Here are 1-2 brief analogies for Koppers (KOP):

• The Vulcan Materials for railroad infrastructure and other essential industrial materials.
• A specialized Dow Chemical for industrial carbon compounds and treated wood products.

• Carbon Materials and Chemicals: Manufactures and markets carbon pitch, creosote, naphthalene, and other refined chemicals primarily derived from coal tar for various industrial applications.
• Treated Wood Products: Supplies treated wood railroad ties (sleepers), utility poles, and piling products used in infrastructure and transportation.
• Wood Preservatives and Fire Retardants: Develops and produces chemicals that protect wood from decay, insect attack, and fire for residential, commercial, and industrial lumber applications.

Major Customers of Koppers (KOP)

Koppers primarily operates as a Business-to-Business (B2B) company, supplying critical materials and services to other companies across various industries globally. While specific customer names representing less than 10% of revenue are typically not disclosed due to proprietary reasons, Koppers' major customers fall into the following categories:

• Railroad Companies: Koppers is a leading provider of treated wood railroad ties, which are essential for railway infrastructure. Major customers in this sector include large freight railroad operators in North America and globally.
  • Union Pacific Corporation (NYSE: UNP)
  • CSX Corporation (NASDAQ: CSX)
  • Norfolk Southern Corporation (NYSE: NSC)
  • Canadian National Railway Company (NYSE: CNI)
  • Canadian Pacific Kansas City Limited (NYSE: CP)
• Electric Utility and Telecommunication Companies: Koppers supplies treated wood utility poles that are crucial for maintaining and expanding power transmission and communication networks.
  • NextEra Energy, Inc. (NYSE: NEE)
  • Duke Energy Corporation (NYSE: DUK)
  • The Southern Company (NYSE: SO)
  • American Electric Power Company, Inc. (NASDAQ: AEP)
• Aluminum Smelters and Manufacturers of Carbon Products: Koppers' Carbon Materials and Chemicals segment provides critical raw materials like carbon pitch, which is vital for the production of anodes used in aluminum smelting, as well as other carbon-based products.
  • Alcoa Corporation (NYSE: AA)
  • Rio Tinto Group (NYSE: RIO)
  • South32 Limited (ASX: S32)

Koppers also serves a broad range of other industrial and chemical manufacturers, as well as distributors and lumberyards for its performance chemicals and other treated wood products.

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Leroy Ball, Chief Executive Officer + Board Chair

Leroy Ball was appointed Chief Executive Officer of Koppers in January 2015 and also serves as Board Chair. He joined Koppers in September 2010 as Vice President and Chief Financial Officer, and later served as Chief Operating Officer from May to December 2014. Prior to joining Koppers, Mr. Ball spent 10 years with Calgon Carbon Corporation, an international chemical company, where he served as Controller before becoming Senior Vice President and Chief Financial Officer in 2002. He also held the position of President of Calgon Carbon's majority-owned Japanese joint venture. Earlier in his career, he held various finance roles with Carmeuse Lime Co./Dravo Corporation.

Jimmi Sue Smith, Chief Financial Officer

Jimmi Sue Smith is the Chief Financial Officer for Koppers, a role she assumed effective January 1, 2022. She joined Koppers in 2020 as Vice President of Finance and Treasurer, overseeing global treasury management and playing an integral role in capital markets financing and merger and acquisition activities. Before her time at Koppers, Ms. Smith spent 11 years with natural gas producer EQT, where she held significant roles including Director of Corporate Accounting, business unit VP/Controller, Chief Accounting Officer, and Senior Vice President/Chief Financial Officer. She also held various finance roles in Pittsburgh-area manufacturing companies. Her expertise includes M&A and divestitures.

James Sullivan, President and Chief Transformation Officer

James Sullivan was appointed President and Chief Transformation Officer, effective June 1, 2025. He has been with Koppers since June 2013, starting as Vice President of Business Development. His previous roles at Koppers include Senior Vice President, Global Carbon Materials and Chemicals, Senior Vice President, Railroad Products and Services and Global Carbon Materials and Chemicals, and Executive Vice President and Chief Operating Officer. Before joining Koppers, Mr. Sullivan served as Senior Vice President, Americas at Calgon Carbon Corporation, where he managed various aspects of operations, marketing, sales, and research and development.

Stephanie Apostolou, Chief Legal and Sustainability Officer and Secretary

Stephanie Apostolou serves as Chief Legal and Sustainability Officer and Secretary for Koppers, a position she was elected to in December 2024. She joined Koppers in 2011 as Corporate Counsel, progressing to Deputy General Counsel and Assistant Secretary before being named General Counsel and Secretary in 2020. In her current role, she oversees Legal, Risk Management, Strategic Planning, Sustainability, and Zero Harm functions. Prior to Koppers, Ms. Apostolou worked as an associate in the Corporate and Securities practice group of a national law firm and held finance roles with a leading financial services provider.

