Good day, and welcome to the Nucor Special Investors call. Today's call is being recorded. I will now hand the call over to President and CEO, Leon Topalian. Please go ahead. Well, good morning, and thank you for joining our call today. With me in Charlotte are Steve Laxton, our Chief Financial Officer, Dave Sumoski, our Chief Operating Officer, and Chad Utermark, our EVP of his newly created role, New Markets and Innovation. We're really excited about the opportunity to share with you the news about our acquisition of C.H.I. Overhead Doors from KKR, and we've posted some slides that I'll be referring to here in the next few minutes on our investor relations page under investor events that will be referred to. I also wanna point out that obviously, between the time of the email and our call this morning is not a lot of time for each of you to really dig in. We will be reaching out to you, many of you individually, to make sure we address and answer all of the questions that you've got, how this integrates into Nucor, and again, why we believe this is gonna be a tremendous fit and opportunity for us as we move forward. If we turn to slide two, which is just the forward-looking statements, we will be making some forward-looking statements during this call. Turning to slide three for an overview of C.H.I. We see C.H.I. as a best-in-class asset with a dynamic leadership team and workforce. I personally look forward to working with them, and they're excited to welcome the C.H.I. teammates to the Nucor family. We like C.H.I.'s business mix. Roughly 65% residential. And up to this point, Nucor's not really had a direct product exposure to the residential construction market. We're also excited about the opportunities we see to position the C.H.I. team to grow quickly and gain more share in commercial, and to pursue selective regional expansion initiatives for the business. C.H.I.'s strong financial performance over many years validates our optimism. KKR and the C.H.I. leadership team have done a phenomenal job with the business. The company has consistently grown its top line at about 10% per annum and generates EBITDA margins of around 30%. C.H.I. is a relatively asset-light business with CapEx averaging about 3% of sales over the last several years. Now on slide four. The overhead door market in North America is large, and it's roughly about $5 billion in size, with about 60% of that being residential, where resilient demand has been driven mostly by the repair and remodel activity. Although CHI is a leading player, there's clearly substantial opportunity for future share gains, especially in commercial, and once Nucor or CHI is part of the Nucor team and family. It's also clear CHI has a very differentiated, competitively advantaged business model. Doors and related products are made to specific orders coming in from CHI's nationwide network of about 2,000 dealers who can rely on it for its quality, on-time delivery, ease of installation, as well as its broad product line. By all indications, C.H.I. has consistently performed well for its dealers, even as competitors with more complex operating footprints have struggled to navigate supply chain issues during the last two years. Turning to slide five. With what we've seen of C.H.I.'s teammates and leadership, we have no doubt that together we can build C.H.I.'s enviable position and track record. We're confident that C.H.I.'s culture and values align well with our own, and it's clear to us that their leadership team respects and values the efforts of their team, and that the C.H.I. team members understand the business model and are aligned on objectives. Our strong sense is that C.H.I. team is excited to be joining Nucor and also sees the incredible potential of this combination. C.H.I.'s well-invested asset base means that by itself it can accommodate further growth. We expect that there will also be opportunities to leverage Nucor's nationwide footprint as we integrate C.H.I into the Nucor family over time. Turning now to slide six, Steve Laxton will walk us through the next two slides. Steve? Thank you, Leon. As many of you are aware, we've been busy adding to Nucor's market-leading array of capabilities, focusing on areas where we believe there's substantial growth and competitive advantage for Nucor. C.H.I is absolutely the right next step for executing Nucor's strategy of growth. This acquisition fits right in the sweet spot of our mission to expand beyond and complements Nucor's robust portfolio of value-added construction solutions, fitting squarely within Nucor's core capabilities as a low-cost manufacturer of steel construction products. C.H.I's business model, highly variable cost, conversion-based, solution-oriented, service intensive, and import resilient, reminds us of some of the best attributes of our own steel products businesses. It represents a tremendous opportunity to execute on the expand beyond vision for Nucor's future by adding another market-leading platform