These are incremental capacity expansions. Then we have the opportunity to increase our capacity greenfield at the most competitive plants. So the plants, among the ones that I have mentioned, where for us it is pretty easy and pretty fast to put a new furnace and to increase the output of silicon metal. So the footprint and the back-integration are basically our strong points.
Unidentified Analyst: Is your energy supply natural gas? Or is it — what is the energy supply? Because you focus on energy costs quite a bit, at least in Europe.
Marco Levi: Yes, we are talking about electricity.
Unidentified Analyst: Your cost is electricity, not natural gas. Is that correct?
Marco Levi: We’re looking at electricity, yes.
Unidentified Analyst: Okay. And these are competitive areas like West Virginia for that?
Marco Levi: Well, talking about the — we have different contracts for the different assets. That’s true.
Unidentified Analyst: How do you expect the U.S. — is there going to be grants given to companies like yours or financing — favorable financing for you to increase capacity? How do you envision that’s going to — what’s going to happen besides tariffs?
Marco Levi: Yes. We are looking into that. And we are talking to different partners. I think that the key thing is to form alliances with other companies in the supply chain to leverage at best the incentives that the government can potentially guarantee.
Unidentified Analyst: And your joint ventures with Dow Chemical, if you want to expand, is that an agreement between the 2 of you? Or how do you see your partner contributing in this?
Marco Levi: Well, the joint venture with Dow Chemical is related to the 2 sides of Bécancour and Alloy. And the — whenever we consider an expansion either in Bécancour or Alloy, we need to sit down with the Dow Chemical company that uses capacity for their own production of chemicals.
Unidentified Analyst: Okay. For whatever it’s worth, I would like you to continue to delever considering the uncertainty of — from an economic point of view going forward for whatever that’s worth.
Marco Levi: I hear you loud. I totally agree with you. Deleveraging — further deleveraging and start distributing dividends to our shareholders is our priority.
Unidentified Analyst: Let me ask you one other shareholder question. There’s virtually very little ownership or if you look at your shareholder base, you have some hedge funds, that type of thing. But as far as being part of any kind of environmental, social, governance or solar, there’s — I don’t think there’s any coverage at all and you’ve hired a new shareholder relations person. Do you anticipate coming to New York or Boston or places to visit with institutional investors to try to get the Vanguards and Fidelities of the world to look at your company that you’re kind of an…
Marco Levi: Let me start answering your question. First of all, we have been doing that a lot between December, February and March this year. And we’ve been several times to the U.S., meeting current and potential investors. Today, we are covered by B. Riley and Seaport. There are other parties who are showing up, interested in covering us. The — you referred to the — you made a reference and I’m pleased about that to our investor relationship. Yes, we have decided to focus much more on the — on our shareholders. And for this reason, we have hired somebody who has an enormous experience in IR, and we are pleased to have him around in — for this exercise. So yes, Alex Rotonen is in the call at the moment.
