The company observed a gradual improvement of the situation in China as regards production at its plants. However, at the same time there are still constraints as regards local logistics. The local railway systems plants are impacted by the standstill of infrastructure projects. However, this might be compensated over the remainder of the year. Exports of Chinese steel makers to Europe have come down markedly which bodes well for sport prices (have been very resilient recently, the same holds true for iron ore due to low mining activity). However, it is premature to the properly quantify the fallout on the European end-markets automotive and oil & gas. As regards Italy, we point out that the sales exposure (ca. EUR 700 mn) is higher than revenues generated in China (ca. EUR 550 mn).