The Company recorded third quarter revenue of $870 million, an increase of 29% year over year, primarily driven by higher TiO2 and zircon volumes and higher average selling prices across all products. Revenue from TiO2 sales was $682 million, an increase of 26% driven by a 13% increase in volumes and a 12% increase in average selling prices on both a US dollar and local currency basis. Sequentially, TiO2 volumes declined 10%, at the low end of guidance, and average selling prices increased 4% on a local currency basis or 3% on a US dollar basis. Zircon revenue increased 107% to $116 million driven by an 81% increase in volumes and a 13% increase in average selling prices. Sequentially, zircon volumes declined 14%, due to higher sales from inventory in the second quarter, while average selling prices increased 10%. Revenue from feedstock and other products was $72 million, which represented a 5% decrease, due to no external feedstock sales in the quarter compared to the prior year, partially offset by increased pig iron revenue from higher average selling prices. Net income attributable to Tronox in the third quarter 2021 of $111 million included non-recurring costs primarily related to debt extinguishment totaling $4 million or $0.03 per diluted share. Excluding these items, adjusted net income attributable to Tronox (non-GAAP) was $115 million, or $0.72 per diluted share.
Sylvamo’s (NYSE: SLVM) board of directors entered into a cooperation agreement with Atlas Holdings, its largest shareowner, adding two new independent directors to its board.
Effective March 1, Sylvamo will add Karl Meyers and Mark Wilde, expanding the company’s board to 11 directors.
“We look forward to welcoming Karl and Mark to our board,” said Jean-Michel Ribiéras, chairman and chief executive officer. “They will bring valuable expertise to Sylvamo.”
The cooperation agreement includes customary restrictions and voting commitments. Sylvamo will nominate Meyers and Wilde for election with its other directors during its 2023 annual shareowners meeting.
The board also determined it would terminate Sylvamo’s shareholder rights plan immediately.
The cooperation agreement and information about the shareholder rights plan will be included in a Form 8-K filed with the Securities and Exchange Commission.