Roger Spitz: Thanks very much. Good morning. I know you don’t want to give numbers on this, but maybe you can just talk generally about your European TiO2 pigment, EBITDA on Q3 versus Q2. Can you talk about how much – how that changed, how much it changed? You don’t have to put numbers on it, but if we talk just in generalities.
John Srivisal: Yes. I think just generally speaking, in Europe, Q2 to Q3 costs are up. So its – we’re seeing the some of the burden of that.
Roger Spitz: Got it.
John Romano: We don’t ever provide breakdowns by region on EBITDA.
Roger Spitz: Sure, sure. So the free cash flow guidance OCF [ph] less CapEx that you’ve given, that implies negative 75 for the full year. Is that – am I looking at that correctly?
John Srivisal: Correct.
Roger Spitz: Got it. And last…
John Srivisal: I think we’ve previously quoted we’d be relatively flat free cash flow for the full year. And a lot of that bridge, obviously, is what I mentioned earlier, the zircon build $50 million of it, and then we obviously earnings is an impact of it as well.
Roger Spitz: Got it. And I know you’ve chatted about this a little bit, but I mean if the economy remains relatively weak, how quickly can you monetize and sell down the big zircon and high grade slag inventories that you built up here recently in 2024? I mean I guess that’s not an easily noble question, but that’s my concern anyway.
Jean-Francois Turgeon: I think, Roger, we’re very confident in our free cash flow position. I mean that’s why early in the year, John and I, we borrowed that additional $350 million that was to pay down what I call the short-term debt, to have liquidity, to be in a very strong position for any condition to happen in 2024. And look, we are, I mean we feel like there is no risk. Look, we have built $185 million of working capital, as John mentioned. It’s zircon, it’s feedstock, it’s ilmenite. It’s all material that have no shell life, no – and that at some point, we will sell and we will convert into cash. Look, it’s too bad that we had to accumulate that much in 2023, but it will obviously be a relief in 2024. And we don’t have any risk of not being able to monetize the sales of zircon or slag or TiO2 for a matter.
John Romano: The only thing is that we don’t sell slag in the market, right? So when we talk about selling down slag, it’s selling down slag through the production of TiO2. So we’re not a seller of high grade feedstock out in the market.
John Srivisal: Yes. And I mean at Q2, we had $450 million approximate liquidity and obviously this bolstered our liquidity and part of that was in both cases very strong. We weren’t going to make any drastic decisions that will sacrifice the business in the longer-term, so we would not sell zircon at all costs.
Roger Spitz: Got it. Thank you very much.
Operator: Thank you. And as there are currently no further questions in the queue, I’ll hand the floor back to John Romano, Co-CEO for the closing comments.
John Romano: Thank you for that. And look, thank you for joining us for the call today. Our key priorities for 2023 remain unchanged. And we’re going to remain relentless on focusing on our sustainability and safety, continuing to align our production with customer demand and prudently reducing our cost, managing our key capital projects without losing sight of the long-term benefits to Tronox, including reducing our cost per ton, managing our working capital and free cash flow in the current market environment. So, with that, I’d like to thank you all for joining and again, thank, JF for all of the great work he’s done and really has been a pleasure to be Co-CEO with you and look forward to working with you between now and April 1 and as a Board member, so thank you.
A – Jean-Francois Turgeon: Thank you.
Operator: Thank you. This now concludes the conference. Thank you all very much for attending. You may now disconnect your lines.
