Here are a few analogies to describe United States Lime & Minerals (USLM):

• Like Vulcan Materials, but focused on lime and limestone products instead of aggregates.
• A specialized version of Cemex, providing foundational lime and limestone materials for various industries.

• Pulverized Limestone: Limestone that has been crushed and ground into a fine powder, used in various construction and industrial applications.
• Quicklime: A high-calcium lime produced by heating limestone, primarily used in steel production, environmental applications, and construction.
• Hydrated Lime: A white powder created by adding water to quicklime, utilized in environmental treatment, construction, and industrial processes.
• Lime Slurry: A mixture of lime and water, often used in water treatment, pH adjustment, and other industrial applications.
• Oil and Gas Royalty Interests: Revenue generated from royalty and non-operating working interests in natural gas wells located in the Barnett Shale Formation.

Major Customers of United States Lime & Minerals (USLM)

United States Lime & Minerals (USLM) sells its products primarily to other companies.

The provided company description does not list the names of specific customer companies. Instead, it identifies major customer categories, which include:

• Construction customers, such as highway, road, and building contractors.
• Industrial customers, including paper and glass manufacturers.
• Environmental customers, comprising municipal sanitation and water treatment facilities, and flue gas treatment processes.
• Steel producers.
• Oil and gas services companies.
• Roof shingle manufacturers.
• Poultry and cattle feed producers.

Timothy W. Byrne, President & Chief Executive Officer

Mr. Byrne rejoined United States Lime & Minerals, Inc. as President and Chief Executive Officer in December 2000, positions he had previously held from 1997 to 1998. He has served various other roles within the company, including Senior Vice President, Chief Financial Officer, and Vice President of Finance and Administration from 1990 to 1998. Prior to rejoining in 2000, Mr. Byrne was president of Rainmaker Interactive, Inc., an Internet services and communications company focused on strategy, marketing, and technology. He also previously served as a Partner at a consulting and accounting firm in Washington, D.C. Mr. Byrne is a past president of the National Lime Association.

Michael L. Wiedemer, Vice President & Chief Financial Officer

Mr. Wiedemer has served as Vice President and Chief Financial Officer of United States Lime & Minerals, Inc. since September 18, 2017. In this capacity, he is responsible for the company's overall financial strategy and management, overseeing aspects such as accounting, financial planning and analysis, treasury, tax, and investor relations. Prior to this role, he served as Corporate Controller for TearLab Corporation.

Nathan M. O'Neill, Vice President of Production

Mr. O'Neill joined United States Lime & Minerals, Inc. in 2008 as the Quality Control Manager of Arkansas Lime Company. He then served as the Vice President and Plant Manager of Arkansas Lime Company from 2012, with responsibility for all on-site operations, including major capital projects and customer interfacing. Mr. O'Neill was promoted to Vice President – Production in February 2023. His career in the lime industry began at Linwood Mining as a quality control chemist.

Timothy Wade Stone, Vice President of Sales & Marketing

Mr. Stone holds the position of Vice President of Sales & Marketing at United States Lime & Minerals, Inc.

M. Michael Owens, Secretary & Treasurer

Mr. Owens has served as Secretary and Treasurer at United States Lime & Minerals, Inc. since August 9, 2002. He also previously held the positions of Chief Financial Officer and Vice President from August 9, 2002, to September 18, 2017, and served as Principal Accounting Officer for the company. Additionally, Mr. Owens served as Chief Financial Officer, Principal Accounting Officer, Vice President, Secretary, and Treasurer of IonSpec Corporation. Before joining United States Lime & Minerals Inc., he was Vice President of Finance at Sunshine Mining and Refining Company, a silver mining company, where he held various financial and accounting officer positions from 1983 to 2002. Mr. Owens possesses over 25 years of financial and accounting experience.

Key Risks to the Business of United States Lime & Minerals (USLM)

1. Exposure to Cyclical End Markets: A significant portion of United States Lime & Minerals' revenue is derived from industries highly sensitive to economic fluctuations, including construction (highway, road, building contractors, roof shingle manufacturers), steel production, and oil and gas services companies. Downturns or reduced activity in these sectors can lead to decreased demand for their pulverized limestone, quicklime, hydrated lime, and lime slurry products, thereby impacting sales volumes and profitability.
2. Volatility of Energy Costs: The manufacturing process for lime is energy-intensive. Significant fluctuations or increases in energy costs, particularly natural gas which is a primary fuel source for lime kilns, can directly impact the company's operating expenses and compress profit margins for its core lime and limestone products.
3. Natural Gas Price Volatility Affecting Royalty Income: United States Lime & Minerals holds various royalty and non-operating working interests in natural gas wells in the Barnett Shale Formation. Fluctuations in natural gas commodity prices directly influence the revenue generated from these interests, introducing an element of volatility to the company's overall income.

