Good morning. Welcome to this presentation of the SSAB Q3 report. My name is Per Hillström. I am Head of Investor Relations at SSAB. With us today here is our President and CEO, Martin Lindqvist. Also our CFO, Håkan Folin. We have a bit of a hybrid setup today. Martin has a bit of a cold. He is not here with us in the room. He will participate over the phone. The agenda as usual, Martin will start with the overview of the quarter. Then Håkan will go into the financial details. Then Martin at the end with the outlook and the summary. Then, of course, it will be ample time to ask questions at the end. We will come back to that. By that, Martin, we can now see your first slide here, another record quarter for SSAB. Please, now you can start with your presentation. Thank you, Per, and good morning. I once again apologize for not being able to be in the room, but I have quite a cold, so I guess it's better for me to call in than to be in the room, even though I looked forward to meet you all for the first time in 1.5 years. If we start with that picture, I would summarize Q3 and use the words solid internal performance in a strong market. These are some of the KPIs, and if we start with safety, we are moving in the right direction. This is long-term injury frequency per million working hours, and we are at now rolling 12 at 1.9, which is much better than we have seen previous year. If we take it year to date, it's even better. We then move over to Special Steels, we could see that during the third quarter, even though we had an outage, we continued to grow the Special Steels volumes. This is the best Q3 deliveries we have ever seen for quench and temper. We also continue to improve the mix in Europe, y ear to date, the premium mix is 43% of the premium share. If we take Q3 standalone, it was 45%. This is also an important part of our strategy to shift the mix towards less volatile and more profitable products. It all ended up in record high earnings with an operating profit of SEK 5.8 billion for the third quarter. If we take the next slide, Per. Another, I would say, remarkable event during the third quarter was that we rolled the first fossil-free plates in Oxelösund ever during the third quarter. We didn't only roll fossil-free plates, but we also shipped them to one of our customers, Volvo Group, and they, during the quarter, also came out with a new product, a load carrier for mining and quarrying, which is made completely out of fossil-free steel. This is one very important event on our journey to become the first fossil-free steel company in the world. We have now proven that the technique works, and according to Volvo, the quality of the steel is as good as the steel we usually produce. We have also, during the quarter, signed a number of strategic partnerships. On this picture, we have the Mercedes, and it is an important partnership with Daimler Group that in the future will use fossil-free steel from SSAB. If we take the next slide, Per. If we look at the divisions, I would say that all divisions were performing very well and meeting record levels in profitability. The reason why Special Steels is a bit lower than Q2 is, of course, that Q3 is a quarter with plant maintenance outages. Even taking that into account, they did SEK 1 billion in EBIT. Europe SEK 2.5 billion, clearly the best quarter ever. SSAB Americas is almost SEK 1.9 billion in the quarter. Even tinplate and Ruukki Construction did very good profits and record profits, and of course, much better than previous third quarters in the history. If we take the next slide and move into divisions. Let's start with Special Steels. I would characterize the quarter with a strong underlying demand, of course, affected by the maintenance outage in August. Typically, we also see a seasonal slowdown both in partly in July, but definitely in August. Shipments of 348,000 tons, which is, as said, a record for the third quarter. It's 34% higher than the third quarter last year. An EBIT or an operating profit of just north of SEK 1 billion, equivalent to 17% EBIT margin, which was, of course, due to better prices, higher volumes, but also very stable production. As we have discussed before, now since beginning of Q3, Mobile, the plant in Mobile is also part of Special Steels. That mill is moved from Americas to Special Steels from 1st of July. If we move over to [inaudible], strong market conditions during the quarter, of course, here as well, somewhat of a seasonal slowdown end of July, August. High share of premium, EBIT of SEK 2.5 billion, which is 23% EBIT margin, which is, of course, a record level. Saw the effects of higher prices, higher volumes, better capacity utilization. Also here we had planned maintenance stops during the third quarter, which we typically have. You can also see on the lower right part of the slide, we have tried to describe the development for automotive and advanced high steel strategy we have within automotive, and we are more resilient compared to the general automotive market. We see clearly that the advanced high-strength steel part is structurally growing better than the market or less volatile than the average automotive market. Next slide, please, to America. We were, during the third quarter, in controlled order intake, which we typically are when prices are moving up. We don't want to sell out too early, and I think the Americas organization handled that in a very good way. We saw good demand