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Century Aluminum Firm (NASDAQ:CENX) This autumn 2023 Earnings Convention Name February 21, 2024 5:00 PM ET
Firm Contributors
Ryan Crawford – Monetary Planning & Evaluation and IR Supervisor
Jesse Gary – President and CEO
Jerry Bialek – EVP and CFO
Peter Chipskovsk – SVP of Finance and Treasurer
Convention Name Contributors
Lucas Pipes – B. Riley
John Tumazos – Very Impartial Analysis
Operator
Good afternoon. Thanks for attending the Century Aluminum Firm Fourth Quarter 2023 Earnings Convention Name. My identify is Matt, and I will be your moderator for at present’s name. [Operator instructions].
I’ll now prefer to move the convention over to our host Ryan Crawford with Century Aluminum. Ryan, please go forward.
Ryan Crawford
Thanks operator. Good afternoon everybody and welcome to the convention name. I am joined right here at present by Jesse Gary, Century’s President and Chief Govt Officer. Jerry Bialek, Govt Vice President and Chief Monetary Officer. And Peter Chipskovsky, Senior Vice President of Finance and Treasurer. After our ready feedback, we’ll take your questions.
As a reminder, at present’s presentation is obtainable on our web site at www.centuryaluminum.com We use our web site as a method of revealing materials details about the corporate and for complying with Regulation FD. Turning to slip one, please take a second to overview the cautionary statements proven right here with respect to ahead trying statements and non-GAAP monetary measures contained in at present’s dialogue.
And with that, I will hand the decision to Jesse.
Jesse Gary
Thanks, Ryan. Due to everybody for becoming a member of. I will begin at present by shortly reviewing our 2023 efficiency. Earlier than turning to the present macro atmosphere and a few dynamic working circumstances we’re working by means of in Q1. Jerry will then take you thru the main points of the fourth quarter outcomes and Q1 outlook. After which I will end with an replace on the Inflation Discount Act, potential additional advantages that we anticipate to obtain.
Turning to slip three, market circumstances stay unstable final yr, reflecting a seemingly new regular we have skilled post-COVID, the place a broadly balanced world provide and demand image for aluminum is paired with traditionally low ranges of inventories; tight world inventories, together with rising and dynamic geopolitical tensions, has created a market the place small adjustments in market circumstances are driving outsized results on aluminum costs.
Regardless of this continued volatility, Century produced adjusted EBITDA of $120 million in 2023, together with $57 million of adjusted EBITDA in This autumn, reflecting the impression of our 2023 Inflation Discount Act superior manufacturing credit score. Jerry will provide you with the total particulars right here in a bit.
Our workforce accomplished a number of strategic initiatives final yr, together with the acquisition of our 55% share in Jamalco, finishing our long-held ambitions to safe a captive provide of high-quality alumina and bauxite for our smelters to create a extra balanced, constant, and strong operational footprint and higher place us to ship robust efficiency by means of commodity cycles. Returning this asset to its full potential will proceed to be one in every of our principal priorities in 2024.
Lastly, we proceed to give attention to our most essential precedence, to return our staff dwelling safely on the finish of every day. Whereas we’ll by no means be glad till we obtain zero office accidents, our workforce must be proud to have diminished accidents by 20% over 2022 ranges. We hope to considerably enhance on this development within the coming yr.
Market circumstances for hundreds of years’ companies proceed to replicate unsure macroeconomic circumstances in a lot of the world. As you possibly can see on slide 4, world provide and demand stay roughly balanced and world inventories stay close to all-time lows. The driving forces behind these balanced markets, nevertheless, are way more dynamic than years previous and replicate the complexity of the present market. Provide was largely constrained over the previous yr.
In China, development was restricted by their 45 million ton capability cap and continued curtailments in Yunnan and surrounding provinces. Western provide additionally remained challenged over the previous yr by a troublesome demand image that in the end led to the curtailment of two extra Western smelters in Neuss, Germany, and New Madrid, Missouri.
A bit additional east, Russian metallic continues to be disfavored in Western markets, the place Russian metallic at present constitutes 90% of all LME inventories. There have been growing requires Russian aluminum sanctions within the EU and US following the preliminary implementation of a 200% tariff on Russian merchandise into the US and an EU ban on sure downstream Russian aluminum merchandise into the EU.
