----

| UNITED      STATES                                                                                                                                                                                                                                       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| SECURITIES      AND EXCHANGE COMMISSION                                                                                                                                                                                                                  |
| Washington,      D.C. 20549                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                     |
| FORM      10-Q                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                     |
| QUARTERLY      REPORT UNDER SECTION 13 OR 15(d) OFTHE      SECURITIES EXCHANGE ACT OF 1934                                                                                                                                                               |
|                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                     |
|  For      the quarter ended March 31,      2009                                                                                                                                                                                                     |
| Commission      file number 1-31763                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                     |
| KRONOS WORLDWIDE, INC.                                                                                                                                                                                                                                   |
| (Exact      name of Registrant as specified in its charter)                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                     |
|     DELAWARE                                     |     76-0294959    |
| (State      or other jurisdiction ofincorporation      or organization)                                                                                                                                                                                  | (IRS      Employer Identification No.) |
|                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                     |
| 5430      LBJ Freeway,  Suite 1700                                                                                                                                                                                                             |
|        Dallas,      Texas   75240-2697                                                                                                                              |
| (Address      of principal executive offices)                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                     |
| Registrant's      telephone number, including area      code:          (972) 233-1700                                                                                                   |
|                                                                                                                                                                                                                                                     |

| * | The      registrant has not yet been phased into the interactive data      requirements |
|---|-----------------------------------------------------------------------------------------|

|                                                                                            |                                                                  | Page   |
|-------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------|--------|
|                                                                                            |                                                                  | number |
|                                                                                            |                                                                  |   |
| Part      I.                                                                                    | FINANCIAL      INFORMATION                                            |   |
|                                                                                            |                                                                  |   |
| Item      1.                                                                                    | Financial      Statements                                             |   |
|                                                                                            |                                                                  |   |
|                                                                                            | Condensed      Consolidated Balance Sheets -                          |   |
|                                                                                            | December      31, 2008; March 31, 2009 (Unaudited)                    | 3      |
|                                                                                            |                                                                  |   |
|                                                                                            | Condensed      Consolidated Statements of Operations (Unaudited) -    |   |
|                                                                                            | Three      months ended March 31, 2008 and 2009                       | 5      |
|                                                                                            |                                                                  |   |
|                                                                                            | Condensed      Consolidated Statement of Stockholders'                |   |
|                                                                                            | Equity      and Comprehensive Income (Loss) (Unaudited) –       |   |
|                                                                                            | Three      months ended March 31, 2009                                | 6      |
|                                                                                            |                                                                  |   |
|                                                                                            | Condensed      Consolidated Statements of Cash Flows (Unaudited) -    |   |
|                                                                                            | Three      months ended March 31, 2008 and 2009                       | 7      |
|                                                                                            |                                                                  |   |
|                                                                                            | Notes      to Condensed Consolidated Financial Statements (Unaudited) | 8      |
|                                                                                            |                                                                  |   |
| Item      2.                                                                                    | Management's      Discussion and Analysis of Financial                |   |
|                                                                                            | Condition      and Results of Operations                              | 17     |
|                                                                                            |                                                                  |   |
| Item      3.                                                                                    | Quantitative      and Qualitative Disclosure About Market Risk        | 26     |
|                                                                                            |                                                                  |   |
| Item      4.                                                                                    | Controls      and Procedures                                          | 26     |
|                                                                                            |                                                                  |   |
| Part      II.                                                                                   | OTHER      INFORMATION                                                |   |
|                                                                                            |                                                                  |   |
| Item      1.                                                                                    | Legal      Proceedings                                                | 28     |
|                                                                                            |                                                                  |   |
| Item      1A.                                                                                   | Risk      Factors                                                     | 28     |
|                                                                                            |                                                                  |   |
| Item      6.                                                                                    | Exhibits                                                              | 28     |
|                                                                                            |                                                                  |   |
|                                                                                            |                                                                  |   |
|                                                                                            |                                                                  |   |
| Items      2, 3, 4 and 5 of Part II are omitted because there is no information to      report. |                                                                  |

