Orion is one of the largest global producers of carbon black, a fine powdered carbon additive that enhances the physical, electrical, and optical properties of materials like tires, rubber goods, coatings, polymers, inks, and batteries. Orion operates 14 wholly owned production facilities across Europe, North and South America, South Africa, and Asia. Orion sells to industrial manufacturers — primarily tire makers and specialty chemical and materials companies — through long-term contracts, with about 65% of volume under indexed contracts that automatically pass through feedstock and energy cost changes to customers. Orion operates two segments: Rubber Carbon Black, which serves tire manufacturers and mechanical rubber goods producers, and Specialty Carbon Black, which serves coatings, polymers, inks, and battery applications at significantly higher margins. Profitability is driven by volumes, gross profit per ton, geographic and product mix (Western markets and Specialty carry higher margins), cogeneration energy recovery at 11 plants, and fixed cost absorption. The key near-term headwind is a surge in Asian tire imports into Western markets, which has depressed production at Orion's Tier 1 and Tier 2 tire customers. Longer term, Orion is building a new conductive carbon black plant in La Porte, Texas targeting lithium-ion batteries and energy infrastructure, and argues its regional manufacturing footprint in the U.S. and Europe benefits from reshoring trends.