The market for stainless steels is still weak and prices remain at a low level. However, the bottom seems to have been reached. At least in the first quarter there could be a revival due to rather empty stocks. Germany is probably still in recession in the third quarter of the current year. Markets such as Switzerland, Austria, which were doing quite well so far, are now also showing zero growth. Interest rates still remain at a relatively high level and have exerted their braking effect on the economy. Inflation seems subdued, although energy prices are still high. Where will the growth impulses come from: China is shaping a real estate and debt crisis, the US is entering an election year, Europe is divided and war is raging in the East. In certain specialities, e.g. titanium, things are still going quite well because the product is scarce, not necessarily because demand is high. We remain optimistic and Hempel is investing in the future. More about that soon here and in the trade magazines.