On the demand aspect, Western world demand seems to have reached a low in Q3, pushed by continued destocking throughout downstream customers and difficult EU industrial development. The market noticed elevated demand in This autumn, and we now anticipate an improved and rising Western demand equation in 2024.
General, we anticipate that Western demand will return to its long-term development charges as falling rates of interest and improved GDP development returns to the US and EU markets, and the Inflation Discount Act and related spending applications within the EU and elsewhere proceed to drive elevated aluminum demand in automotive and renewable power purposes. The biggest demand aspect story in 2023, nevertheless, was the energy of the Chinese language market, the place we noticed Chinese language demand development of 5% in 2023 and anticipate to see equally excessive development charges this yr.
We estimate that the Chinese language market imported about 1.3 million tons of non-Chinese language manufacturing final yr, and we anticipate that to develop additional this yr. Chinese language demand development has been pushed by the broad macro developments we now have lengthy anticipated, specifically in aluminum-intensive electrical autos and renewable power purposes. We anticipate demand development in these areas to proceed to speed up this yr, each in China and the West.
As we now have mentioned over the course of the previous yr, billet demand within the US and Europe has been a comparatively weak level available in the market, as post-pandemic destocking continued and elevated imports of extrusions into each markets decreased home billet demand. As a result of annual contract construction for billets within the US, we have been considerably insulated from this downturn in 2023 by larger annual contract costs set in late 2022.
Sadly, demand circumstances for billets in each the US and Europe remained weak in This autumn and into Q1 of this yr, which created a headwind in our 2024 billet contract negotiations and led to decrease pricing that we anticipate will impression our Q1 outcomes by round $10 million from This autumn ranges.
Regardless of these near-term headwinds, we proceed to anticipate very constructive long-term billet demand developments in each the US and Europe, as automotive light-weighting and renewable power purposes drive growing aluminum consumption. We anticipate this development to assist vital long-term demand enlargement for major aluminum billet and slab within the EU and US.
As well as, as you possibly can see on slide 7, we anticipate that the pending US anti-dumping, countervailing-duty commerce case in opposition to extrusion imports from 14 international locations could have a considerably constructive impression on home US billet demand starting within the second half of 2024.
In August, the US aluminum extrusion business filed swimsuit alleging dumping and unlawful subsidies by international locations constituting over 68% of extrusion imports and over 27% of whole US extrusion demand. The US Worldwide Commerce Fee has already decided there’s a sign of fabric harm to the US business, and in March and Might of this yr, the US Division of Commerce is anticipated to rule on the preliminary implementation of anti-dumping and countervailing duties in opposition to the topic imports.
If applied, the duties would instantly go into impact and are anticipated to have a fabric impression on the US extrusion and billet markets. That is an instance. When anti-dumping duties have been first positioned on aluminum extrusions from China in 2011, imports of topic extrusions from China instantly dropped to nearly zero because of the vital reduction offered by the anti-dumping and countervailing duties, and the home business accordingly took again vital market share.
We’d anticipate an analogous impression from this case if duties are leveled in March and Might, which means that 27% of home extrusion demand at present met by the topic imports must be served by elevated US extrusion manufacturing and a corresponding enhance in US billet demand. Whereas we aren’t direct members within the case, we now have reviewed the case intimately and consider it’s robust on the deserves.
If profitable, the ADE-CBD duties would profit spot billet premiums within the second half of 2024, and we now have accordingly left extra of our second half billet volumes open to doubtlessly profit from the upper pricing atmosphere. The ADE-CBD duties would stay in place for a minimum of 5 years, driving elevated US billet demand throughout the interval and past. Peering to operations, we noticed robust and steady efficiency throughout our smelters in This autumn, whereas the Jamalco refinery continued to get better from the energy-related disruptions suffered in late September.
We now anticipate that a few of the manufacturing and price efficiencies that we anticipated to Jamalco in Q1 will as an alternative start in Q2. In Iceland, a comparatively dry and chilly winter has led to water ranges within the nation’s hydro scheme falling beneath regular ranges, and the power corporations have accordingly issued partial curtailment orders throughout their industrial prospects, together with our Grundertangi smelter. These curtailments first started in early December and are anticipated to scale back Grundertangi’s power consumption by roughly 20 megawatts, about 3% of our whole load.
