Doug Dietrich: Yes. And so, we’re going to highlight that to you in that Consumer & Specialty segment. I guess I go back to the last semi or small cycle we had in 2020. That pet care business, which was a little bit smaller at that point, grew at almost 8%. Now the dynamics of going through the pandemic were a little bit different, but I will tell you in terms of cat litter products, fabric care, edible oil purification, these products, they’re consumer driven. They’re a little less discretionary in some specs, right? Folks are going to continue to purchase them through economic times and we’re the largest private label cat litter manufacturer globally. And so therefore, that positions us well in a downturn to be the more economical choice.
And so, I think, the exact level of demand is going to be hard to predict, but the fundamentals of this business that we’ve built should withstand to be really resilient and continue to grow as we’ve seen with kind of GDP plus cat litter and pet ownership around the world. Other things that we are working on, we’ve got some online channels that we’re now selling through and some new business developments in Asia, as we start to build out our presence in that region. So, pretty bullish on that consumer business and its growth. And as we see margins expand, we think it becomes a really big earner for the company.
Steve Ferazani: Great. Thanks, Doug. Thanks, Erik.
Operator: We’ll now take our next question from David Silver with CL King.
David Silver: Yes. Hi, good morning.
Doug Dietrich: Hi, David.
David Silver: Several questions. I think I’ll start with this one. So, Doug, you talked about a lot of things regarding the fourth quarter. There was one thing I didn’t really hear that I have heard from every other industrial company that’s reported to date. And that would be inventory destocking on the customer side. So, in some of your slides, I could see that the volume change year-over-year 4Q versus 4Q was roughly flat. And I could kind of point to some of the pluses and minuses within the individual product lines. But just broadly speaking, how much did inventory destocking, typically your customers, impact the fourth quarter, and might we see more of that come through in the first quarter? Thank you.
Doug Dietrich: Yes. Thanks, David. We did see some destocking, I think Erik mentioned it in his comments, largely in the process minerals business, and then some in mine. I recall last year where inventory levels for customers were quite low and orders were just continuing to move through our plants even in low seasonal periods like December and January. This year a little bit different, because our customers we see especially in that construction market higher levels of inventory. We did see some orders removed out of December and placed into January. So, we think some of that destocking or at least managing inventories happened, similar impact in our steel businesses. And so, we did see some of that destocking, but we saw those orders move over into January and we’ll see that — we’re going to see that pick up.
