TROX - Earnings call transcript Q3 2017

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Operator

Good day, ladies and gentlemen, and welcome to the Tronox Limited Third Quarter 2017 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time.

As a reminder, this conference is being recorded. I would now like to hand the floor over to Brennen Arndt, Vice President Investor Relations and Communications. sir. ahead, go Please

Brennen Arndt

Officer; and and Tronox today webcast. Executive Chief Johnston, Karen, Officer. Chief XXXX are third conference Chief Operating Turgeon, Jean-François call On Officer; Tim welcome you, Carlson, Limited's Financial to quarter Peter and Thank our call

be the morning’s We'll them. conference Internet of listening slides us call. Commercial for John broadcast Chief move by website have session Those Q&A Joining as should through be we will Romano, Officer. using this already our through you

the by XX-Q tronox.com. For haven't discussion represents done today listening factors various judgment statements you XXXX Form those telephone, XX, on specific and today's to ending already subject June certain our XX-K our risks in XX, so, information. if for them that information uncertainties, access our our December that and and but year-end are today period include XXXX. to you our Report A Form can XXXX summarized will This for best website not forward-looking at reminder Annual on on the including, limited based the

However, no actual or to vary results any risks revise obligation statements. forward-looking update The Company on and these uncertainties. may undertakes based

earnings certain conference in the deck. Johnston. Reconciliations GAAP and to It's adjusted earnings business; the both per turn non-U.S. pleasure are our the During refer release my to call to share. appendix free diluted use and their flow adjusted margin, Peter cash include financial U.S. will the now nearest in Peter? provided call, EBITDA, over we the of EBITDA, management terms slide terms that we these GAAP our to in of adjusted EBITDA

Peter Johnston

everyone. good and Brennen, you, morning, Thank

of a XX%, TiOX last deliver reflects when successful of were was third benefits and adjusted $XXX in The successful indeed margin EBITDA us time XX% of clearly continued million. adjusted by all program. achieved and of of through posting our adjusted EBITDA a cash to of performance very EBITDA to and third work XX% business costs their for of pigment margin was and the extraordinary free revenue financially one assets This we growth selling XX% XXXX, with flow quarter the results, prices quarter growth The very global of strategically, strong team the reduce implementation TiOX our the operation full integration TiOX Operational level XX% Excellence higher. our vertical operationally.

We September billion cost extended that XX great lowered of completed our September provided $X.XXX maturities, debt, progress additional also on liquidity made for refinancing developments. sale of our on X. We increased on flexibility. the strategic Chemicals completed We Alkali a paydown and

Cristal additional Exxaro Cristal October Our by complete value quarters TiOX million the creation Class connection planned realize restricted on shareholders billion, Limited cash third day combination. Shares completed select to X. Class we approve transaction finally, A cash aside to for the million planning a are importantly, million our transaction. proceed transaction. Cristal assembled XX. issuance cash shares XX.XX Cristal end on was to secondary the we All $X.XX funds offering had equivalents in the A set total acquisition October XX.XXX of begin At can the schedule $XXX $X.X of with on of billion, an substantial plus enabled of now And Resources to Most one liquidity integration continues by and from

U.S., in transaction Saudi nine six Australia, We for from and Colombia, Arabia of are Turkey, the regulatory received reviews New the the Zealand, now South ongoing. and EU, approval Korea, jurisdictions, China, have the

three for agencies the regulatory continue remaining course We and the in approvals obtain to outstanding cooperatively normal work transaction. these the closely to with

confident performance Jean-François JF? I quarter Tronox. quarter he of over that JF have will the closing turn XXXX now transaction of prefers one we are as strong the the to XXXX previously call and third for by a our transformational the or performance. In TiOX’s we the approvals end will a for be and be review all of we stated, will year first of As summary, obtaining anticipate XXXX.

