Core Insights - Kronos Worldwide, Inc. (KRO) reported a second-quarter 2025 loss of 8 cents per share, a decline from earnings of 17 cents in the same quarter last year, and missed the Zacks Consensus Estimate of earnings of 13 cents [1][8] - Net sales decreased by approximately 1.2% year over year to $494.4 million, primarily due to lower average titanium dioxide (TiO2) selling prices, an unfavorable product mix, and reduced sales volumes in export markets, partially offset by higher sales volumes in North America. This figure also missed the Zacks Consensus Estimate of $501 million [2][8] KRO's Volumes and Pricing - TiO2 production volumes fell by 8.8% year over year to 125 thousand metric tons in the second quarter, while TiO2 sales volumes decreased by 1.5% to 132 thousand metric tons [3] KRO's Financials - The company ended the quarter with cash and cash equivalents of $18.9 million and long-term debt of $501.4 million [5] KRO's Segment Performance - TiO2 segment profit was reported at $10.9 million, down from $41.1 million a year ago, primarily due to reduced operating income from unfavorable fixed cost absorption, higher-cost inventory from the previous quarter, and currency fluctuations [4] KRO's Outlook - The company anticipates continued demand pressure until tariff uncertainties are resolved, with unclear potential impacts from global tariff and trade tensions on demand for the remainder of 2025. Customer inventory levels are expected to remain low, and customers are hesitant to rebuild stock, leading to shorter order notices [6][8] KRO's Price Performance - Shares of Kronos have declined by 48.7% over the past year, compared to a 23.8% decline in the industry [7]

Company Performance - Kronos Worldwide reported a quarterly loss of $0.08 per share, missing the Zacks Consensus Estimate of $0.13, and down from earnings of $0.17 per share a year ago, representing an earnings surprise of -161.54% [1] - The company posted revenues of $494.4 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 1.32%, and down from $500.5 million in the same quarter last year [2] - Over the last four quarters, Kronos Worldwide has surpassed consensus EPS estimates only once and has topped consensus revenue estimates just once [2] Stock Performance - Kronos Worldwide shares have declined approximately 43.6% since the beginning of the year, contrasting with the S&P 500's gain of 7.1% [3] - The current Zacks Rank for Kronos Worldwide is 4 (Sell), indicating expectations of underperformance in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.14 on revenues of $484.36 million, and for the current fiscal year, it is $0.53 on revenues of $1.9 billion [7] - The trend of estimate revisions for Kronos Worldwide was unfavorable prior to the earnings release, which may impact future stock movements [5][6] Industry Context - The Chemical - Diversified industry, to which Kronos Worldwide belongs, is currently ranked in the bottom 7% of over 250 Zacks industries, suggesting a challenging environment [8]

[Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) Kronos Worldwide experienced a net loss in Q2 2025 and reduced net income year-to-date, primarily due to lower production volumes and unabsorbed fixed costs, despite stable net sales [Net Income and Earnings Per Share (EPS)](index=1&type=section&id=Net%20Income%20and%20Earnings%20Per%20Share%20(EPS)) Kronos Worldwide reported a net loss in Q2 2025 and a significant decline in year-to-date net income and EPS, driven by unabsorbed fixed costs | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net Income (Loss)** | ($9.2 M) | $19.5 M | $8.9 M | $27.6 M | | **EPS (diluted)** | ($0.08) | $0.17 | $0.08 | $0.24 | - The decrease in net income for both Q2 and the first six months of 2025 was primarily driven by **lower production volumes**, leading to **higher unabsorbed fixed costs**[1](index=1&type=chunk) [Net Sales Analysis](index=1&type=section&id=Net%20Sales%20Analysis) Net sales in Q2 2025 slightly decreased due to lower TiO2 selling prices and export volumes, while year-to-date sales saw a modest increase | Period | Net Sales | Change YoY | | :--- | :--- | :--- | | **Q2 2025** | $494.4 M | -1% | | **YTD 2025** | $984.2 M | +1% | - Q2 2025 sales were negatively impacted by **lower average TiO2 selling prices (-1%)**, **changes in product mix (-1%)**, and **lower sales volumes in export markets** This was partially offset by **higher sales volumes in North America** and a **positive currency effect (+2%)**[2](index=2&type=chunk)[15](index=15&type=chunk) - Market conditions in the first half of 2025 were affected by **global uncertainty**, **geopolitical tensions**, and **customer hesitancy to build inventories**, which deferred anticipated market recovery and impacted sales volumes and pricing[2](index=2&type=chunk) [Segment Profit and EBITDA (Non-GAAP)](index=1&type=section&id=Segment%20Profit%20and%20EBITDA%20(Non-GAAP)) TiO2 segment profit and EBITDA significantly declined in Q2 and year-to-date 2025, primarily due to unfavorable fixed cost absorption from reduced production | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Segment Profit** | $10.9 M | $41.1 M | $52.5 M | $64.5 M | | **EBITDA** | $22.2 M | $56.2 M | $73.4 M | $87.9 M | - The decrease in Q2 segment profit was primarily due to **unfavorable fixed cost absorption from reduced operating rates**, **higher cost inventory**, and **currency fluctuations**[3](index=3&type=chunk) - **Unabsorbed fixed production costs** related to decreased production volumes were approximately **$20 million in Q2 2025** and **$18 million for the first six months of 2025**[3](index=3&type=chunk) [Operational Highlights](index=1&type=section&id=Operational%20Highlights) Operational highlights include reduced production capacity utilization in H1 2025, contributing to higher unabsorbed costs, and the acquisition of Louisiana Pigment Company [Production and Capacity Utilization](index=3&type=section&id=Production%20and%20Capacity%20Utilization) Production capacity utilization significantly decreased in Q2 and H1 2025, notably to 81% in Q2, leading to increased unabsorbed fixed costs Capacity Utilization | Period | 2025 Utilization | 2024 Utilization | | :--- | :--- | :--- | | **Q1** | 93% | 87% | | **Q2** | 81% | 99% | | **H1** | 87% | 93% | Production Volumes | Period | 2025 Production (k tons) | 2024 Production (k tons) | | :--- | :--- | :--- | | **Q2** | 125 | 137 | | **H1** | 268 | 258 | [Corporate Developments](index=1&type=section&id=Corporate%20Developments) Kronos Worldwide acquired the remaining 50% interest in Louisiana Pigment Company, L.P. in July 2024, making it a wholly-owned subsidiary - The company acquired the remaining **50% interest in Louisiana Pigment Company, L.P. (LPC)** on **July 16, 2024**, making it a **wholly-owned subsidiary** LPC's results are included in Kronos's operations from that date[1](index=1&type=chunk) [Financial Statements and Reconciliations](index=5&type=section&id=Financial%20Statements%20and%20Reconciliations) This section presents detailed unaudited financial statements, including consolidated statements of operations and reconciliations of non-GAAP measures like Segment Profit and EBITDA [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The statement details the company's financial performance, showing declines in gross margin, income from operations, and a net loss in Q2 2025 Key Financial Metrics (in millions) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $494.4 | $500.5 | $984.2 | $979.3 | | **Gross Margin** | $62.8 | $100.2 | $169.7 | $171.7 | | **Income from Operations** | $7.4 | $35.9 | $45.8 | $55.4 | | **Net Income (Loss)** | ($9.2) | $19.5 | $8.9 | $27.6 | TiO2 Volumes (in thousands of metric tons) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Sales Volumes** | 132 | 134 | 268 | 264 | | **Production Volumes** | 125 | 137 | 268 | 258 | [Reconciliation of Non-GAAP Measures](index=6&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section reconciles non-GAAP financial measures, bridging Income from Operations to Segment Profit and Net Income (Loss) to EBITDA Reconciliation to Segment Profit (in millions) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Income from Operations** | $7.4 | $35.9 | $45.8 | $55.4 | | **Segment Profit** | $10.9 | $41.1 | $52.5 | $64.5 | Reconciliation to EBITDA (in millions) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net Income (Loss)** | ($9.2) | $19.5 | $8.9 | $27.6 | | **EBITDA** | $22.2 | $56.2 | $73.4 | $87.9 | [Forward-Looking Statements and Risk Factors](index=3&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) The company identifies key forward-looking statements and risks, including those related to TiO2 supply and demand, raw material costs, global economic conditions, and competitive pressures - Management has identified several key risks that could affect future performance, including: * **Future supply and demand for TiO2 products** * **Changes in raw material and energy costs** * **General global economic and political conditions**, including tariffs and trade policies * **Operating interruptions and technology-related disruptions** * **Competition from other producers**, including Chinese suppliers * **Fluctuations in currency exchange rates**[7](index=7&type=chunk)[10](index=10&type=chunk)

