Some investors asked Ma Steel Co., Ltd., that the price of coking coal continues to rise in this round, downstream demand for steel is weak, the profit level of the steel industry is already below 10%, and the distribution of profits in the industrial chain is unbalanced. May I ask if the company will work with industry peers, rely on the Steel Association platform, communicate and negotiate with upstream coking coal companies, and call on upstream to rationally adjust coking coal prices in line with the current operating situation of steel companies and promote a balanced distribution of profits in the industrial chain? At the same time, what are the company's countermeasures to hedge against the upward pressure on coal prices in terms of long-term cooperation negotiations and coal distribution structure optimization? Thank you. On October 12, the company answered that, first, the company has always paid close attention to iron ore procurement costs and the healthy development of the industrial chain. It has communicated with mainstream mining companies many times through various channels, actively called on upstream to rationally adjust coking coal prices, and establish a mutually beneficial, win-win and long-term stable industrial chain cooperation pattern. Second, in terms of optimizing the coal distribution structure, the company has gradually increased the proportion of use of low-cost gas coal, poor coal, relatively cost-effective imported coal, and tendered coal, reducing the cost pressure brought about by rising coking coal prices to a certain extent.

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