to our steel product segment. That's a segment that generated about $1.5 billion of EBITDA last year and just over $10 billion in revenue. C.H.I. will have significant incremental growth opportunities in commercial construction applications where it can leverage Nucor's position as already a leading solutions provider. These are positions that complement our abilities in beam, joist, decking, metal buildings, and of course, Insulated Metal Panels and racking, where we've recently established Nucor as a strong national competitor. While we do really like the residential market exposure C.H.I. brings, we also see substantial upside potential for C.H.I. in the non-residential markets as part of Nucor. Collectively, these solutions-oriented products businesses tend to generate strong free cash flow through cycles and afford Nucor increasing growth opportunities, and they distinctly differentiate Nucor as a leading provider to the construction industry. We're now on page seven. We'll be acquiring C.H.I. for $3 billion on a debt-free, cash-free basis. We expect to close in June following HSR review and other customary closing conditions. Purchase price represents about 13 times EBITDA for a well-run business that has a demonstrated track record of high margin growth and a clear runway for more of the same, especially as part of Nucor. We expect to be able to rapidly further scale this business through our market share gains and potentially acquisitions. Continued growth of the overall market for overhead doors. We look forward to adding C.H.I. and its teammates to the Nucor family of industry-leading portfolio of high cash generative steel construction products businesses. Okay, with that, let's open up the call for questions. Operator? Thank you. If you wish to ask a question at this time, please press star one on your telephone keypad. Please ensure that the mute function on your telephone is switched off to allow your signal to reach our equipment. Again, please press star one to ask a question. We will now take our first question from David Gagliano from BMO Capital Markets. Please go ahead. Hi. Thanks for taking my questions. Obviously, I haven't had that much time to get into the details here, so I guess I'll ask the question that springs to mind, at least on my side. How, you know, how would you justify, you know, paying 13 times EBITDA, trailing 12th month EBITDA, you know, when your stock is trading 4 fourtimes-ish, trailing 12th month EBITDA? What are the synergies associated with this transaction? If you could give us a dollar figure, that'd be great. Yeah. David, thank you for the question. Look, I'll begin with the backdrop that Nucor, in our minds, is incredibly undervalued. We believe our stock price has much higher growth prospect, and we're trading well below what we can and sustainably provide back to our shareholders for the long term. If you think about the public sector and public companies in the building sector like C.H.I., they're trading at 13 times or above, but none of them have the return metrics and growth prospects of a C.H.I. We believe it is the best company that we've evaluated over the last two years because we've been watching and following C.H.I. for just over two years now. It is the best company out of the thousands that we've evaluated in its performance metrics. And so that is why we believe it's worth a premium valuation and why we believe, over the long term, it's gonna continue to generate incredibly strong returns and free cash flow for Nucor. You know, Steve, if you wanna maybe touch on the, Sure. David's second part around the synergies. Yeah. Thank you, David. You know, there's a couple different synergies here with C.H.I. First, because of the fit with us, we have. You know, this is a company that's grown a lot in the past, and it will accelerate that growth under Nucor. If you think about the capabilities we have on the non-residential construction side, that amplifies an already strong growing company. Of course, we do have some supply chain integration synergy benefits there as well. Those are the two main sources of synergies, accelerated growth and supply chain benefits. I'm sorry. What? Can you quantify the synergies, please? I didn't hear the number. David, yeah, we didn't specify what the dollar value is. Again, while there's direct synergies in the steel that they use, and again, we think about the expansion in Crawfordsville, for example, with our Galvalume and painted product a 100 miles away from their largest facility. There will be some synergies. We haven't qualified or quantified that yet. We will be doing that here shortly. It's really the growth prospects, and we think about this sector. The garage door and overhead door sector is a steel-intensive component business, whether it be the rail, springs, the doors themselves, the insulated panels that again marry up incredibly well for our current downstream businesses and portfolio. We believe there's gonna be significant