during the quarter, higher shipments, both compared to previous third quarter last year, but compared to many third quarters in history. We had an EBIT of almost SEK 1.9 billion, which is, of course, a record level, and an EBIT margin of 31%, which is really good in the steel industry. A strong quarter from Americas as well. If we take the next slide and start to look into Tibnor. Another strong quarter for Tibnor, and they have really put the organization in place. They are finished with the structural cost efficiency program, and they are doing a very good job. They have saved more than SEK 200 million on annual basis, that, of course, is contributing to the record profit. Revenue was up with 75% versus Q3 last year, we had an EBIT of north of SEK 500 million, equivalent to an EBIT margin of 17%. Due to higher volumes, better prices, also prices are moving up some inventory gains. Overall, internal performance also in Tibnor was really good during the third quarter. Next slide, Ruukki Construction. They continue in a steady pace to improve operating profit and how they run operations. They had a very solid performance, nowadays, they fully focus on the product business, envelope, and roofing business. The rest of the business we have sold, this is purely now product business. Revenue increased with 27% compared to Q3 last year, and they had an EBIT of SEK 229 million, or an EBIT margin of 13%, which is good. They saw better volumes. They struggled, of course, with higher steel prices, but I think they handled it in a very good way and ended up with a good result during the quarter. With that, Håkan. Thank you very much, Martin. I will give you, as usual, some more details then on the financials in a very special quarter like this one. As a summary picture, this shows, to a large extent, why this was a really special quarter. If we start with sales over there, we reached a record level of sales with even more than SEK 25 billion in sales. If we look at shipments, well, this is the one where we don't have record levels. We were higher now in Q3 than Q3 last year, which was, of course, very different. We were in line with Q3 2019 and 2018. With a clearly improved mix level. As Martin discussed, we had record levels for Special Steels, which is the one we want to grow to improve the mix and a lso within SSAB Europe, we are seeing very good development for our premium strategy there as well. Same level of shipments, clearly with a better mix than we've seen before. On the EBITDA side, we had an EBITDA of SEK 6.6 billion and an EBITDA margin of 26%. Also this, then, a record quarter for us. Actually, the one that really sticks out is down here, EBITDA per tonne delivered steel, g iven that shipments were lower than previous quarters, but profits were higher, well, you do the math, and we have a very strong EBITDA per tonne delivered steel of around SEK 4,500 per tonne. If we then look what has happened between the quarter and we start comparing Q3 this year with Q3 last year, well, it's almost opposites world. Q3 last year was, of course, very weak, and Q3 this year has been very strong. We have a total improvement going from close to -SEK 1 billion to close to SEK 6 billion in EBITDA, so almost SEK 7 billion in difference between the quarters. A very large improvement is coming from prices, SEK 8.7 billion when we add it up between the divisions, where the biggest items are in Europe and in SSAB Americas. We also had better volumes, this is mainly coming from Special Steels. Of course, as we said before, that's where we want to see volume growth. Variable COGS impacting negatively with SEK 2.2 billion. We say here higher raw material, especially iron ore, that's even actually around SEK 2.6 billion. Given that we were running operations with higher activity level, that also helps in terms of energy efficiency, yield levels, et cetera. Mitigating part of that raw material increase. Fixed costs are of course higher now in this quarter than they were a year ago. We are running operations at a significantly higher activity level. We were doing a lot of scrambling last year in terms of saving costs. Internally, we have actually mainly during this year compared fixed costs with how it looked in 2019. When we do that, and we look at year to date, fixed costs 2021 versus 2019, we are actually clearly lower despite higher activity levels. A lot of the savings we did last year, they were not just temporary. We have managed to establish a lower cost level in the company. Some negative on FX, better capacity utilization. We took some prolonged maintenance outage last year, given the market situation, and then some other. All in all, it's of course, a very different situation now in Q3 versus last year. We see it in better volumes, and we see it especially on the margin and the utilization side. If we instead then compare Q3 now with Q2, we compare two really good quarters. We still have an improvement of around SEK 1.7 billion. Also here, prices are impacting significantly, mainly again for Americas and for Europe. We have a negative impact on volume of close to SEK 800 million. This is because we have a seasonal slowdown in Europe, and we had a planned maintenance outage in Europe. It's a natural and traditional pattern that we see. Variable cost higher, you know the development within iron ore, that's the main impact we see there. On fixed costs, they're basically at the same level in Q3 as in