On 25th March Moody's upgraded our group credit rating by one level,from Baa1 to A3 respectively,and rating ourlook remained stable.

Moody's believes that supply side.In recent years,China steel trade has achieved remarkable results in improving marketcompetitiveness,increasing productitity utilization,promoting cost reductiono,controlling capital expenditure,and exerting synergistic effects.It continues to maintain its leading market position and efficient operation efficience.Moody's affrimed our group strong profitabilityand good financial flexibility.