Financial Performance - Revenue decreased by 13% year-over-year, from $804 million in Q3 2024 to $699 million in Q3 2025[11, 16] - Adjusted EBITDA decreased by 48% year-over-year, from $143 million in Q3 2024 to $74 million in Q3 2025[11, 25] - Adjusted EBITDA margin decreased by 720 basis points year-over-year, from 17.8% in Q3 2024 to 10.6% in Q3 2025[11, 25] - Free cash flow was a use of $137 million in Q3 2025, compared to a use of $14 million in Q3 2024[11] - Net loss attributable to Tronox was $99 million in Q3 2025, compared to a net loss of $25 million in Q3 2024[11, 13] Operational Highlights - TiO2 volumes decreased by 8% year-over-year and 4% quarter-over-quarter[16, 21] - Zircon volumes decreased by 4% year-over-year and 7% quarter-over-quarter[16, 21] - The company is on track to deliver sustainable run-rate cost improvements of more than $60 million in 2025 and $125-$175 million by the end of 2026[10] Liquidity and Capital Allocation - The company raised $400 million of secured notes in Q3 2025[10, 33] - Total debt was $3.2 billion as of September 30, 2025, with a net leverage ratio of 7.5x on a trailing twelve-month basis[33] - Total available liquidity was $664 million as of September 30, 2025, including $185 million in cash and cash equivalents[33]

Market Dynamics - Battery material makers' stocks climbed following the US Commerce Department's imposition of preliminary anti-dumping duties [1] - The US Commerce Department imposed preliminary anti-dumping duties of 9350% on graphite imports from China [1]

Market Impact - Canadian graphite firms Nouveau Monde and Northern Graphite experienced a surge following the US Commerce Department's action [1] Trade Policy - The US Commerce Department imposed preliminary anti-dumping duties of 935% on Chinese imports of key battery material [1] Industry Focus - The duties target Chinese imports of key battery material, specifically graphite [1]

Trade & Policy - US Commerce Department imposed preliminary anti-dumping duties of 9350% on Chinese graphite imports [1] - The duties were imposed after concluding the materials had been unfairly subsidized [1] Industry Impact - Graphite is identified as a key battery component [1]

Trade Policy - Vietnam initiated an anti-dumping duty on Chinese hot-rolled steel, with the document surfacing in February and an expected effective date of March 7 for 120 days [1] Import Data - Vietnam imported approximately 8800 thousand tons of hot-rolled steel from January to September of the previous year [1] - 72% of Vietnam's hot-rolled steel imports during that period originated from China [1]

Trade Policy - Vietnam's Ministry of Trade imposes anti-dumping duties on hot-rolled steel from China, ranging from 23.10% to 27.83% [1] - The anti-dumping duties take effect on July 6, 2025, and are valid for 5 years [1]

China imposed anti-dumping duties on European brandy for five years, as diplomatic and trade tensions escalate between the two trading partners https://t.co/UkQQCqyTaz ...

Trade Policy - China will continue to impose anti-dumping duties on imported stainless-steel products [1] - The anti-dumping duties apply to stainless-steel products imported from Indonesia, among other countries [1]