Jeff N. Quinn
across XXXX for titanium Thanks, business performance that be We the expect and see across We continued pigment global our remain year well to supply/demand XXXX in believe in market company. the in at industry. our into and co-products Tim. operation. favorable We vertical from the our below from our our see assets or business. confident momentum conditions balance strong We're tightness with feedstock integration entire will normal value in levels TiOX in all and of aggregate we another both of inventories that the full continuing and pigment benefit of chain
producers pigment of globally rates Chinese historic producers. at these high believe conditions, market also compared favorable running utilization to levels, We the are including because
working stabilize to cycle. proactively reinvest margins that with are the our the We with volatility continue across the so to business across our can the we intent of customers the cycle, in
markets market our are efforts We ensure well. the to created grow customers the pigment markets. in fair conditions, we are our order value feedstock are supplier redoubling as tightened a Because we assist to of maximum the conditions they their at seeing price level deliver in that to production market, that in of tight reliable reflects a these as
margins at feedstock and integrated fully levels. rising both producer, a from pigment we benefit As
continued conditions XXXX Tronox. also in zircon. year tightening undoubtedly of are for will seeing supply/demand transformation a We be
any Regarding file authorities whether formally commence Commission Subject the we with transaction. of to us objections that at a European possible stated U.S. will our more to the that can reach find appropriate the and to both earlier, resolution the which the have decide in work concerns an we they is reply and In time coming it transaction. to concerns. to concerns any expect the the discussions both possible the in continuing we proportionate it appropriate any and has statement inform to resolutions meaningful to it weeks objections, about in to valid about such I've Europe, acquisition, continue for if as Cristal EU regulatory proportionate
any reasonably is as goal to quickly EC possible. resolve Our issues the with as
that Just was a comment on last the announced EC week. review suspension the of
it and reasons the particular the fully EC that which no the you in realize pursue In XX. of There documents. and arise any various privilege Phase U.S., due in to asserted we time. you this filing from missed producing paths that investigations experience this sure was error was documents required February to which for some investors demanded, these for In X attorney-client situations time For in on the to to we as parallel issue our was instance, restarted presuppose company have it that clock make around do stop-the-clock before protected in towards area, process these documents our resolution. or was continue documents
is paths the December deal. completion of EC parallel down has transaction, review the not still Given pursuit that the slowed the underway, decision given of the these FTC's the in to challenge
the paths fact, for expedite any that to purpose trying the In has we of pursued matter. have been
underway Northern the in X We of will vigorous expert District to May the discovery X on well X The litigation X hearing. FTC's Depositions Part defense are XX. is continue to and make believe proceeding At are begin pending. the against trial same currently to FTC Part the Tronox's is in remains to in administrative time, We Part we a positioned the defend successful the The Mississippi proceedings. transaction in and proceed discovery. stage. currently scheduled Part soon the
you gets FTC's such, to file other As Government litigants more March. answer until late know, not And a to due the responsive Federal time compared as is pleading. the may
be Mississippi While used circumvent a the should we position the the expedite the merits. substance the we Mississippi out court that process clock in to of Part in declined not disappointed remain and the our X that were on in confident litigation to run the to determination matter,
Our novel. that is not view on or unique
as matter, quoted for in seeking say FTC I inclination. its was another a the rule, February to should it a federal the would nominees that the would injunction files court. at that court where to to point. general initial be In seat for was days, preliminary Trump's on think, his as seeking in I in court on injunction FTC challenge, terms On unconsummated saying, nominee a the general President addressed The the recent of hearing, reported federal Commission fact, Commission think federal be for merger XX, the be have head went as nominee a mergers, stated, it in way in go. Also a preliminary nominee right widely confirmation current would my this
questions Mississippi, should from responded, of Senator path, in and administrative to addition, while Wicker head such benefits the Commission's to there any party In be for used are the running it response disadvantage nominee the the to record Commission submitted clock. litigation to on merits the the not out as
made administrative the to out QFR the used a fact to further the Finally, Oklahoma, the in the nominee not and merits Inhofe references of that judged run be process to should response Senator mergers simply be should several clock. on from
of the value than the to less be considerably those is there assets, outside pursue. in synergies of scenarios to the sure the operation the incremental the the from our U.S. intend the these of quantum of derived depending ownership U.S. While degrees continue varying acquired. investors to eventually are I'm we assets U.S. U.S., There of that extensively. value in and are acquisition of the many have multiple resolution be that value scenarios for significant may on creation U.S. with modeled
compared We value is and the U.S. have any by in to upside additional acquiring full U.S. business business. pursuing the to two of believe to XX% a not XX% creation there
the and strong enhance vertical demands by what base positioned of a to in mind global our the to integration enhance these a time, Chinese allows of valuation the of globally. competitiveness cycle to In market strategy addition we Owning a assets customer a value better stronger, more desktop accretion believe our our at keep assets, are producers. our important I longer-term owning competitors, more to global term, the meet presumed for particular pursuit. the Clearly, and these the competitive to equity it's our point aspects in pigment with long including across producer is global us fully in
We on have drivers our of transaction. this focus clearly value significant the
have eye our ball. We on the
desire cost. win all by driven are We not at a to competitive
focused We on value transaction the creating intend for earliest at are We time. our possible and customers. our to close serving shareholders this
merits of to address are willing the In work we to them continuing which believe the of valid find proportionate regard. may or regulators concerns an efficiently with and we constructively nonetheless our and convince to Europe to any pro-competitive, with in U.S. resolution the addition be transaction, regulators to and the have this agencies the in appropriate that and to work the in
just Now, our transaction. sheet is balance in of relates as de-leveraging our on scenarios. sheet a preserved comment it the Rapid to balance all
Our ratio debt EBITDA trailing by intention to achieve net XX-month a Xx is to XXXX less of than unchanged.