Q2. Usually, we see lower fixed costs in Q3 because we have these vacation reserves. This year, they are on the same level, mainly because we've had the accruals for performance-related salaries, both in the Nordic system, but also in Americas, where we have quite a large portion of the salaries being variable depending on production and market situation. FX quite minor. Capacity utilization, again, it's the planned maintenance outages, and then we have some others. All in all, the improvement from Q2 to Q3 is mainly because we have better margins. We have a strong net cash flow also for this quarter. It's SEK 2.8 billion, despite that we were actually building as much as SEK 2.7 billion in working capital. Why were we doing that? Well because of the increased sales prices, we're building AR, and we're also building inventory, especially on the price component side, given the iron ore development, and lately actually also, the coking coal development. Year to date, we are at net cash flow of as much as SEK 7 billion. The net cash flow has an impact on our net debt. We are seeing a significant reduction in net debt. So far this year, if we compare to one year ago, we are down from close to SEK 13 billion to almost down to SEK 3 billion. It's almost a SEK 10 billion difference compared to a year ago. We are a net gearing at only 5% now, 22% one year ago. In terms of our debt, for the coming plus two years, we have maturities of SEK 3.4 billion. Of course, you've seen the cash flow generation, so this is very much under control. This might stick out a bit. Our duration of the loan portfolio has increased. The reason is that we have used the cash that we have generated to pay back short-term debt, and therefore, the overall duration has increased. Our forecast for cash needs of the business is basically unchanged. It's around SEK 5 billion for the year. We are saying that CapEx, SEK 3 billion-SEK 3.5 billion is what we have guided for throughout the year. We can see now that with only one quarter left, it's more likely we'll be closer to the SEK 3 billion than to the SEK 3.5 billion. Otherwise, there is no changes. Around SEK 5 billion in cash needs. If we then move to the raw material side, if the previous picture was unchanged, here we have seen a lot of development. This is showing our purchase prices. For our iron ore, our purchase prices were 13% higher in Q3 versus Q2. For those who follow the spot market, you know that the sharp increase we have seen for iron ore all of a sudden turned in Q3 and then dropped significantly. Now re-established somewhat, but still on spot market, iron ore is much, much lower than it was a quarter ago. Our purchase prices are up, but for the coming quarters, if the situation is the same as it is right now, we will definitely see lower purchase prices for iron ore. For coking coal, on the other hand, they were not moving so much for a long time while iron ore was moving up. Now during the last quarter, spot prices have moved up a lot. Our own purchase prices were actually 34% higher in SEK versus Q2. We have seen a huge increase, and if this continues, our increased purchase prices will also continue for coking coal. Scrap in the U.S., on the other hand, there we have seen a much more stable development. Our own purchase prices in Q3 was more or less unchanged versus Q2. This is spot market. We saw a slight decrease in October, all in all, not huge changes on the scrap market in the U.S. Finally from me, a few words about the maintenance outages remaining in 2021. Usually, we only show this picture maybe for the coming year, and then we have it in the appendix but r eason I brought it out now is that we have a change here because since we have moved the ownership of the Mobile mill from Americas to Special Steel, we also have a change in split of the cost for this outage between Americas and Special Steel. Given that so far, the majority of the products produced in Mobile is still standard plate, we also have the majority of the cost being with Americas. The cost for the outage as such in total is the same, but just split between the divisions. With that, Martin, back to you. Yes. Thank you, Håkan. Yes, Martin, now you have your first slide also, the outlook for the main customer segments. Thank you, Per. If we take a look at the outlook, I would say that Q4 underlying demand looks okay. If we take stock with heavy transport and automotive, the question is, of course, what will the impact be from the shortage of semiconductors? That is, we don't really know, but we see the underlying demand being continued on good levels. If we look at construction machinery and material handling, very good demand, good level in main markets, strong demand from mining and so on. Moving on quite nicely into Q4. Energy, we see modest improvement in oil and gas and good activity within wind power and transmission, which are two important segments for us. Construction also good underlying demand, as always, we will see a seasonal slowdown depending on the winter weather in Q4. Service centers, I would say fairly normal inventory levels in Europe and maybe on the low side in North America. We'll see how they take out volumes in Q4. Overall, I would say a decent outlook for Q4 as well. We'll see, as always, second half of December, how the volumes goes out and if customers take production stocks due to lack of semiconductors and so on. For us, the majority of Q4 is already in the order