David Gagliano: Okay, that’s very helpful. Thank you.
Operator: Next question comes from Arun Viswanathan of RBC Capital Markets. Please go ahead.
Arun Viswanathan: Great. Thanks for taking my question. Good morning. Just wanted to clarify a lot of the guidance items you guys offered. So first off, on the tons that you expect to sell in 2023. Did you say that, that’s about half of what you sold in 2022? And so I’m getting to about 155,000 ton number in 2022, so that would put us around 80 for 2023, is that right?
Timothy Flanagan: Yes. So let me clarify that, Arun. So the guidance was we would be at roughly 50% of the first half of 2022 in the first half of 2023. So we did roughly 85,000 tons in the first half of 2022.
Arun Viswanathan: Okay. Perfect. So half of that for the first half. And then the second half though, you would be comparable to the second half of 2022. Is that right?
Timothy Flanagan: Yes. So I mean I think we certainly see our ability via reengagement with our customers and the dialogue we’re having with them that the back half of 2023 will start to recover and look much more like a normal year for us. I’m not sure we get all the way to where we were in the back half of 2021, but we certainly will be over where we were in the back half of 2022.
Arun Viswanathan: And then you also noted that is Q1 between 14,000 and 18,000 tons, is that right?
Jeremy Halford: Between 15,000 and 18,000. That’s correct. That’s what we’re expecting.
Arun Viswanathan: Okay. Great. Perfect. And then — and that 15,000 to 18,000 then, a portion of that would be long-term and a portion of that would be spot. And so we’ll use the 27,000 to 32,000 long-term, and then the rest will be made up with spot. Is that correct?
Timothy Flanagan: Yes, that’s the right way to think about that.
Arun Viswanathan: Okay. And then — and then on the pricing side, so I guess needle coke — or sorry, electrodes, spot electrodes, you’re still seeing it around 6,000. What can you offer as far as needle coke? I think last time you said it was $2,500, $2,600, are we still in that range? Could you provide an update on electrode and needle coke pricing?
Timothy Flanagan: Yes. So I would say, right now in the market, we’re seeing kind of on the high end for the super-premium needle cokes you’re in that $2,500 to $2,600 range on the top end. Obviously, the lower grades will trade at a little bit of a discount to that. I think previously, we were probably closer to $2,800. So we’ve seen a little bit of a pullback, but I would probably describe it more as a sideways market right now than anything.
Arun Viswanathan: And then, thanks for that. And then on the demand side, so last year, definitely in the middle of the year and second half, there was very weak demand in Europe. It sounded like maybe there’s been a little bit of pickup in steel utilization rates at that 73. Is that right? And so what’s your outlook from here? I mean do you expect steel utilization rates globally to improve may be driven by some restocking, some infrastructure build-out and then definitely China coming back? Or how should we think about how demand evolves from here?
Jeremy Halford: Yes. So one thing I just want to clarify is that 73% was a U.S. operating rate, not a European operating rate. So I just didn’t want you to get. I didn’t want you to get back confused.
Arun Viswanathan: That was global, sorry. Thank you.
