Core Viewpoint - Tronox Holdings plc reported a significant decline in financial performance for Q3 2025, with a net loss of $99 million, driven by weaker demand, competitive pressures, and operational challenges in the titanium dioxide (TiO2) and zircon markets [2][5][6]. Financial Performance - Revenue for Q3 2025 was $699 million, a decrease of 13% year-over-year and a 4% decline from Q2 2025 [2][5]. - TiO2 revenue was $550 million, down 11% year-over-year, attributed to an 8% decline in sales volumes and a 5% decrease in average selling prices [6][7]. - Zircon revenue decreased by 20% to $59 million, driven by a 16% drop in average selling prices and a 4% decline in sales volumes [7]. - Adjusted EBITDA was $74 million, representing a 48% decrease from the previous year, with an adjusted EBITDA margin of 10.6% [8][9]. Operational Challenges - The company faced challenges from weaker-than-expected demand and aggressive inventory liquidation by competitors, impacting pricing and sales volumes [3][4]. - A restructuring charge of $27 million was included in the net loss, primarily related to the closure of the Botlek pigment plant [5][6]. Cost Management and Cash Flow - Tronox is implementing a cost improvement program expected to yield over $60 million in annualized savings by the end of 2025, with a longer-term goal of $125–$175 million by the end of 2026 [3][4]. - Free cash flow for Q3 2025 was a use of $137 million, with capital expenditures of $80 million [11][12]. Market Outlook - The company anticipates a 3-5% increase in TiO2 volumes and a 15-20% increase in zircon volumes for Q4 2025, despite pricing headwinds [4][12]. - Anti-dumping measures in various countries are expected to improve market conditions and sales volumes in the future [4][12]. Strategic Positioning - Tronox is positioned to benefit from the global shift away from reliance on Chinese rare earths, with significant mineral deposits in Australia and South Africa [11][12]. - The company has taken a 5% equity interest in Lion Rock Minerals, enhancing its rare earth strategy [11].

China started imposing levies on additional US optical fiber imports after an investigation found American companies circumvented the country’s anti-dumping measures https://t.co/UUsmammxhf ...