Tristan Gresser: Okay. That’s really helpful. Thank you. And maybe another question on the situation in Mexico. You kind of have a unique perspective there, you sell quite some volumes in the country, you’re building in the country, but you’re also a U.S. steel producer first. So I mean, the situation in the U.S., Mexico situation kind of worsen a bit on the trade front — talks of tariffs, retaliation. So what’s your view on the latest development? Do you believe that the situation could worsen? And what’s — what are kind of your option if it does happen?
Mark Millett: Well, today, we haven’t seen any — I don’t believe, Barry, any direct impact to our business. We grew substantial market share in Mexico last year. We shipped, I think, 600,000 tons or so down there. I think it’s more of a wait-and-see situation. It’s sort of a tit for tat, going back and forth. But I think again, just as you saw with the USMCA some years ago, the U.S. and Mexico are huge trading partners, and these things get worked there.
Tristan Gresser: All right. That’s — that’s clear. And maybe just the last one. You mentioned in your outlook in your prepared remarks that you expect lower imports. Can you discuss that a little bit? And there have been some discussion at the high level between the U.S. and Europe of potential carbon-based tariffs. Do you believe that’s still on the table and that could potentially materialize depending on who is the next President in the United States? Thank you.
Barry Schneider: Well, I think our position on the carbon border adjustment mechanisms; we don’t see any meaningful change in American policy. There definitely is a lot of interest in Europe and the EU will continue to go-forward with their plans. After the election, we would expect that there will be some kind of a united front to find out how to keep trading with Europe. We do believe that’s a good thing for us as these develop, particularly with our incredibly low sustainability position. So we have a great position to lead into these kind of tariffs. We do see certain coated products moving into the country that are concerning. And as we address those through our downstream distribution and our customer base, we are aware of where certain products are moving in the country.
And we do see certain areas where it’s elevated. And we’re doing our best to respond to that competitive challenge, as other economies kind of flush towards us when they get soft where they are. So we’re always monitoring it. There are solutions we’ll look at, but we take that on a day-by-day basis.
Operator: Thank you. Your next question is coming from Bill Peterson from JPMorgan. Your line is live.
Bill Peterson: Yes. Hi, good morning, and nice job on the quarterly execution. I wanted to talk about some of the reshoring trends but — and also the data center build-out. So you’ve obviously seen a big uptick in data center. But on the same side, we’ve seen obviously warehouses continue to kind of remain negative. So I guess the question is what is the typical steel intensity you see of data centers? And how does that opportunity compared to a warehouse opportunity? That again, since that’s kind of normalized here recently?
Barry Schneider: Bill, this is Barry. I think each project is so different. There’s a lot of variables. And we provide materials to all these different types of projects. So depending on what the owner is looking for, where the data center might be located, that will affect the steel intensity. But generally, the packages aren’t wildly different than warehousing. And it really depends on where they’re going to go and who’s designing it. So that flexibility in providing the way we look at lots of different general contractors and lots of different engineering firms. We have solutions for each of them. So as they go, they might be — maybe think of it maybe it’s a less steel-intensive job, but it might have more design work involved.
And the opposite may be true where — it’s a straightforward design work in bigger tons. So it’s really a broad spectrum across these different projects. So depending on each one, it’s really hard to say. But it is definitely an area where there continues to be interest because of the artificial intelligence, all the thoughts about what’s going to be needed for that cloud computing. And so we remain very interested in there, trying to provide good solutions to the various stakeholders who are building those facilities.
Bill Peterson: Okay. So I guess it just really depends on the project. If I could ask a second question maybe to Theresa. So CapEx came in a bit lower than expected. But I guess, how should we think about the cadence of CapEx through the remainder of the year, presumably to reach the $2 billion number you’ve provided in the past?
Theresa Wagler: Yes. Good morning. The biggest chunk of capital will relate to, obviously, the aluminum investment. And we would expect to see those tick up in the second and third quarter, as equipment continues to arrive and they hit certain milestones. So you should see the bulk of that additional CapEx or remaining CapEx being in the second and the third quarter, probably about equal and then probably go down to about the same level you saw in the first quarter and the fourth quarter.
Operator: Thank you. Your next question is coming from John Tumazos from John Tumazos Very Independent Research. Your line is live.
John Tumazos: Thank you. I see that you’re not staggering the three aluminum slab melt shops, with one or two of them to follow. Does that mean that you have a lot of customers pent-up already for the aluminum rolling mill and that you’re concerned that you need the raw material because it might sell out fast? Or is Mexico slab mill getting sequenced first, because your scrap collection is very advanced in Mexico? And is there a concern that that might take a little longer to develop the scrap flow in Arizona in Mississippi?