growth opportunities as well as synergies to be achieved in future months and years to come. David, maybe to frame it just a little bit, give you a little bit more quantitative number there. The supply side benefits alone represent about 2% of revenue. If you think about in a typical deal, you usually get around 4% of revenue synergies. We're in line with that, but it's gonna come from a split of accelerated growth and supply chain. This cost side or supply side benefits represent about 2%. Okay, thanks. Just last question from me quickly. How will this be reported on a go-forward basis? This will be reported in the steel products segment. Great. Thank you. Thanks, David. We will now take our next question from Seth Rosenfeld from BNP Paribas. Please go ahead. Good morning. Thanks for taking our questions today. I've got a couple. Just kicking off with regards to the EBITDA margin performance. Can you give us a little bit more color on how margins compare the trailing 12 months using the valuation versus historical trend? I guess I'm just a bit confused. Using the market share figures and the reported 30% margin, that would imply an EBITDA of about $150 million versus trailing 12 months $230 million. To get to the $230 million with the market share figures of market scale, it would imply about a 45% EBITDA margin. Give us a bit of color on how margins have progressed over recent years. Obviously, the last year has been very unique. Has there been a period of kind of overearning versus what we should model going forward? Yeah. Hey, thanks, Seth. Good question. This is a company that's had EBITDA margins in the upper 20% s or low 30s% for the last couple of years. When we use a 30% figure, that's in line with a five-year average. If we look at the revenues of the company on a trailing basis, it's around $600 million from this June, where we expect this June to finish. We're giving you figures that are trailing 12 months from June of 2022 looking back. Does that help? It does. It doesn't square with the figures for market size and market share. If you look at the $5.1 billion market and your reported market share for Resi and for commercial, it seems to not cover the line. Yeah. Some of that data on market share is based on third-party consulting help and is 2021 data looking back. Okay. Understood. Maybe a second question, please, with regards to the growth strategy. Obviously, you plan on growing this business quite significantly. Can you give us a bit more color on what parts would be organic versus inorganic? It seems like from your prepared remarks on the commercial side, you see an opportunity to expand existing facilities. What will be the CapEx implications of that? Given the low consolidation in the market overall, how do you think about the opportunity to further lead M&A in the space? Thank you. Yeah. Seth, maybe I'll kick us off and ask Chad Utermark to speak a little bit more to the overall growth prospects. As you mentioned, you know, today on the residential side, C.H.I has about 14% of the overall market share. We believe there's great opportunities to continue to increase that as we move forward. The commercial side is roughly about 4% of the overall. As we think about their channels to market, that goes through a massive dealer network, not unlike the dealer network that Nucor has established on our commercial side and our building systems and other footprints. We believe the marriage of those two sectors for the commercial growth is gonna be a unique value proposition that Nucor can help leverage with C.H.I. The other thing to keep in mind is the current two operating units are roughly running about 60% utilization. Already, we have a 40% opportunity to increase utilization rates in what they currently have. As we open up, it's really in Nucor's position a very CapEx-light requirement. We have a lot more growth that we can take on board with the current footprint before we would need to expand beyond what we currently have and where C.H.I currently has. Chad, anything you'd add? Just a couple of things, I would just echo again. I think these are CapEx-light opportunities in their existing operations. We got a chance to see both facilities in the Midwest, and there's ample room to grow with fairly low CapEx expenses. We've touched on the commercial side and the growth potential that C.H.I has. You know, we look forward as we get this deal done to expand on that and create these opportunities because they really have a low market share in that commercial space. Don't forget, even on the residential, you know, they're at 14%, so there's room to grow. Their facilities are in the Midwest. While they do reach geographically across the U.S., it appears to be a little bit more regional right now, and I think there's opportunity to expand that. We've got existing facilities around the country. We'll look at those opportunities as well. There's some correlation with the insulated panel business that we discussed