• Like a specialized DuPont for white pigment.
• Alcoa for titanium pigment.

• Titanium Dioxide (TiO2) Pigment: A white pigment essential for providing opacity, brightness, and durability in paints, plastics, paper, and inks.
• Zircon: A co-product mineral used primarily in ceramics, refractories, and foundry applications due to its high melting point and chemical inertness.
• High Purity Pig Iron: A metallic co-product used in foundries and steel mills for various iron and steel production processes.

Tronox Holdings plc (symbol: TROX) is a global producer of titanium dioxide (TiO2) pigment, a critical raw material used to provide whiteness, opacity, and durability in various products. Tronox sells primarily to other companies (business-to-business) rather than directly to individuals.

Tronox typically serves a broad and diversified global customer base across multiple industries. Its public filings, such as its annual 10-K reports, generally indicate that no single customer accounts for 10% or more of its consolidated net sales. This signifies that Tronox does not rely on a few specific "major customers" in the way some companies do, but rather has a wide array of clients.

However, based on the primary end-use markets for titanium dioxide, Tronox's customers are manufacturers within the following industries. While Tronox does not publicly disclose the specific names of its individual customers, here are examples of prominent public companies in these sectors that would typically purchase TiO2 as a key ingredient:

• Paints and Coatings Manufacturers: These companies utilize TiO2 as a primary white pigment to provide opacity, brightness, and durability to architectural, industrial, and automotive coatings.

  • Sherwin-Williams (symbol: SHW)
  • PPG Industries (symbol: PPG)
  • AkzoNobel N.V. (symbol: AKZOY)
  • BASF SE (symbol: BASFY)

• Plastics Manufacturers: TiO2 is incorporated into plastics to achieve desired whiteness, opacity, and protection against UV degradation in products ranging from PVC pipes and window profiles to packaging films and automotive parts.

  • Dow Inc. (symbol: DOW)
  • LyondellBasell Industries N.V. (symbol: LYB)

• Paper Manufacturers: TiO2 is used in the paper industry to enhance the brightness, opacity, and print quality of various paper products, including printing papers, packaging, and specialty papers.

  • International Paper (symbol: IP)

John D. Romano, Chief Executive Officer

Mr. Romano currently serves as Chief Executive Officer and is a member of the Tronox Board. He previously held roles including co-Chief Executive Officer, Executive Vice President, Chief Commercial and Strategy Officer, Senior Vice President and President of the Company's Pigment and Electrolytic operations, and Executive Vice President of Tronox Incorporated. Mr. Romano has held various senior sales and marketing leadership positions at Tronox and its predecessor companies since 1988. He holds a Bachelor's degree in Accounting from Oklahoma State University.

John Srivisal, Senior Vice President, Chief Financial Officer

Mr. Srivisal serves as Senior Vice President and Chief Financial Officer at Tronox. He was previously listed as SVP, Business Development and Finance.

Jeffrey Neuman, Senior Vice President, General Counsel and Corporate Secretary

Mr. Neuman joined Tronox in April 2018. Prior to Tronox, he served as Vice President, Corporate Secretary and Deputy General Counsel of Honeywell International Inc.

Jeff Engle, Chief Commercial Officer

Mr. Engle joined Tronox in July 2001 as an engineer in the technical sales and service laboratory. He has worked in various areas within the company.

Jennifer Guenther, Chief Sustainability Officer, Head of Investor Relations & External Affairs

Ms. Guenther was appointed to her current position in June 2024. She previously served as Chief Sustainability Officer and Head of Investor Relations since April 2023, and as Vice President, Investor Relations.

The key risks to Tronox's (TROX) business operations are primarily driven by volatile market conditions, a substantial debt load, and ongoing legal challenges.