|               ASSETS |   | December      31, |    |   | March      31, |   |
|--------------------------------------------------------------------------------------------|--------|-------------------|---------|--------|----------------|--------|
|                                                                                       |   | 2008              |    |   | 2009      |   |
|                                                                                       |   |              |    |   | (Unaudited)    |   |
|                                                                                       |   |              |    |   |           |   |
| Current      assets:                                                                       |   |              |    |   |           |   |
| Cash      and cash equivalents                                                             |   | $                 | 13.6    |   |           | $      | 27.6 |   |
| Restricted      cash                                                                       |   |              | 1.5     |   |           |   | 1.0 |   |
| Accounts      and other receivables                                                        |   |              | 178.6   |   |           |   | 187.5 |   |
| Inventories                                                                                |   |              | 385.1   |   |           |   | 294.6 |   |
| Prepaid      expenses and other                                                            |   |              | 6.6     |   |           |   | 9.1 |   |
| Deferred      income taxes                                                                 |   |              | 4.1     |   |           |   | 4.1 |   |
|                                                                                       |   |              |    |   |           |   |   |   |
| Total      current assets                                                                  |   |              | 589.5   |   |           |   | 523.9 |   |
|                                                                                       |   |              |    |   |           |   |   |   |
| Other      assets:                                                                         |   |              |    |   |           |   |   |   |
| Investment      in TiO2      manufacturing joint venture                                   |   |              | 105.6   |   |           |   | 107.4 |   |
| Deferred      income taxes                                                                 |   |              | 166.4   |   |           |   | 178.5 |   |
| Other                                                                                      |   |              | 11.7    |   |           |   | 11.2 |   |
|                                                                                       |   |              |    |   |           |   |   |   |
| Total      other assets                                                                    |   |              | 283.7   |   |           |   | 297.1 |   |
|                                                                                       |   |              |    |   |           |   |   |   |
| Property      and equipment:                                                               |   |              |    |   |           |   |   |   |
| Land                                                                                       |   |              | 37.5    |   |           |   | 36.3 |   |
| Buildings                                                                                  |   |              | 215.9   |   |           |   | 210.6 |   |
| Equipment                                                                                  |   |              | 949.8   |   |           |   | 928.0 |   |
| Mining      properties                                                                     |   |              | 73.9    |   |           |   | 79.4 |   |
| Construction      in progress                                                              |   |              | 41.7    |   |           |   | 48.9 |   |
|                                                                                       |   |              |    |   |           |   |   |   |
|                                                                                       |   |              | 1,318.8 |   |           |   | 1,303.2 |   |
| Less      accumulated depreciation and amortization                                        |   |              | 833.3   |   |           |   | 829.7 |   |
|                                                                                       |   |              |    |   |           |   |   |   |
| Net      property and equipment                                                            |   |              | 485.5   |   |           |   | 473.5 |   |
|                                                                                       |   |              |    |   |           |   |   |   |
| Total      assets                                                                          |   | $                 | 1,358.7 |   |           | $      | 1,294.5 |   |
|                                                                                       |   |              |    |   |           |   |   |   |

| LIABILITIES      AND STOCKHOLDERS' EQUITY             |   | December      31, 2008 |    |   | March      31, 2009 |   |
|-------------------------------------------------------|--------|-----------------------------|---------|--------|--------------------------|--------|
|                                                  |   |                        |    |   | (Unaudited)              |   |
|                                                  |   |                        |    |   |                     |   |
| Current      liabilities:                             |   |                        |    |   |                     |   |
| Current      maturities of long-term debt             |   | $                           | .8      |   |                     | $      | 69.7 |   |
| Accounts      payable and accrued liabilities         |   |                        | 195.3   |   |                     |   | 136.6 |   |
| Income      taxes                                     |   |                        | 3.7     |   |                     |   | 5.8 |   |
| Deferred      income taxes                            |   |                        | 4.6     |   |                     |   | 4.4 |   |
|                                                  |   |                        |    |   |                     |   |   |   |
| Total      current liabilities                        |   |                        | 204.4   |   |                     |   | 216.5 |   |
|                                                  |   |                        |    |   |                     |   |   |   |
| Noncurrent      liabilities:                          |   |                        |    |   |                     |   |   |   |
| Long-term      debt                                   |   |                        | 637.7   |   |                     |   | 587.6 |   |
| Deferred      income taxes                            |   |                        | 35.7    |   |                     |   | 40.3 |   |
| Accrued      pension cost                             |   |                        | 125.5   |   |                     |   | 118.6 |   |
| Accrued      postretirement benefit cost              |   |                        | 8.7     |   |                     |   | 8.7 |   |
| Other                                                 |   |                        | 28.8    |   |                     |   | 28.4 |   |
|                                                  |   |                        |    |   |                     |   |   |   |
| Total      noncurrent liabilities                     |   |                        | 836.4   |   |                     |   | 783.6 |   |
|                                                  |   |                        |    |   |                     |   |   |   |
| Stockholders'      equity:                            |   |                        |    |   |                     |   |   |   |
| Common      stock                                     |   |                        | .5      |   |                     |   | .5 |   |
| Additional      paid-in capital                       |   |                        | 1,061.8 |   |                     |   | 1,061.8 |   |
| Retained      deficit                                 |   |                        | (567.9  | )      |                     |   | (594.5 | ) |
| Accumulated      other comprehensive loss             |   |                        | (176.5  | )      |                     |   | (173.4 | ) |
|                                                  |   |                        |    |   |                     |   |   |   |
| Total      stockholders' equity                       |   |                        | 317.9   |   |                     |   | 294.4 |   |
|                                                  |   |                        |    |   |                     |   |   |   |
| Total      liabilities and stockholders’ equity |   | $                           | 1,358.7 |   |                     | $      | 1,294.5 |   |

