Q4 2020 Aperam SA Earnings Call Transcript
Hello, and welcome to the Aperam Q4 2020 Results Call. My name is Monique, and I'll be your coordinator for today's event. Please note, this conference is being recorded. (Operator Instructions)
I will now turn you over to your host, Tim Di Maulo, CEO of Aperam, to begin today's conference. Thank you.
Good afternoon, everybody, and thank you all for attending Aperam's earnings conference call. Together with Sud Sivaji, Aperam's CFO. I will present the results for the fourth quarter 2020.
Please take note of our disclaimer regarding forward-looking statements on Page 2.
Let me start with a bit of a history. On 25th of January, Aperam turned 10 years old, and we are proud of how the company has developed. 2020 was a tough year with a major recession. The beginning of 2011 was also tough with the global financial crisis and with substantial overcapacities in Europe. Back then, nobody deemed it possible that Aperam could generate free cash flow and the positive net income in a major recession. But
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