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Kronos Worldwide, Inc.'s unaudited condensed consolidated financial statements for Q2 and H1 2025, detailing financial performance, position, and cash flows, along with significant accounting notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$1,940.4 million** by June 30, 2025, driven by property and equipment, while total liabilities grew due to long-term debt, resulting in a modest rise in stockholders' equity Condensed Consolidated Balance Sheet Highlights (In millions) | Balance Sheet Item | Dec 31, 2024 | June 30, 2025 | | :--- | :--- | :--- | | **Total current assets** | $1,105.3 | $1,087.6 | | Cash and cash equivalents | $106.7 | $18.9 | | Net property and equipment | $694.1 | $731.2 | | **Total assets** | **$1,913.5** | **$1,940.4** | | **Total current liabilities** | $476.6 | $390.2 | | Long-term debt | $429.1 | $501.4 | | **Total liabilities** | $996.5 | $1,093.6 | | **Total stockholders' equity** | $817.0 | $846.8 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a **net loss of $9.2 million** in Q2 2025 and a significant decline in H1 2025 net income, primarily due to increased cost of sales and compressed gross margins Key Operating Results (In millions, except per share data) | Metric | Q2 2024 | Q2 2025 | H1 2024 | H1 2025 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $500.5 | $494.4 | $979.3 | $984.2 | | Gross margin | $100.2 | $62.8 | $171.7 | $169.7 | | Income from operations | $35.9 | $7.4 | $55.4 | $45.8 | | Net income (loss) | $19.5 | $(9.2) | $27.6 | $8.9 | | Net income (loss) per share | $0.17 | $(0.08) | $0.24 | $0.08 | [Condensed Consolidated Statements of Comprehensive Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive income decreased to **$5.4 million** in Q2 2025 but significantly increased to **$41.2 million** for H1 2025, largely driven by positive currency translation adjustments Comprehensive Income Summary (In millions) | Metric | Q2 2024 | Q2 2025 | H1 2024 | H1 2025 | | :--- | :--- | :--- | :--- | :--- | | Net income (loss) | $19.5 | $(9.2) | $27.6 | $8.9 | | Currency translation | $1.9 | $14.2 | $(18.7) | $31.5 | | **Comprehensive income** | **$21.9** | **$5.4** | **$9.9** | **$41.2** | [Condensed Consolidated Statements of Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Total stockholders' equity increased to **$846.8 million** by June 30, 2025, primarily due to other comprehensive income, despite reduced dividends per share - Dividends paid per share were reduced to **$0.10** in the first six months of 2025, compared to **$0.38** in the same period of 2024[20](index=20&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities significantly increased to **$81.7 million** in H1 2025 due to unfavorable working capital and lower net income, while financing activities provided cash Cash Flow Summary (In millions) | Cash Flow Activity | Six months ended June 30, 2024 | Six months ended June 30, 2025 | | :--- | :--- | :--- | | Net cash used in operating activities | $(5.1) | $(81.7) | | Cash flows from investing activities | $(8.1) | $(23.2) | | Net cash provided by (used in) financing activities | $(48.4) | $13.9 | | **Net change in cash** | **$(61.6)** | **$(91.0)** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the full consolidation of LPC, a decline in TiO2 segment profit, an amended Global Revolver increasing borrowing capacity, and expected deferred tax expense from German tax rate changes - Effective July 16, 2024, the company acquired the remaining 50% interest in Louisiana Pigment Company, L.P. (LPC), making it a wholly-owned subsidiary. LPC's results are consolidated from that date[26](index=26&type=chunk)[61](index=61&type=chunk) - In July 2025, the company amended its Global Revolver, increasing the maximum borrowing amount from **$300 million** to **$350 million**[38](index=38&type=chunk) - Germany enacted legislation that will reduce the corporate tax rate starting in 2028. The company expects to record a deferred income tax expense of **$20 million to $23 million** in Q3 2025 as a result[51](index=51&type=chunk) TiO2 Segment Profit (In millions) | Period | 2024 | 2025 | | :--- | :--- | :--- | | Three months ended June 30 | $41.1 | $10.9 | | Six months ended June 30 | $64.5 | $52.5 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the decline in Q2 and H1 2025 profitability to lower production volumes and higher costs, while addressing industry uncertainty, LPC integration, and strengthened liquidity [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Q2 2025 saw a 1% net sales decrease and gross margin compression due to rising costs, while H1 2025 net sales increased 1% but gross margin still compressed due to reduced production rates and lower capacity utilization - Net income decreased in Q2 2025 primarily due to lower production volumes, which resulted in lower absorption of fixed production costs[71](index=71&type=chunk) Production Capacity Utilization Rates | Period | 2024 | 2025 | | :--- | :--- | :--- | | First Quarter | 87% | 93% | | Second Quarter | 99% | 81% | - For Q2 2025, changes in currency exchange rates increased net sales by approximately **$8 million** and segment profit by approximately **$14 million** compared to Q2 2024[85](index=85&type=chunk)[91](index=91&type=chunk)[110](index=110&type=chunk) [Outlook](index=37&type=section&id=Outlook) Management anticipates lower full-year 2025 operating results due to weak demand, pricing pressures, and lower fixed cost absorption, despite moderating raw material costs - The company expects to report lower operating results for the full year of 2025 as compared to 2024 due to weaker demand, pricing pressures, and lower fixed cost absorption[120](index=120&type=chunk) - Customer demand slowed in Q2 2025 and is expected to remain challenging due to high interest rates, inflation, and global tariff/trade tensions[119](index=119&type=chunk) - Raw material, energy, and other input costs are trending lower, with benefits expected to be reflected in operating results in the second half of 2025[120](index=120&type=chunk) [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is primarily from operating cash flows and the revolving credit facility, with cash used in operations significantly increasing in H1 2025, prompting an increase in Global Revolver capacity - Cash used for operating activities increased to **$81.7 million** in H1 2025 from **$5.1 million** in H1 2024, primarily due to unfavorable changes in working capital and lower income[126](index=126&type=chunk)[131](index=131&type=chunk) - In July 2025, the company increased its Global Revolver borrowing capacity to **$350 million** to provide additional liquidity for general corporate purposes and to support near-term debt maturities, including the **€75 million** notes due September 2025[122](index=122&type=chunk)[132](index=132&type=chunk) - Capital expenditures for 2025 are planned to be approximately **$45 million**, with **$23.2 million** spent through June 30, 2025[140](index=140&type=chunk) [Quantitative and Qualitative Disclosure About Market Risk](index=43&type=section&id=Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) No material changes in market risks, including currency, interest rates, equity, and raw material prices, have occurred since the 2024 Annual Report filing - There have been no material changes in market risks (currency exchange rates, interest rates, equity security, and raw material prices) since the 2024 Annual Report[145](index=145&type=chunk) [Controls and Procedures](index=43&type=section&id=Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[146](index=146&type=chunk) - No material changes to internal control over financial reporting were identified during the quarter ended June 30, 2025[149](index=149&type=chunk) [Part II. Other Information](index=44&type=section&id=Part%20II.%20OTHER%20INFORMATION) [Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) This section refers to the 2024 Annual Report for risk factors, indicating no new or materially changed risks in this quarterly filing - The report refers to the risk factors section of the 2024 Annual Report, implying no material updates to risk factors in this quarter[152](index=152&type=chunk) [Exhibits](index=44&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the Fourth Amendment to the Credit Agreement and officer certifications - A key exhibit filed is the Fourth Amendment to the Credit Agreement, dated July 17, 2025[154](index=154&type=chunk)