|                                                                                                       |   | Three      months ended March 31, |   |
|------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|--------|
|                                                                                                       |   | 2008                                   |   |   | 2009 |   |
|                                                                                                       |   | (Unaudited)                            |   |
|                                                                                                       |   |                                   |   |   |   |   |
| Net      sales                                                                                             |   | $                                      | 332.5  |   |   | $ | 248.0 |   |
| Cost      of sales                                                                                         |   |                                   | 275.4  |   |   |   | 243.9 |   |
|                                                                                                       |   |                                   |   |   |   |   |   |   |
|     Gross      margin                                                                  |   |                                   | 57.1   |   |   |   | 4.1 |   |
|                                                                                                       |   |                                   |   |   |   |   |   |   |
| Selling,      general and administrative expense                                                           |   |                                   | 43.3   |   |   |   | 34.3 |   |
| Currency      transaction gains (losses), net                                                              |   |                                   | (2.5   | ) |   |   | 5.3 |   |
| Other      operating income (expense), net                                                                 |   |                                   | (1.6   | ) |   |   | (1.4 | ) |
|                                                                                                       |   |                                   |   |   |   |   |   |   |
|     Income      (loss) from operations                                                 |   |                                   | 9.7    |   |   |   | (26.3 | ) |
|                                                                                                       |   |                                   |   |   |   |   |   |   |
| Other      income (expense):                                                                               |   |                                   |   |   |   |   |   |   |
|   Interest      income                                                                           |   |                                   | .4     |   |   |   | - |   |
|   Interest      expense                                                                          |   |                                   | (10.6  | ) |   |   | (9.7 | ) |
|                                                                                                       |   |                                   |   |   |   |   |   |   |
|     Loss      before income taxes                                                      |   |                                   | (.5    | ) |   |   | (36.0 | ) |
|                                                                                                       |   |                                   |   |   |   |   |   |   |
| Income      tax benefit                                                                                    |   |                                   | (.1    | ) |   |   | (9.4 | ) |
|                                                                                                       |   |                                   |   |   |   |   |   |   |
|     Net      loss                                                                      |   | $                                      | (.4    | ) |   | $ | (26.6 | ) |
|                                                                                                       |   |                                   |   |   |   |   |   |   |
|                                                                                                       |   |                                   |   |   |   |   |   |   |
| Net      loss per basic and diluted share                                                                  |   | $                                      | (.01   | ) |   | $ | (.54 | ) |
|                                                                                                       |   |                                   |   |   |   |   |   |   |
|                                                                                                       |   |                                   |   |   |   |   |   |   |
| Cash      dividend per share                                                                               |   | $                                      | .25    |   |   | $ | - |   |
|                                                                                                       |   |                                   |   |   |   |   |   |   |
|                                                                                                       |   |                                   |   |   |   |   |   |   |
| Basic      and diluted weighted-average shares used in the calculation of net income      (loss) per share |   |                                   | 49.0   |   |   |   | 49.0 |   |

|                                 |   |              |   |   | Additional           |   |    |                  |   |   | Accumulatedother        |   |   | Total                     |   |   |                            |   |
|--------------------------------------|--------|-------------------|--------|--------|----------------------|--------|---------|-----------------------|--------|--------|-------------------------|--------|--------|---------------------------|--------|--------|---------------------------------|--------|
|                                 |   | Common stock |   |   | paid-in capital |   |    | Retained deficit |   |   | comprehensive loss |   |   | stockholders' equity |   |   | Comprehensive income(loss) |   |
|                                 |   | (Unaudited)       |   |
|                                 |   |              |   |   |                 |   |    |                  |   |   |                    |   |   |                      |   |   |                            |   |
| Balance      at December 31, 2008    |   | $                 | .5     |   |                 | $      | 1,061.8 |                  |   | $      | (567.9                  | )      |   | $                         | (176.5 | )      |                            | $      | 317.9 |   |   |   |   |
|                                 |   |              |   |   |                 |   |    |                  |   |   |                    |   |   |                      |   |   |                            |   |   |   |   |   |   |
| Net      loss                        |   |              | -      |   |                 |   | -       |                  |   |   | (26.6                   | )      |   |                      | -      |   |                            |   | (26.6 | ) |   | $ | (26.6 | ) |
|                                 |   |              |   |   |                 |   |    |                  |   |   |                    |   |   |                      |   |   |                            |   |   |   |   |   |   |   |
| Other      comprehensive income, net |   |              | -      |   |                 |   | -       |                  |   |   | -                       |   |   |                      | 3.1    |   |                            |   | 3.1 |   |   |   | 3.1 |   |
|                                 |   |              |   |   |                 |   |    |                  |   |   |                    |   |   |                      |   |   |                            |   |   |   |   |   |   |   |
|                                 |   |              |   |   |                 |   |    |                  |   |   |                    |   |   |                      |   |   |                            |   |   |   |   |   |   |   |
| Balance      at March 31, 2009       |   | $                 | .5     |   |                 | $      | 1,061.8 |                  |   | $      | (594.5                  | )      |   | $                         | (173.4 | )      |                            | $      | 294.4 |   |   |   |   |   |
|                                 |   |              |   |   |                 |   |    |                  |   |   |                    |   |   |                      |   |   |                            |   |   |   |   |   |   |   |
| Comprehensive      loss              |   |              |   |   |                 |   |    |                  |   |   |                    |   |   |                      |   |   |                            |   |   |   |   | $ | (23.5 | )  |
|                                 |   |              |   |   |                 |   |    |                  |   |   |                    |   |   |                      |   |   |                            |   |   |   |   |   |   |   |

