David Burritt: I think the thing to remember on this too is that Europe’s been exceptionally run well. And they are very nimble up, down and everything in-between with remarkable safety results. So these people know how to run operations and when they need to accelerate that can and when they need to dial back, they can and do their best to ensure we’re EBITDA positive.
Tristan Gresser: All right. That’s very clear and very helpful. My second question is a bit bigger-picture and more focused to Europe. I mean, we’ve seen many of your peers in Europe, unlocking vast sums of public funding to decarbonize. Do you have anything new to share about your operations there in Slovakia? I think you sent plan to the authorities and maybe got some approval. Have you made a decision of what you plan to do with the operations? And I think, to your point that you made in your presentation, that’s also really relevant to the re-rating story, the valuation story. We’ve seen many steel makers in Europe for instance not re-rate because of this de-carbonization overhang. So if you could give us maybe a bit of color on the strategy and the plan there, that will be appreciated. Thank you.
Richard Fruehauf: Yeah, so thank you, Tristan. So this is Rich. Look, first of all, we’re very pleased with the Slovakian government approved our grant application for EUR300 million, for de-carbonization under the recovery and resiliency plan, but this is just one of several steps that needs to be taken for us to move forward with de-carbonization of that facility. We need a timeline extension for use of those EUR300 million. We need more funding from the – there is a second fund called the EU Modernization Fund. So we need additional funding there as well from the Slovakian government and we’ve been clear we want investment partners to join us in this project. And of course, if you’re going to move to an electric arc furnace technology, which is the obvious thing to do, you’re going to need competitive long-term electricity rates.
And then, of course, obviously, this is all subject to our Board of Directors approving it, but I mean I think, as Dave said, that facility has been very profitable through cycle. It’s dealt with the challenges that have come and we look for the current government, which is, frankly it’s a caretaker government. So there will be elections in September and we’ll take it from there.
David Burritt: Yes, this has been a great asset, and we do know it’s challenged by the Ukraine war that’s just 60 kilometers away, but the support the employees have provided to the folks in Ukraine are more than commendable. And we do know that at some point, there’s going to be a massive rebuilding, and we’re right next door to help.
Operator: Thank you very much and we’ll proceed with our next question on the line from the line of Carlos De Alba with Morgan Stanley. Please go right ahead.
Carlos de Alba: Yeah, good morning, everyone. Thank you for taking the question. First one would be, if we can comment maybe, Dave, on how you see the — or, Kevin, right, or Jess. But a lot of debate on market share, particularly around auto feed and the profitability of that share. So if you could maybe share your perspective on how your steel is doing in the market. Very important, really very important end market for you and for other flat testing producers is doing quite well relative to others. So any color as to how US Steel is still there and your perspective would be great.
