Tronox sees Q3 adjusted EBITDA $115M-$135M

John D. Romano, co-chief executive officer, commented, “Looking ahead, we expect pigment volumes to be relatively flat to the second quarter, as we expect demand to remain higher than the trough levels seen in Q4 2022. Our commercial strategy and differentiated offering have enabled more stable pricing trends than during previous years of demand decline. On zircon, we expect a more challenging second half of 2023 than previously anticipated, driven by continued weak market dynamics in China. At this time, based on our current market outlook, we expect zircon volumes for the third quarter to decline by 15 to 20 thousand tons from second quarter 2023 levels. As a result of these market dynamics, we anticipate Adjusted EBITDA for the third quarter 2023 to be $115-135 million. This range includes $35 million of impacts to EBITDA resulting from adjusting the production rates of both our pigment and mining sites to better align with the latest market demand levels and manage working capital and free cash flow.”