|                                                                                           |   | Three      months ended March      31, |   |
|------------------------------------------------------------------------------------------------|--------|---------------------------------------------|--------|
|                                                                                           |   | 2008                                        |   |   | 2009 |   |
|                                                                                           |   | (Unaudited)                                 |   |
| Cash      flows from operating activities:                                                     |   |                                        |   |   |   |   |
| Net      income (loss)                                                                         |   | $                                           | (.4    | ) |   | $ | (26.6 | )  |
| Depreciation      and amortization                                                             |   |                                        | 13.0   |   |   |   | 11.0 |   |
| Deferred      income taxes                                                                     |   |                                        | .1     |   |   |   | (14.6 | ) |
| Benefit      plan expense greater (less) than cash funding:                                    |   |                                        |   |   |   |   |   |   |
| Defined      benefit pension plans                                                             |   |                                        | (2.1   | ) |   |   | (1.2 | ) |
| Other      postretirement benefits                                                             |   |                                        | .1     |   |   |   | - |   |
| Distributions      from (contribution to) TiO2      manufacturing joint      venture, net |   |                                        | 1.4    |   |   |   | (1.8 | ) |
| Other,      net                                                                                |   |                                        | .8     |   |   |   | (.1 | ) |
| Change      in assets and liabilities:                                                         |   |                                        |   |   |   |   |   |   |
| Accounts      and other receivables                                                            |   |                                        | (37.7  | ) |   |   | (16.0 | ) |
| Inventories                                                                                    |   |                                        | (3.8   | ) |   |   | 79.8 |   |
| Prepaid      expenses                                                                          |   |                                        | (.2    | ) |   |   | (2.1 | ) |
| Accounts      payable and accrued liabilities                                                  |   |                                        | .8     |   |   |   | (45.3 | ) |
| Income      taxes                                                                              |   |                                        | (4.0   | ) |   |   | 3.4 |   |
| Accounts      with affiliates                                                                  |   |                                        | 2.4    |   |   |   | (9.7 | ) |
| Other,      net                                                                                |   |                                        | .5     |   |   |   | 5.7 |   |
|                                                                                           |   |                                        |   |   |   |   |   |   |
| Net      cash used in operating activities                                                     |   |                                        | (29.1  | ) |   |   | (17.5 | ) |
|                                                                                           |   |                                        |   |   |   |   |   |   |
| Cash      flows from investing activities:                                                     |   |                                        |   |   |   |   |   |   |
| Capital      expenditures                                                                      |   |                                        | (16.8  | ) |   |   | (11.4 | ) |
| Change      in restricted cash equivalents                                                     |   |                                        | .7     |   |   |   | .6 |   |
|                                                                                           |   |                                        |   |   |   |   |   |   |
| Net      cash used in investing activities                                                     |   |                                        | (16.1  | ) |   |   | (10.8 | ) |
|                                                                                           |   |                                        |   |   |   |   |   |   |
| Cash      flows from financing activities:                                                     |   |                                        |   |   |   |   |   |   |
| Indebtedness:                                                                                  |   |                                        |   |   |   |   |   |   |
| Borrowings                                                                                     |   |                                        | 103.8  |   |   |   | 94.4 |   |
| Principal      payments                                                                        |   |                                        | (93.5  | ) |   |   | (51.5 | ) |
| Dividends      paid                                                                            |   |                                        | (12.2  | ) |   |   |  -  |   |
|                                                                                           |   |                                        |   |   |   |   |   |   |
| Net      cash provided by (used in) financing activities                                       |   |                                        | (1.9   | ) |   |   | 42.9 |   |
|                                                                                           |   |                                        |   |   |   |   |   |   |
| Cash      and cash equivalents - net change from:                                              |   |                                        |   |   |   |   |   |   |
|   Operating,      investing and financing activities                                 |   |                                        | (47.1  | ) |   |   | 14.6 |   |
|   Currency      translation                                                          |   |                                        | 1.1    |   |   |   | (.6 | ) |
| Balance      at beginning of period                                                            |   |                                        | 72.2   |   |   |   | 13.6 |   |
|                                                                                           |   |                                        |   |   |   |   |   |   |
| Balance      at end of period                                                                  |   | $                                           | 26.2   |   |   | $ | 27.6 |   |
|                                                                                           |   |                                        |   |   |   |   |   |   |
| Supplemental      disclosures:                                                                 |   |                                        |   |   |   |   |   |   |
|   Cash      paid for:                                                                |   |                                        |   |   |   |   |   |   |
|     Interest                                                               |   | $                                           | 1.0    |   |   | $ | .7 |   |
|     Income      taxes                                                      |   |                                        | 1.0    |   |   |   | .2 |   |
|   Accrual      for capital expenditures                                              |   |                                        | 3.7    |   |   |   | 1.3 |   |

