sales than to automotive, maybe than what the auto production itself has in hand for fourth quarter at this point. Also, it is an uncertain environment. To some extent, I guess we have to wait and see a little bit here. Yeah. Okay, fair enough. Just following on that topic, if we look at your HVAC demand Q4 over Q3, seasonally adjusted, do you see a sequential improvement in HVAC for Q4? We see that we could probably sell more than we do if we had the capacity. For us, the issue right now in HVAC is not so much the demand development, but rather our ability to supply the demand. Right now in Q4, specifically, we have an issue because of this quite necessary maintenance activity that we're planning, especially for Huntingdon. Longer term, we're quite positive about the outlook for HVAC, because when we have the capacity, we expect to be able to sell it not only in Q4, but also in the beginning of next year. Yeah. Okay. Secondly, on cost inflation, if we look at the profitability per ton year-over-year, can you quantify how much the direct dilution effect was from cost inflation and how much was the slower utilization level? If you can say anything about how much worse you expect this to be in Q4. It's a good question. I would say like this, that if you look at the external cost increases that we've faced quarter three versus quarter three last year, adjusting it for FX and volume and so forth, we're looking at some SEK 60 million that the costs are increasing due to external drivers, and it's primarily energy and freight that we are talking about then. Regarding the outlook for Q4, I guess, the jury's out also, right? We're working ourselves through some very volatile times here with both energy and freight, but also now these alloying metals being so volatile. It's really hard to know what the cost pressure is going to be during Q4. Right now, where prices stand now, it's not going to be better but worse. Okay. Fair. Just lastly, if you can remind us how much of your contract base is up for renewal by year-end, I'm thinking to offset cost inflation. I don't think we should completely look at it on a contract-by-contract basis because the situation is so volatile and so unusual also that we need to work with other means than only the contracts, right? We are working, of course, on surcharges for freight and surcharges for energy, and potentially we'll also have to work on surcharges for these shortages. I think generally in the industry right now, there is a good understanding that the situation is unusual and that unusual measures are required. When it comes to the contract base, especially with the acquisition of Konin, we have there a large portion of the sales are actually not contracted longer term, which is sometimes a negative, but today a positive, because that means we can affect the price increases quicker there. In the Americas, we have mostly long-term contracts, but those are also constructed so, and also because of the good demand picture there and shortages, we have been able to pass on price increases there. The most difficult situation we have with the automotive customers in Europe and also what we export then to the Americas, and there we're in close contact with each of those customers, and our basic idea is that we are going to have to pass the cost increases onto them one way or the other. You're right to point to it because it is of course a factor there that we have generally long-term contracts and that those contracts do not always provide for this situation that we're now in. Okay. Thank you very much. The next question comes from the line of Victor Hansen from Nordea. Please go ahead. Thank you. Hope you can hear me. I saw in your annual report that you use just about 20% of your aluminum that is recycled, and that means that about 80% is new metal. You also alluded to the recycling to mitigate some of the magnesium effect and other additives. I'm wondering, basically, how much can you change this mix? How will it help you to mitigate the negative effects on your output from the additives impact? Yeah. The latter part of the question, we don't know. That's something that's a work in progress right now from the additives because it's such a recent development. When we say 20% scrap, we mean external scrap, right? External scrap is something that we buy in externally, whereas we also have quite a big portion of our metal management has to do with managing internal scrap in a good way. There, the more we catch ourselves and the more we can be efficient and smart in how we plan our production and also our portfolio of products that we sell to the portfolio of customers that we have, then we can manage that more efficiently, and that then means that we don't have to sell scrap externally that can be other usefully employed in our operations. Specifically on these alloys, then we have to hunt down exactly the right type of scrap and then close that loop. That's quite an effort, and it will be possible to some extent, but we don't know now to what extent. It may influence our total external scrap usage then also. Yeah. Okay. If you don't find the correct additives, then I would assume that you can't produce. Please correct me if I'm wrong. Are there any meaningful ways for you to mitigate the additive impact on your outputs? Well, there are many meaningful ways. First off, the simplest is, of course, to raise the price. When it comes to magnesium, most of the magnesium, or almost all the magnesium we use, we use in Konin. There it's used for products that go to customers with whom we do not have these long-term contracts. There, the price is going to have to go up. Not only we, but everybody else in the industry is going to have to raise the price on everything that contains magnesium, end of story, so to speak. Nevertheless, we can do things to mitigate there too, because there