Tronox Holdings plc

Good morning. Welcome to the Tronox Holding PLC Q4 2024 Earnings Conference Call. Following the presentation, we will conduct a question and answer session. All participants will be in a listen-only mode until this part of the session. This call is being recorded. If you have any objections, please disconnect at this time. I would now like to turn the call over to our host, Jennifer Gunther, Chief Sustainability Officer, Head of Investor Relations and External Affairs. Please go ahead, Jennifer.

Thank you, Danny, and welcome to our fourth quarter and full year 2024 conference call and webcast. Turning to slide two, on our call today are John Romano, Chief Executive Officer, and John Srivasal, Senior Vice President, Chief Financial Officer. We will be using slides as we move through today's call. You can access the presentation on our website at investor.tronox.com. Moving to slide three. A friendly reminder that comments made on this call and the information provided in our presentation and on our website include certain statements that are forward-looking and subject to various risks and uncertainties, including but not limited to the specific factors summarized in our SEC filings. This information represents our best judgment based on what we know today. However, actual results may vary based on these risks and uncertainties. The company undertakes no obligation to update or revise any forward-looking statements. During the conference call, we will refer to certain non-US GAAP financial terms that we use in the management of our business and believe are useful to investors in evaluating the company's performance. Reconciliations to their nearest US GAAP terms are provided in our earnings release and in the appendix of the accompanying presentation. Additionally, please note that all financial comparisons made during the call are on a year-over-year basis unless otherwise noted. It is now my pleasure to turn the call over to John Romano. John?

Thanks, Jennifer, and good morning, everyone. We'll begin this morning on slide four with some key messages from 2024. Tronox delivered solid fourth quarter results in line with expectations despite continued macro weakness. Stronger TO2 commercial performance in Asia Pacific and Latin America mitigated continuing lagging demand in Europe, while North America performed in line with our expectations. On Zircon, our sales exceeded our previous guidance, driven by strong execution from our commercial group. Additionally, despite significant competitive dynamics across all products, pricing came in as anticipated. We also realized operational cost improvements as expected, driven by consistent and reliable operational performance in the fourth quarter. Reflecting on the full year, I'm proud of the work our team did to stay focused on the things we can control and influence. As safety is our leading value, we heightened our focus and are happy to report that we reduced our total recordable injuries by 23% in 2024. We enhanced our focus on operations and achieved our targeted operating rates, resulting in production cost improvements in the second half of 2024. We continued differentiating our company through sustainability projects, such as the conversion of 40% of our power in South Africa to solar. And this not only benefits Tronox from a greenhouse gas reduction standpoint, but also allowed us to avoid $17 million of additional electricity costs in 2024. We continue to execute on our capital allocation strategy through investments in the business, returning capital to shareholders in the form of dividends, and strengthen the balance sheet through opportunistic refinancing transactions. We also launched a new business strategy in the second half of the year, as we referenced on our previous earnings call, an initiated cost improvement plan. This initiative is focused on enhancing cost efficiency, optimizing asset reliability, and driving operational excellence across all aspects of our business. Through this work, we've identified $125 to $175 million of additional cost improvement opportunities achievable on a run rate basis by the end of 2026. We are very excited about this program and believe it will deliver real sustainable cost improvements across all the business. I'll touch more on our strategy and the path forward, including more details on this cost improvement program a bit later in the call. But for now, I'm going to turn the call back over to John to review our financials from 2024 in more detail.