|                                       |   | December      31, 2008 |       |   | March      31, 2009 |   |
|--------------------------------------------|--------|-----------------------------|------------|--------|--------------------------|--------|
|                                       |   | (In      millions)          |       |
|                                       |   |                        |       |   |                     |   |
| Trade      receivables                     |   | $                           | 155.6      |   |                     | $      | 172.1 |   |
| Recoverable      VAT and other receivables |   |                        | 22.2       |   |                     |   | 17.6 |   |
| Refundable      income taxes               |   |                        | 1.2        |   |                     |   | - |   |
| Receivable      from affiliates:           |   |                        |       |   |                     |   |   |   |
| Income      taxes, net - Valhi             |   |                        | 1.2        |   |                     |   | - |   |
| Other                                      |   |                        | .2         |   |                     |   | - |   |
| Allowance      for doubtful accounts       |   |                        |  (1.8 | )      |                     |   |  (2.2 | ) |
|                                       |   |                        |       |   |                     |   |   |   |
| Total                                      |   | $                           | 178.6      |   |                     | $      | 187.5 |   |

|                   |   | December      31, 2008 |   |   | March      31, 2009 |   |
|------------------------|--------|-----------------------------|--------|--------|--------------------------|--------|
|                   |   | (In      millions)          |   |
|                   |   |                        |   |   |                     |   |
| Raw      materials     |   | $                           | 67.1   |   |                     | $      | 48.1 |   |
| Work      in process   |   |                        | 19.8   |   |                     |   | 18.2 |   |
| Finished      products |   |                        | 243.0  |   |                     |   | 172.2 |   |
| Supplies               |   |                        | 55.2   |   |                     |   | 56.1 |   |
|                   |   |                        |   |   |                     |   |   |   |
| Total                  |   | $                           | 385.1  |   |                     | $      | 294.6 |   |

|                                       |   | December      31, 2008 |      |   | March      31, 2009 |   |
|--------------------------------------------|--------|-----------------------------|-----------|--------|--------------------------|--------|
|                                       |   | (In      millions)          |      |
|                                       |   |                        |      |   |                     |   |
| Deferred      financing costs, net         |   | $                           | 7.1       |   |                     | $      | 6.4 |   |
| Restricted      marketable debt securities |   |                        | 3.5       |   |                     |   | 3.7 |   |
| Other                                      |   |                        |  1.1 |   |                     |   |  1.1 |   |
|                                       |   |                        |      |   |                     |   |   |   |
| Total                                      |   | $                           | 11.7      |   |                     | $      | 11.2 |   |

|                                       |   |                        |   |   |                     |   |
|--------------------------------------------|--------|-----------------------------|--------|--------|--------------------------|--------|
|                                       |   | December      31, 2008 |   |   | March      31, 2009 |   |
|                                       |   | (In      millions)          |   |
|                                       |   |                        |   |   |                     |   |
| Accounts      payable                      |   | $                           | 113.5  |   |                     | $      | 59.0 |   |
| Employee      benefits                     |   |                        | 23.4   |   |                     |   | 22.3 |   |
| Accrued      sales discounts and rebates   |   |                        | 14.9   |   |                     |   | 10.0 |   |
| Accrued      interest                      |   |                        | 7.8    |   |                     |   | 16.8 |   |
| Payable      to affiliates:                |   |                        |   |   |                     |   |   |   |
|  Louisiana      Pigment Company, L.P. |   |                        | 14.3   |   |                     |   | 7.8 |   |
|  Income      taxes, net - Valhi       |   |                        | .4     |   |                     |   | 1.0 |   |
| Other                                      |   |                        | 21.0   |   |                     |   | 19.7 |   |
|                                       |   |                        |   |   |                     |   |   |   |
| Total                                      |   | $                           | 195.3  |   |                     | $      | 136.6 |   |

