2015, another year for domestic businesses in facing global recession, especially the economic slowdown in China which directly effecting to the steel demand and cause to price fluctuations in negative trend throughout the year and resulting in continuously decreasing exports. Furthermore, the country’s drought and economic crisis has caused for diminishing investments in both the private and government sectors.

With regards to the steel price fluctuations, the Company has adjusted strategy of inventory management to the appropriate level in order to lessen the effect of decreasing steel prices domestically and overseas. In 2015 the Company has planned for investments in public utilities projects, which is being dealt with the utmost caution. The Company believes that such strategies will be able to achieve significant income and long term growth for the Company.

The Board of Directors, on this occasion, would like to deeply show their appreciation towards the shareholders of the Company, and also to the staff for their cooperation and efficient work to achieve the Company’s operational plans; as well as suppliers and alliances who are vital components to the Company.

In addition, for 2016, The Board of Directors and Executives have also contacted and negotiated with several new partners to join in investments for new businesses, in order to create stable and sustainable growth for the Company. We hope to receive your kind continued support from all concerned parties in the future.