book. If we look at the outlook, how we describe it, we expect the demand for steel to be good. As said, question mark regarding the semiconductor shortage and seasonal slowdown. We see also that the global demand for high-strength steels and QT is structurally growing. When we compare Q4 versus Q3, we say in Special Steel, we will have stable shipments and higher prices. In Europe, we will have higher shipments and somewhat higher prices. In Americas, we will have significantly lower shipments due to the outage Håkan mentioned, but significantly higher prices in Q4. To sum it up, before we open up for questions, I would say that the market is what the market is, but we have seen also during the third quarter, a very solid internal performance in a strong market, which is very positive. We have also seen that despite the market, we are able to continue to move the product mix short-term and long-term in our favor. We had record earnings and continued strong cash flow generation. We have seen also during this quarter, a significant reduction in net debt, and I expect us to continue to generate strong cash flows going forward as well. Last but not least, one of many important events, of course, during the third quarter was that we rolled the first fossil-free steel in Oxelösund. We shifted to Volvo, and we have now proven that we have developed the technique, it works, and we have proven that we can supply customers with a fossil-free value chain. All in all, I would say a good quarter with good profitability, good cash flow generation, and a solid internal performance. With that, Per, I hand back to you. Thank you, Martin and Håkan. Now we will be ready for some questions. As usual, if you have several questions, please state them one at a time. We also urge you to be maybe a bit brief in the first round. There will be time for a second round of questions as well from the phone lines. We can maybe start here in the room and see if there is any opening questions from here. No, I guess not. We will please ask the operator to present the instructions for the Q&A. Thank you. Thank you. If you would like to ask a question via the phone lines, please press zero one on your telephone keypad. If you need to withdraw your question, you may do so by pressing zero two to cancel. There will now be a brief pause while questions are being registered. The first question comes from Alain Gabriel from Morgan Stanley. Please go ahead, your line is open. Yes, good morning, gentlemen. I have two questions, and I'll ask them one at a time. The first one is for Håkan. Looking forward into Q4 and 2022, what are the big changes to your cost base that we need to look out for, especially electricity, natural gas prices, and other raw materials that have been increasing in cost quite considerably? Would you be able to quantify the increase in energy costs, or at least give us the ingredients to calculate it ourselves going forward? I don't take iron ore and the coking coal or scrap since you didn't mention them, and we saw them before. For electricity, which has moved especially in Europe, not that much in America, but in the Nordics, we are hedging our electricity costs. You will not see any major difference in the P&L for electricity cost for Q4. We are roughly hedged to around 90%. That's not going to have a significant impact. Also, for other energy types like natural gas, for example, that has already increased quite a lot, and we have had higher costs for natural gas in our P&L already now 2021 versus 2020. It's not going to be if we compare only Q4 versus Q3, that will be slightly higher, but not a significant impact either. Thank you. That's very clear. For 2022, you haven't mentioned on the electricity costs? There we are not hedged as much, but still we have a quite high hedging grade. Let's say roughly around 75%, 80%. Also there, it's not going to be a huge impact. Of course, as you know, for our production in the Nordics where we are blast furnace based, electricity is normally not a very large cost portion. It could be higher now given the situation we have, but since we are hedged to, let's say 75%, 80%, we don't expect that to be a major issue in 2022 either. Thank you. The second question is for Martin. First, I hope you feel better soon. My question is, you will be at close or at net cash position by year-end. Besides the potential dividend that you could announce at the full year results, are you interested in stepping up your bolt-on acquisitions? If so, would you consider any blast furnaces in Europe where you can replicate your successes at HYBRIT there? Thank you. No. We will continue to do these smaller mid-size bolt-on acquisitions, but that is what we are going to do. No major acquisitions or no blast furnace acquisitions. Thank you. Thank you. The next question comes from Jack O'Brien from Goldman Sachs. Hi. Good morning. Thank you for taking the question. Clearly, you're seeing fantastic cash flow, and you have a very strong balance sheet. Is that or might that encourage you to bring forward your green plans, which are obviously gaining some traction? You talked about some of the positives you're seeing with the relationships there. Yeah, interested to see whether you might look to convert some of your other plants more quickly given that traction there. To give you an answer on that question, we will clearly have a balance sheet, so it's possible to do. The problem is that that