|                                                        |   | December      31, 2008 |   |   | March      31, 2009 |   |
|-------------------------------------------------------------|--------|-----------------------------|--------|--------|--------------------------|--------|
|                                                        |   | (In      millions)          |   |
|                                                        |   |                        |   |   |                     |   |
|                                                        |   |                        |   |   |                     |   |
| Kronos      International, Inc. - 6.5% Senior Secured Notes |   | $                           | 560.0  |   |                     | $      | 538.2 |   |
| Revolving      credit facilities:                           |   |                        |   |   |                     |   |   |   |
|    European      credit facility             |   |                        | 42.2   |   |                     |   | 68.9 |   |
|    U.S.      bank credit facility            |   |                        | 13.7   |   |                     |   | 30.2 |   |
| Note      payable to affiliate                              |   |                        | 19.2   |   |                     |   | 16.6 |   |
| Other                                                       |   |                        | 3.4    |   |                     |   | 3.4 |   |
|                                                        |   |                        |   |   |                     |   |   |   |
| Total      debt                                             |   |                        | 638.5  |   |                     |   | 657.3 |   |
| Less      current maturities                                |   |                        | .8     |   |                     |   | 69.7 |   |
|                                                        |   |                        |   |   |                     |   |   |   |
| Total      long-term debt                                   |   | $                           | 637.7  |   |                     | $      | 587.6 |   |

|                                                                                       |   | Three      months ended March 31, |    |
|--------------------------------------------------------------------------------------------|--------|----------------------------------------|---------|
|                                                                                       |   | 2008                                   |    |   | 2009 |   |
|                                                                                       |   | (In      millions)                     |    |
|                                                                                       |   |                                   |    |   |   |   |
| Expected      tax expense (benefit), at U.S. Federal statutory income tax rate of      35% |   | $                                      | (.2     | ) |   | $ | (12.6 | ) |
| Non-U.S.      tax rates                                                                    |   |                                   | -       |   |   |   | 1.3 |   |
| Nondeductible      expenses                                                                |   |                                   | -       |   |   |   | 2.1 |   |
| U.S.      state income taxes, net                                                          |   |                                   | -       |   |   |   | 0.9 |   |
| Change      in reserve for uncertain tax positions                                         |   |                                   | .1      |   |   |   | (0.2 | ) |
| Nontaxable      income                                                                     |   |                                   | -       |   |   |   | (1.0 | ) |
| Other,      net                                                                            |   |                                   |  - |   |   |   |  0.1 |   |
|                                                                                       |   |                                   |    |   |   |   |   |   |
|      Total                                                        |   | $                                      | (.1     | ) |   | $ | (9.4 | ) |

|                                            |   | Three      months ended |   |
|-------------------------------------------------|--------|-------------------------|--------|
|                                            |   | March 31,               |   |
|                                            |   | 2008                    |   |   | 2009 |   |
|                                            |   | (In      millions)      |   |
|                                            |   |                    |   |   |   |   |
| Service      cost                               |   | $                       | 1.7    |   |   | $ | 1.8 |   |
| Interest      cost                              |   |                    | 6.1    |   |   |   | 5.4 |   |
| Expected      return on plan assets             |   |                    | (5.1   | ) |   |   | (3.9 | ) |
| Amortization      of prior service cost         |   |                    | .2     |   |   |   | .3 |   |
| Amortization      of net transition obligations |   |                    | .1     |   |   |   | .1 |   |
| Recognized      actuarial losses                |   |                    | 1.2    |   |   |   | 1.3 |   |
|                                            |   |                    |   |   |   |   |   |   |
|      Total             |   | $                       | 4.2    |   |   | $ | 5.0 |   |

|                                      |   | Three      months ended March 31, |   |
|-------------------------------------------|--------|----------------------------------------|--------|
|                                      |   | 2008                                   |   |   | 2009 |   |
|                                      |   | (In      millions)                     |   |
|                                      |   |                                   |   |   |   |   |
| Service      cost                         |   | $                                      | .1     |   |   | $ | .1 |   |
| Interest      cost                        |   |                                   | .2     |   |   |   | .1 |   |
| Amortization      of prior service credit |   |                                   | (.1    | ) |   |   | (.1 | ) |
|                                      |   |                                   |   |   |   |   |   |   |
|      Total       |   | $                                      | .2     |   |   | $ | .1 |   |

|                                     |   | December      31, 2008 |   |   | March      31, 2009 |   |
|------------------------------------------|--------|-----------------------------|--------|--------|--------------------------|--------|
|                                     |   | (In      millions)          |   |
|                                     |   |                        |   |   |                     |   |
| Reserve      for uncertain tax positions |   | $                           | 13.1   |   |                     | $      | 12.8 |   |
| Employee      benefits                   |   |                        | 8.9    |   |                     |   | 8.5 |   |
| Insurance      claims and expenses       |   |                        | 1.8    |   |                     |   | 2.2 |   |
| Other                                    |   |                        | 5.0    |   |                     |   | 4.9 |   |
|                                     |   |                        |   |   |                     |   |   |   |
| Total                                    |   | $                           | 28.8   |   |                     | $      | 28.4 |   |

