Kennametal is an industrial manufacturer specializing in cutting tools, wear-resistant components, and advanced materials built primarily on tungsten carbide and ceramics. The company operates through two segments: Metal Cutting (~57% of revenue) and Infrastructure (~43% of revenue). Metal Cutting makes high-performance tooling — milling, turning, drilling, and threading inserts — used by manufacturers to machine metal parts across transportation, aerospace & defense, energy, and general engineering. Infrastructure makes wear-resistant components and earth-cutting tools for harsh environments, including mining picks, road milling bits, oil & gas downhole components, tungsten carbide powders, and specialty ceramics. Kennametal sells Metal Cutting products through a direct sales force, distributors, and digital channels, with application engineers advising customers on tool selection. Infrastructure products are sold primarily direct. International sales represent ~60% of revenue. The core business model is built on consumable products — cutting tools and wear components wear out and must be replaced regularly, creating recurring demand tied to customers' production volumes. Revenue is highly cyclical and closely tied to global industrial production, auto output, oil & gas drilling, and mining activity. Key cost drivers are tungsten and cobalt, with a ~2-quarter lag between tungsten cost changes and pricing adjustments creating margin volatility. Operating leverage is substantial, with mid-40% incrementals/decrementals on volume swings. Kennametal is executing a restructuring program targeting $125M in annualized savings by end of FY27 through plant consolidations and workforce reductions.