The new Sandvik strategy presented in September 2011 laid out the path toward a strengthened market leadership position based on four cornerstones: ambition, speed, focus and global/local. The strategy has subsequently been implemented successfully and according to plan. Recent strategic reviews have revealed additional potential for structural improvements in several business areas. At the same time, a number of measures are being proactively implemented to adjust costs due to the weaker market demand that was experienced during the third quarter and that has persisted thus far into the fourth quarter. On the basis of these adjustments, targeted cost savings will amount to more than 1 billion SEK by the end of 2013.