Ann: CY2019 Full Year Results Presentation, page-8

Time will tell. I wouldn’t put so much emphasis on EBITDA given it is capital intensive. Agreed it will be a good buy when the cycle turns, but I personally don’t think we’ve seen bottom yet. There was a significant interruption to production at Curragh after the fatality there, production costs are forecast to to spike +10% this year, and it is yet to be seen what impact the coronavirus will have on the global economy and steel mill activity. We’re due for another big correction in global markets, so I’m just sitting patiently on the sidelines for now.