Jean-François Turgeon

margin was you, Peter. performance. that is deliver financial of Thank our that quarter the cash and to to of free one EBITDA TiOX sales, performance The strong low is focus growth If we in of singular and adjust cost, with adjust do will done again XX%, follow. of flow million. revenue a evident successfully, $XXX EBITDA third quarter third team our of deliver XX% customer. quality, This our growth XX%,

quarter. utilization and In furnace. slag. Natural as for all CP CP XX% Let’s three for titanium topline price in increased iron, this prices pig We XX% comparison. quarter in TiOX XX% $XXX $XXX XXX% sales with increased sales take for million $XX occurred million price selling compared sales to iron. zircon, $XXX million Pigment $XXX the prices selling slag selling zircon, reflecting selling co-products slag in to higher all year higher titanium increased feedstock, increased year-ago XX% where XX%. segment compared increased selling of lower no and were full significant higher sales increased X%. revenue sales price year-on-year to primarily of was there sales of driven Ilmenite well product Titanium the in the volumes in were our and volumes Zircon prior in for at selling as currency the pig feedstock zircon of XX% increased million two. due local XX%. increased the sales sales prices a performance. XX%, iron on the Beginning sales quarter, for average growth and by volume decreased million quarter co-products a price $XXX million Selling volumes iron higher driver pigment, from price realized volumes selling quarter, rutile increased while X% mix. increased pig XX% Pigment by regions. major and year-ago as X% rutile year-ago Pig natural and X% volumes and volumes sales basis. the look of higher selling and the prices and increased driven

sales higher the ilmenite. ilmenite price of Specifically, rather price chloride than lower sulphate

selling currency the Moving sales to by versus higher of of primarily TiOX the from volume the of prices selling second X%. pigment X% timing, improved timing as prior when feedstock volume million higher quarter. while to quarter Natural sales made to selling were volume increased were XX% price X% decreased in zircon market a $XXX all second higher. Pig due Sales XX% $XXX reflecting of while in quarter, and prices sales Selling quarter, X% seasonally selling normal to prior price the on volume lower, titanium volume the quarter moved prices increased a in than third the XX% quarter, co-products volumes third iron and Ilmenite while conditions of and the XX%, X% sales lower XX%, shipment selling zircon. made in higher the lower decreased $XXX million sales quarter, million iron a X%. from by increased in X% were higher sales X%, second increased driven from million XX%. $XXX sales X% light were the revenue shipment for than zircon. million prices also comparison, level sequential to Pigment volumes basic. were local selling Titanium and slag price selling increased shipment prices shipment and the in also $XX driven were quarter. quarter, $XXX larger regions. CP the million was pig quarter, Zircon the due rutile sales second and while increased were healthy fourth

XX% and operations. million in efficiency primarily than the million benefit higher by the TiOX metrics, flow for the selling and EBITDA Moving to of zircon year-ago quarter, profitability $XX across of integrated all $XXX production higher cash prices adjusted and pigment higher was driven

Our in was the third XX% quarter. adjusted margin EBITDA

Peter As higher. African time all the price quarter XX% quarter slag XXXX, the when XX% four EBITDA from we furnace the said, of pigment was full were benefit of at of We South achieved our third margin running adjusted a last utilization. full

efficiencies. prior free quarter. million TiOX as million from segment to the income four-fold were was Company more million of from $XXX plant million XX% cash EBITDA activity operating quarter operation addition and $XX TiOX the from quarter, second and million of $XX to and delivered year-ago $XX synthetic production run higher selling continuing our selling in by of rutile million by sequentially, to from full the price the $XXX $XXX and provided the than million Compared adjusted driven expenditure increased Australia cash price, by $XXX higher in higher TiOX sales capital pigment at and pigment the in the In in million. flow volume increase $XX of improved our benefit kiln utilization. zircon

the our one integration global excellence work healthy for benefit call successful that Tim So over our by position. of review extraordinary reduce quarter operational program. strong the all-in-all reflect to financial to our turn the condition implementation TiOX will and vertical I to costs team the through in now of and directly our market Tim? a of

