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    Justin Pellegrino • Morgan Stanley

    Justin Pellegrino's questions to Chemours Co (CC) leadership

    Justin Pellegrino's questions to Chemours Co (CC) leadership • Q2 2025

    Question

    Justin Pellegrino, on for Vincent Andrews at Morgan Stanley, asked for an overview of the competitive dynamics in the Titanium Technologies (TT) segment across different global regions. He also inquired if certain anti-dumping duties have been more effective than others and what drives those differences.

    Answer

    President & CEO Denise Dignam described the competitive landscape as multinational competitors in fair-trade markets, with significant pressure from Chinese producers in other regions. She stated that where anti-dumping duties have been implemented, such as in the U.S. and Europe, they have been very effective after an initial inventory work-down period. She expressed confidence in their future effectiveness in regions like India and Brazil, citing recent drops in Chinese exports to those areas.

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    Justin Pellegrino's questions to Tronox Holdings PLC (TROX) leadership

    Justin Pellegrino's questions to Tronox Holdings PLC (TROX) leadership • Q2 2025

    Question

    Justin Pellegrino from Morgan Stanley, on for Vincent Andrews, asked to compare the market dynamics in Europe versus India, given both have anti-dumping duties, and requested a sequential outlook for Europe in Q3.

    Answer

    CEO John Romano explained that while duties are beneficial in both regions, Europe faces more competitive activity, whereas Tronox has a unique advantage in India via the Australia-India Free Trade Agreement. For Q3, he indicated the overall price guide includes a slight downside move, but European demand is not expected to see a significant reduction.

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    Justin Pellegrino's questions to Tronox Holdings PLC (TROX) leadership • Q1 2025

    Question

    Justin Pellegrino, on for Vincent Andrews, requested a bridge from the higher-than-expected Q1 production costs to the anticipated full-year improvement, asking if it would be driven by fixed cost absorption or lower material prices.

    Answer

    CFO John Srivisal detailed that the second half improvement will come from several factors: better plant operations, the shutdown of the high-cost Botlek plant, leveraging fixed costs at other facilities, mining cost headwinds abating after H1, and ramping savings from the new cost improvement program. CEO John Romano added that the company is already seeing progress on its SG&A reduction targets.

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