TRX.B Tronox

OKLAHOMA CITY, July 21 /PRNewswire-FirstCall/ -- Tronox Incorporated (NYSE:TRXNYSE:TRX.B) announced today that it has received approval from its lenders for an amendment to its senior secured credit facility. As a result of unexpected impacts in the second quarter, including rapid increases in process chemical, energy and transportation costs and production difficulties the company experienced in the second quarter, combined with the impact of the ongoing weak U.S. economy, Tronox had requested and received approval for a waiver to its leverage ratio financial covenant for the 2008 second quarter and subsequently requested the amendment to its leverage ratio financial covenant for the remainder of the year. Following are the amended leverage ratios: Leverage Ratio Three Months Ended New Previous 6/30/2008 5.20x 4.90x 9/30/2008 5.55x 4.90x 12/31/2008 5.35x 4.90x Details of the covenant amendment, including the other amendments agreed to by the company and the requisite lenders, and reasons for seeking amendments to the credit agreement are provided in the Current Report on Form 8-K filed by Tronox today with the SEC, which is available at http://www.sec.gov/ and http://www.tronox.com/ under the Investor Relations section. Tronox remains focused on reducing costs and increasing prices. In the third quarter, the company is continuing to see a trend of further price increases being implemented in all three regions of the world, which it believes will help offset ongoing titanium dioxide industry cost increases. There is no assurance, however, that these pricing trends will offset continuing cost increases that the company is unable to predict and that depend on numerous factors beyond its control. As previously announced, Tronox continues to evaluate all strategic alternatives to improve the business, including development opportunities, mitigation of legacy liabilities, capital restructuring and land sales. Earnings Conference Call Tronox will hold a conference call on July 30 at 10 a.m. EDT to discuss its second-quarter 2008 financial and operating results and expectations for the future. The call will follow the release of Tronox's second-quarter earnings on July 30 at 7 a.m. EDT. Interested parties may listen to the call via Tronox's website at http://www.tronox.com/ or by calling 1-800-231-7043 in the United States or 617-597- 5414 outside the United States. The code for both dial-in numbers will be 53922647#. A replay of the call will be available for seven days at 1-888- 286-8010 in the United States or 617-801-6888 outside the United States. The code for the replay will be 97090457#. The webcast will be archived for 30 days on the company's website. Conference call participants are encouraged to pre-register for the call at: https://cossprereg.btci.com/prereg/key.process?key=PR7BEKATT. Information on earnings also will be available on the company's website homepage at http://www.tronox.com/. About Tronox Headquartered in Oklahoma City, Tronox is the world's third-largest producer and marketer of titanium dioxide pigment, with an annual production capacity of 642,000 tonnes. Titanium dioxide pigment is an inorganic white pigment used in paint, coatings, plastics, paper and many other everyday products. The company's five pigment plants, which are located in the United States, Australia, Germany and the Netherlands, supply high-performance products to approximately 1,100 customers in 100 countries. In addition, Tronox produces electrolytic products, including sodium chlorate, electrolytic manganese dioxide, boron trichloride, elemental boron and lithium manganese oxide. Forward-Looking Statements: Some information in this news release regarding the company's or management's intentions, beliefs or expectations, or that otherwise speak to future events, are "forward-looking statements" within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include those statements preceded by, followed by or that otherwise include the words "believes," "will," "expects," "anticipates," "intends," "estimates," "projects," "target," "budget," "goal," "plans," "objective," "outlook," "should," or similar words. Future results and developments discussed in these statements may be affected by numerous factors and risks, such as the accuracy of the assumptions that underlie the statements, the market value of Tronox's products, demand for consumer products for which Tronox's businesses supply raw materials, the market for raw materials that Tronox uses to produce TiO2, its inability to predict the prices of such raw materials, the financial resources of competitors, the market for debt and/or equity financing, changes in laws and regulations, the ability to respond to challenges in international markets, changes in currency exchange rates, political or economic conditions in areas where Tronox operates, trade and regulatory matters, general economic conditions, and other factors and risks identified in the Risk Factors Section of Tronox's Annual Report on Form 10-K for the year ended December 31, 2007, and subsequent Quarterly Reports on Form 10-Q, as filed with the U.S. Securities and Exchange Commission (SEC), and other SEC filings. Actual results and developments may differ materially from those expressed or implied in this news release. The company does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made. Investors are urged to consider closely the disclosures and risk factors in Tronox's Annual Report on Form 10-K for the year ended December 31, 2007, available on Tronox's website, http://www.tronox.com/. This also can be obtained from the SEC by calling 1-800-SEC- 0330. Media Contact: Debbie Schramm Direct: 405-775-5177 Cell: 405-830-6937 Investor Contact: Robert Gibney Direct: 405-775-5105 http://www.newscom.com/cgi-bin/prnh/20051118/TRONOXLOGO-a http://www.newscom.com/cgi-bin/prnh/20051118/TRONOX-b http://photoarchive.ap.org/ DATASOURCE: Tronox Incorporated CONTACT: Media Contact: Debbie Schramm, Direct: +1-405-775-5177, Cell: +1-405-830-6937, , or Investor Contact: Robert Gibney, Direct: +1-405-775-5105, , both of Tronox Web site: http://www.tronox.com/

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