We continue to improve our technology to increase the energy-saving efficiency of our operations with the aim of further reducing the impact on the environment. In FY2022, we are fully operating with induction furnaces (“IF”) replacing the conventional electric arc furnaces (“EAF”), and this resulted in a substantial reduction in raw material consumption of natural gas and oxygen. The conventional EAF needed oxygen in the production process, whereas with the implementation of IF, it does not require any oxygen in the production process. This yielded positive results with reduced natural gas usage of >9 Sm /mt and >7 Nm /mt for oxygen. This aids in the preservation of raw materials as the primary resource. The full implementation of IF enables Masteel to reduce approximately 42.9% of CO emissions.