earlier, where some of the processes are very similar. So, as we get this deal done, we're gonna grow this company. I mean, that's the story here. Okay. Thank you very much. Thanks, Seth. We will now take our next question from Timna Tanners from Wolfe Research. Please go ahead. Hey, good morning, guys. Good morning. Okay, I wanted to ask a little bit more about the embedded assumptions in the market outlook, in this deal. I think, looking at retail and warehouses and residential, there's some concern that this could be top of market. I know last cycle you talked a lot about selling shares at the top and buying through the downturn. I guess my first question is this really, can you talk about why now and what's your outlook for these end markets that embedded in your assumptions? Yeah. Let me kick it off, and obviously, Chad, Steve, any additional comments to make. Timna, look, we see great growth in this sector. While there's some balancing, it is still a rapidly growing market. Data warehousing, digital storage, cold storage, the chip manufacturers that are building the Gigafactories and battery lithium battery factories that are being announced and continue to expand. All of those require overhead doors. That market, again, operates independently of the traditional cyclicality of steel. Projected growth as we see in Dodge and others expect nearly 2 billion sq ft. Of warehouse space to be added in the next few years. We see this as a continued incredibly strong market. You know, the question around why, and again, one of the things that we did two and a half years ago when I took over as CEO, we adopted our new mission statement, eight words: grow the core, which is our core steel making businesses, the new sheet mill in West Virginia, the new micro mill in Lexington, North Carolina, the expansion of Galvanize and Galvalume and painted products coming out of Crawfordsville and on and on. The expand beyond piece is really where Steve Laxton, Alex Hoffman, have spent a majority of their time looking at over 2,200 companies, none of which operate with the growth and return metrics of C.H.I. The now piece is we see this as a great fit culturally. They take an incredible care of their team. Dave Bangert is the current CEO of C.H.I. He and the entire executive leadership team are gonna stay on board with Nucor as we transition. Again, the now is really it's the right time. Again, we see great growth opportunity as we move forward. Chad or Steve, anything you'd add? No, I think Leon summed it up very well. You know, Tim, as you know very well, we deploy capital for the long term, and we remain very confident that this is gonna drive incremental value in Nucor over a very long period of time. I'll just add one thin g, Tim, that while we look at that residential space, and I know everybody's focused on interest rates and the economy, but just a couple things. First of all, when you really look at the housing inventory out there right now, it is very low compared to historical times. We still believe there's a lot of opportunity on what we would call new builds. Also the trend of working from home, shifting demographics, we think that, you know, there's still a strong story going forward over the next three to five to seven years in housing. I think, you know, I just wanted to point that out that we're pretty excited about that space as well. Chad, to touch on the 70% as well on the retail or residential space. Yeah. This was surprising when I got a chance to look at this business. Again, 70% when you look at that residential is repair and remodel. The opportunity for that to continue to grow. The trends that are out there now with garage doors being a part of curb appeal and where people are thinking about reinvesting in their homes, that's becoming a significant opportunity for people to add value to their homes. It was shocking to me to see how much of the garage door business is in that repair and remodel. Great. Okay. That's helpful extra color, and especially residential is a lot bigger, and you talked a lot more about commercial, so thank you for that. I guess my only other question, and I'll hand it off afterward, is just, you know, we had assumed, you know, an aggressive buyback program given your strong cash flows, especially in recent strong markets. So I wanted to know if we should think differently about capital allocation, if you're gonna shift more toward acquisition mode or how to think about buybacks going forward. Thanks, Timna. I'll answer that one. You know, Nucor's had a long established capital allocation framework, and that's not changing. We've always had as our top priority to reinvest in the business and to grow value through capital deployment in our business. This is consistent with that. We have made significant share repurchases over the last couple of years. Of course, are committed to maintaining and growing our dividend, something we've done for 49 straight years. In the first quarter, Tim, that we bought