You came after Inner-Seal, though, was already done and all the lawsuits?

You would think remodeling and new construction would have similarities, and they do at the channel level. But the drivers of demand are vastly different between remodeling and new construction. New construction is bid most of the time; a builder chooses a category and then takes the best price in that category, among a variety of things. Remodeling has much higher homeowner involvement, so they tend to buy the nicer grade of things, and they use more trim and accessories. Remodeling is two or three times the size of new construction, it's a higher price point category, and it's more about the right look at everything. But it takes longer to gain share in remodeling than it does in new construction. The real battleground between LP and Hardy will be in remodeling; that is the long-term big market for siding. New construction is almost like a necessary evil.

You came after Inner-Seal, though, was already done and all the lawsuits?

At the same time, we started blowing up the shed market. My last estimation back then was about 3.2 million, but it's probably 3.6 million sheds built per year in the U.S. That's a lot of sheds. Half of them are wood clad, like in your area. All of your sheds at Home Depot and Lowe's, or on a nursery parking lot, are going to be wood. Maybe a few have vinyl, and down here in the south, many are still metal. It used to be that metal sheds were cheaper than wood sheds, but the prices have shifted to where they're close to each other. When I started with LP in the early 2000s, we had 10% share in that market. Now they have 90%, since I left in late 2010s. It's an underserved, highly fragmented, niche market. But 40% of $1.7 billion is how much panel LP sells into that segment.

If they do figure out the formula for southern yellow pine, then what? How do you see that play out?

Given that financial returns are the name of the game, I would compete where I could win, which is in trim, panels, maybe soffits, and then once I've exhausted all those opportunities, then get into the lap. The lap is a high-volume, low-margin game; that's what it is in any siding category you look at. Especially if you're going into new construction, that's the most price-sensitive segment there is; new construction, multifamily, things like that that are bidded.