Mark Millett: Yeah. No. That’s fine. We probably have not done an elegant job of explaining that. The 70% is just the run rate at the end of this year, Timna. Again, we’ll continue to ramp up. We expect to be 2.4 million tons total production next year, which I think is around over 80% of the 3 million. And then we’ll continue to ramp up from there. There’s absolutely no doubt that the plant capability can exceed the 3 million ton nameplate that we’ve advertised in the past.
Theresa Wagler: And I guess just to bring a little bit more clarity to that. We would expect to be operating around that full capacity by the middle of 2024, Mark’s just giving a total year view.
Timna Tanners: Helpful. Okay. Thank you. One other timing question was really on the downstream lines that are going to really enrich your product mix. And in the presentation it says they’re starting in the second half, but I thought I heard you saying they were contributing more in the first half. So just trying to get the cadence of when that ramps up.
Theresa Wagler: Yeah. It probably should have been updated in the investor deck. I’m guessing that’s what you’re pointing toward. We’re planning to have the Heartland paint line and the Heartland galvanizing line running first, which could be towards the end of 2023. But probably moving into that first month and a half in 2024 and then very closely thereafter, Sinton’s additional paint line and galvanizing line will be starting as well still within the first quarter of 2024.
Timna Tanners: Great. Thanks. And then the last question, if I could squeeze it in is just on the CapEx guidance. I think we had — last quarter you had talked about a number for 2024 of about 1.5 billion and just with the higher CapEx guide for Q4, we just wanted to check on if that number is still right for 2024. Thanks again.
Theresa Wagler: You’re welcome, Timna. Actually, we’re in the middle of planning for 2024 on the capital investment side right now. It looks like it’s going to be closer to $1.8 billion to possibly $2 billion. I’ll be able to put a finer point on that as we get through the first quarter, but it’s primarily comprised of a little bit more on the aluminum side just from a timing perspective, not a total investment. So aluminum may be as much as $1.3 billion to $1.4 billion next year. We also have the construction and startup of the biocarbon facility, which could be as much as $150 million to $175 million. And then we have some tail to the four value added lines as well of maybe a $100 million. So I will be putting a finer point on that, but right now I’d say it’s probably in the range of $1.8 billion to $2 billion.
Timna Tanners: Appreciate it.
Operator: Your next question for today is coming from Bill Peterson with JP Morgan.
Bill Peterson: Yeah. Hi. Good morning. Thanks for taking the question. We’ve been seeing some reports that the US and Europe are ahead of this summit tomorrow. Maybe looking at removing some of the tariffs or adjusting quotas and things like that. I guess, assuming that some of this does happen and quotas go away, how would you see this impacting the US steel market?
Mark Millett: Well, I guess we don’t have the same intelligence that others have from our folks on the hill and just conversations. It really seems still up in the air. The European position and the US position are totally at odds, and not much progress has been made, but maybe you are wrong. That said, obviously the tariffs today, a lot of that has been negotiated away in only probably 25% or so of incoming, steel imports are affected by that. And obviously quotas are in place with Brazil and here and others. I would imagine that they will remain in place in some form of fashion. European tariffs maybe that is a little different, but Europe is not really a influence on our market, in all honesty. If you look at the straightforward arbitrage today between — well, Asian pricing and European pricing, not that that attractive.
