Unidentified Analyst: Good morning, gentlemen. Thank you for the nice report. I did make a small purchase of a long time, small investor or retired employee, federal employee, not Ampco-Pittsburgh. So my question is, if the financial people were to do an estimate of the effect on cash and earnings of a $0.02 a share dividend payable in the third or fourth quarter, a one-time dividend to bring us into a dividend stock category, which many mutual funds want. How would that? Would that be feasible? Thank you.
Michael McAuley : I can answer that.
Unidentified Analyst: Yes sir.
Michael McAuley : Thank you for your question. We stopped paying dividends in 2017 when the liquidity position needed attention.
Unidentified Analyst: Right.
Michael McAuley : Return to dividend paying stock that’s certainly on our future agenda. At the moment, we have significant investment plans and we’re focused on profitability improvement, which means cash flow improvement. So, for 2023, I think it would be difficult to consider a restoration of dividend. But I think as we go forward in the future, I think that’s definitely on the long-term thinking. It’s not – I don’t think it’s a near-term realistic possibility.
Unidentified Analyst: Thank you, that helps.
Operator: The next question comes from Dennis Scannel with Rutabaga Capital Management. Please go ahead.
Dennis Scannel : Yes, thank you. Just a couple quick things for me. I’m kind of interested, particularly in Europe in demand on the on the rolls business and maybe push back that, well if customers are giving you push backs in pricing, what’s happening from a competitive standpoint in that market in terms of, are your customers looking for suppliers outside of the European region that aren’t as affected by the high and volatile energy prices? And then I have a couple of follow-ups. Thank you.
Brett McBrayer : Okay, the demand in Europe was mostly down because the steel demand and steel manufacturing in Europe was down. So, those rolls go into the European market, tip mostly, as well as the US market. So we just saw an overall decline in demand from that. Most of our competition on the roll side is in Europe. There’s 10 to 15 kind of suppliers of cast rolls that reside in various countries inside the Europe. Our position and I think we’ve addressed this on the last call, particularly in our UK plant, we were disadvantaged from an energy perspective and some of our competition had hedges in place that made them more advantageous. Those are expiring and in conjunction with that is state of the energy prices have retracted most of the way back to where they were prior to the escalation from the war.
So, we believe we’re on a much more level playing field with where our competition was. The other competition that sometimes shows itself would be Japan or China. But the acceptance of Chinese rolls in the western market is still very, very limited. Did that agreed?
Dennis Scannel : Yeah, absolutely, absolutely. So, maybe just to stick on Europe for a bit. Would you say your market share in 2022 was stable? Or did you lose some share as €“ just relative to the competition?
