Comments on Slides: Slide 2: Global HC/Charge FeCr production Ferrochrome producers started 2011 with hopes of a sustained improvement in demand and prices over the course of the year. Ultimately, only the first half of 2011 lived up to expectations. Benchmark ferrochrome prices rose for second-quarter deliveries after a relatively strong start to the year. But after that, weaker-than-expected demand and deteriorating macroeconomic conditions in many regions saw benchmark prices gradually drop until by the start of 2012 they were at their lowest level in nominal terms since early 2010. The paradox is that despite comparatively weak pricing conditions annual output of ferrochrome was last year higher than ever before. A total of more than 9.9m tonnes of ferrochrome was produced worldwide, a rise of around 3.5% on 2010. Roughly 9.2m tonnes of this total was accounted for by high-carbon ferrochrome and charge chrome, material predominantly used to make stainless steel. Chinese demand for ferrochrome has been the principle driver behind the rise in ferrochrome output. But within this trend, one potentially important narrative has started to define itself more clearly: China is supplying more of its growing demand for ferrochrome with material produced at home. From contributing approximately 17% of the world's output of high-carbon/charge chrome in 2007, China went to producing roughly 28% of the world's total output last year. South Africa is still the largest national producer of ferrochrome with carbon content greater than 4%, a category that comprises high-carbon ferrochrome and charge chrome. But its share of overall output has shrunk since 2007. Five years ago the country supplied 45% of the global total; last year it supplied around 37%. Kazakhstani and Indian producers maintained a combined share of global output of high-carbon/charge chrome of slightly more than 20% last year. Slide 3: Global LC/MC FeCr production Global production of low-carbon and medium-carbon ferrochrome, which are used in the production of both stainless and special alloy steels, rose to around 712,000 tonnes in 2011, a rise of almost 12% year-on-year. The strength of low- and medium-carbon ferrochrome production growth relative to the output of high-carbon ferrochrome and charge chrome over the last year reflects the rapid rise in special alloy steel production that has taken place worldwide since 2010. Slide 4: Global output – Metallurgical-grade chrome ore/concentrate The rise in China's domestic ferrochrome output has had a marked impact on the world market for chrome ore and concentrate. China imported almost 9.5m tonnes of chrome ore and concentrate last year, up from 8.66m tonnes in 2010. To put that in context, global output of conventional metallurgical-grade chrome ore and concentrate (that is, excluding concentrate derived from UG2 ore tailings) totalled about 23.25m tonnes last year, meaning that China's imports alone were equivalent to