Metals, Hydro still subdued: Power price conditions have improved in the last several months, with coal prices rising on Chinese demand and European CO2 emission permits recovering, but we are still far away from coverage of long-run marginal costs. Hence we maintain our muted stance on the Hydro business, albeit at a bit stronger margins as the decline of service revenues was slower than the top line drop and because of slightly higher sales given Chinese pumped-storage potential. The lack of a B-segment offering could weigh on Metals growth for a while, even as Yadon's C-market business seems to be thriving. On a positive note, we would seem some upside in the old metals business, as voestalpine plans to replace the Kapfenberg steel plant and the EU supports process optimisation in the industry.