Lawson Winder: Hi. Thank you, operator. Happy New Year. Nice to hear from you all, and thank you for the update. I would like to ask about Slide 16. You mentioned opportunistic M&A. Can you provide any color on the type of target companies you might be looking at, whether it might be downstream or diversifying into other products or perhaps different geographies? Thank you.
Barbara Smith: Thank you, Lawson. I appreciate the question. Unfortunately, historically, we haven’t provided an enormous amount of color on specific targets. So I think if you go back to our Investor Day a couple of years ago, we were pretty clear on what we are and what we aren’t. And I think you will whatever you see us do, it will build off of the base that we have today. Clearly, we’re excited about our foray into geosynthetics with the Tensar acquisition. Clearly, that’s one that you can look toward. But I would say we see so much opportunity from an organic perspective with Tensar, and we’re highly focused on proper integration and really leveraging our commercial organizations to grow that really superior product that they have, and we’re encouraged every single day with what we’re seeing on that front.
But if you look at the base business that we have, which is €“ we have the full value chain, recycling and rebar, merchant, wire rod and then downstream. And we look across that full gamut. As it relates to geography, if we are strong, as you know, in North America, and that is a key and core market to us. We also feel very, very strong in Europe with our Polish operations being beachhead. And so we don’t rule out opportunities there, although Europe is a bit more complicated with all the various countries and differences and different growth in different countries throughout Europe. We do see Europe as going through this whole energy transition, which is going to create massive change and opportunity in our industry. And we’re a leader in this area.
And so to the extent that we can leverage that leadership, that’s something that could be interesting to us. Beyond that, we can’t really get into specific targets.
Lawson Winder: Yes, I know that was fantastic. Very helpful. You mentioned Tensar several times in your response, which maybe I think I actually wanted to ask a question about the production challenges you’re having. Would you be able to provide some color on the remediation plan for that and the time frame to an improvement in performance? Thanks.
Barbara Smith: Yes. Thank you. This is one where there is a great synergy and a synergy we didn’t necessarily identify through our due diligence. But bottom line, we lost a press. And those things happen. They happen all over other operations and in our steelmaking operations from time to time. They already had a press on order because they knew that they needed to refresh this. But then there were supply chain challenges, which delayed the delivery of that press and the installation of the press. So that was the challenge. The press is in, it’s installed, it’s performing. And so that issue is behind us. The synergy really comes in from Tensar is just superb at innovation and new product development and commercialization of new products.
But their core expertise is not necessarily on the manufacturing side. We are superb at manufacturing. And so when we saw some of the challenges that Morrow was undergoing, we were able to dispatch a number of our technical experts to be on the ground and help them muscle through it or find other productivity improvements and safety enhancements and all kinds of things that just leveraged our strength and added to their capabilities. So the problem is behind us, and we would expect to see some fairly immediate abatement of the added costs that we had to incur to just move product differently around the world.