we can try at least to replace those alloys and those products with others that are similar in nature but do not contain magnesium. Manganese in the U.S. is a bit of a different story. There the question is more one of very close cooperation with our customers to make sure that we can recycle their scrap back, which now has become, of course, much more valuable because it contains manganese, and to recycle it back into our production. The story is complicated and a little bit different for each customer and each alloy, but the whole team is working on it, and we think that we have good mitigating efforts and actions in place. Nevertheless, a challenge. Yeah. Okay. Understood. I'm more worried about the actual supply of additives rather than price for magnesium, for instance. Just to clarify also, the additives are not indexed in the contracts as the aluminum price is, you are actually impacted by this short-term. Generally speaking, where we have long-term contracts, generally speaking, there is not protection. It should be noted in the context that magnesium is not subject to long-term. Our magnesium alloys that we sell are not subject to long-term contracts, so there we have complete liberty instead when it comes to the price. You asked about supply and of course, yes, everybody who is trying to get magnesium right now will have their hands full, and so will Gränges. We'll see how that plays out. We're actually more worried because we have inventory of most of these metals. When it comes to magnesium in particular, we're more worried about its impact on the automotive production longer term, because that can be then something where we cannot really control and where we don't have the team to deal with that. Somebody else has to deal with that. There, of course, we could be impacted by a further decline in the automotive industry. I'm also generally, I think, you have to be positive in life, and I think that somebody will solve this problem one way or the other. Okay, great. It's good to know that you have some inventory at least. A final one from me. Oskar, in your previous answer, you mentioned the external cost inflation and you mentioned the number SEK 60 million due to energy and freight. Is this the full-year impact or the quarter impact in Q3? Thank you. No, SEK 60 million is the quarter three impact versus quarter three last year. It's not the full year, it's the quarterly impact. It's basically all external cost increases, so it's not only energy and freight, although energy and freight are the two by far largest items in there. Thank you very much. That's all from me. The next question comes from the line of Oskar Lindström from Danske Bank. Please go ahead. Yes. Hi. Three questions from my side. Some of them may be touching on what's been discussed already. The first one is on Americas and the nature of the production disturbances that you had in the quarter, and could they sort of continue, or have those issues been resolved? Is there any link between the production problems in the third quarter and the more extensive planned maintenance stop in the fourth quarter? Yeah, that's my first question. Okay, let me try to answer that then first, and then we can get back to question 2 and 3 in a moment. Yeah, that'd be great. Thank you. The temporary production difficulties that we had in the Americas in Q3 were twofold. Firstly, we had a planned maintenance stop, which was extended a few days because of some things that were discovered during maintenance. This is quite a normal thing to happen, but the situation where we are running so close to our capacity ceiling makes those few lost days, lost days. That then influenced the total volume with something like I think 4,000 tons in the quarter that we could not then make up for because of the capacity utilization. On top of that, we're experiencing difficulties in the Americas to source what we call reroll. Reroll is a semi-finished product that we use then to input into our downstream operations. The reason we have to supply that from overseas and at very high cost right now is because of the bottleneck that we have in casting, and that's the exact bottleneck that we're now hoping to resolve with this new casting complex that we broke ground for in the Q3. Those were the two factors there. The answer to your second part of the question is no, the Q4 maintenance has nothing to do with the Q3 thing. It's just maintenance. We make maintenance every year, and sometimes it's a little bit more and a little bit less, and this year it's a little bit more. Has to be done because we're running at such high levels that we can't take any risk with the equipment. Once it's done, you close it back up again, and then it runs. We don't see it as a risk, but it is something that we wish everybody to be aware of ahead of the fourth quarter. Let's go to your second and third question, if that was the answer to the first one. Thank you. Yes, that was a very clear and good answer to my first question. My second question is on the price increases, and you seem to be indicating that you're not going to be able to compensate for the cost inflation in the fourth quarter, but when do you believe that you would be able to compensate for price increases, at least the price increases you're seeing now through Sorry, for the cost increases that you're seeing now through price increases. Is this something that we should expect you to achieve early next year, mid or late next year? What's your best estimate? It's a good question of course. In general terms, firstly, Gränges, I think, has a very good history of being able to maintain good profitability levels, good margins, which we measure then mostly as profit per ton, over many years and through a lot of volatile situations, both when it comes to input costs and for materials to energy, labor, of course we have currencies