We anticipate that the curtailment will end by the tip of April, however this stays topic to climate patterns and reservoir ranges in Iceland. Primarily based on the scheduled curtailment finish date, we anticipate that the curtailments will cut back Grundertangi’s 2024 manufacturing by roughly 3,500 metric tons. This impression is included in our Q1 and full-year quantity steering. It additionally impacted our This autumn manufacturing ranges, and you may see the impression within the quantity column on our bridge on web page 9.
Ending out the power image, power costs within the US have usually been constructive, pushed by a principally average winter and pure fuel costs close to $2. A nationwide mid-January chilly snap did drive a couple of week of very excessive US energy costs, which we anticipate to have a destructive impression of about $5 million in Q1. Apart from this week of very chilly climate, energy costs have been very constructive, and the facility worth forwards have fallen considerably because the chilly snap, reflecting the low pure fuel worth.
On the uncooked supplies aspect, we have begun to see a lot of our uncooked materials imports start to return in direction of historic pre-pandemic worth ranges, with Coke, Pitch, and Cossack Soda costs transferring most importantly downward over the previous couple months. Because of our contractual and bodily stock lags, the advantages of those worth decreases will take a while to roll by means of our outcomes, which Sherry will provide you with a bit extra element on. We do anticipate Coke costs particularly to proceed to average additional over the course of this yr.
Lastly, in gentle of the at present suppressed demand atmosphere, we have applied a brand new price management program designed to decrease our spending whereas aluminum costs stay depressed. We, in fact, have executed related applications previously, and we’re assured that we can cut back prices and likewise our money spending throughout this era. Sherry’s main this initiative for us, and can offer you the main points.
In gentle of this atmosphere and lengthy provide chains, we proceed to work on our Mount Holly restart plans. However don’t anticipate that we’ll have any vital capital or money necessities for the restart over the course of 2024.
J erry will now stroll you thru the quarter and our Q1 outlook.
Jerry Bialek
Thanks, Jesse. Let’s flip to slip 8 to overview fourth quarter outcomes. On a consolidated foundation, fourth quarter world shipments have been practically 174,000 tons, up 1% sequentially. Realized costs, nevertheless, decreased considerably versus prior quarter, due primarily to considerably decrease lagged LME costs and supply premiums, leading to web gross sales of $512 million, a 6% lower sequentially.
Taking a look at This autumn working outcomes, adjusted EBITDA attributable to century was $57 million, an enchancment of $48 million in contrast with the third quarter. Throughout the interval, we recorded a full yr advantage of $59 million associated to the Inflation Discount Act Superior Manufacturing Credit score, Part 45X. Adjusted web revenue was $40 million, or $0.39 per share.
The foremost adjusting gadgets have been add-backs of $7 million in prices associated to the Jamalco gear failure, $3 million for the unrealized impacts of ahead contracts, and $1 million for share-based compensation. We had robust liquidity of $312 million on the finish of the quarter, consisting of $89 million in money and $223 million accessible on our credit score amenities.
Turning to slip 9 to elucidate the $48 million fourth quarter sequential enchancment in adjusted EBITDA. In whole, adjusted EBITDA for the fourth quarter was $57 million. Realized lagged LME costs and supply premiums have been considerably decrease within the quarter. Realized LME of $2,182 per ton was down $55 versus prior quarter, whereas realized U.S. Midwest premium of $425 per ton was down $68, and European supply premium of $280 per ton was down $44. Collectively, these components amounted to a $19 million headwind within the quarter.
Energy prices elevated by $1 million. Realized alumina price was $382 per ton, $13 decrease on a sequential foundation. Realized coke costs decreased 9%, and realized pitch costs decreased 5%. Keep in mind, there’s a three to 4 month lag for alumina, coke, and pitch prices to work by means of our revenue assertion. Collectively, alumina and different uncooked materials prices resulted in a $14 million enchancment in EBITDA.
Quantity OPEX and premiums combine have been headwinds of $2 million and $3 million, respectively. And as I stated earlier, in the course of the interval we recorded a full yr advantage of $59 million associated to the IRA Superior Manufacturing Credit score. For added readability, the IRA credit score was calculated as 10% of manufacturing prices incurred, excluding direct and oblique materials prices. Observe, the Division of Treasury remains to be contemplating together with direct and oblique materials as eligible prices. Jesse will elaborate additional in his closing remarks.
