Tronox is the world's largest vertically integrated manufacturer of titanium dioxide (TiO2) pigment, a white pigment used primarily in paints and coatings, plastics, and paper. Unlike most TiO2 producers, Tronox mines its own titanium-bearing mineral sands — ilmenite, rutile, and leucoxene — across operations in South Africa and Australia, which management says delivers a cost advantage of roughly $200–$400 per ton of TiO2 versus buying feedstock on the open market. Tronox converts this feedstock into TiO2 pigment at seven plants globally via the chloride process (~90% of capacity) or sulfate process (~10%), and sells under the TIONA brand to ~1,200 customers across ~120 countries. TiO2 accounted for ~79% of FY25 revenue, with zircon (~9%) and other products including pig iron and monazite (~11%) making up the rest. Tronox's profitability is driven by TiO2 pricing (which is cyclical and has been depressed since 2023), production volumes, plant utilization rates, and the cost efficiency of its mining operations. The business is capital-intensive, and Tronox has responded to the current downturn by cutting CapEx, reducing its dividend, closing plants in the Netherlands and China, and targeting $125–$175M in annualized cost savings by end of 2026. Tronox is also pursuing a new growth platform in rare earth oxides, leveraging its existing mines and processing expertise to potentially move downstream from selling raw monazite into producing separated rare earth oxides used in EV motors and wind turbines.