back over 900 million shares of Nucor stock. We're continuing to have a balanced approach on capital allocation. That's not changing. Okay, great. I'll hand off. Thanks. Thank you. We will now take our next question from Emily Chieng from Goldman Sachs. Please go ahead. Good morning, Leon and Steve. My first question is just around how should we be thinking about the, you know, integrated product offering Nucor now has, following the acquisition of C.H.I. and the past acquisitions of, the Insulated Metal Panels business and racking solutions. Essentially, when Nucor goes to market, are you now thinking about offering a package deal, or should we be thinking about these businesses still operating distinct from each other? No. Look, great question, Emily. You may remember, when we met and spoke probably a year or so ago, about a year and a half ago, Nucor launched our Construction Solutions group. This group is driven to bring together Nucor's complement of offerings in the construction business to our customers, to the architects, to the engineers to make sure that we leverage the very breadth of the Nucor offering to the marketplace. Again, not just in sales, but technical capability to offer a differentiated solution. This fits incredibly well into that integration. You know, Chad Utermark, that's joining us on the call today, was EVP over the products group. Chad now moves into the New Markets and Innovation group, which now will marry the best of all of that together. Under his responsibility will be the Insulated Metal Panels, the racking businesses, all of the products group integration, as well as the new company, C.H.I., that will fold into the Nucor family in the coming weeks. So that offering is going to absolutely be tied directly into what we're doing today. Again, with the complement of the residential piece that C.H.I. brings to the table today, it's we believe it's gonna be a very seamless and smooth integration and one that's gonna bring great value to our shareholders. Understood. Maybe a follow-up just on the acquisition piece. You're going also into the overhead door segment here, but how should we think about your appetite to perhaps go a little bit more tangential in nature with your acquisition targets? And should we be expecting more to come through the course of this year in terms of further acquisitions? Yeah. I'll try to do my best in keeping it very ambiguous to answer your question, and I'm obviously joking a little bit, Emily. As we talk about expanding beyond, one of the things that we try to do in past sit-downs with you and our other analysts is to frame up, well, how far does that go? What I would tell you is, C.H.I., the Insulated Metal Panels, the racking business is sort of that one standard deviation step away from the traditional steelmaking lanes that we've operated in over the last five and a half decades. We're not gonna go into services. We're not gonna go into these very disparate manufacturing sectors that Nucor doesn't bring any efficiencies to. The reason this fits incredibly well is Nucor's bread and butter, not only from a cultural standpoint, but it is the overall manufacturing efficiency that we bring. C.H.I has that exact same model and is one of the most efficient manufacturers in the sector. The cultural fit, the margins and growth prospects, in that future opportunity are all the reasons why we think this makes an incredibly strategic fit and one that isn't, you know, so far out. It does bring some unique opportunities to leverage Nucor's breadth, but we believe this is right in our wheelhouse of what we're looking to do as we grow Nucor. That's very clear. Thanks, Leon. Thank you, Emily. We will now take our next question from Andreas Bokkenheuser from UBS. Please go ahead. Thank you very much. Just two quick questions from me. Number one, I know it's difficult for you to obviously comment on why KKR is selling, but any insights as to why they are selling now, I guess is the first question. Second of all, when you kind of look slightly longer term, as you said, you invest long term, and you think about the CapEx dollars that's gonna go into, you know, more expansions. Looking upstream versus downstream, you've obviously already announced your EAF expansion. Where do you think going forward, you know, that CapEx is gonna be weighted towards? Do you think we're gonna be more in a downstream CapEx environment for you guys, or is it gonna be continuous focus on upstream investment as well? Yeah. Let me start with the first part of your question, Andreas. As we think about why KKR is selling now, you know, you can obviously read their press release this morning, but in the conversations we've had over the last weeks, you know, this is a business KKR has now owned for seven years, and they've been very deliberate in how they were going to sell and who they were going to sell to. One of the things that KKR stressed and shared with us over the last, you know, again, weeks and weeks, was