make some investments there as well and all that is going to be managed within our normal capex budget our normal capex range we've given so um we are we're continuing to invest in the business and then just the benefits you're expecting from that plant consolidation is that really a 2027 story still that that is 2027 beginning q1 okay beginning q1 i can hold you to that all right thanks everyone appreciate it thanks steve your final question from the line of kirk ludki with raymond james kirk your line is open please go ahead uh thank you for the the follow

up i i just wanted to is the um the the tariff recovery is that a full recovery did you get 100 cents on the dollar?

That's it's a net amount which we have recognized taking into account specific customer situations where we may have obligations to give some refunds.

Okay I understand got it thank you and um do you feel like you're you're even with with respect to the the reciprocal tariffs? Is that, have you, is it a wash, pretty much? In other words, should we be thinking? Yeah, go ahead. No, I was just wondering if maybe your historical results were depressed more than the periods that received, that included the refunds are benefited. You know what I mean?

Yeah, there's a broader perspective that we look at here tight. So I'm going to give you the inner working viewpoint, because we're a different company than a lot of the high profile stocks that are out there in our industry that everybody follows. We're not a final assemble of components from other companies into a finished good that we have access to a dealer channel. So what Tony's referencing in his comments is the direct tariffs. We also have tariffs that go into underlying costs, for example, steel. And so my viewpoint is going to be our team has done a great job managing through the tariffs and the volatility the administration has created. And we're able to keep our price and costs fairly well aligned. We haven't had to talk about that a lot publicly. There's a lot that goes on behind the scenes. So we do have the pricing leverage with our products to handle the volatility in the tariffs. But there's the Section 232 steel impact, the volatility in freight costs, and those types of things that we're exposed to that from period to period can have a bigger impact. I am not a big fan of the Section 232 tariff. I think it's ridiculous what it's done in our industry when you are a converter of steel into a component, a finished good that then goes into somebody else's finished good. All we have done is seen nothing but a negative impact from 232 with the inflation on raw steel in the United States. So don't look at what goes on at steel companies because that's the stocks that everybody follows. We are a purchaser of raw steel. And so I do think there's some relief in our numbers in the future if we ever get our steel tariffs better aligned to reality of being a converter of raw steel into a finished good in the United States of America. So yes, Titan has been impacted by those tariffs in our results, in a great business with great products, great market share, very important to our end customers, but hit hard by tariffs that we do not control. And so when our country, our administration gets their arms around what to do properly with steel tariffs, then yes, our results can and will be better in the future. So there's two different things. There's the direct tariffs that we're going to talk about publicly. we do a lot managing it operationally. Behind the scenes, there's an impact from tariffs that we can't control, that our administration is completely not understanding the impact it has on companies like Titan. And that is in our results negatively for the last two years. And in the future, again, we will see better results out of that part of our business.

Got it. Thank you. I appreciate that.

I'll get off my soapbox. I think I said enough. I could go on for another 10 minutes, but I'll stop.

I got it. I got it. No, that's what I was getting at. It's still a drag. And then lastly, on Brazil, when will we get some clarity on what the public policy is going to be toward your industry?

That's a great question. You know, we spend a lot of time with our team talking about it. There's a high correlation between public policy and impact in the business sector in Brazil. It is different here than I think what we are used to in the U.S. or even in Europe, where public policy is talked about business impact less or so. You know, I was looking at the polls just on Monday. It's a tight race. It's going in a direction that, you know, has negatively impacted business in Brazil. We're not going to know until the election's over. You know, unfortunately, we're caught in limbo, just like every other operator in Brazil right now. It's a little bit of a shock how quickly it came this year, considering, you know, the performance before that. But that's Brazil. It can get hit hard quickly and it can recover quickly. We've really adapted our business well to these conditions. Our team is it's hard. You know, just talking to them last week. I mean, this is not easy, but it's real. The political environment does create a real impact on businesses, and we are managing our way through it. We've done a good job controlling our plant operations. We just finalized our union negotiations in the middle of this volatility with the political environment. Got a very good agreement with the union. It's a win-win for both sides, but it's a really tough environment, and unfortunately, it doesn't go away until that election happens. And all I do is watch the polls.