1. Market Conditions and Price Volatility: Tronox's profitability is highly sensitive to fluctuations in the selling prices of titanium dioxide (TiO2), zircon, and other mineral products. The demand for these products is closely tied to global economic conditions, including macroeconomic headwinds like inflationary pressures and energy costs. Recent challenges include soft demand in key markets such as China's construction sector and the U.S. housing market, leading to decreased sales volumes and unfavorable pricing for TiO2 and zircon. This market volatility can negatively impact the company's ability to meet financial forecasts.
2. High Debt Load and Financial Leverage: The company carries a significant debt load, with net debt to trailing 12-month Adjusted EBITDA reported at 4.8x at the end of 2024 and 6.1x as of June 2025. This high leverage limits Tronox's financial flexibility, making it more challenging and expensive to access capital markets, especially given its non-investment grade credit ratings. Furthermore, a decline in earnings before interest and taxes (EBIT) has made managing this debt burden more difficult.
3. Securities Class Action Lawsuit: Tronox is currently facing multiple class action lawsuits alleging that the company and its executives issued misleading financial projections and downplayed risks related to TiO2 sales and zircon demand. This legal uncertainty, coupled with a reported 38% stock price plunge and a 60% dividend cut following the announcement of Q2 2025 financial results, signals a loss of investor confidence and raises concerns about governance and cash flow stability.

Tronox's primary products and their estimated addressable markets are as follows:

• Titanium Dioxide (TiO2) Pigment: The global titanium dioxide market size was valued at approximately USD 22.08 billion in 2024 and is projected to reach around USD 38.58 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 6.4% from 2025 to 2033. Another estimate places the global market size at USD 21.96 billion in 2024, with a projection to reach approximately USD 41.81 billion by 2034 at a CAGR of 6.65% from 2025 to 2034.
• Zircon Products: The global zircon market size was estimated at USD 2.08 billion in 2024 and is predicted to increase from USD 2.24 billion in 2025 to approximately USD 4.41 billion by 2034, expanding at a CAGR of 7.80% from 2025 to 2034. Similarly, the global zircon sand market size was valued at USD 2.43 billion in 2024 and is estimated to reach USD 4.44 billion by 2033, exhibiting a CAGR of 6.91% from 2025-2033.

1. Increased Sales Volumes of Titanium Dioxide (TiO2): Tronox has consistently highlighted expectations for increasing TiO2 sales volumes, which is a primary driver of its revenue. For instance, the company anticipated TiO2 volumes to increase 7-10% in Q2 2024 compared to Q1 2024, and projected continued growth in subsequent quarters, including an expected increase of 3-5% in Q4 2025 compared to Q3 2025. This growth is often linked to a broader market recovery.
2. Increased Sales Volumes of Zircon: Alongside TiO2, growth in zircon sales volumes is a significant revenue driver. Tronox projected relatively flat zircon volumes in Q2 2024 compared to Q1 2024, but a substantial increase of approximately 160% compared to Q3 2023 for Q3 2024, and anticipated 15-20% zircon volume growth in Q4 2025 compared to Q3 2025.
3. Recovery and Improvement in TiO2 Pricing: After periods of decline, Tronox anticipates a reversal in the downward trend of TiO2 pricing and expects improvements through 2024. Although some more recent outlooks for Q4 2025 mentioned weaker than anticipated pricing, the overall sentiment points towards a future recovery in pricing to support revenue growth.
4. Strategic Sales of Other Products: Opportunistic and strategic sales of other products, such as ilmenite, rare earths tailings, and pig iron, are noted as contributors to Tronox's revenue. These sales, while sometimes non-recurring quarter-over-quarter, form part of the company's strategy to leverage its mining operations and have been mentioned in various earnings reports as positively impacting revenue.

Share Repurchases

• Tronox authorized a share repurchase program of up to $300 million of its ordinary shares in November 2021, which was valid through February 2024.
• As of February 2023, approximately $251 million remained available under this authorization.

Share Issuance

• Tronox's ordinary shares outstanding increased from 157,938,056 at December 31, 2024, to 158,524,635 at June 30, 2025.

Capital Expenditures

• Capital expenditures for the full year 2024 totaled $370 million.
• Expected capital expenditures for 2025 were initially projected to be less than $365 million, but were later reduced to less than $330 million due to market downturn.
• A significant focus of capital expenditures includes strategic projects such as mining extensions in South Africa, aimed at sustaining vertical integration and replacing existing mines reaching their end of life.