Arsen Kitch: So I’ll avoid commenting on specifics of what they’re doing. These investments are large and they’re challenging to implement. But if you step back and look at potential growth in the SBS market in the U.S. and you assume low to moderate growth. There is a need for capacity in this market to absorb demand growth. The question becomes, what does that supply and demand balance look like beyond 2026 and 2027? And that’s still unclear to me. What we’re obviously doing is looking at our strategy to make sure that we retain our position in the market and we retain our margins in the market. So we’re obviously working through it to make sure that we’re well positioned 2023 and beyond.
Adam Josephson: I appreciate it. Just one, how are you thinking about the integration issue at Lewiston, as distinct from how you might have thought about it in years past, particularly just given all this new supply that’s coming both in the U.S. and elsewhere that will presumably target these converters?
Arsen Kitch: Historically, we viewed us being an as part of our value proposition and we still view it that way. There’s still a large portion of the North American SBS market that’s not integrated and we’ve been a great supplier to them for many years and actually many decades. And our customers saw that over the last few years with more demand than supply in the market and that we’ve done a great job of taking care of them. So we still view that as a value proposition. As I mentioned earlier, we’re going to continue to look at our strategy to make sure that what we’re doing today still makes sense tomorrow. But from where I sit today, we still view that as part of our value proposition.
Adam Josephson: Thanks so much, Arsen.
Operator: Our next question comes from Paul Quinn from RBC Capital Markets. Please go ahead. Your line is open.
Paul Quinn: Yes. Thanks very much. Good afternoon, guys. Just question — Q4 seemed to come in sort of in line with us on pulp and paper side, but weaker on the tissue side, even given the $2 million hit on the outage at Lewiston. Anything particular, I mean, you described it as a pretty decent quarter, but I sort of expected the previously announced price increases in tissues to more than offset inflation and catch up, but it doesn’t seem to be the case. Did I got that right?
Arsen Kitch: So Paul, I’ll remind you that we still have that lag effect with some of the inflationary pressures that we’ve seen in the business. So we’d say it was a good quarter for tissue in the fourth quarter. What we’re hoping for and expecting, but just hadn’t seen throughout last year was some sort of relief on some of those raw material inputs, notably pulp.
Paul Quinn: Okay. I hope you get that soon. And then I’m trying to reconcile your expectation that you shouldn’t have to take a major maintenance outage at Lewiston until early 2024 with the fact that you had all sorts of issues that moves in on startup. But just how confident are you that you’ll get through 2023 without having to shut down that mill?
Arsen Kitch: So the timing of the 24 outage was — the timing of the next outage was going to be dependent on the inspections and what we saw in this last outage. And based on that, we’re comfortable stating that our intent to take that outage in 2024 around the major project that we need to do at the same time. The issues were outage and startup from outage related. As you know, Paul, in these types of mills, there’s always something we are working on and addressing. But at this point, given what we’ve seen in the last outage, we’re comfortable saying that the next one is in early 2024.
