Nathan Martin: You are welcome. You guys talked about how again expected lower realizations on export sales or likely to drive down EBITDA per ton in the Domestic Coke segment this year. Can we maybe get your thoughts on possible cadence of that pricing over the next four quarters? I know you pointed out 1Q export coke sales have already been finalized. So as an example is the market weaker now and you expect it to get better in the second half or any color there would be great? Thank you.
Katherine Gates: Sure. Thanks, Nathan. I think as we look over the full course of 2023, we expect to see some improvement in the market as we move further into 2023. So the back half is looking better for us than as we sit here in the first quarter and second quarter.
Nathan Martin: Great. Very helpful, Katherine. Maybe a quick question on CMT. It looks like you guys guiding to kind of flat volumes overall, about 5.7 million tons of coke exports for this year. Curious how does that compare to full year 2022, even just directionally would be helpful and then with the pullback of API2 prices we have seen around $145 a metric ton a day. So are you still receiving that price kicker on those tons?
Katherine Gates: Thanks. So in terms of the volumes, we are really flat year-over-year, satisfied with those volumes, but really it’s flat year-over-year. And when we look at API2, we are very comfortable that the guidance that we have build in the price adjustment for the full year and with where we are today, we are very comfortable with that guidance on the API2 pricing.
Nathan Martin: So are you receiving that kicker today or no or is that incorporated in your guidance that you are comfortable with, I guess?
Katherine Gates: We are receiving the kicker today and the guidance incorporates the anticipation of receiving it for the full year.
Nathan Martin: Perfect. Very helpful. Thank you. Maybe just one final question on a segment you doesn’t give much attention. I think you have described this a little bit in your prepared remarks, but the Brazil Coke segment again kind of down $5 million to $6 million on the EBITDA side, the expiration of those technology fees. Is there any opportunity to get some of that EBITDA back over the next few years or is it kind of going from $15 million of EBITDA plus or minus to $22 million to around, let’s call it, $10 million this year, is that $10 million kind of a good run rate to think about going forward for that?
Katherine Gates: It is, Nathan. That really is the run rate going forward. This was an expected drop and based on the structure of Brazil, we don’t take any risk on the capital or operating side and we anticipate collecting that $10 million going forward.
Nathan Martin: Got it. And maybe just one final one, just I am going to try. Any updates you can share on the Granite City opportunity?
Katherine Gates: I appreciate. Yeah. I am going to try. But I may disappoint you a bit Nathan. But we are in discussions with U.S. Steel and we are continuing to assess the capital and the other project requirements.
Nathan Martin: As I expected, Katherine, but I wanted to throw that out there. Appreciate
Katherine Gates: No. I tried real hard for you. Sorry, Nathan.
Nathan Martin: All right. I will leave it there. Best of luck in 2023.
Katherine Gates: Thank you.
Operator: And we have a follow-up question from the line of Lucas Pipes from B. Riley Securities. Your line is open.
Lucas Pipes: Thank you very much, Operator. And I want to ask a few more questions on Granite City. So I appreciate Nathan softening the ground on that score. Is there a time by which you would like to conclude the analysis?
Katherine Gates: Well, Lucas, I appreciate the question. I think we are — this is a complex project. It takes time. We are going to take the time that it takes to get the project right.
Lucas Pipes: And in terms of the aspects that are still under analysis today, is it — could you comment on that, what — where are you spending most of the time in the due diligence today?
Katherine Gates: We are really focused on the capital. That is the primary focus is the capital requirements for the project.
Lucas Pipes: And that’s on an ongoing — that’s essentially like the amount of capital you would have to put into the facility to convert it to pig iron facility?
Katherine Gates: Exactly right. You are exactly right.
Lucas Pipes: Okay. That’s very helpful. I appreciate that. And in terms of cap — back to capital returns, would it be fair to assume that part of the current capital return policy is contingent upon a decision on Granite City or is that maybe a step too far? Thank you.
Katherine Gates: No. Sure. Absolutely. No. I think that’s really — that’s right in the sense of right now. We are really focused on preserving our cash for the GPI project.
Lucas Pipes: Got it. Very helpful. Thank you. And do you have a minimum liquidity target, can you remind us?
Katherine Gates: We really don’t. I mean, as Mike said before, I mean…
