Keith Harvey: Well, we don’t give out specific breaks on what we provide, but it’s a fairly large percentage of what we do, Bill. So it’s — I’d say it’s greater than 40% of what we do out there. And with respect to the beverage side of it, we started to see business stabilize and actually bounce back as we got in toward the end of the third quarter. And so as we talk with our customers, we look at what’s happening with us, it gives us some comfort that beverage is continuing to grow. If you look at some of our end customers, the can makers that have been out already, they’re talking about continued growth moving into 2024. So that gives us a good feeling that the destocking has occurred and that we’ll get back to more normalized growth levels in ’24.
I also reflect on the longevity, and Timna brought this up, longevity on the coated products, especially on food. Again, the information that we have is that this will not be as prolonged as what took place with the beverage can overall. That one was more associated with demand and higher cost pass-through. This seems to be more around the end users and year-end balance sheet issues. So I have a feeling here that this will be much shorter perhaps through the end of this year. And — but we’ll give you a more update when we talk in February.
Bill Peterson: Okay. Thanks for that color. And then on more — I’d like to get more context on the separation from Alcoa in terms, like, what does that mean in terms of physically separating? I guess, should that result in more greater recycled scrap usage and less materials from Alcoa? What’s the mix between the two? How is that going to evolve? And I guess most importantly, how does that impact the financials?
Keith Harvey: Yeah. So again, we expect that separation in the first part of next year. Part of the obligation that we had in our agreement with Alcoa was that we had a three-year commitment to purchase a portion of our metal needs from their smelter, the primary smelter there. And that ends at the end of this year. And we are intent on moving toward more secondary/recycled material content, and we have that in place moving into 2024. Most definitely will improve the financial wherewithal. It will improve the sustainability of that business. And so we’re very excited about moving that amount of material over to recycled content. It’s also going to satisfy a lot of requirements from our customers who are looking for higher sustainable material — input material.
The other parts of the separation though, and as you might imagine, Bill, this has been a distraction for our teams up there for the last couple of years. We’re separating power from the coal-fired plant there. We’ll be moving on to the grid. That’s pretty much getting close to completion. And there are other things around steam, water and how we separate those two facilities. So overall, it’s been a quite a distraction, quite an endeavor by that team up there. They’ve — as they manage and all the other challenges we’ve had with supply chain issues. So in regards, it’s going to be better for us from a financial perspective, better for us from a sustainable perspective and definitely less distraction so that folks can get back to focus just on managing the growth of the operation there.
Bill Peterson: Okay. Thanks, Keith, for the color, and we’ll look forward to following the progress in the year-end and next year.
Keith Harvey: All right. Thanks, Bill.
Neal West: Thanks, Bill.
Operator: Thank you. I would now like to turn the call over to Keith Harvey for closing remarks.
Keith Harvey: Okay. Well, thanks for being with us today, and I look forward to updating you on our fourth quarter and full year ’23 results in February. Have a good day.
Operator: There are no further questions. You may disconnect your lines at this time, and thank you for your participation.