that they weren't just looking to flip this company. They wanted to bring it to a strategic that saw the same fit and value that would also offer the same cultural support and tie for their team members that at C.H.I. Nucor became an incredibly strategic fit in both senses. A, as a strategic company, but also as the strategic fit for them to sell. It really ended up being again best of both worlds for both of us. The second part of the question, Steve, maybe you wanna start off? The second part of the question, Andreas, was around outlook around capital deployment as we move forward. As you know, at the end of this year, we will have completed about $4 and a half billion of investments in our core businesses. Those will generate somewhere around $600 million of incremental EBITDA at midpoint of cycles. Then we have another $3 and a half billion or so that we've announced future expenditures through the next several years that also are tremendously accretive to earnings. On top of that, you've seen us do a few acquisitions. Most of those have been in the downstream area. This will be our largest acquisition, but we've done about $2 billion in the last year and a half or so on top of this. What you're seeing us do, Andreas, is deploy the capital across the spectrum that is consistent with the strategy that Leon outlined earlier to grow our, you know, core and expand beyond both. Thank you very much. Thank you. We will now take our next question from Alexander Hacking from Citi. Please go ahead. Yeah. Morning, Leon and Steve. Thanks for hosting the call this morning. I appreciate it. I have a couple of questions. On the first one, how fungible is the manufacturing capacity between retail and commercial products? So if there's a slowdown in residential construction, can you kind of shift manufacturing towards non-residential side? How does that work? Thanks. Yeah, Alex, let me kick it off, and Chad, if you'd add some comments. As we think about the opportunity, as we mentioned earlier, it's about 14% of the residential market that they currently have. We have no plan of stopping there as well. We think there's a differentiated value opportunity here. When we think about the quality, supply chain and just the delivery, the contrast between C.H.I and their competitors is stark. C.H.I is turning orders around from order entry to delivery, which they control, and they deliver. Their truck drivers will actually be on the site and help with the installation. It's about two weeks compared to the industry market that's measured in 20 to 30 weeks. There is a unique opportunity there to continue to grow that. The really cool part of that residential piece, as Chad mentioned a few minutes ago, is that 70% of what they're generating in terms of that return is coming from repair and replacement. The highest return on investment in the residential market for homeowners is garage doors. It is the single greatest return on that investment. It's better than a kitchen remodel, bathroom remodel. That is a big, big piece of the residential. The commercial has huge upside. At 4% today, again, their dealer network relationships combined with Nucor's dealer network relationships offer a very, very, synergistic opportunity to grow that very rapidly. That is what we're planning on doing and how we're planning on moving forward. Yeah. I think part of your question was their ability to go back and forth, and absolutely. They can make both commercial doors as well as residential doors. They're doing it now. If the demand profile gets stronger in a certain segment, they have the ability to meet that demand. Again, we're gonna grow in those areas. I'm just gonna add on to what Leon said. You know, as we talk about this portfolio of Nucor's downstream products, when you think about joist and deck and where we started and where we're at now as a market leader, when you think about pre-engineered metal buildings and where we started and now as one of the top leading pre-engineered metal building companies out there. Let's just talk about that for a second. We have over 3,000 builders that are signed up to build our pre-engineered metal buildings. We make over 10,000 buildings a year. Think about all the commercial doors that are in those buildings. Some of them have 10, 20, 30, 40 doors in those buildings. To me, there's a great opportunity for us to partner with C.H.I and bring the power of Nucor to the marketplace. Again, we're gonna grow this business. It's going to grow. Okay, thanks. I'm not sure if I missed this, but did you disclose or are you gonna disclose how many kind of pull-through tons of steel are involved in this transaction? Thanks. Alex, was your question how many tons of steel are they consuming annually? Yeah, that's correct. Thanks. Yeah. It's roughly about 50,000 tons of product today. Great. Thank you. Thanks, Alex. We will now take our next question from Curt Woodworth from Credit Suisse. Please go ahead. Yeah, thanks. Good morning, Leon