The global energy transition away from fossil fuels, driven by climate change concerns, advancements in renewable energy technologies, and increasing regulatory and investor pressure, represents a clear emerging threat to the long-term value and profitability of the company's oil and gas royalty and non-operating working interests.

United States Lime & Minerals (USLM) operates within several addressable markets in the United States, primarily for its lime and limestone products. The key markets and their estimated sizes are as follows:

U.S. Lime Market

The overall U.S. lime market, which includes quicklime, hydrated lime, pulverized lime, and lime slurry, was valued at approximately USD 2.3 billion in 2024. This market is projected to grow to USD 3.4 billion by 2032, demonstrating a Compound Annual Growth Rate (CAGR) of 5.1% from 2025 to 2032. Another estimate places the U.S. lime market at USD 2.21 billion in 2025, with a projection to reach USD 3.13 billion by 2034, growing at a CAGR of 3.94% from 2026 to 2034. The market is significantly driven by demand from the construction, steel manufacturing, environmental sciences, and agriculture sectors.

U.S. Quicklime Market

Quicklime constitutes the largest segment within the U.S. lime market, holding a 68.3% share in 2025. The U.S. quicklime market was valued at USD 2.6 billion in 2024 and is forecast to reach USD 3.7 billion by 2035, with a CAGR of 3.0% in value. The demand for quicklime is substantial in industrial and environmental applications, including steel manufacturing, where it's crucial for impurity removal.

U.S. Hydrated Lime Market

The U.S. hydrated lime market is estimated to be valued at USD 970.2 million in 2025. It is anticipated to grow to USD 1.5 billion by 2035, at a CAGR of 4.2% over the forecast period of 2025 to 2035. This segment is expected to experience growth due to factors such as tightening federal water quality mandates.

U.S. Pulverized Limestone Market (Limestone Products)

The broader U.S. limestone market, which includes products like pulverized limestone, was estimated at USD 9.30 billion in 2023. This market is projected to reach USD 19.57 billion by 2033, growing at a CAGR of 7.72% from 2023 to 2033. The building & construction sector accounted for the largest share of this market in 2023, with over 81% of the revenue, driven by limestone's durability, weather resistance, and versatility. The limestone powder market, a component of this, is also seeing significant activity, with North America contributing substantially to its growth.

U.S. Lime Slurry Market

Specific market sizing for lime slurry as a standalone product is not readily available, but it is a product type included in the overall U.S. lime market.

United States Lime & Minerals (USLM) is expected to experience future revenue growth over the next two to three years driven by several key factors:

1. Strong Demand from Construction and Infrastructure Projects: The company anticipates continued robust demand from its construction customers, including highway, road, and building contractors, with particular emphasis on significant projects such as large data centers. This broad demand for construction and infrastructure is a primary driver for its lime and limestone products.
2. Increased Average Selling Prices: United States Lime & Minerals has demonstrated pricing power, with higher average selling prices for its core lime and limestone products contributing significantly to revenue growth and margin expansion.
3. Growth in Sales Volumes: Alongside price increases, the company expects to see growth in sales volumes, fueled by strong market demand across its diverse customer base, including the construction, environmental, and steel sectors.
4. Rising Demand from Environmental Applications: The increasing focus on environmental sustainability is leading to growing demand for lime and limestone products used in municipal sanitation, water treatment facilities, and flue gas desulfurization processes.
5. Strategic Capacity Expansion and Modernization Initiatives: To meet anticipated demand, USLM is undertaking strategic modernization and expansion efforts in its operations, particularly in regions such as Texas, Arkansas, and Oklahoma, which are expected to bolster its competitive standing and market reach. These initiatives aim to enhance production capacity and operational efficiency.

• United States Lime & Minerals has engaged in quarterly share buybacks, totaling approximately $2.66 million in 2025, $3.50 million in 2024, $1.23 million in 2023, $0.76 million in 2022, and $0.73 million in 2021.
• The company performs modest and occasional share repurchases.

• The number of shares outstanding for United States Lime & Minerals has remained relatively stable, generally around 28-29 million shares between 2020 and 2025.
• A 5:1 stock split occurred on July 15, 2024.

• The company confirmed an annual capital expenditure budget of approximately $22 million, primarily allocated to operational modernization and equipment upgrades, including a significant investment in a new kiln in Texas.
• In the first quarter of 2025, capital investments were easily funded by robust cash generation, including a budgeted $65 million for a new vertical kiln at the Texas Lime Company subsidiary.
• For the full fiscal year 2024, investing cash flow, which encompasses capital expenditures, was -$26.86 million.