Martin Englert: Okay. That’s helpful. I’m going to circle back on the working capital question, and the 21% target was notably exceeded. You had discussed in another follow-up question, the component as to why, and I understand that. But what’s the timing of — when can we expect to achieve that 21% of sales, I believe, is the target? Is this something that happens after 1Q results are reported or 2Q or 3Q?
Beatriz GarcÃa-Cos: Yes. Thank you, Martin, for the question. Let me take one step back. So I think going back to the reasons that caused this increase in our percentage, as you know, and we mentioned in one side, we have the manganese ore buildup due to the change in the macro environment and as well all the European steel producers shutting down operations. And in response to that, of course, we are curtailing our Spanish operations, right? Then the second point to bear in mind is the — of the France winter stoppage, as you mentioned. And then the third point is, of course, as a result of the volatility in — for the conflict between Russia and Ukrainian, we buy some additional electrodes and coal, yes. And on top, of course, we are ramping up Polokwane, right, as we are speaking.
So this — we invest working capital on that. So being said that, so — and provided the winter season is starting very soon, we see this level of working capital coming on the next — progressively on the next coming months, if this answers your question.
Martin Englert: I’m sorry, could you just repeat the very last part that you said, kind of you expected this level of working capital to…
Beatriz GarcÃa-Cos: Yes. Sorry, on the next coming months.
Martin Englert: Next coming months. So something within — in my mind, I think that’s a 3-month or less framework? Or am I wrong in thinking that?
Beatriz GarcÃa-Cos: We’re going to be hitting the target, yes, on maybe between Q1 and Q2 for sure.
Martin Englert: Okay. Okay. Let me pivot. I wanted to get your thoughts on the recent greenfield projects that broke ground since the last quarter in the U.S. for silicon metal and that you called out in the press release targeting growth for your silicon metal business. It looks like there may be a new entrant pushing forward in the U.S. But yes, any high-level thoughts from your perspective there?
Javier López Madrid: Yes, Martin, thank you very much for the question. Well, the greenfield, I guess you’re referring to the greenfield projects in and others that have been announced. Well, I think we have first and positive reaction because I think it validates a bullish case for silicon metal going forward. I think — and we have expressed our new market dynamics, reshoring energy transitionally positively impact silicone demand in the western world in the coming years. And we should expect high growth in that sector. And as a result of that, there are announcements of production being made, which will take some years to — so — on that side, very positive. I was a bit — we were a bit surprised, but we haven’t — we don’t know the numbers.
And — but we were positively surprised about the — it was a sizable investment of around $300 million to $400 million. Again, I don’t know the numbers, but from what we heard or what we read is $300 million to $400 million for 60,000 tons capacity or Phase 1 of 60,000 tons capacity. Just to give you a perspective, in Ferroglobe, we have global silicon metal capacity in excess of 300,000 tons with a flexible global asset footprint, which should certainly add perspective to our own valuation potential. But maybe, Benjamin, maybe you can give a bit of perspective on greenfield — brownfield project and managing assets, which might add a bit of color to what I just said.
