The start of a new year is always a turning point. We stop looking back to look ahead, with the same uncertainty we have had over the last few months but also with the confidence of getting the job done.
When we launched our strategic plan three years ago, it was difficult to foresee the collapse of raw material prices, and crude in particular, to historic levels and the subsequent contraction in demand of 30%-50%. This unfavorable context has hit our Profit & Loss Account forcing us to react. And we have reacted by giving conservative measures a wide berth and acting quickly. We are aware there is always an opportunity in every crisis and for us this is in boosting our innovation capacity as a value generation driver.
Until now we have worked to achieve high levels of excellence in our production processes. This is the right time to make a qualitative leap in terms of value, developing innovation products which enable us to be at the global forefront in the field of tubular solutions. We have the resources, knowledge, tools and the team to achieve it.
In this transformation challenge, we do not refer to intentions but rather to actions. We have been carrying out actions to be in a privileged position when the market recovers. We are also aware that innovation is a long-distance race we have to run. At this point I would like to take this opportunity to ask you to make an additional effort in customer care, cost control, efficiency improvements and highlighting the value of innovation as a differentiating factor. I am confident we can reach our goal together.