and the aluminum price and so on. Generally, we have a good track record, we feel, of being able to pass such things on to our customers. Right now, in this volatile situation and with the swings that we have in volume, it's a hard-to-forecast kind of thing. What we're doing right now is working through each of our customers in each of our units and making sure that we have the price increases in place or getting them in place to offset these cost increases. Some of those will hit already during Q4, others during Q1, then there may be one or two customers who are very tough customers and who will hold out longer, who knows? There, of course, we also have to then almost argue a force majeure kind of situation. This is very much work in progress. We expect to see good effects of our price increases in Q1. As you know, we're not guiding for margin that far out in time, and the recent development has also shown, I guess, that it's wise to not guide for margin that far out in time. We expect to see good effects of price increases in Q1, and whether they will offset the cost situation then, we will report on in Q1. Great. My final question is on, you mentioned something now about reviewing strategies of the business areas. Could you say a little bit more about what that could entail? What kind of a review are you thinking about? Yes. We're now in a quarter where we have generally good economic conditions, but we have some short-term issues that we're battling through. In this quarter, our rolling ROCE number is something like 11% or thereabouts. We have a long-term target of 15%-20%, and that's also levels that we know we can reach because we reached them for many subsequent years in the past. Since 2019, we've had a fall off on that, and that's partly due to some profit issues and also partly due to large investments that we've been making and which have not yet paid off. What we're now doing is simply going through the plans for each of the units and making sure that there is a good, solid plan for coming back to the financial targets which we have communicated externally to the markets. At least in my book, that's nothing dramatic, but it's something that I think it behooves us to do in the current situation. It's not so that there is a playbook for that or that we're looking into selling something or buying something or anything like that. This is mostly a question of which customer segments do we play in, what do we do about price, what do we do about innovation, what do we do about sustainability, what do we do about productivity? The exact things that we've already communicated in our strategy. Our strategy framework is fine, and now we're just making sure that each of our units has a good plan in place inside that strategy framework to reach the targets that we've set out for it. Thank you. When do you think you would be ready to communicate to shareholders some of the details or more concrete actions? Sir, we need to communicate anything because we have a good strategy in place and good targets. I guess in the natural course of our events, we will get at some point to something like a Capital Markets Day or so, but we have not yet made plans for that. All right. in the past, I think we've made Capital Markets Days almost yearly, right? Is not the case, Oskar? Yeah, bi-yearly at least. Bi-yearly at least. I guess it's time now, I guess then, but we'll see. We'll see. All right. Super. Thank you. Those were my questions. I'm satisfied. The next question comes from the line of Kenneth Toll from Carnegie. Please go ahead. Yeah. Many of my questions have been asked, but a final one then. With the production expansions and the investments you are doing in Konin and Finspång, I was wondering if there have been some delays there. You reported that you've taken important steps. When can we expect commercial deliveries coming out from the new capacity in Konin and in Finspång? Yeah. The answer to the first part of your question is yes, there have been delays. There have been delays primarily because of COVID and because of the staff and the technical people from the suppliers of the equipment and the software, and everything that we're using in those places have had difficulty to travel to the places and doing the work they're supposed to do. In both cases, there have been delays, for sure. The delays are after we have mitigated the delays with a lot of hard work and clever and innovative solutions for managing the projects in the very difficult circumstances. In terms of capacity increases, we expect a little of a capacity increase in the U.S. already next year in our Newport plant. This capacity increase has been delayed by the fire that we had in Newport in the second quarter of this year. That fire, we have everything we need to do to mitigate that. The capacity that was affected by the fire, of course, is now lost for a while while it's being rebuilt, and the new capacity is coming online, but is making up for the lost capacity rather than adding to capacity. We do expect a capacity increase in the U.S. starting next year. When it comes to the large projects in Finspång and in Konin, we expect full effect from those projects from the start of 2023, and during the year, then a gradual ramp-up. Okay, great. Yeah. That's all for me. Thank you. The next question comes from the line of Karl Bokvist from ABG. Please go ahead. Thank you. Hi, Jörgen. Hi, Oskar. My first one is just if you could provide some guidance on what you're seeing in terms of maintenance and expansion CapEx for the next 3 years would be helpful, if it's changed by any kind of amount. Yeah. Maybe I should take that one, Karl. It's Oskar here. That was a big question you just asked there. I will for sure try to answer it. Speaking about CapEx, we've said that what can be expected over time that we have to invest in order to sustain the