decision is not fully in our hands. We need both environmental permits, and I think that is maybe the easy part in converting, but then we need electricity and power supply. We are now focusing on the first mill in Oxelösund, 1st of January 2026 after running full production only fossil-free steel. We think that that is more than possible, and we are aiming for that. We don't have full control of the power supply. To get the power line in place can typically take a number of years. The planning time is quite long, and you need to do a lot of work together with lot of stakeholders in order to get that in place. If the market continues to develop in the direction we see right now, and we have all reasons to believe that we will, of course, look into the possibility to do it somewhat quicker than 2045, which is the target we have today to be completely fossil-free 2045. That will be dependent on a lot of things, and I would say power supply will be one very important part of it. Just one follow-up, if I may, looking at the cost of carbon, which has clearly been increasing in Europe. As I understand it, you've got a roughly SEK 200 million cost for CO2 in 2022. Perhaps you could just talk through the latest there based on sort of deficit and inventory of certificates and so on. Do you want to take that, Håkan? There's no real latest update for the coming year. We will have a cost for it, but actually, the rights we have already purchased, but now they're sitting on the inventory, and then we will move them to the income statement. There's no change in, even though the cost as such on the spot market has increased, the cost for us for the coming year, it will be a few hundred million SEK, but not much more than that. Then we'll see long term, like you said, there are discussions about what EU will do in terms of reducing the fee allocations, et cetera. For the short term, we don't see any difference for us. We have been buying emission rights for a number of years. Thank you. Thank you. The next question comes from [inaudible] from Jefferies. Please go ahead. Your line is open. Hi. Morning, guys. I've got two, and I'll just take them one at a time. The first one's on Americas. In terms of the development in plate prices there, do you view that they're able to regain a premium to HRC, or do you think the discounts might persist for another couple of quarters? Over time, plate has always had a premium compared to HRC, and that we haven't seen, I think it's the last three, four quarters. If that will normalize or not, I think it's a good question, and I can't really answer it. Over time, there has always been a premium for plate. As we said, plate prices are as they are on very high levels as well. I don't have the visibility if and when that will change. That's fine. Okay, my second one is just around automotive. Can you perhaps quantify how much shipments to OEMs have been deferred or lower versus the indications? Can you take that, Håkan? I don't have that from the top of my head, actually. It hasn't been, I would say, it's been some impact now in Q3, but we also had some delays that we've been catching up. It probably will be a higher impact for Q4, but I don't have the figure in my head, actually. Okay, that's fine. Thanks, guys. Thank you. The next question comes from Carsten Riek from Credit Suisse. Please go ahead, your line is open. Thank you very much. Two questions also from my side. The first one, Håkan, is on the iron ore. You mentioned already that it's very likely to see the iron ore prices rolling over. Looking at this from a coking coal perspective as well, because we have a counter movement here, do you expect that your raw material impact in the European operations will be net positive for the P&L or net negative or neutral? It varies a bit actually by site. As you know, we have in Luleå, we don't have an inventory of iron ore. In Luleå, for that production, we expect that iron ore cost in the P&L will actually be lower in Q4 than in Q3. For the other sites, Raahe and Oxelösund, it takes a bit longer before we get that impact. That might come to, if prices remain as they are, we will have lower iron ore cost than maybe towards the end of the quarter, Raahe, and maybe even beginning of Q1 next year. Also for coking coal, as we saw, there's also a huge increase in our purchase prices for Q3, but that also has a delay before we see it in the P&L. I would say it, again, depends on how they develop, but not a huge difference actually, Q4 versus Q3. Okay, perfect. Thank you. The second question I have is more on the value-added share, which I like to actually increase quite a bit compared to what we have seen last year. The question is, how do you want to make sure that the high level or a high share of value-added products stays at this level once the market is cooling? Is there enough customer relationship already built, or is there a chance that we actually drop back to levels below 40%? Thank you. No, I think we are not where we would like to be. We have the ambition to have the strategic target is to have 50% of the volumes being premium. Of course, it varies between quarter, but over time, we see the possibility to reach that, of course, and we see also structural growth. Trick for us in order to reduce volatility and increase profitability is to keep the total volumes on a fairly the same level, and then move in more to grow Special Steels, move more into premium in Europe and