we to continue across Cristal our operate the cycle. the Xx intend Thereafter, to business Both and Xx in well. perform Tronox to range
Our billion report million is take performance. EBITDA a this Tasnee and $X unchanged released commented synergies. encourage $XXX XXXX earlier at report. the to of that estimate is pro without and fourth forma look between their on week at quarter Cristal's and you We that
you day synergistic markets consistently utilization, serve As us cost the lowering our the increasing all to we position transaction, incremental growing since have combination and worldwide. asset say volumes product heard announced highly is unlocking this about
plants attractive Arabia. the world. with agreement completed source them agreement, to from in of would would their the merits economically that combined North how We are customers and an output-enhancing technical have. demonstrate acquisition we company of The Separately, on have is a in for the pro-competitive pigment services of to titanium the benefits substantially ready combination Jazan, for potential this additional around transaction and XX in Saudi the this slagger negotiation significant Tasnee America generate feedstock bringing Cristal and assist slagger stream
option an negotiate purchase the slagger. to titanium to continue We
we completing this changes that to structure year. equity to also similar acquisition, our changes anticipate year, the occurred both last addition and to In the debt
in the holdings approximately to offering, date. timing bonds a of to expect XX.X this reducing a Tim their we to side, As our announced XXXX. October, to underwritten the offering, in call occur Exxaro portion XXXX but to Last monetize of their launch process shares intention expect on not approximately announced refinance ownership that year. or we any And March XX% from sold mentioned, equity Exxaro has the an XX%. XX after have their all registered They potential million do sometime
we benefit previous know, have operations South changes stability Recent in in and you early Mines, The mining representative from The Mining the Africa operations As the create radical South Charter significant South companies administration began year, had Africa. our long with Chamber a should term. Africa. charter. operating pushback leadership over the new of proposed new the of to country to last oppose organization, met in the which the industry's legal action significant political
the Following of new Mining postpone impasse application of month, change agreed inclusive The Presidential commitment negotiation. by court by to the of negotiations resolve labor whole. way of interest including last be country the as industry development and government the the President's intends its the communities a will on the government, the stakeholders, that basis the Charter of a the to business, all Chamber and facilitating in
the addition, of President announced of new new who yesterday In goal of Resources, has new Charter a Mineral appointed within months. the three minister Mining finalizing a Department the
will changes optimistic the industry are progress a the in that between era of cooperation and new these and We government. usher
We are a being in that constructive participant process. to committed
Finally, a the open just would your up moment like before we our to questions, priorities for take address for to year. I it
that made more last quality than ever-present must in but few a low-cost our continue produce has like tons. that's my mantra First, This is never this. Jean-François, a years, to over at friend, the important we time safe, company
our do a manage to well, maintenance market good safety very performance. and manage We We planned but must that must produce our operating output, environment. of most are by so. his continue on team very and, operational we spec, to that reliably, excellence importantly, market in maximize drive do JF advantage take
Cristal acquisition. the deliver promise Second, the we must on of
in deliver to on integrate synergies. We step remain that. deal on must we getting the The and very that, close. Then, is focused the first obviously, it
progress place on focused and a report strong we'll that regard. that have in track our are We process and to in
making an better. Third, during already the on world-class focus year, even personally will I organization
We the are bar. upping
allocation our improving our balances expenditures year, XXXX to return organizational this talent paydown, to Tim developing and communicate drive will business guide on strategy forward, for our We beyond. work a clear to growth. will I to the debt and efficiency. shareholders enhancing us and and people, capital capital of That refine Fourth, with our focus capital
the Tronox. Finally, we define for future will to begin
XX present eyes must to be open manage about While it XX I for our working questions. the exactly the future. delivery the board to you. with next Nicole? year the We'll integration, we that. And execution thank will we that, like to do would now, months synergies, and with our as progresses of With be up for your