and Steve. Good morning. I just wanted to see if you could provide a little bit more historical context in terms of financial performance for the business. There's an article this morning out saying that 2015 margins were around 21%, up to 35% today. Can you just kind of frame out, you know, what was EBITDA for this business, you know, two to three years ago? Then do you have an estimate for what calendar year EBITDA will be this year? Good morning. This is Alex Hoffman. I would just point to the fact that over time, the margins have consistently grown in this business. KKR has been relatively transparent about where this was a couple of years ago. These margins for about 10 years have averaged in the low 20s% until they bought the business in 2015, built a new leadership team, invested in new processes, new operators, and different processes to go to market. That has grown on a consistent basis to the upper 20s%-lower 30s%. Today, it's a little higher than that. Okay. I guess just in terms of sort of the fit here, is the thought process more that you already have such substantial share, you know, in the joist and deck and more on the commercial side, and this kind of gives you more balance with exposure to residential? Just, you know, on a go-forward basis, when we think about, you know, the last couple of years in the pandemic, there's been massive, you know, remodeling efforts. Obviously, the housing market's been very strong. You know, I guess, how do you get comfort that apart from maybe some of the synergies you talked about on the commercial side, that you can continue to grow this business? I mean, it seems like you've had, you know, an extremely positive macro environment the last two years. You know, in terms of sort of stress testing this in a housing downturn or, you know, an environment where consumer spending maybe tighten up a little bit, you know, just how do you get comfort around that? Thank you. Yeah, Curt. Look, all factors and thoughts and points that we've evaluated over again a very long period of time. But let's go back to the great financial crisis of 2008, when the housing bubble burst. At that time, there was such a glut of inventory that sector took a really hard hit. If you look at C.H.I.'s impact, it was relatively benign during that time compared to what the other industry sectors in public companies in the building sector had faced. As we look at today, we're not, and Chad mentioned this a few moments ago. Obviously, we're well aware of what's happening in inflation. We're heeding and watching very closely what the Fed does with monetary policy and how it plans to try and curb that. As we think about that as a potential headwind, the overall market today is still underserved. In most segments across the U.S., homeowners are looking for those homes to buy, and so on a unit basis, there's still great demand. Again, understanding that inflation's there, we don't see this drop off because of that need, because that strong need is going to be there. The other piece of that, again, comes back to the repair and replace, and that is a big segment that stays very consistent through cycle that we think there's huge opportunity. Again, you mentioned it, but I'll just reinforce that. The 4% commercial share that C.H.I. has today has huge upside. Again, the marriage and tying that in very strategically with the Construction Solutions team, our product and portfolio of businesses and joist and deck and Insulated Metal Panels and racking provides a unique platform for us to expedite that growth. Alex, anything you'd add on that? I was gonna add just on, just to touch to your points. During the 2008, 2009 timeframe, from peak to trough, they lost only 16% of revenue. It hurt, but they got back on track almost immediately. If you chart the growth rate over time for this company, it's incredibly unique. The last five years, 10 years, 20 years, 40 years, they grow at an average rate of 10% per year. If there's a downturn, they snap back almost immediately to that line, and it looks through it, and over time, it's back to 10% per year. We don't have many businesses like that continually grow at such a consistent basis. It's one of the reasons we're so excited about it. Great. Thank you. Thank you, Curt. As there are no further questions at this time, I'd like to turn the call back to your speaker, Leon Topalian, for any additional or closing remarks. Well, again, thank you for your interest. Thank you for joining us on such short notice. As we've shared and you can hear it in our enthusiasm and passion, we're incredibly excited about this business. We're incredibly excited about welcoming the nearly 800 team members of C.H.I. to the Nucor family in the coming weeks and continuing to grow this business for our future returns for our shareholders. Thank you for your interest in Nucor. Thank you. That will conclude today's conference call. Thank you for your participation. Ladies and gentlemen, you may now disconnect.