business or maintain the business, if you wish, is that we need to reinvest some 75%-80% of depreciation. That also would include smaller upgrades, smaller capacity expansions, and so forth. That I think is a rule of thumb for what can be expected over the years to come. If you have a 3-year perspective, it will very much depend on what actions we would take on, and additional sort of investments to make on top of what was already in plan. That I think is impossible to comment on at this point. What we can comment on, though, is that, okay, we have the ongoing investment that Jörgen just comment on, and for those programs, we have around SEK 600 million left to spend before they are all completed. That SEK 600 million, the bulk of that, will be spent in 2022. I think that we can add as well. There will be a little bit of CapEx from ongoing initiatives left to spend in 2023. If you take a longer view than that, it's going to depend very much on what additional investments we may or may not take. Understood. I just seem to recall that in an earlier conference call, we were talking a bit about perhaps expansion CapEx, close to SEK half a billion for this year, and then for next year, maybe something like SEK 300 and a bit of a spillover in 2023. Also considering the battery materials investment you recently announced. Is that the correct way of thinking about it now, or how would you look at it? If you look at 2021, SEK half a billion of expansion CapEx is more or less what we expect for this year. If you take, as I said, you have SEK 600 left on existing projects, and if you take the bulk of that, let's say that's SEK half a billion as well for next year, given the pace and the plan that we have for those products at this point in time. All right. Thank you. Just to understand a bit of dynamics here, I think you mentioned, Jörgen, that you noted that your customers had a fairly good level of Gränges products in their own inventory. Do you think that for the industry as a whole, that inventory levels are improving, or is it just particularly for your products and your competitors' products? I think the comment was made by Oskar, not me. This is Jörgen. The Comment was referring specifically to the automotive industry, I think not to any other industries. There, our customers, as you are well aware no doubt, are the Tier 1 customers, who then in turn supply the automotive makers. They have to have inventory because they have to meet production. Now production has shut down very rapidly, and therefore, the inventory that they were supposed to deliver in September is still in their factories. That means that they don't take out inventory from us, A, because they don't want to pay for it, and B, because they don't have any place to store it. There is inventory in the automotive Tier 1s now, which is due to the rapid slowdown of the automotive production. If the production remains on a low level, that inventory will remain there, so to speak. When the production goes up again, the experience from dealing with automotive customers is that then they suddenly wish we have inventory because they don't have a lot of it. When we have a corresponding rapid increase in automotive production, then this inventory will burn off very quickly, and then Gränges will be back on solid growth numbers when it comes to automotive. The comment was specifically about automotive. When it comes to HVAC, it's rather a question of shortages throughout the supply chain. When it comes to the industry in general, in Europe and in the U.S., it's also, generally speaking, a question of shortages of nearly everything. These recent spikes in magnesium and so on will just aggravate that situation. Generally, the industry does not have a lot of inventory, but in automotive Tier 1s, absolutely yes. All right. My final question is on, we talked now a bit about headwinds going potentially into next year on cost inflation and everything. If we look on the other side, what kind of factors or dynamics do you see supporting earnings for next year? I seem to recall, for example, in Q4 2020, just looking at the next quarter, you had SEK 30 million in negative headwinds related to metal price management. I'm just thinking, should we expect this kind of +SEK 30 year-over-year in Q4 2021? For 2022, of course, just to understand, will it mainly be about recovering volumes? Will you have any benefits from improved productivity or any savings? Any color on that would be helpful. I can take one comment first there a little bit just on the metal effect there in Q4 2020. That was primarily the metal effect or the metal management effect between 2020 and 2019. It's very important to highlight that when you comment on 2020 versus 2019. When we look at 2021 versus 2020, metal management is, as we have talked about many times, always difficult when you have uncertain environments to operate in because it's much more difficult to optimize your metal mix in the cast houses and so forth. That said, I think that what we are, of course, striving for is to have a fairly neutral metal impact between the third quarter and fourth quarter this year, if we look sequentially. If there were any other comments there on the additional, I don't know, Jörgen, if you want to comment on tailwinds and so forth? I think there will be major tailwinds. Many of them will come in 2023. Referring back to Kenneth's question before, many of the real effects of the capacity increases that we're making and productivity investments that we're making will have most of their effect in 2023. That effect is expected to be major. We're talking about a significant decrease in our total ability to produce. If the market is there, we will also be able to sell those at a good price. Right now, when it comes to tailwinds, we're mostly focused on getting price increases out to the customers. That is not