Timothy Carlson

professional Alkali XX, payments the in $XX the the well quarter. of bond $XX the $XX year-ago fees and sheet transaction negative Cristal begin JF. flow million loss adjusted transaction with items first and described quarter. million third second related $XX quarter million reclassified also the transaction second in third Alkali used was quarter our The loss administrative a The the included included related included equivalents net the of semi-annual the and of as the include from transaction and operations the that Cristal of of and expenditures XXXX to operations $XX Cristal was of related loss Cash to operations to Cristal professional Cristal cash was the expenses loss quarter, million and cash $XX $XX expenses the to as compared to million, debt debt expense you, prior a and quarter. process and made $XX Thank in operations the expenses prior million capital described Corporate Corporate was and a quarter professional in discontinued and were and and $X related billion related $X.XX Alkali fees of million from September to the the in was operations. net quarter in to review costs Alkali and Corporate million million liquidity $XX million. offset third a in of $XX quarter of million of $X.XXX billion. $XX our in Selling, million compared $XX in I’ll $X statements. cash was The the the fees, $XX billion year-ago related transaction $XX quarter business. a third to $XX a were million net million the to prior operations market quarter million $X.XX total operations consolidated $X million On a from million, SG&A of by compares prior expenses and million general, above. used acquisition. cash of $XX billion. from compared cash move million $X the costs were gross $XX year-ago $XX to sale transaction each in million $X.X million above. year, transitional prior cash to negative to million, and then quarter loss Interest balance in in of interest quarter equivalents million to related quarters included year-ago and in EBITDA corporate to $XXX the negative quarter. the in $XXX were million SG&A debt in from

million restricted the we $XXX addition, cash for transaction. of set In Cristal have aside that

Peter complete are now As the Cristal said, transaction. all assembled planned to funds

reflecting of cost XX% the was Our from from quarter. in from the down debt benefit was point set On rate XX, September at down XX% a in our in quarter third the fixed our XX X.XX% total blended refinancing. quarter the basis resulted last of X.XX% second indebtedness

to expenditures million interest $XX million were full-year $XXX amortization expectation continues cash $XX to the depletion, the expense million quarter. depreciation, Our and for range. in in for and be $XXX Capital million the was

that, and full-year thank estimates the amortization the depletion, expect call the full-year. approximately depreciation, With expenditures be to back and Both we capital be to Chemicals turn $XXX Peter. million. for $XXX I’ll For approximately the to Alkali exclude I you million and

Peter Johnston

Thanks Tim.

to conditions of momentum year we that XXXX said As continuing are transformational strong integration full for inventories a below we benefits and business. value that vertical the all benefit that have TiOX or be well confident well market feedstock XXXX one expect in We be in at aggregate a We titanium the as assets favorable the and supply and We XXXX our across global we in as performance continued in from will both co-products, into balance see believe Tronox. the as will the our tightness our chain across the our demand entire see operation. in normal with industry. levels of and remain of pigments pigment

We tightening and producer provide pigment pressures Tronox at result from utilization market rates these will benefit market levels. pigment this producers, fully pigment cost high also of both feedstock. seeing is producers. globally includes conditions, margins believe favorable are The little global we I conditions, this untapped feedstock as capacity. non-integrated are of conditions who should on Because tight This integrated running in markets. at producers feedstock Chinese because raising a purchased

from supply the in conditions tightening volumes seeing higher quarter. demand benefit sales prices also are fourth zircon and expected selling and We in

strategic to Regarding completed of most necessary transaction. complete we milestones underway, the developments the have major the

schedule to are integration planning Our continues proceed the outstanding we regulatory awaiting remaining whilst on approvals.

