Koppers manufactures and processes treated wood products, wood preservation chemicals, and carbon compounds, serving infrastructure-heavy end markets — primarily railroads and electric utilities. The company operates three segments. Railroad and Utility Products and Services (RUPS), the largest segment at roughly half of sales, procures untreated hardwood crossties from sawmills, seasons and pressure-treats them with creosote, then sells to railroads as structural track components requiring periodic replacement. RUPS also treats and sells utility poles to electric utilities. Performance Chemicals (PC), roughly 28-30% of sales, develops and sells copper-based wood preservatives used to pressure-treat residential lumber for decking, fencing, and construction, with demand tied closely to housing and remodeling activity. Carbon Materials and Chemicals (CMC), roughly 20-22% of sales, distills coal tar into creosote, carbon pitch, and naphthalene; management views CMC as a secular decliner and is actively shrinking its footprint. Koppers is vertically integrated: CMC supplies creosote consumed internally by RUPS, and PC produces copper-based preservatives used internally for utility poles. Koppers sells primarily through long-term contracts to Class I railroads, major utilities, and large lumber treating companies. Strategically, Koppers is focused on growing its utility pole business — including via the 2024 acquisition of Brown Wood Preserving — and recovering PC market share, while harvesting cash flow from CMC and reducing leverage.