What Kronos Worldwide, Inc. told the SEC could break it.

Kronos's TiO2 production depends on titanium-containing feedstock (natural rutile ore, chlorine slag, ilmenite), chlorine and petroleum coke; price and availability swings in these inputs directly affect its costs.

“The primary raw materials used in chloride process TiO 2 are titanium-containing feedstock (purchased natural rutile ore, chlorine slag, or other high-grade feedstocks), chlorine and petroleum coke.”

About 64% of Kronos's revenue is from non-US markets (mostly euro and other European currencies plus the Canadian dollar); a hypothetical 10% adverse FX move would raise the USD equivalent of its debt by ~$50M.

“Revenue from non-U.S. markets accounted for approximately 66%, 66% and 64% of our revenue for the years ended December 31, 2023, 2024 and 2025, respectively.”

Kronos makes a significant portion of its North American TiO2 in Canada; a sustained U.S. tariff on Canadian imports would make those products more expensive, reducing demand or forcing it to absorb the cost.

“As we currently manufacture a significant portion of our North American TiO 2 in Canada, if sustained for an extended period of time, a tariff on our imports into the U.S. from Canada would make our products manufactured in Canada and sold into the U.S. more expensive.”

Chloride-process titanium feedstock is available from a limited number of suppliers concentrated in Australia, South Africa, Norway, Canada and India (petroleum coke also from limited suppliers), constraining sourcing flexibility.

“Titanium-containing feedstock suitable for use in the chloride process is available from a limited but increasing number of suppliers principally in Australia, South Africa, Africa, the Middle East, Norway, Canada and India.”