in North America. It can vary between quarters, but the ambition is to reach 50%, and I think we have a very good chance to reach that. Perfect. Thank you very much. Thank you. The next question comes from Anssi Kiviniemi from SEB. Please go ahead, your line is open. Hi, guys, it's Anssi from SEB. Thanks for taking my questions. I have two of them. I will take them one by one. First of all, Q4 demand comments. You highlight the uncertainty in Europe, but then again, you indicate that the deliveries will increase in Q4 versus Q3 in the region. How should we read the situation? Do you think that the kind of uncertainty in the market will be more visible in Q1, or is this kind of only you being a little bit more cautious on the market outlook? No, as said, I think we have a fairly decent visibility in the order book, and that's why we say this. Then you never know because we don't have visibility into, I mean, the possibilities for automotive and heavy transport to get semiconductors, and if they take outages or not due to that. That's what we are talking about. If you look at our order book, it's I would say fairly okay or okay for Q4. Then it depends on what will happen, especially I would say the second half of December due to other reasons. When we look at the underlying demand in our order book, it looks good. Okay, thanks. That was basically the second question. In the appendix, you once again highlight the SSAB Europe monthly order intake, and it seems that September is clearly down from previous year. Kind of my question is that, is this due to the fact that the underlying demand is weaker compared to last year, or is it due to the fact that the kind of your order book is in a much more higher level and thus you are not taking as many orders as last year? Kind of how should we read the situation? The order book for SSAB Europe for Q4 is in quite good shape. The reason for order intake decline in September. Could you elaborate a bit on that? It's not any big deals. We have also some delays. We have had very good order intake. It's a combination of managing the order book, I would say. That's the main reason. A single month, no, we have the order book we would like to have for Q4 in SSAB Europe. That's the clear answer. There were some pluses and minuses, but we have the order book we want to have for Q4. Okay. That's clear. Thanks. Okay. I was just going to add, Anssi, that you should also think about last year, September, we basically almost went into September with an empty order book, which meant that we were chasing all the orders we could get to fill up the order books. Now we enter September with a clearly different situation and with a quite strong order book for Europe, and therefore the delta between Q3 this year and last year in terms of, or September this year and last year, should not be seen as that the market is much weaker. It's more a matter of the size of the order book entering the month. That's very clear. Thank you. That's all from me. Thank you. The next question comes from Luke Nelson from JP Morgan. Please go ahead. Your line is open. Hi. Morning. Thanks for taking my questions. My first one's sort of a bit of a follow-up to the prior questions just on lead times and if you have any visibility at all, heading into Q1 2022. If you have any sort of qualitative comments on potentially how volume shipments could be looking Q1 versus Q4, assuming your assumptions around orders hold for this upcoming quarter. That's my first question. As you pointed out, we don't typically have that visibility. What we see is that the structural growth for high strength steel is continuing into next year. That's what we see. Okay. Then in terms of the moving parts for cash needs into 2022, could you maybe just give some qualitative comments around CapEx specifically? I think before you guided to around the $3 billion level, next year, off the top of my head. Maybe some comments or thoughts around how that could be moving year-on-year. Okay. We guided for roughly SEK 3.5 billion next year, we have said. Given that we will probably come out a bit lower this year, I would say, one reason we're coming out lower is we're not spending that much money yet on the conversion in Oxelösund, a larger portion of that will probably be transferred into next year. There could be slightly higher CapEx need for next year. On the other hand, given that we're at a much lower net debt and also gross debt, we should see lower interest cost for next year. Okay. Very clear. Final question from me, just again on the prior question, talking about green steel conversion, I think you explicitly mentioned in the release again around potentially fast-tracking. I take on board your comments around permitting and there are other things you need to have in place to fast-track. Taking that all in context, I think in the Q2 you explicitly mentioned Luleå as a site that could be. Has that potentially changed? Given the change in shareholding with one of your major shareholders in Finland, does that potentially bring forward the opportunity at Raahe as well? I'm just trying to get a sense of if how you're thinking about the different sites in Europe being converted has changed relative to that Luleå comment in Q2. I would say not at all relative to that. The plans have not changed. We want to become a fossil-free steel company, and we are looking into opportunities. It's rather when we can do that, and we are encouraged