Doug Dietrich: Yes, Mike. Thanks for that question. This business is very different than it used to be. And so, you referenced having to be at 80% this to be a profitable business and we’re generating higher profits at even 70%. So, directly the market is down from where it was last year. But this business is able to generate income due to a number of different things. I’m going to turn it over to Brett to let you know, but the technologies that it’s been developed, the systems it’s developed, the new refractory formulations, all of that is combined to change the real profile, the profit profile of this business. Brett, do you want to give some color on that?
Brett Argirakis: Sure. Thanks, Mike. I appreciate that question and glad it’s noticeable. This is a business that we’ve been working on for a long time, especially in my 36-year career. We have changed and started to change going back to 2009 when that big market dropped and it really hurt us. We resized the business. We reorganized the business. And every so many years, we just took a look at it and did that even further. It’s a combination of our steel mill service groups that are embedded into our steel plants, our customers. But those people, although they’ve been there for many, many years, we’re increasing that technology of what we do and increasing their ability to operate more higher tech equipment. We’ve also moved into different product lines where we’re driving similar cost or, in some cases, could be lower cost where we can work with our customers on pricing, but it’s all about value.
And our value is driving the lowest cost opportunity on an installed basis for our customers, so that they can run their steel plants more efficiently and more effectively. The other thing that we’ve done is really driving that automation of our application equipment and signing in five-year deal contracts. We have now, over the last couple of years, about 13 new automated application units. A couple of those are in Europe and the majority right now are in North America. We’re really happy about that, excited. Those are all going to be rolling out. The other thing is, you see the utilization rates going down. As they’re coming down, we have five new steel plant customers that are expanding in 2023. So, we’re riding with them and we’re helping them in their expansion.
So, as Doug said, it truly has evolved to a much different higher tech business than it has been looking back in the past. So, we’re really proud of that.
Mike Harrison: All right. Thank you for the additional color there.
Doug Dietrich: Thanks, Mike.
Operator: And it appears there are no further telephone questions. I’d like to turn the conference back over to Mr. Dietrich for any additional or closing comments.
Doug Dietrich: Thanks everybody for joining the call today. Again, please look out for some more information on our new segments that we’ll be reporting on, and we look forward to reporting under it in our first quarter and then further to an Investor Day, probably scheduled in May. So, stay tuned for that as well. Thanks for joining today.
Operator: And once again, that does conclude today’s conference. We thank you all for your participation. You may now disconnect.
