T.V. Narendran

We expect that prices in Europe will move away from Asian prices and move towards the U.S. prices. May not reach the levels of U.S. prices, but certainly will move closer to that.

We are hopeful that some actions will be taken in the market because obviously, with these levels of quotas and these prices, it's obviously not looking good from an EBITDA point of view.

If there are no actions from the government, just by our own actions, it will be difficult to get EBITDA break-even by Q4.

We are more optimistic about the prices going forward. This will be a slightly difficult quarter because of what I just described.

Our objective is in India, our asset should be one of the last men standing in the world. In Europe, it should be the last man standing in Europe.

If the U.S. and China can come to some understanding and trade flows both ways, then we are in a better place because obviously, China needs to take care of the construction industry if it has to make a positive difference to steel.

If the private sector investment needs to be protected in India, particularly in manufacturing and particularly in steel, then it's not just demand growth, but it needs to be profitable demand growth for the steel industry to invest the cash flows that are required.

If steel prices stay at $450-$500 levels, it will be difficult for any steel company to support very significant expansion.

It would be very ironical if in India, with all the iron ore that it has, firstly, overtaxes the iron ore and negates the competitiveness that we as a country should have right at the raw material stage.

We are looking forward to producing about 1.7 million tons from this new facility after the startup in September.

The closure of the blast furnace and the winding down of the heavy end was something that we've been talking about for quite some time given the financial performance of the UK business.

Our fundamental point with the government is as far as private sector, CAPEX is concerned, the steel industry is leading the way with investments. And we need to make sure that this momentum is not derailed because of somebody selling steel which is unfairly priced.