Arthur Ajemyan: Yeah. Good morning, Lawson. So as we have said before, we are very aware of where we are from a balance sheet perspective, and then as Karla alluded to earlier, we have been pretty active on the M&A front, looking for potential deals and just because we didn’t close any, it doesn’t mean we are not active on that front. So our capital allocation is largely opportunistic on both fronts, right, whether that’s growth or returns. And we ask that we kind of measure capital allocation for us with a five-year look back and there’s going to be some periods where there’s a low and that doesn’t mean we are not deploying capital. We are just being very patient and disciplined with our deployment. And we are kind of very proud of where we are with our balance sheet and we are — how we navigated the last couple of years and positioned the company today in an environment where there’s going to be some opportunities, both on the growth side and on the shareholder return side.
And we have been pretty consistent with our returns or balanced capital allocation. When you do a five-year look back, it’s pretty balanced, Lawson, with about 50% of capital being dedicated towards growth and the other 50% towards returns.
Lawson Winder: Okay. That’s helpful context. Thanks very much. And then can I also ask about the year-over-year stainless volumes being down 10% and carbon was up 2%, alloy was off a bit. Any color on the weakness in those volumes in Q4?
Karla Lewis: Steve can fill in maybe a little more specifically, but we don’t think it was weak. We had a really strong 2021 on the stainless front. It’s been a good strong market for us over the years and I think the fluctuation you see is probably based on dollars, so obviously, pricing impacts that. But our stainless business demand, there continues to remain pretty strong. Steve, anything to add?
Steve Koch: Yeah. I would just say that as far as the stainless prices dropped a little bit, but our people in the field did a great job of cycling through their inventory. There were some import that came into the market towards the second half of the year, which we did not participate in. So we got a little bit of — just a little bit of a correction in the market, but we are going into 2023 with good inventories at good cost and ready for business.
Lawson Winder: And okay, maybe just to drill down a little bit on that last point, when you say ready for business, could you maybe elaborate on kind of the outlet look for full year in terms of sort of volumes directionally, maybe even some sort of range of growth?
Steve Koch: Yeah. I wouldn’t say we would give direct it for the rest of the year, but I would say that, we think that a lot of the import has worked its way through the system and that the market is normalizing a little bit more.
Karla Lewis: And Lawson, just as a reminder, Reliance is really kind of a spot business and our customers call us and we ship them what they need. So we are pretty dependent on our customer’s needs and we are ready to do that for them continuing throughout 2023 and we see our customers continuing to be busy. In the stainless market, with pricing they oftentimes have a little more visibility of where prices are heading. So you see a little more fluctuation in our customer buying patterns than in some of the other products we sell, but we are bullish as our customers on demand in 2023.
Lawson Winder: Okay. No. That’s great. Thank you. Nice work in the quarter.
Karla Lewis: Thanks.
Steve Koch: Thank you.
Operator: Our next question is a follow-up from the line of Phil Gibbs with KeyBanc Capital Markets. Please proceed.
