| UNITED STATES                                                                                                                                                                                                                                            |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| SECURITIES AND EXCHANGE COMMISSION                                                                                                                                                                                                                       |
| Washington, D.C. 20549                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                     |
| FORM 10-Q                                                                                                                                                                                                                                                |
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| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934                                                                                                                                                                   |
|                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                     |
|  For the quarter ended March 31, 2010                                                                                                                                                                                                               |
| Commission file number 1-31763                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                     |
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| 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                                                                                                             |
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| * | The registrant has not yet been phased into the interactive data requirements |
|---|-------------------------------------------------------------------------------|

|                                                                                  |                                                             | Page   |
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|                                                                                  |                                                             | number |
|                                                                                  |                                                             |   |
| Part I.                                                                               | FINANCIAL INFORMATION                                            |   |
|                                                                                  |                                                             |   |
| Item 1.                                                                               | Financial Statements                                             |   |
|                                                                                  |                                                             |   |
|                                                                                  | Condensed Consolidated Balance Sheets -                          |   |
|                                                                                  | December 31, 2009; March 31, 2010 (Unaudited)                    | 3      |
|                                                                                  |                                                             |   |
|                                                                                  | Condensed Consolidated Statements of Operations (Unaudited) -    |   |
|                                                                                  | Three months ended March 31, 2009 and 2010                       | 5      |
|                                                                                  |                                                             |   |
|                                                                                  | Condensed Consolidated Statement of Stockholders'                |   |
|                                                                                  | Equity and Comprehensive Income (Loss) (Unaudited) –       |   |
|                                                                                  | Three months ended March 31, 2010                                | 6      |
|                                                                                  |                                                             |   |
|                                                                                  | Condensed Consolidated Statements of Cash Flows (Unaudited) -    |   |
|                                                                                  | Three months ended March 31, 2009 and 2010                       | 7      |
|                                                                                  |                                                             |   |
|                                                                                  | Notes to Condensed Consolidated Financial Statements (Unaudited) | 8      |
|                                                                                  |                                                             |   |
| Item 2.                                                                               | Management's Discussion and Analysis of Financial                |   |
|                                                                                  | Condition and Results of Operations                              | 15     |
|                                                                                  |                                                             |   |
| Item 3.                                                                               | Quantitative and Qualitative Disclosure About Market Risk        | 23     |
|                                                                                  |                                                             |   |
| Item 4.                                                                               | Controls and Procedures                                          | 24     |
|                                                                                  |                                                             |   |
| Part II.                                                                              | OTHER INFORMATION                                                |   |
|                                                                                  |                                                             |   |
| Item 1.                                                                               | Legal Proceedings                                                | 25     |
|                                                                                  |                                                             |   |
| Item 1A.                                                                              | Risk Factors                                                     | 25     |
|                                                                                  |                                                             |   |
| Item 6.                                                                               | Exhibits                                                         | 25     |
|                                                                                  |                                                             |   |
|                                                                                  |                                                             |   |
|                                                                                  |                                                             |   |
| Items 2, 3, 4 and 5 of Part II are omitted because there is no information to report. |                                                             |

|               ASSETS |   | December 31, |    |   | March 31,   |   |
|--------------------------------------------------------------------------------------------|--------|--------------|---------|--------|-------------|--------|
|                                                                                       |   | 2009         |    |   | 2010        |   |
|                                                                                       |   |         |    |   | (Unaudited) |   |
|                                                                                       |   |         |    |   |        |   |
| Current assets:                                                                            |   |         |    |   |        |   |
| Cash and cash equivalents                                                                  |   | $            | 31.1    |   |        | $      | 22.8 |   |
| Restricted cash                                                                            |   |         | 1.7     |   |        |   | 1.1 |   |
| Accounts and other receivables                                                             |   |         | 189.6   |   |        |   | 218.3 |   |
| Inventories                                                                                |   |         | 294.8   |   |        |   | 276.5 |   |
| Prepaid expenses and other                                                                 |   |         | 9.0     |   |        |   | 9.5 |   |
| Deferred income taxes                                                                      |   |         | 3.7     |   |        |   | 3.7 |   |
|                                                                                       |   |         |    |   |        |   |   |   |
| Total current assets                                                                       |   |         | 529.9   |   |        |   | 531.9 |   |
|                                                                                       |   |         |    |   |        |   |   |   |
| Other assets:                                                                              |   |         |    |   |        |   |   |   |
| Investment in TiO2 manufacturing joint venture                                             |   |         | 98.7    |   |        |   | 98.0 |   |
| Deferred income taxes                                                                      |   |         | 185.5   |   |        |   | 205.0 |   |
| