Robert Coker: Mark, yes. We continue on our journey as it relates to, as you know, 3 years ago, 3.5 years ago, we really started kicking up our capital related to the growth in productivity. And with pre-COVID, a normal capital cycle can run 1.5 to 2 years. COVID has extended that. So we’re — the expectation is we’re going to see incremental improvement from those investments going in next year. And we’ve talked a lot about the restructuring, how we manage our businesses from the center and what is the portfolio going to look like going forward. So we’ve been busy over the last 18 months or so. The term around there is clearing the underbrush, but doing small divestitures, closing facilities that are dilutive to to the overall company and nonstrategic.
That’s going to continue. And when we’re together in February, we plan to try to — we will present to you guys, it’s not mission accomplished, it’s where we stand at this point in time. And I think you’ll be pretty impressed with some of the restructuring activities that we’ll announce at that point in time and how we’re going to be managing the company going forward. From a modeling perspective, sorry, I can’t help you with how that all equates economically quarter-by-quarter or through the year. But hopefully, more information will be coming as we get together in February.
Mark Weintraub: Okay. Fair enough. And just lastly, recognizing it’s a dynamic environment, but given where tin plate is, et cetera, did you have a perspective on whether there’s likely to be additional inventory impacts that flow through metal benefits or negative impacts next year? Or any help there? I mean it would seem like that could be another negative, but…
Robert Coker: Yes. Well, it’s early. And everybody is aware of what’s going on from a supply side perspective there, tariffs, acquisition discussions, et cetera. A lot of noise, which is causing delays in terms of our negotiations. So it’s really not there yet to talk about what we think from a direct inflationary impact. What I would say is from — a inflation or deflation impact. What I would say is that the — our customer profile from an inventory perspective is much more favorable. Major customers are saying in one case — so I was with a customer a couple of weeks ago who has halved their inventory to our detriment in the first half of the year as they brought it down and they’re coming in. So we’re seeing that across the board that the inventories are starting to normalize. So whatever happens on steel pricing up or down, the relative impact should be less favorable or negative as inventories at our customer locations have decreased.
Operator: [Operator Instructions]. And our next question will come from Gabe Hajde of Wells Fargo Securities.
Unidentified Analyst: This is Alex on for Gabe. I appreciate all the promise you guys made on Q4. But maybe just if I were to kind of think about 2024, can you kind of comment on how you’re thinking about the working capital and your inventory?
Robert Dillard: Alex, for Q4?
Unidentified Analyst: For Q4 and 2024, if you can comment on that.
Robert Coker: Next year’s inventory.
Robert Dillard: Yes. So for Q4, how we’re thinking about it and what we thought is — and I think Howard kind of hit the point on metal is that we have taken out and made a real concerted effort to take inventory out of the business. And so at this point, the inventory is a little over $250 million less than what it was. We expect that will be stable through the end of the year. A big part of that reduction was in metal. For the other working capital categories, you see from last year Q3 to Q4, we released $100 million of AR. That’s something that, while we don’t expect it to be that magnitude every year, that’s just part of the normal cycle for us. And so we expect to release another $100 million of of AR in Q4, which will put us about taking out about $148 million of working capital, give or take.