Core Points - Kronos Worldwide, Inc. reported a net loss of $9.2 million, or $0.08 per share, in Q2 2025, a significant decline from a net income of $19.5 million, or $0.17 per share, in Q2 2024 [1] - For the first half of 2025, net income was $8.9 million, or $0.08 per share, compared to $27.6 million, or $0.24 per share, in the same period of 2024 [1] - The decrease in net income was primarily due to lower production volumes and higher unabsorbed fixed costs [1][2] Financial Performance - Net sales for Q2 2025 were $494.4 million, down $6.1 million, or 1%, from Q2 2024 [2] - For the first six months of 2025, net sales increased to $984.2 million, up $4.9 million, or 1%, compared to the same period in 2024 [2] - The decline in Q2 sales was attributed to lower average TiO2 selling prices and reduced sales volumes in export markets, partially offset by higher sales in North America [2] Segment Profit and Costs - TiO2 segment profit in Q2 2025 was $10.9 million, down from $41.1 million in Q2 2024 [3] - For the first half of 2025, segment profit was $52.5 million, compared to $64.5 million in the same period of 2024 [3] - Unabsorbed fixed production costs in Q2 2025 were approximately $20 million due to reduced operating rates [3] EBITDA - EBITDA for Q2 2025 was $22.2 million, a decrease from $56.2 million in Q2 2024 [4] - For the first six months of 2025, EBITDA was $73.4 million, down from $87.9 million in the same period of 2024 [4] Market Conditions - The TiO2 industry faced challenges due to global uncertainties related to U.S. trade policies and geopolitical tensions, affecting customer inventory levels and sales volumes [2] - Average TiO2 selling prices started 2025 at 2% higher than the beginning of 2024 but declined by 4% during the first half of 2025 [2]