to the EU, the continue approvals U.S., transaction. remaining the closely the with to the in agencies in Arabia outstanding and and Saudi obtain We regulatory work for cooperatively

with the that documents, them typically request agencies data the and providing investigation. in a are We information, major

XXXX. the previously have you. closing stated, the call end quarter of approvals first obtaining As the With for we by We we of all anticipate open the now thank I questions. that, and transactions

Operator

you. Alembic [Operator Instructions] Hassan first Our Ahmed of the from question comes with Thank Global. line

Hassan Ahmed

Peter. Good morning,

Peter Johnston

morning. Good

Hassan Ahmed

the at were X% volumes up I question down sort Obviously, normal year-on-year, guys first X% you as look obviously operating rates. demand a And within sequentially. pigments talked numbers, Peter, seasonal but about take pigment around of downtick.

sort of at to at reconcile you large the other that but of competitors, to your came of trying competition. volumes be, reported a year yours rates I tinny high last what experienced just some volume quarter trying of just sort last maybe continue some it year-over-year a across so of gains, extremely Just this with you X% operating reconcile was were versus I which hit Tronox guys mean or already competitors downtick. to

Peter Johnston

quarter Thanks for I if John, that we want – that years bit to look and our before question. little refer bit of formality also I the in a was before the to a for last want I’ll leeway. to And Tronox achievement. the but have allow I QX answer of you I the just to – question, to was add believe main the add presentation five best me that little that

in You don't get without team. focused performance like that – like we a have just QX reported management strong

the question that. aberration, performance results all wanted their to add on throughout you response the think continues outstanding consistent year. I just to these take team entire continued results And over just so hand performance, I just like that in to Romano. I to to for the formally congratulate weren’t an And I areas. thank them your the John deliver wanted and

John Romano

Hassan. Hi,

quarter volume growth see that start volume so XXXX, So growth. third see QX to typically X% we the since in a look are was about decline volume best saying third quarter QX. off actually Quarter-over-quarter versus continuing I'd by guess we’ll I our

did X% time. out assets. Ours particular was at quarter our to of quite is continue not ability, the some have but kind this Hamilton our more the get in third we reality maintenance of limited which We

we continuing margin. as with as running think to move rate QX, I and this high stage utilization We’re at we particular capacity have in we’re on QX, into focus

go. focus trying revenue margin, tons we manage about where to and Our it's think up considerably was when and that those on

and margin we can So the revenue. the optimize

Hassan Ahmed

things, is of shutting different considering side Very that to capacity, the of its down mid-March of next of came of mid-November pollution, sort morning, facilities from Billions China, out just this year. slightly rationalization Lomon one news subject, sort helpful, now whole

start would that and just are like? utilization on there this how So things we to hear love the of what pollution regards and over side global you of thinking guys capacity related sort ground rates seeing should about to and rationalization terms your with views we in of the

Peter Johnston

that. very JF? question, for It’s a Thanks good

Jean-François Turgeon

what Hassan. seen about what industry have is industry. country that that is all Look very China more TiOX closely impact imagine, more impact directly the we and and the the and the happened morning, recently we as have in environmental can Good Hassan, serious you on track government

the price the today that and have sulfate seen seen plant, our cost we that hard pigment install. all improving with it shutdown and Chinese say year the capability cleaning that has that line serious that their been and market plant, our were in we've It's at improving have and moved the those Chinese. time as that at for plant we situation a easily becomes playground global so think implement with bigger that will that us. situation is today good growth of a the create moment production compete and sulfate world China would significantly with a if it supply demand for think small demand in that we are to in we think you and XXXX. of to new pigment China year with But takes those pressure that's their a plant couple I shutdown in to seeing continue XX comfortable they down force a last while our last those balance the has very of pressure those and if we the are I environmental at environmental that system and And genius that range to of continue growing have improve and and the We price the years even plant worked government in in that's same today the feel we equipment air, and ours. player as needs shutting the increases to announced this running can moving compete the system, I'd reality more and this convinced plant are compete price what be where invest

your that So for helps question? hope I

Hassan Ahmed

so sneak very Yes, give guys much, the in us just and one CEO update on I an a may if one, could final you search?

