Q4 2020 key highlights · Revenue increased to $2.4 bn (+7% qoq; +3% yoy), supported by a recovery in rolled product prices. · EBITDA grew to $890 m (+54% qoq; +85% yoy), due to the expansion of the raw material/slab price spreads, recovery of production volumes at Stoilensky after the September incident, accrued refund from the US Department of Commerce in line with the settlement agreement, and gains from Strategy 2022 projects. EBITDA margin was 37% (+11 p.p. qoq; +16 p.p. yoy). · Free cash flow reduced to $229 m (-4 % qoq). The increase in EBITDA was offset by the outflow of cash to replenish working capital amid growing global steel and raw material prices.