Lawson Winder: Okay. Thanks very much.
Barbara Smith: Yes. Thank you.
Operator: And our next question will come from Alex Hacking with Citi. Please go ahead.
Alex Hacking: Good morning, Barbara and Paul. Thanks for squeezing me in. I’ll just ask one question. So the 1.5 million tons of rebar that you see coming from federal infrastructure program, I guess, what year do you forecast that we would get to that level? And do you have any estimate on what that number would be in 2024 given the bidding activity that you’re seeing at the moment? And I would assume that that number is fairly close to zero for 2023? Thank you very much.
Barbara Smith: Thank you, Alex. What I would say is, the signs are there that the activity is moving forward, the pre planning activity, all of the Dodge indices are pointing towards movement forward. And as you point out, there’s not a — we can’t point to a large set of bidding or booking activity that is specifically tied to that. But these are just like regular infrastructure bills. We always say there is a 12 to 18 month lag between when a bill is approved and when you see the activity. And so, the growth in infrastructure last year was really related back to the FAST Act. But a couple of things I would note, the state budgets are one of our best indicators because, first, you the federal allocated it by state and then the states have to put their funding in place and their project plans and a number of key states that we’ve looked at have either authorized multiyear infrastructure budgets to support what’s coming from the federal funding or they are in the process of approving those budgets.
And there’s significant amounts of money that is being allocated in anticipation of that. I would say in general, the largest consuming states are healthy in terms of their balance sheet and they are being very proactive in planning for those infrastructure projects like Texas and Florida. I mean, we are seeing significant activity in both of those states and both of those states have funding plans. So it’s coming and how fast it ramps up to the 1.5 million tons at this stage is a little more difficult to predict until we get to the bidding and booking. But I would expect by our next update maybe we’re going to have something more concrete to share in terms of how that’s flowing from preplanning to the actual project and bidding and booking.
Alex Hacking: Okay. Thanks for the color. And also thanks for the presentation. It’s extremely helpful.
Barbara Smith: Thank you, Alex. We appreciate the feedback.
Operator: At this time, there appears to be no further questions. Ms. Smith, I’ll now turn the call back over to you.
Barbara Smith: Thanks, Joe. Thank you for joining us on today’s conference call. We look forward to speaking with many of you during our investor calls in the coming days and weeks. And I hope everyone has a great day. Thank you so much.
Operator: This concludes today’s Commercial Metals Company conference call. You may now disconnect your lines, and have a great day.
