Eramet Sa Unsp/Adr (ERMAY) Q4 2024 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:03.719 everyone here in the room and 00:00:03.719 -- 00:00:07.427 for the ones who are listening to us elsewhere. 00:00:07.427 -- 00:00:13.180 It's a pleasure for me to be here today to present Eramet's 00:00:13.180 -- 00:00:17.585 annual results. It will be my last presentation 00:00:17.585 -- 00:00:21.490 of annual results as the CEO of this company. 00:00:21.490 -- 00:00:26.918 And while it has been a very difficult year in terms of macroeconomic 00:00:26.918 -- 00:00:32.066 environment, I think that we can see that these results show how 00:00:32.066 -- 00:00:37.474 much Eramet has changed over the past years and how much we are more capable 00:00:37.474 -- 00:00:41.020 of coping with the downturn of the cycle. 00:00:41.020 -- 00:00:46.468 So I want to begin acknowledging the 00:00:46.468 -- 00:00:48.751 challenges that 00:00:48.751 -- 00:00:51.675 have shaped this past year. 00:00:51.675 -- 00:00:57.403 We have faced a very difficult macroeconomic environment marked 00:00:57.403 -- 00:01:01.548 by a lot of volatility 00:01:01.548 -- 00:01:04.032 in the manganese markets, 00:01:04.032 -- 00:01:09.059 much lower nickel prices, and also permitting constraints in 00:01:09.059 -- 00:01:14.457 Indonesia. And these headwinds have put pressure on our financial 00:01:14.457 -- 00:01:18.280 performance, as they have for many 00:01:18.280 -- 00:01:22.064 of our competitors in this industry. 00:01:22.064 -- 00:01:27.228 Yet, despite these external challenges, Eramet has once again demonstrated 00:01:27.228 -- 00:01:29.290 its resilience. 00:01:29.290 -- 00:01:34.735 Thanks to the solid foundation that we have built over the past years, the portfolio 00:01:34.735 -- 00:01:40.150 repositioning, the financial discipline, the operational excellence,...