Peter Johnston

been year-end. and announcements Look, is and Board. a to power rigorous search by Yes. said its we consistently stages we've there's before conducted in mic expect final the search The

Hassan Ahmed

Perfect. Thank guys. you so much

Operator

you. Thank

question Jeffrey with the JPMorgan. next Zekauskas of comes Our from line

Jeffrey Zekauskas

lower? you When results, were they much. were your quarter Cristal at higher very the Thanks or third with consistent expectations or look they

Timothy Carlson

a that. sign stage answer Jeff. is the at confidential. can Cristal I not is Well so information is, course Thanks company at we're of private this and

However, remain free has the out we one. track If are those billion said early we've approximately of to they and confident the combination in $X in cash year in think as causing numbers. large that XXXX, will deliver $XXX $XXX to I on the generate that year EBITDA in next we potential occurs

their confident continues. we're So performance

Peter Johnston

to the that that addition is synergy in a – follow ask. lot of Jeff, probably question on people question the

integration them our we continue planning we feed will increasingly to are actually synergy that targets our we a As earlier that meet lot than planned. potential confidents were realize

Jeffrey Zekauskas

much fall usually volumes for how in TiOX fourth the off you the Sequentially quarter? Okay.

Peter Johnston

John.

John Romano

fourth quarter about the In X%. it's

Jeffrey Zekauskas

you out… and sequentially spoke X%

John Romano

to QX is that right? QX it’s Yes,

Jeffrey Zekauskas

Yes.

some of XXXX? raw inflation spoke for level inflation you're of mean in the rutile. You guess ilmenite materials What's and or I you expecting

Peter Johnston

JF?

Jean-François Turgeon

material grade ilmenite the obviously significantly Jeff price seen feedstock. ilmenite we high in XXXX raw have and and move to make is

up that that expected Look quarter we we move XXXX high will it's feedstock to that comment the have So forward-looking in see price. price. that of start don't XXXX and in fourth grade and

next that expect but what what in you was we I price, than expect year as XXXX. So what we be feedstock you higher can it tell tell to I for cannot

Jeffrey Zekauskas

the titanium in increases forward-looking magnitude price in rutile or course looking comment about don't price of Okay. backward on Well have if in pricing. you third quarter heard? in dioxide the you what of ilmenite even or How

Timothy Carlson

price on certainly don't we absolute share or on nominations level an or on Jeff, those traction Unfortunately terms comment even nominations.

Jeffrey Zekauskas

Okay.

John Romano

to you QX clarification It’s referring typically and X% QX QX. to the sequential was and about and decline to were that one referring I X% QX X.X% it's was

Jeffrey Zekauskas

the one get is divided Ashtabula divested facilities didn't tight In that could get I maybe theoretically that guess has from U.S. that one is they're be you be thing. out so really possible separable. could perfect the turns those to theory the last not together Okay. clearance – If be Great. Cristal Well, or to a it plant theoretically that regulators. somehow

Timothy Carlson

Jeff, that's a very hypothetical question.

on we course obtaining approvals. regulatory early very Of remained focused

transaction any XXXX. those on really a first the We we're and have no but closing aiming not We're for to. there's discussions of and quarter timeframe, scenarios done intent of on the focused

Jeffrey Zekauskas

you Great. Okay. Thank much. so

Operator

Thank you.

Our next with question from Vertical the of Matthew line DeYoe comes Research.

