The Vulcan Materials (VMC) or Martin Marietta (MLM) of lime and limestone.

• Quicklime: A high-calcium product primarily used in steel manufacturing, road construction, and water treatment.
• Hydrated Lime: Produced by adding water to quicklime, used in various applications including water treatment, soil stabilization, and chemical processes.
• Pulverized Limestone: Ground limestone used as an additive in animal feed, asphalt, and as a filler in various industrial applications.
• Aggregates: Crushed stone and sand products used extensively in construction for roads, concrete, and building foundations, offered through a joint venture.

United States Lime & Minerals (USLM) - Major Customers

• Construction Industry: Customers include companies involved in infrastructure projects, road building, soil stabilization, asphalt paving, and ready-mix concrete production. They use USLM's products for road bases, foundations, and various building materials.
• Environmental Applications: This segment serves municipal water and wastewater treatment facilities, industrial waste treatment operations, and companies involved in flue gas desulfurization (e.g., power plants) and acid mine drainage treatment.
• Industrial and Manufacturing Sector: This broad category includes customers in diverse manufacturing processes such as steel production (lime as a flux), paper manufacturing, glass manufacturing, and chemical processing.
• Mining Industry: Lime is used for pH control, flotation, and other processing activities in various mining operations.

Timothy W. Byrne President & Chief Executive Officer

Mr. Byrne was appointed President and Chief Executive Officer of United States Lime & Minerals in December 2000, a role he previously held from 1997 to 1998. He has served as a director since 1991 and held various positions with the company, including Senior Vice President, Chief Financial Officer, and Vice President of Finance and Administration, from 1990 to 1998. Before rejoining United States Lime & Minerals in 2000, Mr. Byrne was the president of Rainmaker Interactive, Inc., an Internet services and communications company focused on strategy, marketing, and technology. He also served as a Director at Firstmark Corp. Mr. Byrne is a past president of the National Lime Association.

Michael L. Wiedemer Vice President & Chief Financial Officer

Mr. Wiedemer serves as the Vice President and Chief Financial Officer of United States Lime & Minerals. He joined the company in 2002. Prior to his tenure at United States Lime & Minerals, Mr. Wiedemer was the 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. He also served as the Chief Financial Officer, Principal Accounting Officer, Vice President, Secretary, and Treasurer of IonSpec Corporation. Mr. Wiedemer has over 25 years of financial and accounting experience.

Russell W. Riggs Vice President – Production

Mr. Riggs joined United States Lime & Minerals in 2006 as Vice President – Production. He brings over 35 years of experience in the lime and limestone industry. Before 2005, Mr. Riggs held various plant and operations management positions with Chemical Lime Company, which is now known as Lhoist North America. In 2005, he worked as a consultant for several engineering companies and as a project manager for a specialty minerals-based company.

John J. Gagnon Vice President – Business Development

Mr. Gagnon joined United States Lime & Minerals in 2014 as a Technical Sales & Business Development Representative and was promoted to Vice President – Business Development in 2022. He possesses more than 27 years of experience in the mining industry. Prior to joining United States Lime & Minerals, Mr. Gagnon held various plant, sales, and operations management positions with Martin Marietta Materials, Inc.

Timothy W. Stone Vice President – Sales and Marketing

Mr. Stone joined United States Lime & Minerals in 2018. He was promoted to Vice President – Sales and Marketing in April 2022, having previously served as the Director – Sales and Marketing since June 2019. Before joining the company, Mr. Stone spent 18 years at another company.

1. Market Dependence and Cyclicality: The company's revenue is heavily reliant on the demand for lime and limestone products, which are sensitive to general economic conditions and specific economic cycles within industries such as construction, steel manufacturing, and oil and gas services. Downturns in these sectors can lead to reduced demand for USLM's products. Additionally, a decrease in demand from coal-fired utility plants due to ongoing retirements of such facilities also poses a risk.
2. Volatile Energy and Transportation Costs: United States Lime & Minerals' operations are significantly impacted by fluctuations in the prices of critical energy sources, including coal, petroleum coke, diesel, and natural gas, as well as transportation costs. The company's ability to fully offset these increased costs by passing them on to customers or through hedging activities may be limited, potentially affecting profitability.
3. Regulatory and Environmental Changes: The company is exposed to risks associated with evolving environmental laws and regulations. Changes in these regulations could result in increased compliance costs, necessitate operational adjustments, and potentially impact the company's ability to operate its facilities, thereby affecting its financial performance.

