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16. Subsequent Events

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In late July 2025, the Company finalized its plans for the indefinite suspension of operations of one furnace and the closure of one plant in its Americas segment. These actions are part of the Company’s Fit to Win initiative to reduce redundant capacity and begin to optimize its network.  Additional furnace closures and other restructuring actions are expected later in 2025.  

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These capacity closures in the Americas segment are expected to occur on or after August 1, 2025. Current customers of the plants impacted by the closures will be served by other Americas plants in the Company’s network. Subject to finalization of certain estimates, the Company expects to record charges associated with these closures of approximately $45 million in the third quarter of 2025.  Major components of the charges include approximately $35 million for impairment of plant-related assets, such as the closed furnaces and related machinery, and $10 million for one-time employee separation benefits and other costs related to the closures (of which approximately $10 million relates to future cash expenditures). 

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