Stephen Lucas, Senior Vice President, Culture and Engagement

Stephen Lucas joined Koppers as Vice President of Culture and Engagement, effective April 11, 2022, and currently serves as Senior Vice President, Culture and Engagement. In this role, he leads initiatives to drive the organization's people-first culture, focusing on talent recruitment, development, retention, inclusion, and diversity. Prior to Koppers, Mr. Lucas was the Global Division Vice President of Human Resources at AMETEK, Inc., and he brings nearly 30 years of experience in HR strategy and employee engagement.

Key Risks to Koppers (KOP)

1. Cyclical Nature of Business, Economic Downturns, and Raw Material Price Volatility: Koppers operates in cyclical industries, such as infrastructure, which are heavily influenced by general economic conditions. Economic downturns can lead to significant revenue declines and reduced earnings, with the company currently navigating a "downcycle in margins" and "revenue declines." The business is also exposed to fluctuations in the price and availability of key raw materials, including coal tar, lumber, and scrap copper, which directly impact profitability and operational costs.
2. High Debt Burden and Financial Leverage: The company carries a "heavy debt load" and "high debt," evidenced by a net leverage ratio of 3.4x EBITDA in 2024. This level of debt can become particularly problematic during economic downturns or periods of declining earnings, potentially increasing interest costs and creating financial strain. Koppers is prioritizing cash generation to reduce its debt.
3. Intensifying Competition and Market Share Erosion in Key Segments: Koppers is experiencing increasing competitive pressures, particularly in its Performance Chemicals segment, which has historically been its strongest. This segment is "losing margin and market share" due to rising competition, leading to concerns about its long-term profitability. The company also faces competition in other areas, such as the North American railroad crosstie market.

The addressable markets for Koppers' main products and services are as follows:

• Performance Chemicals (Treated Wood Products): The global treated wood market was valued at $6.21 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 6.7% to reach $9.78 billion by 2032. Within this, the global fire retardant treated wood market size was estimated at $0.37 billion in 2024 and is forecasted to reach $0.57 billion by 2033, growing at a CAGR of 5.02%.
• Railroad and Utility Products and Services: The global railroad market size was valued at $332.2 billion in 2024 and is projected to reach $460.8 billion by 2033, exhibiting a CAGR of 3.52%.
• Carbon Materials and Chemicals: null

• Stronger Volumes and Pricing in Railroad and Utility Products and Services (RUPS): Koppers anticipates an increase in consolidated sales for 2025, largely attributed to stronger volumes and some pricing improvements within its Railroad and Utility Products and Services (RUPS) segment. This segment has already demonstrated growth, with sales in the domestic utility pole business increasing by 11.0 percent in the third quarter of 2024.
• Targeted Growth in Performance Chemicals and Utility and Industrial Products: The company is strategically focused on expanding its more profitable Performance Chemicals and Utility and Industrial Products businesses. This selective growth approach is designed to enhance overall financial performance.
• Increasing Demand for Utility Poles: The market for utility poles is projected to grow, driven by critical factors such as aging infrastructure, the expansion of renewable energy sources, and necessary grid-hardening measures. This trend presents a significant opportunity for Koppers' RUPS segment.
• Benefits from the Catalyst Transformation Process: Koppers' "Catalyst transformation process" is aimed at improving operational efficiency and overall financial performance. By enhancing efficiency and reallocating resources to more profitable business lines, this strategic initiative is expected to indirectly contribute to revenue growth by strengthening the company's competitive position and ability to invest in growth areas.

Share Repurchases

• Koppers authorized a new $100 million share repurchase program in February 2025, replacing a prior $100 million program from August 2021 that had approximately $11 million remaining.
• Year-to-date through September 30, 2025, Koppers had repurchased $33.3 million in shares, with $71.5 million remaining under the current authorization.
• The company anticipates lower capital expenditures and higher free cash flow in 2025 and beyond, which it plans to allocate towards debt reduction and aggressive share repurchases.

Outbound Investments

• In November 2022, Koppers acquired substantially all of the assets of Gross & Janes Co., the largest independent supplier of untreated railroad crossties in North America, which reported approximately $50 million in annual sales in 2021.
• Koppers completed the acquisition of most of the assets of Brown Wood Preserving Company, Inc. in April 2024 for approximately $100 million in cash.
• In August 2025, Koppers completed the sale of its Railroad Structures business to simplify its portfolio.

Capital Expenditures

• Expected capital expenditures for 2025 are projected to be $52 million to $55 million, a decrease from $74 million in 2024.
• Year-to-date capital expenditures as of September 30, 2025, were $38.4 million gross or $33.7 million net, with a primary focus on maintenance.
• The company has focused capital expenditures in recent years on its Utility and Industrial Products (UIP) business, specifically for increasing internal drying capacity, converting facilities to Koppers-produced preservatives, and upgrading equipment for efficiency.