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United States Lime & Minerals (USLM) manufactures and supplies a range of lime and limestone products, including high calcium quicklime, hydrated lime, limekiln dust, lime slurry, and high calcium limestone. The company primarily serves markets in the Central United States.

Addressable Market Sizes for Main Products:

• Lime Products (including Quicklime, Hydrated Lime, Limekiln Dust, and Lime Slurry): The U.S. lime market was valued at approximately USD 2.23 billion in 2024 and is projected to reach USD 3.17 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 3.80%. Other estimates place the U.S. lime market at USD 2.3 billion in 2024, expected to increase to USD 3.4 billion by 2032 with a CAGR of 5.1%. Within the U.S. lime market, quicklime is a dominant segment, accounting for a significant share.
• Quicklime: The North America quicklime market was valued at USD 1.54 billion in 2023 and is projected to reach USD 2.22 billion by 2032. It is also expected to reach approximately USD 3.22 billion by 2029, growing at a CAGR of 4.0% in North America. Quicklime is extensively used in steel manufacturing, environmental treatment, and construction activities.
• Hydrated Lime: The global hydrated lime market was valued at USD 17.93 billion in 2024 and is projected to grow to USD 31.32 billion by 2035, at a CAGR of 5.2%. Hydrated lime is utilized in various applications such as soil stabilization, mortar, and plaster, as well as in water treatment solutions.
• Limestone (including High Calcium Limestone and Pulverized Limestone): The U.S. limestone market was valued at USD 9.34 billion in 2023 and is projected to grow at a CAGR of 7.3% from 2024 to 2030. Another source indicates the U.S. limestone market is estimated to reach USD 17.23 billion by 2031, growing at a CAGR of 7.5% from 2024 to 2031. Limestone is widely used in industries such as construction, agriculture, and water treatment.

Here are 3-5 expected drivers of future revenue growth for United States Lime & Minerals (USLM) over the next 2-3 years:

1. Sustained Demand in Key End Markets: United States Lime & Minerals is expected to benefit from continued strong demand for its lime and limestone products, particularly from the construction, environmental, and steel sectors. Recent financial results indicate that increases in sales volumes have been principally driven by these customer groups.
2. Strategic Pricing Power: The company has demonstrated an ability to implement and sustain increases in the average selling prices of its lime and limestone products. This strategic pricing has been a consistent contributor to revenue growth in recent quarters and is anticipated to continue.
3. Operational Efficiency and Margin Expansion: While not a direct revenue driver, the company's improved gross profit and EBIT margins, driven by operational efficiency, enhance its overall financial health. This profitability allows for reinvestment into the business and strengthens its competitive position, indirectly supporting sustainable revenue growth.
4. Organic Expansion and Potential for Strategic Acquisitions: United States Lime & Minerals boasts a debt-free balance sheet and significant cash reserves, positioning it well for future investments. This strong financial standing enables organic expansion initiatives and potential targeted acquisitions to further grow its market presence and product offerings.

Share Repurchases

• The Board of Directors extended a repurchase program for up to $10,000,000 of its common stock, with $7,151,226 remaining available under the program.
• In the third quarter of 2024, the company repurchased 801,287 shares for approximately $4.8 million.
• For the full year 2024, United States Lime & Minerals repurchased $3.5 million worth of its common stock.

Share Issuance

• A 5-for-1 stock split was announced on May 6, 2024, and became payable on July 12, 2024, increasing the total outstanding shares from 5.7 million to 28.5 million.

Outbound Investments

• In 2022, United States Lime & Minerals acquired Mill Creek Dolomite for $5.6 million.

Capital Expenditures

• Capital expenditures were $26.8 million in 2022 and $34.3 million in 2023, with a guided sustaining capital expenditure of approximately $22 million per year.
• The company is undertaking a major investment in a new kiln in Texas, with an estimated construction cost of $65 million, which began in 2024 and is expected to be completed in 2025.
• As of September 30, 2025, $24.8 million had been incurred on the Texas kiln project, with $22.1 million paid in cash, and $28.8 million was committed for open purchase orders related to this project.