Hassan Ahmed: Good morning, Mark and Jonathan. You know, a question on the TT side of things as it relates to cost curves. Look, obviously, your margins have compressed a fair bit. I mean, latest quarter 10% EBITDA margins. And you’re obviously one of the lowest cost producers out there. So I’m just trying to understand where the marginal producer economics are right now? And how sustainable, I mean, I’d like to think there’s a large chunk of the industry that’s in the red right now? And how sustainable that sort of environment really is and how that plays into how you’re thinking about ‘24 and beyond?
Mark Newman: Hassan, that’s a great question. And obviously when you look at our results this year, a pretty significant volume hit to the franchise. You know, we had higher input cost as we started the year. You know, it was quite a bit of inflation on the input side, you know, going into the beginning of this year. And under Denise’s leadership, the team’s done a lot of work to drive both variable costs and fixed cost down. Clearly, with lower volume and lower fixed cost absorption, that’s not reflecting. Those improvements are not reflecting in our EBITDA margin today. But certainly, as we look into next year, we would expect those margins to, you know, to expand and to come back to where we would expect them to be longer term.
The point I’ll ask Jonathan to make a comment, but I just say there’s, you know, clearly there’s a lot of product that I think is in the market today at kind of a marginal cost, you know, pricing reflecting marginal costs not full cost and that’s not sustainable over the long-term. And what we’re focused on is, you know, absolutely being at the low-end of the cost curve, and the work that the team’s doing with the TT Transformation Plan gives us the confidence to commit to $100 million for next year. And as we said in the script, we’re not stopping there. Denise and the team are really focused on ensuring that our franchise is the global winning franchise in high purity or high quality chloride pigment. Jonathan?
Jonathan Lock: Yes, the only thing I’d add there is, Hassan, we’ve kind of seen that coming, right? And the actions, as Mark said, that Denise took early in the year, while painful, we think are absolutely necessary in order to drive out, in order to drive our cost of manufacturing down. So we’re going to see, again, $15 million of that benefit show up here in the fourth quarter as a result of the Kuan Yin closure and a full $100 million show up next year through the TT Transformation Plan. And as we go through the next couple of quarters we’ll continue to update you on the progress against that $100 million, as well as additional initiatives that we’re launching as we think about it to go to optimize the entire manufacturing chain, right?
From our mines to our pigment plants and all of the associated overhead, we’ve got our eyes firmly fixed on getting to lowest cost. So we’ll continue to update you on the path to that first $100 million and incremental savings as they become visible to us.
Hassan Ahmed: Fantastic. And if I could dig a little deeper into those incremental savings that you mentioned, Jonathan, obviously the transformation plan, $100 million over there. But as I, sort of, sit there and think through the, sort of, goings on as they relate to your input cost, right? I mean ore costs had been high, but I’d like to imagine that in this weak, sort of, volume environment, ore costs are beginning to look a little shaky. And I’d also like to think chlorine costs are looking a little shaky. So above and beyond the $100 million that you guys are talking about for 2024, as it relates to the transformation plan. I mean, how do you think the input cost side of things could play out next year?
