The impact on carbon tax is growing. We have been very clear with all stakeholders, with the government, with opposition parties and many other stakeholders that the steel industry is vulnerable.
We're in a very special situation in the steel sector. I've tried to describe as well as I can the high degree of trade exposure we have as well as the competitiveness risks we face. Also, we're a large emitter, despite our efforts to be decarbonizing as fast as possible. This is not something we can do quickly. Unfortunately, given the scale of investment required and the fact that there are significant solutions that are outside of our grasp and not available yet, we need some space and time to get there.
To answer your question on the carbon pricing regime, we're well recognized in the regime in terms of being trade-exposed and being at high risk of carbon leakage, but we must be sure that the exposure we face with respect to price and stringency is managed. Before carbon pricing existed, we couldn't compete with unfair traders. Now, with carbon pricing and the escalation of the price and the reduction of our trade protections, we're starting to have trouble competing with fair traders and with others in our market.