|                            |   | Fair Value Measurements at March 31,      2009 |   |
|---------------------------------|--------|------------------------------------------------|--------|
|                            |   | Total                                          |   |   | Quoted      Prices in Active Markets (Level      1) |   |   | Significant      Other Observable Inputs (Level      2) |   |   | Significant      Unobservable Inputs (Level      3) |   |
|                            |   | (in      millions)                             |   |
|                            |   |                                           |   |   |   |   |   |   |   |   |   |   |
| Marketable      securities      |   | $                                              | 3.7    |   |   | $ | 3.7 |   |   | $ | - |   |   | $ | - |   |
|                            |   |                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Currency      forward contracts |   |                                           | 2.1    |   |   |   | 2.1 |   |   |   | - |   |   |   | - |   |
|                            |   |                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| ·   | an      aggregate of $22.5 million for an equivalent value of Canadian dollars at      exchange rates ranging from Cdn. $1.25 to Cdn. $1.26 per U.S.      dollar.  These contracts with U.S. Bank mature from April 2009      through December 2009 at a rate of $2.5 million per month.  At March      31, 2009, the actual exchange rate was Cdn. $1.25 per U.S.      dollar. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | an      aggregate $56.5 million for an equivalent value of Norwegian kroner at      exchange rates ranging from kroner 6.51 to kroner 7.18 per U.S.      dollar.  These contracts with DnB Nor Bank ASA mature from April 2009      through March 2010 at a rate of $.5 million to $4.75 million per      month.  At March 31, 2009, the actual exchange rate was kroner      6.51 per U.S. dollar.  |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | an      aggregate euro 16.4 million for an equivalent value of Norwegian kroner at      exchange rates ranging from kroner 8.68 to kroner 9.23 per euro.       These contracts with DnB Nor Bank ASA mature from April 2009 through March      2010 at a rate of euro .5 million to euro 1.7 million per      month.  At March 31, 2009, the actual exchange rate was kroner      8.89 per euro. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Future      supply and demand for our products |
|--------------------|------------------------------------------------|

| ·   | The      extent of the dependence of certain of our businesses on certain market      sectors |
|--------------------|-----------------------------------------------------------------------------------------------|

| ·   | The      cyclicality of our businesses |
|--------------------|----------------------------------------|

| ·   | Customer      inventory levels (such as the extent to which our customers may, from time      to time, accelerate purchases of TiO2 in      advance of anticipated price increases or defer purchases of TiO2 in      advance of anticipated pricedecreases) |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Changes      in raw material and other operating costs (such as energy      costs) |
|--------------------|------------------------------------------------------------------------------------|

| ·   | General      global economic and political conditions (such as changes in the level of      gross domestic product in various regions of the world and the impact of      such changes on demand for TiO2) |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Competitive      products and substitute products |
|--------------------|---------------------------------------------------|

| ·   | Customer      and competitor strategies |
|--------------------|-----------------------------------------|

| ·   | Potential      consolidation or solvency of ourcompetitors |
|--------------------|------------------------------------------------------------|

| ·   | The      impact of pricing and productiondecisions |
|--------------------|----------------------------------------------------|

| ·   | Competitive      technology positions |
|--------------------|---------------------------------------|

| ·   | Possible      disruption of our business or increases in the cost of doing business      resulting from terrorist activities or global  conflicts |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The      introduction of trade barriers |
|--------------------|-----------------------------------------|

| ·   | Fluctuations      in currency exchange rates (such as changes in the exchange rate between      the U.S. dollar and each of the euro, the Norwegian krone and the Canadian      dollar) |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Operating      interruptions (including, but not limited to, labor disputes, leaks,      natural disasters, fires, explosions, unscheduled or unplanned downtime      and transportation interruptions) |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The      timing and amounts of insurancerecoveries |
|--------------------|----------------------------------------------------|

| ·   | Our      ability to renew or refinance creditfacilities |
|--------------------|---------------------------------------------------------|

| ·   | Our      ability to maintain sufficientliquidity |
|--------------------|--------------------------------------------------|

| ·   | The      ultimate outcome of income tax audits, tax settlement initiatives or other      tax matters |
|--------------------|------------------------------------------------------------------------------------------------------|

| ·   | The      ultimate ability to utilize income tax attributes, the benefits of which      have been recognized under the more-likely-than-not recognition      criteria |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Environmental      matters (such as those requiring compliance with emission and discharge      standards for existing and newfacilities) |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Government      laws and regulations and possible changes  therein |
|--------------------|--------------------------------------------------------------------|

| ·   | The      ultimate resolution of pendinglitigation |
|--------------------|---------------------------------------------------|

| ·   | Possible      future litigation |
|--------------------|---------------------------------|

| ·   | TiO2      selling prices, |
|--------------------|---------------------------|

| ·   | Currency      exchange rates (particularly the exchange rate for the U.S. dollar      relative to the euro, Norwegian krone and the Canadian      dollar), |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Our      TiO2      sales and production volumes and |
|--------------------|-----------------------------------------------------|

| ·   | Manufacturing      costs, particularly raw materials, maintenance and energy-related      expenses. |
|--------------------|-----------------------------------------------------------------------------------------------------|

