Duffy Fischer: Yes. Good morning. Seifi, maybe if you could, you’ve seen quite a few business cycles – so I’d be interested if you’d pontificate a little bit how you see Europe and China, in particular, playing out kind of the rest of this year into next year from a macro standpoint?
Seifi Ghasemi: Thank you for the question, and I really appreciate the fact that you use the adjective pontificate, because that is what I continue to be doing, because – it’s very difficult to see the future. But right now, the way that we are seeing right now, things developing in China and in Europe. China, we have seen some slowdown. It is not affecting our business in a significant – in a material way, but it is affecting our business. But the future is very much dependent on what the Chinese government decides to do in terms of any kind of a stimulus or not. That is very hard to predict. And obviously, we will react to that. The good thing is that a significant part of our business in China, something like 65% of it, is on-site business.
So there is a lot of stability there. In terms of Europe, I hate to put it this way, but it really depends on the weather and the energy cost. Because if the weather becomes significantly core and energy costs go up, it will have a significant effect. If they become lucky like they were last year, then the effect will be less and the energy cost will stay low. But overall, it is a little bit of an unpredictable situation. That is why we, as a company, the way we deal with this, is we are very focused on productivity. And as you saw and as you heard Melissa explained, we have taken actions in terms of productivity, and we are taking a charge for that in order to make sure that we are prepared just in case things do not turn out, to be as rosy as some people are predicting.
Dr. Serhan and Melissa, any additional color on this?
Samir Serhan: It will be Europe is the one business or one region we have where we have significant amount of merchant, I mean, versus the other regions. So definitely, the industrial out, but not growing in Europe is a concern. I mean we see some signs of picking up, but it’s still there. We don’t really see it picking up full steam. China, again, we saw some recovery, but it is slowing down. I mean, we’re keeping an eye on this and what type of incentives they’re going to have there to really incentivize the economy.
Melissa Schaeffer: Yes. So I’ll just add one comment specific to Europe. So, we are in a situation where we have now lapped the strong pricing momentum. So that although we are seeing a slight decrease sequentially, we still have very strong pricing in Europe. And so I think we just need to remember that lapping the comps are tougher, but it is still very strong pricing in Europe. So we need to hold on to that, to continue to show the strong returns in Europe.
Duffy Fischer: Great. And maybe – Europe, in kind of switch back to the hydrogen question, obviously, you’re talking to a lot of folks there, you have both blue and green hydrogen to offer. How do you see Europe playing out? How much do you think will be mandated kind of at the green level and how much will just care, is it CO2 reduced, so you can use blue hydrogen? How do you see that playing out over the next three, four or five years?
Seifi Ghasemi: Duffy, that is a very good question. Right now, our best information based on discussions with customers, is that Europe is very much committed to green. That they are – that the argument is that blue hydrogen is a transitional thing. So why go through the channel – go to blue and then go to green. You know, we’re going to go green, therefore, let’s make the leap. And therefore, I’m sure you have seen some of the announcements with respect to, for example, the €2.2 billion that the European Commission approved for Tyson Group, that is clearly was approved for use of green hydrogen. So that is the direction we see in Europe. In Korea, in Japan, I think it will be more oriented at the beginning towards blue because that is going to be used for decarbonizing the power plants.