All the difficulties the steel industry has experienced in 2015 are here to stay. In the medium term, we do not expect construction in China to return to growth, or demand growth in Brazil and Russia to rebound. As a result, exports from these countries will remain high, leaving global utilisation rates to linger below 70%. In the next couple of years, stock overhang, poor demand growth, and weak raw material prices will maintain steel prices at rock bottom. Only after 2017 do we expect prices to recover, but there will be nothing spectacular about the recovery at least until 2020.