What Titan International, Inc. told the SEC could break it.

Titan owns a controlling 64.3% interest in Voltyre-Prom, a leading producer of agricultural and industrial tires operating a 2-million-plus-square-foot facility in Volgograd, Russia, which exposes the company to heightened sanctions, export-control and geopolitical risk arising from the Russia-Ukraine conflict; tightened sanctions or restrictions could impair the value of, or its ability to operate or repatriate value from, that Russian business and create compliance liability.

“The Company currently owns 64.3% of Voltyre-Prom, a leading producer of agricultural and industrial tires in Volgograd, Russia, whi”

Titan has significant international operations: net sales outside the United States were approximately $0.9 billion, or about 50% of total net sales in 2025 (49% in 2024, 55% in 2023), and it buys raw materials from foreign suppliers, exposing it to international economic, political and currency risks — a hypothetical 10% adverse change in foreign-currency exchange rates would have reduced foreign-currency-denominated net assets and equity by approximately $13.0 million; it does not generally hedge commodity-price exposure.

“Net sales outside the United States are a significant proportion of total net sales, accounting for 50%, 49% and 55% for the years ended December 31, 2025, 2024, and 2023, respectively.”

Titan's off-highway tires and wheels are made primarily from steel, natural and synthetic rubber, carbon black, bead wire and fabric, and it relies on a limited number of suppliers for certain key commodities (primarily steel and rubber); while it is not dependent on any single steel producer, some components have limited suppliers, and inflationary pressure on raw materials and other input costs has compressed its gross margins — so commodity-price spikes or supplier disruptions could further reduce profitability.

“The Company currently relies on a limited number of suppliers for certain key commodities, which consist primarily of steel and rubber, in the manufacturing of Titan products.”

Titan faces significant trade-policy risk: after the U.S. Supreme Court affirmed in February 2026 that the President lacked IEEPA authority for the challenged tariffs, the administration imposed a new 10% 'global tariff' (with an indicated intent to raise it to 15%) under other trade laws, and tariffs have already led to higher costs for raw materials and components sourced from affected countries (which may not be fully passed through) and supply-chain disruptions; it is also subject to U.S./foreign economic sanctions and export-control laws, where a violation could bring material penalties.

“In February 2026, the U.S. Supreme Court affirmed the decision of the Court of Appeals. Following the ruling, the Trump administration signed an executive order imposing a 10% “global tariff” and later indicated an intention to increase this“global tariff” to 15%, effective immediately, using presidential powers under certain U.S. trade laws.”