Operator: Good morning. My name is Lindsey, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the China Gerui's Fourth Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.
Mr. Kevin Theiss, you may begin your conference.
Kevin Theiss - Account Director, Grayling: Thank you. Good morning, ladies and gentleman, and good evening to those of you joining us from China. I'm Kevin Theiss from Grayling and I would like to welcome all of you to China Gerui Advanced Materials Group's conference call to discuss the fourth quarter and year-end unaudited 2012 results.
With me today, I have China Gerui's Chairman and Chief Executive Officer, Mr. Mingwang Lu; and Chief Financial Officer, Mr. Edward Meng. Also Grayling's Shiwei will translate for Chairman Lu with his opening remarks and help with the Q&A.
I'd like to remind our listeners in this call management's prepared remarks contain forward-looking statements, which are subject to risks and uncertainties and management may make additional forward-looking statements in response to your questions. Therefore, the Company claims the protection of the Safe Harbor for forward-looking statements as contained in the Private Securities Litigation Reform Act of 1995.
Actual results may differ from those discussed today due to various risks, including, but not limited to, the availability of funds and working capital to finance its activities; the actions and initiatives of current and potential competitors; the Company's abilities to win new customers, merchants and vendors for its products; the development and acceptance of new steel products; marketing and promotional activities; pricing policies of suppliers and competitors; competition in the steel market; and other risks detailed in the Company's filings with the Securities and Exchange Commission.
Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. In addition, any projections as to the Company's future performance represents management's estimates as of today, March 26, 2013 and China Gerui assumes no obligation to update these projections in the future as market conditions change.
I will now turn the call over to China Gerui's Chairman and CEO, Mr. Mingwang Lu for some brief openings remarks. Grayling's Shiwei will be translating for Mr. Lu. Mr. Lu, please begin.
Mingwang Lu - Chairman and CEO: Ladies and gentlemen, thank you for joining us today and welcome to China Gerui Advanced Materials Group's fourth quarter unaudited financial results conference call.
For China's steel industry 2012 was probably the most difficult year since we entered into this 21st century. With the sluggish recovery of global economy and China's economic growth slowdown, China's steel industry has been under tremendous pressure from weakening downstream demand, severe overcapacity, and steep drop of steel product prices, excessively high iron ore cost, and operating loss across the industry.