In the challenging market environment, the Company’s
management focused on deleveraging and maintaining the
EBITDA margin at the current level. In 2015, the Company
exceeded its target and improved its EBITDA margin to 32.6%.
When developing Strategy 2023, we factored in a possible
decline in global iron ore prices. A sharp drop in ore prices
in 2015 reaffirmed our strategic focus on high value-added