Denny Oates: Yes. On that product, that is a shorter lead time product compared to — so in terms of our backlog, you’re talking, I don’t know, 6 to 10 weeks of lead time for that product at this point. And we’ll be working to reduce that lead time, but that probably is the most economically sensitive part of our business as compared to the aerospace side with all the things you and I hear about on the news and stuff. Some of our customers in that supply chain have been a little cautious recently and managed their inventories down, and you see that reflected in our sales. Our personal view is we will see that improve as we go through 2023, and there is some upside potential there.
Douglas Dethy: Okay. Good. And I think that’s the main question I had. Just on — you’ve made some investments in VIM and VAR to upgrade the metallurgy of your products. How much capacity is added when you put it all together? It was not clear to me. You started probably a year or two years ago when you’re complete with this new, I guess, initiative. I guess you mentioned first quarter of ’24. How it’s gone from A to B? What are A and B in terms of capabilities?
Denny Oates: Well, if you look at premium melted products, it’s — we invested in North Jackson basically to add that technology to our company. So we didn’t have it before. So — but if you look at what we can do somewhere in the range of 18 million to 20 million pounds of premium melted products would be a capacity number to use. That’s production. Yields on those products are typically somewhere in the 55% to 60% range.
Douglas Dethy: And that’s taking…
Denny Oates: I would — let me publicly just to add to that, so I don’t want to confuse anybody. When we made that initial investment, we quoted incremental sales revenue from vacuum-induction melted products, which is premium melted products in the range of $105 million to $110 million when we get to 85% of capacity. So we have ways to go there. We had sales of roughly just under $40 million of those products in 2022. And our goal really over the next couple of years is to double that sales volume. To do that, we need some additional remelt furnaces, which is the investment that we’ve alluded to a couple of times in our call.
Douglas Dethy: But is that the one that’s underway and financed now? Or is that still under consideration?
Denny Oates: Yes. Yes, that’s — we’ve built the building and the equipment just arrived, and we’ll be installing the equipment. And then we’ve got to go through a cold and hot commissioning phase because of the quality of these products, it’s not something you just install and turn it on. So our plan is to install that over the rest of the year, get the commissioning done and be ready to hand it over to operations in January 2024.
Douglas Dethy: Right. And just the last one, just on that point. What’s the premium in pricing per pound versus your standard product, more stainless-related?
