We wish to caution you that these statements are only predictions, and that actual events or results may differ materially. We do not intend to update these statements. We refer you to the documents Mechel files from time-to-time with the United States Securities and Exchange Commission, which contain and identify important factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.
In addition, we will be using non-GAAP financial measures, including EBITDA in our discussion today. Reconciliations of non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures are contained in the earnings press release, which is available on our website at mechel.com.
At this point, I would like to turn the call over to Mechel’s CEO. Mr. Mikhel, please go ahead.
Yevgeny Mikhel[Foreign Language]Good morning and good day ladies and gentlemen. Welcome to conference call where we will discuss company’s performance in the first quarter of 2012.[Foreign Language]We have to recognize the fact that on the whole the first quarter of this year proved to be rather challenging. Significant reduction of quarterly prices on coking coal was pre-determined by prolonged weakness of the global economy and low demand from major customers.This works against Mechel Mining financial performance. On the other side, in the first quarter steel feedstock prices were falling at a time when steel product prices were relatively stable. This contributed to high financial results of Mechel’s steel.We succeeded in our efforts at optimizing the production of steel program with the view to reduce the inventory, which accumulated at the end of last year in Mechel Service Global and this also had positive effects. We managed the release of working capital to improve operational cash flow of the group.[Foreign Language]Overall, we achieved the full-end results in the first quarter of 2012. Mechel’s consolidated revenue was around $3 billion. EBITDA was $463 million, net income $218 million.
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