by the interest and the demand from the market. We have not changed our plans, no. Very clear. Thank you. Thank you. The next question comes from Krishan Agarwal from Citigroup. Please go ahead. Your line is open. Hi. Thanks for taking my question. Most of the questions are already being asked. If I can push Håkan a little bit on the CapEx. There is looking a bit of an undershoot for this year CapEx. Is there any possibility for you to quantify your revised guidance for 2021 CapEx? That's my first question. I think we have to come back on that question. As I said before, we have said around 3.5. If we end up this year a bit lower, and a large portion that is related to the conversion in Oxelösund, that will then spill on into next year. We'll get back to that after year-end when we know the exact outcome for this year as well. Sure. My second question is a bit of a follow-up from Carsten's question on raw material costs. You generally do that winter stocking for coking coal ahead of the winter. Given the higher prices or significantly higher prices, has there been any kind of a rethink in terms of buying lower quantities for winter stocking for coking coal? We are doing it in the same way. The reason we do this winter stocking is that we cannot get these big boats up to Luleå and Raahe in the wintertime. We can get them to Oxelösund, but not to Luleå and Raahe. We're doing it exactly the same way. One might speculate and say that we should buy lower and transport in different ways. On the other hand, last time I checked at least, coke and coal prices were still on the way up, and we have not a crystal ball how they will develop during the wintertime. No, we're doing it in exactly the same way. Okay. Very clear. Thanks a lot. Thank you. The next question comes from Rochus Brauneiser from Kepler Cheuvreux. Please go ahead, your line is open. Yes. Hi, morning. It's Rochus Brauneiser from Kepler. I have two follow-up questions. The one is maybe back to your outlook commentary on auto. I think you're flagging auto demand weakness more than in the previous quarters, even though I think the Q3 was already bad enough for the industry and probably a bit disappointing. The fact that you're flagging it, does it mean that you expect a further weakening of the auto demand in Q4 versus the third quarter? At that stage, can you already give us a sense how you think the looming magnesium shortage could impact your customers' business? That's the first question. No, what we are saying is that the order book for Q4 is to a very large extent already there. It's more about the ability to take what we are flagging for. There could be some production stops due to shortage of the semiconductors, and then we will not be able to ship. That's maybe what we are flagging for. We don't see any demand issues for Q4 because the order book is in practice there already. Can you share your thoughts on the magnesium side? I think with these production cuts in China, which could mean that the volumes from there are significantly lower than normal, to what extent is that impacting your business? Are you getting any signals from your auto clients that they are eventually impacted in due course? Not for the coming quarter, no, I would say. I don't know, Håkan, if you have any more updates than I have. For us, this is short term, it's at least not an issue. We have secured the volumes we need. Long term, well, if this continues, then we'll see, but short term, we don't see it as an issue. We have not heard from our customers that this would be a reason for delaying orders or not booking orders. No. To what extent is that an issue for your metal production, your desulfurization process? Can you switch whenever it is needed to other materials like lime or calcium carbide? I don't know exactly. What we have checked is that we have all the material we need for the coming quarter or two. Short term, it's definitely not going to be a problem, and procurement is making sure that it's not going to be a problem long term either. In terms of switching to alternatives, I don't know. Okay. Finally on the green steel development, I think you have a very clear path until 2026 to turn Oxelösund on fossil-free. What is your flexibility in the meantime? I think your clients are demanding CO2-reduced steel more and more. Do we have any flexibility to come up with some synthetic quantities of green steel with a reduced carbon footprint until you have more of the genuine product? No, we have this so-called pilot plant up in Luleå that is producing 1 ton per hour, and we will use that to produce fossil-free steel. Then the next big step will be when we have the demonstration plant up in the northern Sweden for sponge iron at the beginning of 2026, end of 2025. Then we will also have Oxelösund revamped, or electric arc furnaces in Oxelösund from 1st of January. The big step will come 2026, when we will be able to produce up to 1.5 million tons of fossil-free steel. The journey towards that will be fairly small or smaller volumes to strategic partners. Okay. Understood. Thank you very much. Thank you. The next question comes from Tristan Gresser from Exane BNP Paribas. Please go ahead, your line is open. Yes. Hi. Thank you for taking my questions. The first one on working capital. You had a record working capital build in Q3. Was there any one-off involved there? Maybe some inventory build due to lower steel offtakes from the auto customers? Also, what