Tronox (TROX) Slammed as Zircon Demand Dries Up
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Tronox Incorporated (Nasdaq: TROX) is under heavy pressure early Monday on the back of news out of Australia's Iluka Resources that it cut its full-year sales guidance saying that worsening global conditions were impacting demand for materials such as zircon and rutile. Iluka lowered its 2012 zircon sales forecast to 200,000-300,000 metric tons, down from a May estimate of 400,000 tons.
Shares of TROX last traded down 14 percent to $110.
Shares of TROX last traded down 14 percent to $110.
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