The results are close to our expectations. Sales levels indicate that the market continues to see pressure on sales volumes. We assume full-year sales volumes of around 110 kt, implying 60-65% capacity utilisation.
PMI release in the Eurozone remain weak, so Q4'23 results will not improve in our view. Despite the weak economy Company continues its capacity expansion investment in the area of special profiles and welded profiles in Sochaczew, which will increase total capacity and c.105 kt to c.280 kt.
