On April 1, 2019, we renamed ourselves as “Nippon Steel Corporation” (from Nippon Steel and Sumitomo Metal Corporation), to keep in pace with our advance as a growing global steelmaker with origins in Japan, and as a company incorporating a diversity of DNAs of people and companies. With the aim of securing a position of the best steelmaker with the world-leading capabilities, using our three key drivers of “technology,” “cost,” and “being global,” we have worked hard; 1) to rebuild our profit base by restoring our “strength in manufacturing*1” and enhancing our “strength in sales and marketing*2”; 2) to expand profit of the overseas business; and 3) to promote business innovation, standardization, and workstyle reform. These efforts are, as always, based on all possible measures related to safety, environment, disaster prevention, quality assurance, and compliance. Our Group’s mainstay steelmaking business is expected to remain subject to an extremely harsh business environment partly due to the COVID-19 crisis, which has further aggravated the unprecedented environment of “higher raw material prices and lower steel product prices.” Despite being in such situation or because of this, we focus on early transition to an optimal production framework in Japan, enhancement of globally-competitive strategic products in terms of quality and quantity, and execution of initiatives to deepen our overseas business in response to the global trend of “local production and local consumption” and “favoring domestic production.” Our intended result is to enhance our profitability. In the post-COVID-19 world, we are determined to restore profitability in the parent steelmaking business whatever the ambient circumstances may be and aim at “becoming the best steelmaker with world-leading capabilities".