Matthew DeYoe

the you on for any the road, fairly constructive. for Good just noise outlet apologize morning, gentlemen. starting industry I’m hear, is I off ambient may actually the but so

primary that many risk think of producer [indiscernible] I the the base. investors

price So that the [indiscernible] said about cyclical next stability but how years? and the market cover, think traction you between relationship do

John Romano

forward as we As pricing it much market into where see where quarter there's I a the we that mentioned think mean are you continue QX call tight. the early modest we supply and in in we fourth to demand about suspecting really movement today can't too XXXX the are move situation we the in know on see price we inside when

So focused think we're on into in cost margin and that. and this particular the reduction at time XXXX follow the obviously I will integration moving point

Timothy Carlson

very I Yes. a will forecast. have XXXX that, Matt, in price appreciation assumption modest our add we

Matthew DeYoe

there have the of timeline like be know liquidate any kind to Exxaro? expressed internally they on to this, a U.S. but of much they And don't how with pace Okay. is position? Do then as should would divestitures to when expectation out pivot I of the

Peter Johnston

we not have we [XX.X with announced as very that. successful to are other they for they where have than to Matt, the any able tend them. shares shared over still to under XX.X as know They sell of They specifics over remainder time. you said stage lockup. a are they their a process us publicly They secondary million. shares that XX-day offerings Subsequent million] own had sell

Matthew DeYoe

Okay. Thank you.

Operator

you. Thank

of question comes from line Roberts UBS. the next John Our from

John Roberts

morning. me? hear Good Can you

Peter Johnston

Yes, we can.

John Roberts

right up about even even are up in costs though Tronox that basically comment be EBITDA your line and though completed contribution assume profits the business, in your at – ore the costs integration with going kind ore In do won’t financially go so Cristal, edged of least? away you you're were your there

Peter Johnston

like Brennen. or to comment you could Tim

Timothy Carlson

potential In cost our or the for of goods entire producer. integrated in feedstock. assumptions the benefit as will XXXX across plants of the EBITDA, one sold terms adjusted embedded in It’s year combined a Peter's company demand XX comment pigment about an

of feedstock. margin no paying on paying, assumption obviously that any there's So

Peter Johnston

Other than result third-party the feedstock vertical as being the purchasing will be of that's priority. but integration, a in short

John Roberts

Okay. when we just close by last you you TiOX get night. segment on Cristal, And by then you report will additional one granularity did any Will region either like or the market? combined businesses

Peter Johnston

our One plan. segment is current

Timothy Carlson

transparency that to our intention by within more And a maybe basis product give one it's reporting little a segment. on product for

John Roberts

Thank you.

Operator

Thank question Spitz you. line the comes And of Bank America. our Roger from of of next

Roger Spitz

think Perhaps I mineral morning. the have good you generally you. have the said and bit mineral own cycle? sands profitability. its can tends Thank we in on comment that someone clarity you maybe or that. talk about can months been or by you it's pigment in follow, said a you nine so that movement segment, sands improving It where could if your comment on like delayed think the are you sounds perhaps don't little we Thank to just profitability it six you just

Jean-François Turgeon

basically, the EBITDA so rutile know, I you, we and as JF. the mining our we balance good that few nice to demand in it's year the raw And you Mine Mine related is because see that's at And that natural of the improvement very now expect of to that some the for we good product supply for that. as zircon Fairbreeze in last to because we material. a next of say generator that last is get in stream co-product what and question, the revenue so and tight months that have the come can And Peter. Fairbreeze run zircon continue XXXX, Thank are And capacity, expect ilmenite and we high as we as get a seen you of our look Roger. full zircon we co-product extraction in market year know mine. part started from a what

ilmenite price rutile, is happened and grade seen earlier as ilmenite, ilmenite to a feedstock that the start lagging move pigment the high talking But little to other there feedstock start is to up now with like see nine-month grade we’re mentioned bit. when logical high feedstock high the that but price what rutile. price about after six moving natural and as make in need and On you was to it’s and you feedstock the about when I co-product, with Normally grade seeing the I price. we up increase, those movement synthetic what because been has ilmenite have slag

that a balance So for now all iron. seeing full the we in consume demand of while and are world for is is coal price at And feedstock we that the rate, plant as we're lot the at situation. And is supply assets in product natural all utilization all other a pigment utilization. to movement where that run feedstock our they because and us running in the important is we and are moving high pig tight now mentioned, a situation

restart pig QX we whereas market very and huge year this are is and and obviously at in small the fourth asset and our South of look maximum more player. furnace all market pig iron year slag are we our capacity a iron produce in Africa last as So producing running we more