With that, let’s flip to Slide 10 for a have a look at money movement. We started the quarter with $93 million in money and finish December with $89 million. Capital expenditures totaled $30 million, $22 million of which pertains to the Grundartangi casthouse mission. Semi-annual curiosity funds have been $13 million and web debt repayments have been $30 million. Working capital and different gadgets contributed $68 million. We proceed to keep up our give attention to optimizing working capital, however as I discussed final quarter, a few of these financial savings are associated to the timing of fabric flows, which can reverse in subsequent quarters.
Let’s flip to Slide 11, and I will offer you some perception into our expectations for the primary quarter of 2024. For Q1, the lagged LME of $2,190 per ton is anticipated to be up about $8 versus This autumn realized costs. The Q1 lagged U.S. Midwest premium is forecast to be $416 per ton, down $9. The European supply premium is anticipated at $222 per ton or down about $58 per ton versus the fourth quarter, however we now have seen enchancment in EDPP in latest weeks with pricing earlier this week at practically $250 per ton. Taken collectively, the LME and supply premium adjustments are anticipated to lower Q1 EBITDA by roughly $2 million versus This autumn ranges.
We anticipate energy costs to be flat quarter-over-quarter regardless of a $5 million destructive impression from the January chilly snap. Taking a look at our key uncooked supplies, lagged realized alumina price is anticipated to be about flat. We anticipate a positive impression from decrease coke and pitch costs. Caustic soda costs are trending down, as I might prefer to remind you that it takes 5 to 6 months for caustic spot costs to movement by means of our P&L.
All in, we anticipate decrease uncooked materials prices to contribute $5 million to $10 million to EBITDA. The weak billet demand has pushed value-added premiums down. We, due to this fact, anticipate a couple of $10 million VAP impression to EBITDA in Q1. We anticipate quantity to be a slight headwind given the facility curtailment imposed on Grundartangi facility.
Lastly, we anticipate OpEx to contribute $5 million to EBITDA in Q1. As Jesse highlighted in his opening feedback, we now have developed a strong playbook geared toward navigating the present demand panorama by successfully managing prices and preserving money movement. We actively determine areas for effectivity enhancement, train prudence and discretionary expenditures and diligently pursue price discount initiatives, all in pursuit of creating a sustainable and financially sound operational framework.
All components thought of, our outlook for Q1 adjusted EBITDA is anticipated to be in a spread of between $5 million to $15 million. From a hedge impression standpoint, we anticipate no impression within the first quarter as we now have very restricted hedges in place. We anticipate tax expense of roughly zero to $5 million. As a reminder, each of this stuff fall beneath EBITDA and impression adjusted web revenue.
Now referring to Slide 17 for full yr 2024 monetary assumptions. We anticipate shipments to be flat in comparison with 2023. According to our goal to preserve money, we’re managing spending very intentionally. We do anticipate to speculate roughly $10 million to $15 million in sustaining CapEx and about $10 million to $15 million in Jamalco. As well as, funding of roughly $15 million to $20 million stays on our Iceland casthouse mission, which might be funded in Q1 from our devoted Grundartangi casthouse credit score facility.
The impression of the hedge e book will fluctuate with market circumstances all year long. However to help with anticipating these impacts on a go-forward foundation, we now have up to date our beforehand reviewed monetary hedge panorama, which may be discovered on Web page 19 within the appendix. Observe, we now have no remaining Nord Pool publicity in 2024.
And now I will flip the decision again over to Jesse.
Jesse Gary
Thanks, Jerry. Should you flip to Web page 12, I might like to complete with some further dialogue relating to Part 45X and our anticipated advantages there underneath. As we mentioned in December, the proposed rules clarified many features of the legislation, however Treasury requested for feedback on a number of others, whereas particularly highlighting the essential position that crucial minerals, like aluminum, play within the renewable power and power storage business.
Before everything, the proposed rules confirmed the applying of Part 45X to considerably all of Century’s major aluminum manufacturing in the USA. The proposed rules additionally clarified that eligible prices that qualify for the ten% credit score are to be construed broadly to incorporate all prices incurred by the producer and the manufacturing of the crucial minerals aside from sure direct and oblique materials prices.
Importantly, the Treasury Division additionally particularly notes that it’s nonetheless contemplating including direct and oblique materials prices as eligible prices underneath Part 45X and requested feedback relating to how such prices must be handled for functions of the crucial minerals tax credit score.