|                                                            |   | Three      months ended March 31, |   |
|-----------------------------------------------------------------|--------|----------------------------------------|--------|
|                                                            |   | 2008                                   |   |   | 2009 |   |
|                                                            |   | (Dollars      in millions)             |   |
|                                                            |   |                                   |   |   |   |   |   |   |   |   |   |   |
| Net      sales                                                  |   | $                                      | 332.5  |   |   |   | 100 | % |   | $ | 248.0 |   |   |   | 100 | % |
| Cost      of sales                                              |   |                                   | 275.4  |   |   |   | 83 |   |   |   | 243.9 |   |   |   | 98 |   |
|  Gross      margin                                         |   |                                   | 57.1   |   |   |   | 17 |   |   |   | 4.1 |   |   |   | 2 |   |
| Other      operating income and expenses, net                   |   |                                   | 47.4   |   |   |   | 14 |   |   |   | 30.4 |   |   |   | 12 |   |
|   Income      (loss) from operations                  |   | $                                      | 9.7    |   |   |   | 3 | % |   | $ | (26.3 | ) |   |   | (10 | )% |
|                                                            |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                            |   |                                   |   |   |   |   |   |   |   |   |   |   |   | % |   |
|                                                            |   |                                   |   |   |   |   |   |   |   |   |   |   |   | Change |   |
| TiO2      operating statistics:                                 |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Sales      volumes*                                 |   |                                   | 127    |   |   |   |   |   |   |   | 97 |   |   |   | (24 | )% |
|   Production      volumes*                            |   |                                   | 132    |   |   |   |   |   |   |   | 64 |   |   |   | (52 | )% |
|                                                            |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Percent      change in net sales:                   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     TiO2      product pricing               |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   | 5 | % |
|     TiO2      sales volumes                 |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   | (24 | ) |
|     TiO2      product mix                   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   | (2 | ) |
|     Changes      in currency exchange rates |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   | (4 | ) |
|                                                            |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Total                                   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   | (25 | )% |

|                                    |   | Three      months endedMarch      31, 2009 vs. 2008 |   |
|-----------------------------------------|--------|-----------------------------------------------------|--------|
|                                    |   | Increase      (decrease) in millions                |   |
| Impact      on:                         |   |                                                |   |
|   Net      sales              |   | $                                                   | (13    | ) |
|   Income      from operations |   |                                                | 28     |   |

| ·   | Lower      income from operations in 2009 of $36.0 million  and |
|--------------------|-----------------------------------------------------------------|

| ·   | Lower      net cash used from relative changes in our inventories, receivables,      payables and accruals of $47.0 million in 2009 primarily due to our      reducing inventory levels, as discussedbelow. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | had      net borrowings of $16.5 million on our U.S. credit    facility; |
|--------------------|--------------------------------------------------------------------------|

| ·   | had      net borrowings of euro 21.0 million ($28.9 million when borrowed/repaid)      on our European credit facility;and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------|

| ·   | made      net payments of $2.6 million on our revolving note with our affiliate      NL. |
|--------------------|------------------------------------------------------------------------------------------|

| ·   | euro      400 million principal amount of our 6.5% Senior Secured Notes ($538.2      million) due in 2013; |
|--------------------|------------------------------------------------------------------------------------------------------------|

| ·   | euro      51.0 million ($68.9 million) under our European revolving credit facility      which matures in May 2011; |
|--------------------|---------------------------------------------------------------------------------------------------------------------|

| ·   | $30.2      million under our U.S. revolving credit facility which matures in      September 2011; |
|--------------------|---------------------------------------------------------------------------------------------------|

| ·   | $16.6      million under our revolving note with NL which matures in December 2009;      and |
|--------------------|----------------------------------------------------------------------------------------------|

| ·   | Approximately      $3.4 million of other indebtedness. |
|--------------------|--------------------------------------------------------|

| ·   | Pertain      to the maintenance of records that in reasonable detail accurately and      fairly reflect the transactions and dispositions of our      assets, |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Provide      reasonable assurance that transactions are recorded as necessary to permit      preparation of financial statements in accordance with GAAP, and that our      receipts and expenditures are being made only in accordance with      authorizations of our management and directors,  and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Provide      reasonable assurance regarding prevention or timely detection of an      unauthorized acquisition, use or disposition of our assets that could have      a material effect on our Condensed Consolidated Financial      Statements. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 31.1      -  Certification |
|--------|--------------------------------------|

|   | 31.2      -  Certification |
|--------|--------------------------------------|

|   | 32.1      -  Certification |
|--------|--------------------------------------|

| Date        May 6,    2009 |   | /s/ Gregory M. Swalwell                                                                                              |
|--------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|                                 |   | Gregory      M. Swalwell                                                                                             |
|                                 |   | Vice      President, Finance and Chief Financial Officer(Principal      Financial Officer)                           |
|                                 |   |                                                                                                                 |
|                                 |   |                                                                                                                 |
| Date        May 6,    2009 |   | /s/ Tim C.      Hafer                |
|                                 |   | Tim      C. Hafer                                                                                                    |
|                                 |   | Vice      President and Controller(Principal      Accounting Officer)                                                |