would you expect in Q4? Given the development in prices, is release feasible in Q4? Thank you. There was not any real specific one-offs in Q3. No, I wouldn't say that. It was higher inventory coming from higher prices and also higher AR coming from significantly higher prices out to the market. We have seen a large, as you also could see in the graphs when I showed the delta in terms of EBIT, we have seen huge price increases. We are still flagging for that within Americas, we will continue to see price increases, but lower both in Europe and in Special Steels. It will not be the same working capital buildup in Q4, but there are no real one-offs that will immediately lower it. It will definitely be, if any, it will be a lower working capital buildup than it was in Q3. All right. That's helpful. My last question is on Tibnor. Could you quantify the inventory gains in Q3 for us to give a better sense of what Q4 would look like given the development in steel prices? We normally haven't actually quantified those. We don't quantify actually, when we talk about the result development, we don't quantify any of the components for each of the division. I guess you can say that given the price development, it was quite significant for Tibnor, and we would not expect the same development in Q4. All right. Thank you. Thank you. The next question comes from Bastian Synagowitz from Deutsche Bank. Please go ahead, your line is open. Hi. Yes. Good morning all, and thanks for taking my questions. My first question is just on strategy and your metallic supply in the US market. We've obviously seen some further announcements here of some players which are adding further electric arc furnace capacity, and then one of your blast furnace peers also tapped into the scrap market with an acquisition, basically taking some control of that market there. How are you thinking about the situation? Do you still see sufficient supply? The US market is obviously in principle, still in excess of scrap supply and a net exporter, obviously there is massive growth in demand for scrap as well. Is an upward integration on scrap something you're maybe thinking about as well? That would be my first question. You're completely right. We've seen now announcement of companies building out strip production. That will, of course, affect scrap availability but US is a net exporter of scrap, so of course it can influence prices. We think that we'll get with the partnerships, we have sufficient volumes of scrap. We are not thinking of or contemplating doing any integration into the scrap market because it's a fairly fragmented market, and the availability is there. We don't see it as a huge problem. Nothing that drives us to start acquiring scrap collectors or something like that. Okay. Very clear. Thanks, Martin. Just lastly, more like a shorter term question, obviously you've been very successful with your mixed development in the European business and also for your company overall. Just with regards to Europe, is there any major mix change we should be expecting with regards to the fourth quarter? You should expect us to continue to improve the mix. As said, the target is to have 60%, because we also have the very important Nordic home market. It will be a balance between premium products and also keeping a decent market share in the Nordics and trying to find that, call it optimal combination. The ambition in the strategic target is that 50% of the volume is being premium, and we are getting there. Then it can differ between months and differ between quarters, but clearly the underlying growth is there, and that's what we are aiming for and what we will reach. If you said short term, Bastian, for Q4, we have a seasonal impact in SSAB Europe, where we sell less color-coated material in Q4 to the construction industry than we do in some other quarters. From that point of view, you get a temporary, seasonally quarterly, worse mix in SSAB Europe than in Q3. You should rather compare the previous year than sequentially compared to previous quarter because you have this seasonal mix. Apart from that, you should expect it to continue to grow. Okay. All right. Okay, thanks so much. Thank you. The final question comes from Patrick Mann from Bank of America. Please go ahead, your line is open. Good day. Thank you very much for the opportunity. I think most of my questions have been asked. I just wanted to follow up a little bit more on your capital allocation. As one of the earlier analysts asked, strong balance sheet, de-leveraging, how do you think about allocating between dividends and reducing gross debt? I think you've spoken already about your opportunities to accelerate the decarbonization. I think we can park that one to the side, but just in terms of thinking about what to allocate to dividends and what to allocate towards reducing debt further. Thanks. Well, first of all, there isn't much debt left. Of the SEK 3.3 billion, SEK 3.4 billion we have, is roughly SEK 2 billion is IFRS 16 related, that gross debt we can't really take away. Apart from that, let's come back and discuss that when we have the Q4 report. All right. Okay. Thank you. Thank you. We have no further questions. I will pass back to the speakers for any closing comments. Okay, thank you. By that, we can conclude today's conference. Thank you, gentlemen, and thank you for many good questions, and we wish you a nice day. Thank you. Bye-bye. Thank you. Bye-bye.