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  "documentTitle": "Tronox Incorporated (TROX)",
  "authorId": "08_Sandell",
  "authorName": "Sandell Asset Management",
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  "presentationDate": "2011-12-01 00:00:00",
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  "notes": "The chart shows historical data from 1978 to 2015e.",
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      "text": "Supply/demand balance will be tight as capacity utilization will remain >90% over at least the several years with only limited new capacity coming on line",
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      "text": "Historical capacity and demand (bars) and capacity utilization (line) from 1978 to 2015e.",
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      "text": "Producers have consistently and successfully pushed through TiO2 price increases over the past 18 months in a modest global growth environment (TiO2 is highly correlated with global GDP growth)\nTROX, Kronos and Dupont have already announced price increases effective January/February 2012",
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      "text": "Supply/demand balance will be tight as capacity utilization will remain >90% over at least the next several years with only limited new capacity coming on line (new high-quality capacity will be added by 2014 at earliest)\nGreenfield facility expansions are costly (up to $5,000/ton, or approx. $1bn based on 200K tons of TiO2 capacity)\nMoreover, new capacity growth will be meaningfully constrained by TiO2 feedstock accessibility",
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      "text": "capacity utilization: 90%",
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      "kind": "paragraph",
      "text": "Pigment demand driven by Asia (40% of global demand); pigment predominantly used in paints and coatings (63% of end demand) and construction materials (27%)",
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      "text": "High-quality TiO2 market very concentrated – top 5 TiO2 producers contribute to 60% of global capacity, but represent nearly all chloride-based TiO2 capacity",
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      "kind": "source-note",
      "text": "Source: Alembic Global Advisors, 11/28/11",
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      "kind": "title",
      "text": "TiO2 Overview",
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