So that production sell it's of fairly make. all easy for we us the to

that continue. a that's experiencing and at good are situation expect So to us moment. we product market coal the our good for All a

Roger Spitz

you. much very that. Thank you for Thank

Operator

you. Thank

line Our next with question Barclays. Duffy comes the Fischer of from

Mike Leithead

guys. Hey, This is Mike Leithead Duffy for this morning. on

integration getting before before what what schedule. to for the deal a bit get I talk was Cristal wondering is on your and planning about release started. on deal could in closes you areas if need close you're mentioned to wait just You that able you to areas the started

Peter Johnston

Tim?

Timothy Carlson

then pretty the are To the as we've areas a And on operational logistic in IT, not or lot integration Human anti-trust. activities. it preliminary relates discussions customer done it done Administrative our that as to that spacing some synergies to a waiting our a is for costs. we've of result as updates of those had to relates of excellence Resources, Finance, manufacturing General some modeling general planning of We've preliminary lot the

we G&A progressed get assumptions a we upsides So logistic once bit pretty which to and side, on quite have will we anti-trust still or But the have on the of really well and do work see do do clearance. areas. customer

Mike Leithead

decide and the tightening. peak why further then last supply earlier are level pigment and think at guess build new TiOX do seen three probably backdrop, I much yet? margins is now around more industry more with of highest capacity from the that I out or you demand call seem in Great that current XXXX bottlenecks the for the haven't My levels pigment need it even now Thanks. there's two, deeper capacity? you outlook mentioned doesn't squeeze guess since we guess is customers and will current then your producers like to years

Peter Johnston

JF?

Jean-François Turgeon

major Thank wants facility, we level. talking Mike, return and invest decide we reached a you're you, a well When our haven't that new in about Peter. yet good capital investor pigment feel investment. to mean investment, look the I reinvestment you on

yet. why it that's happened hasn't So

Operator

from question line Thank And have the a you. of [Operator Instructions] [indiscernible]. we

Unidentified Analyst

be are your your Setting to Yes. aside titanium manganese, elements, manganese that operation Thank Henderson operation, the what going those chemicals? boron, plans and you. dioxide, lithium with continuing those

Peter Johnston

question. John? the for Thanks,

John Romano

Yes. Look, in Nevada. our located Henderson, electrolytic business it’s

particular stage, not that's the up we are at we said about for us think but assess not have consistently it's particular core that to the a to and for put this call on about asset business sale, marketing have point. that business all we talked I and and kind this last interest of

Unidentified Analyst

of the are? Are you producing products all still

Peter Johnston

Absolutely.

Unidentified Analyst

Okay. Thank of Q&A you. End

Operator

the like And question-and-answer over any Johnston to for turn I'd closing session back comments. for floor our to Peter you. Thank concludes today. that

Peter Johnston

as joining and questions everyone Thanks for well. call those thanks the for

the Just was in very this we summary QX for to the performance continues quarter-on-quarter XXXX in we strong consistently now always third delivered well. as the quarter continues performance performance be have year solid and a said a of

it's it's and got to transformation, flat that management you that with year we’ve So a good that other great have there be the couple issues running a out clear a than a FTC will and clients much. very tackle are With team of we the thank a for delivering. market it's strategic we're of

Operator

conference. for you now the in disconnect. day. And program. thank This gentlemen you Everyone and have participation great a does conclude your Ladies today's may

Tronox (TROX) 9 Nov 172017 Q3 Earnings call transcript