necessarily a tailwind because it also corresponds to cost increases, it's a super important thing for us when we try to manage the result for 2022 to actually get those price increases out there and get them as soon as possible and as high as possible so that we fully mitigate the cost effects that we have. That's our main focus there. Of course, we will also have to focus on productivity and on general cost efficiency and so on and so forth. Price increases is the biggest swing factor, I think, in the P&L year-on-year. It's necessary, unfortunately, also because of the cost increases that it corresponds to. I don't know if it answers your question. I t does. Thank you. My super quick final one is just on TRILLIUM. I think you mentioned a year ago or so that it might have been a few percentage points of total sales. I was just curious about the development on TRILLIUM products and any indication of how much it is today. No, it's a good comment there, and we don't have specific comments on exactly how much it is, but I can mention one thing which I think is very positive, and that is that the TRILLIUM products are coming to very good use in our powder metallurgy business unit that we set up, yeah, basically last year. That's showing very good and prospective developments in that field. There are many applications for these, and we are still positive on the future outlook for these type of products. I visited myself this rather small business unit, which we call GPM, Gränges Powder Metallurgy, and they're also a super competent team, and some really interesting growth opportunities there and also interesting businesses, also good profitability, in fact. Of course, we're talking there about a relatively small unit compared to the large units that we have, and that make up most of our sales and most of our profit as well today. Our focus right now is to let that unit continue its growth plan and contribute to growth and earnings in its own way, but to make sure that the large units get their full price mitigation effects in place. All right. Thank you. We have one final question from Mats Liss from Kepler Cheuvreux. Please go ahead. Thank you. Just a couple of quick ones. First, you have this export of automotive volumes from Europe to U.S., and I was just a bit wondering about the competitive situation in U.S. Are there U.S. domestic suppliers there that are not affected by freight to the same extent as you are? First of all, when we say North America, we also include North America, Mexico. We have customers in Mexico to whom we supply, and where the same rules do not apply as they do in the U.S. Otherwise, most of our automotive business in the U.S. is our customers that we serve elsewhere in the world, but that we also then export into North America then in general. I don't know if that answered your question, otherwise, please specify. No, I think the question was also if there is local supply that is not impacted by the overseas freight inflation, and I can just add then there, Mats, that there is a scarcity of domestic suppliers in this field in North America. There is primarily only one domestic supplier of size, that is the supplier that is the market leader for the automotive products in the U.S., and we are number two in this market. And that player has several other strategic focus areas as well. They're not doing only automotive heat exchanger materials. So it is a business or a market that is in a bit of a scarcity of supply at this point. Okay, great. The second one was just, you mentioned, Oskar, the concentration in the third quarter year-over-year, I got the impression that it will be somewhat higher in the fourth quarter. Was that right? We do see, of course, that if you look at gas prices or energy prices in general and so forth, the upward trend continues to increase. We are seeing a higher price level going out of the third quarter into the fourth quarter than what we saw going basically into the third quarter. We expect this price trend to continue into the fourth quarter. What will happen during the fourth quarter, it's of course a lot of uncertainty around, but this is at least what we see right now. W e should also say that our expectations here may not be worth so much because of the volatility of the situation. We did not expect, to be honest, the price development that we've seen on manganese or magnesium a few weeks back. We did not expect that now. We're not macro analysts. We're just business people, and what we're trying to do is to make sure our cost increases that we have to take are matched by price increases that we want to deliver. Good. Just a final one about the magnesium there. China is a large supplier there, and you're almost seen as a domestic producer in China. Do you think that the supply of magnesium will stay in China, or to a large extent, and will you be preferred as a buyer of that magnesium, or? Will Gränges be preferred? I think the magnesium issue is such a large issue that it's not a question of will Gränges be preferred or not, it's a question of how much magnesium will be imported into Europe as a whole. There, I think your crystal ball is at least as good as mine. We don't know what will happen to magnesium. We do know that we have mitigating actions in place for our small portion of the magnesium consumption in Europe. We do know, on the other hand, though, that if something is not done to solve it, there will be issues in the automotive production downstream. It came quickly. Who knows, it can also go away quickly. At least I do not know. Yeah. Okay. Thanks a lot. Bye. As there are no further questions, I'll hand it back to the speakers. I'd like to thank everybody for joining this conference for the Q3 Result of Gränges, and for the many very good questions that helped us clarify our message further. Thank you for that, and enjoy your days. Bye.