John Tumazos : Thank you very much. I’m a happy shareholder.
Operator: Your next question is a follow-up question coming from Martin Englert.
Martin Englert : I appreciate the time for the follow-up. Just two quick ones here. Over the last four years, seasonal sequential 1Q gain in external steel volumes averaged about 7% quarter-on-quarter based on what you’re seeing with order intake in the new year here, and then also taking into account the continued ramp in Sinton and value-added lines. Should we expect something at the core, similar on a sequential basis, around 7% and then layer in the additional volumes from ramping assets.
Theresa Wagler: Martin, we can’t give directionality. Obviously, we had outages in the fourth quarter at two of our steel mills, and we won’t have those in the first quarter. We’ve just mentioned that Sinton’s going to be ramping up aggressively in the first quarter. So all in all, absent any significant market moves, you should expect to see incremental volume from our steel operations. And as Barry pointed out, with the additional value-added lines, you’re going to start to see that product mix get richer and richer. So it will go more into the processing lines. You’ll eventually see some really great spread enhancement throughout the year as well?
Martin Englert: What were the outages in 4Q? And assume that you mentioned it because it did have an adverse impact on volumes?
Theresa Wagler: Martin, they weren’t — they were just normal outages. We take outages at our foot roll mills and in our long product mills. They weren’t anything that were — we didn’t note them as far as from a volume perspective. But yes, obviously, when you have outages that does impact volume, but there was nothing of significance to note.
Martin Englert: One last one, if I could, on the aluminum project. Based on the two cycle estimate to give implied EBITDA of around $900 to $1,000 per ton, when you were coming up with that analysis, are you able to share what you think the bottom and top quartile of profitability might look like when we think about peak to trough?
Theresa Wagler: No, Martin, we’re not. We do mid-cycle through cycle. And as we get more familiar, we just — we don’t provide that type of information.
Operator: That concludes our question-and-answer session. I’d like to turn the call back over to Mr. Millett for any closing remarks.
Mark Millett: Well, thank you, everyone, and thank you, Holly, and thank you, everyone, on the call. I guess, as John noted, he’s a happy shareholder. To be honest, everyone at SDI are happy shareholders because we all are equity holders and as part of the compensation for each and every one of us. Collectively, we do own a reasonable amount of our stock. And I would just emphasize that we treat your dollars just like they are our own. And we’re absolutely focused on continuing to outstrip our competition relative to shareholder value creation through the cycle but we can’t do it on our own. So any customers listening at thank you for your support. We have loyal support, and it takes us through the cycles suppliers can do it without you and got to stress.
We have the best metals team in the world. Our people are absolutely phenomenal. Thank you for what you do each and every day. For those that are owners on the call as well. Thank you for your support. Have a great day. Bye-bye.
Operator: Once again, ladies and gentlemen, that concludes today’s call. Thank you for your participation, and have a great and safe day.