We’re discussing with Treasury the important nature of those supplies and the numerous related prices as certainly, it will not be potential to supply U.S. aluminum with out supplies like alumina and carbon anodes. Our place is in step with a broad set of business members, starting from the crucial mineral producers to our downstream prospects, together with automotive corporations in search of to make sure steady home provide chains.
General, there appears to be broad consensus amongst business and shoppers. Such prices must be eligible for the tax credit score, and we’re very hopeful that they’ll in the end be included as eligible prices. Importantly, Senator Manchin, together with a number of of his colleagues just lately submitted feedback to Treasury, noting that their intent as drafters was for the direct and oblique materials prices to be eligible and so they known as on Treasury to expeditiously revise the rules accordingly.
If direct and oblique materials prices are in the end added in its eligible prices underneath 45X, we might anticipate to acknowledge a further annual advantage of $50 million to $55 million for 2023 and related annual quantities for 2024 and going ahead. Any potential will increase in future manufacturing would even be eligible for the manufacturing tax credit score and could be anticipated to extend our annual profit on a roughly professional rata foundation to the quantity of elevated manufacturing. We are going to proceed to replace you as we obtain extra steering from the Treasury Division.
We stay up for your questions at present, and we’ll flip the decision over now to the operator.
Query-and-Reply Session
Operator
[Operator Instructions] First query is from the road of Lucas Pipes with B. Riley. Your line is now open.
Lucas Pipes
Thanks very a lot, operator. Good afternoon, everybody. My first query is following up on the 45X commentary. And particularly, I perceive there is a course of for the overview of the direct and oblique prices and together with that within the profit. However I puzzled for those who might perhaps elaborate on type of what the method seems to be like from right here? What is the potential time line? What’s the IRS searching for to make a dedication on these?
Jesse Gary
Certain, Lucas. Initially, I might identical to to say, we’re very grateful for this system and the proposed rules clearly have a fabric profit for Century and likewise for U.S. aluminum manufacturing. To your level on course of, we’re working with Treasury on the proposed rules, which, as I discussed in my feedback, included a number of questions for business and different members about which prices must be included as eligible.
There’s clearly been a variety of assist coming in from business and likewise from a few of the drafters of the invoice, which is clearly essential to the last word intent of the legislation. So we do assume there’s good potential for extra profit to come back, however it would clearly depend upon the method.
So these rules, as we name them, are proposed rules. And the method might be there is a remark interval, which numerous feedback have already been submitted. And there additionally might be a listening to. After which after that, Treasury and the IRS will take that suggestions again and can in the end subject both one other set of proposed regulation or a set of ultimate rules. There isn’t any prescribed time line there. So we’ll simply have to attend and see once we see the following set of proposed or closing rules.
Lucas Pipes
And do I bear in mind it proper that a few of the hearings are tomorrow? And do you may have a view on — or are you aware when the remark interval would possibly shut?
Jesse Gary
Sure. The preliminary remark interval is already closed, Lucas, and the listening to is, in actual fact, tomorrow.
Lucas Pipes
Very useful. After which I needed to ask about Hawesville. I am curious type of for those who might share your views on the place that asset might sit on the U.S. price curve with decrease power costs extra broadly with the 45X credit score. There was a latest announcement a couple of curtailment of the smelter within the Midwest. So type of curious what may be related or totally different in Hawesville in comparison with that asset that is idled or perhaps once more, extra broadly on the associated fee curve.
Jesse Gary
Certain, Lucas. Good query. Sure. So we have been very unhappy to see the announcement of the New Madrid smelter in New Madrid, Missouri closed earlier this yr. However clearly, every smelter within the U.S. has its personal mixture of prices and circumstances. And it is troublesome to actually make broad generalizations or comparisons throughout them.
And with respect to Hawesville particularly, we now have clearly seen energy costs within the Midwest return in direction of engaging ranges, primarily pushed by the low worth of pure fuel, but additionally as further renewable power is constructed within the grid, it is truly fairly rewarding to see simply how inexperienced the general Midwest energy atmosphere has change into.
So with respect to Hawesville particularly, I feel as we stated earlier than, it will likely be a holistic determination primarily based on many components. Clearly, the facility worth state of affairs is useful. And when we now have closing steering on the IRA credit, that may also be very useful in direction of making that call.
However we’ll consider all components on the time, together with our company allocation of capital, energy provide, LME outlook and restart prices. After all, our first precedence, as we stated earlier than, might be restarting at Mt. Holly. And as I discussed, we proceed to work on that and make some progress.