Core Viewpoint - Kronos Worldwide, Inc. has declared a regular quarterly dividend of $0.05 per share on its common stock, indicating a commitment to returning value to shareholders [1] Company Summary - Kronos Worldwide, Inc. is a significant international producer of titanium dioxide products, highlighting its role in the industry [1] Dividend Details - The declared dividend of $0.05 per share will be payable on September 18, 2025, to stockholders of record as of the close of business on September 5, 2025 [1]

Company Overview - Kronos Worldwide, Inc. (NYSE: KRO) is an unintegrated western producer of titanium oxide (TiO₂), indicating that it does not own its own titanium ore mines [1] - The company is currently considered fairly valued but has limited upside optionality due to its lack of vertical integration [1] Investment Philosophy - The investment approach focuses on buying businesses for less than their intrinsic worth, emphasizing a decent margin of safety [1] - The strategy often involves contrarian investing, identifying opportunities in unpopular companies or industries [1] Research and Analysis - The company publishes detailed write-ups on equities of interest to provide insights and analysis, particularly for those that lack adequate coverage [1]

Core Viewpoint - Kronos Worldwide, Inc. is set to announce its second quarter 2025 earnings on August 6, 2025, after market close, pending the completion of quarter-end closing procedures [1] Company Overview - Kronos Worldwide, Inc. is a significant international producer of titanium dioxide products [1]

Core Viewpoint - Kronos Worldwide, Inc. is set to announce its second quarter 2025 earnings on August 6, 2025, after market close, pending the completion of quarter-end closing procedures [1]. Company Overview - Kronos Worldwide, Inc. is a significant international producer of titanium dioxide products [1]. Investor Relations - The contact for investor relations is Bryan A. Hanley, Senior Vice President and Treasurer, reachable at 972-233-1700 [1].

Industry Overview - The Zacks Chemicals Diversified industry includes manufacturers of basic chemicals, plastics, specialty chemicals, and agricultural chemicals, serving various end markets such as automotive, construction, transportation, electronics, aerospace, and agriculture [3] - Basic chemicals produced include petrochemicals, polymers, and inorganic chemicals, while specialty chemicals are used in specific applications based on performance [3] Current Challenges - The industry is facing persistent demand weakness in key markets, particularly in consumer durables and building & construction, due to lower consumer spending driven by inflationary pressures in Europe and a slow recovery in China [1][4] - The U.S. housing market uncertainties and elevated borrowing costs are negatively impacting the building & construction sector, while the consumer electronics market is experiencing a slowdown post-pandemic [4][5] - In China, a sluggish real estate market and slower economic recovery are contributing to reduced chemical demand, compounded by the ongoing economic challenges in Europe due to high inflation and interest rates [5] Strategic Responses - Industry players such as DuPont, Albemarle, and Kronos are implementing strategic measures including cost reductions, productivity improvements, and aggressive price hikes to navigate the challenging environment [2][6] - Companies are focusing on operational efficiency and strengthening their balance sheets to enhance cash flows and sustain margins amid rising costs [6] Market Performance - The Zacks Chemicals Diversified industry has underperformed both the S&P 500 and the broader Zacks Basic Materials sector, with a decline of 25.2% over the past year compared to the S&P 500's increase of 9.1% [9] - The industry currently holds a Zacks Industry Rank of 208, placing it in the bottom 15% of over 250 Zacks industries, indicating bleak near-term prospects [7][8] Valuation Metrics - The industry is trading at a trailing 12-month enterprise value-to-EBITDA (EV/EBITDA) ratio of 17.47X, which is below the S&P 500's 21.85X but above the sector's 15.61X [12] - Historical trading ranges for the industry have been between 8.76X and 19.29X over the past five years, with a median of 14.53X [12] Company Highlights - **DuPont**: Focused on technology-based materials and solutions, with a projected earnings growth rate of 4.9% for 2025. The company is benefiting from cost synergy savings and productivity improvements [15][16] - **Albemarle**: A premier specialty chemicals company with expected earnings growth of 28.6% for 2025, well-positioned to capitalize on the growing battery-grade lithium market [19][21] - **Kronos Worldwide**: Expected earnings growth of 20% for 2025, benefiting from higher demand for titanium dioxide (TiO2) products and easing pricing pressure [22][24]