Karla Lewis: So, hi, John. Reliance, I think, one of the things we try to do is be pretty consistent with our expectations of how we perform out in the field and we try to give our leadership teams out there, consistent guidance. So we always push for strong inventory turns. We do have different expectations based upon the product mix of each of our companies. For our flat-rolled companies, we do expect them to turn their inventories faster just because of the lead times with the mills and them servicing their customers. So we do have higher expectations for them. Steve and his team really worked with our FOCs. When prices are down, we will see some of our customers somewhat adjust their buying patterns. But, overall, I think, we are trying to be pretty consistent and have been with the way we manage our inventories.
Our companies are working better together now. We call it SOC collaboration and they are able to offload inventory to each other if one of them is a little heavier than others. So we also have the benefit of our large network of companies where they can step in, help each other out. Steve, anything to add?
Steve Koch: Yeah, I would just add to being a domestic buyer for the most part. Our domestic mills have done a great job and we understand that they are working through supply chain issues and they have been really good partners, making sure that we have enough steel, not too much steel, very flexible with the order books, and I think that overall, our business model has worked by buying close to our locations.
Arthur Ajemyan: And John, the only thing I would add is, our value-added processing capabilities, the margin volatility on that part of the business is much lower than the stock pool business. So that’s another dimension to the story. The smaller order sizes, quick turnaround, transactional nature of the business. That also contributes to the relatively stable margin profile. So it’s not one thing, it’s a combination of multiple factors that contribute to that relatively stable margin profile.
John Tumazos: Thank you and congratulations. I am in awe of the great results.
Karla Lewis: Thanks, John.
Steve Koch: Thank you, John.
Operator: There are no further questions at this time. I’d like to turn the call back to Karla Lewis for any closing remarks.
Karla Lewis: Thank you, Operator. Thanks again to all of you for your time and attention today. Before we close out the call, I’d like to remind everyone that we will be in Hollywood, Florida, in early March presenting at the BMO Global Metals, Mining & Critical Minerals Conference and we hope to see many of you there. And to our Reliance family, thank you again to everyone throughout the Reliance family of companies for your record setting 2022 performance and thank you all for your continued support of and commitment to Reliance. Thank you.
Operator: This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.