Lucas Pipes
I will attempt to squeeze one fast one in on Jamalco. First, might you present some coloration as to the contributions of Jamalco to Q1 EBITDA on an attributable foundation after which the $10 million to $15 million CapEx for 2024, is that type of a great steady-state quantity in your curiosity within the asset?
Jesse Gary
Sure. So clearly, as we proceed to work on Jamalco and bringing it again to its full potential, which, as I stated earlier than, we’re fairly assured over time, we’ll return the asset to producing within the second quartile of the worldwide price curve. However we did have a couple of headwinds in This autumn and into Q1 when there have been some delays within the restoration of a few of the excessive effectivity boilers.
And we proceed to have slightly instability popping out of the energy-related disruptions we had in direction of the tip of Q3. So we now anticipate a few of these manufacturing and price efficiencies that we have beforehand talked about to be achieved in Q2 reasonably than Q1. However we do anticipate Jamalco to be roughly breakeven on an EBITDA foundation in Q1. Clearly, there’s a few of the quarter to go nonetheless. After which as we see the manufacturing effectivity enhancements take maintain, we predict that that EBITDA era will enhance in Q2 and past.
Sorry. After which to your CapEx query, Lucas. Sure, $10 million to $15 displays a few of these restoration initiatives that we now have in place and the powerhouse that we have talked about earlier than. So there’s slightly little bit of mixture of funding and sustaining CapEx in there, Lucas. So we’ll simply have to look at that, and we’ll proceed to information you as we go ahead on that CapEx breakdown in future intervals.
Lucas Pipes
I actually respect all the colour. I will flip it over. Better of luck.
Operator
Subsequent query comes from the road of John Tumazos with Very Impartial Analysis.
John Tumazos
With spot pure fuel effectively underneath $2 within the Henry Hub just lately, $0.025. How are long-term electrical energy costs behaving? Have long-term costs falling? Is that this an opportune time to contract wind or photo voltaic renewable power from Mt. Holly or Sebree. And if there ever was a time to consider Hawesville, I might assume it is when pure fuel is sort of free.
Jesse Gary
Thanks, John. It is a good query. Sadly, pure fuel is not fairly free but. Although, I agree that might be a great atmosphere. There’s a couple of issues happening in your query. So on Midwest and U.S. energy costs usually, bringing apart the chilly snap we had in January, they’ve been very constructive in each again half of final yr and now actually within the first quarter of this yr, placing apart that transient week of very chilly climate.
So you’ve got received the vary proper. You’ve got seen them buying and selling with low fuel costs within the high-20s and low-30s over the stability of 2024. And you’ve got seen the close to a part of the curve are available in and cut back again in direction of form of pre-pandemic ranges within the Midwest.
On the renewable aspect, nevertheless, you proceed to see renewable provide chains be very stretched and renewable costs stay effectively above pre-pandemic pricing ranges for renewables. So it is fairly dynamic on the market. There’s a variety of issues happening. It is type of arduous to make broad generalizations of the general power atmosphere. However actually, it is a little more constructive for Sebree as we proceed to function there.
John Tumazos
If I can ask one other together with your 5% demand development estimate for final yr from China, does that imply Chinese language exports fell final yr?
Jesse Gary
Sure. Once you have a look at — and you may form of take a broader look and have a look at imports stage, we noticed about 1 million — 1.3 million tons of aluminum going into China. So the window was actually open for many of the yr. And largely, that was primarily based on very robust demand for EVs and renewable power purposes inside China. So then your corresponding query on exports is a little more complicated since you did see a variety of that demand to enter not semis exports, that are simpler to trace, however extra full downstream demand purposes, and it is a bit more durable to say precisely.
However what we are able to see is that the drivers are these long-term demand drivers for aluminum we have lengthy talked about, which is growing aluminum depth in electrical autos and growing aluminum depth in renewable power and renewable power transmission purposes.
Operator
There are at present no additional questions registered. [Operator Instructions] There aren’t any further questions ready presently. So I will move the decision again to the administration workforce for any closing remarks.
Jesse Gary
Okay. Thanks, everybody, for becoming a member of, and we stay up for speaking to you after Q1. Thanks quite a bit.
Operator
That concludes the convention name. Thanks in your participation. You could now disconnect your traces.
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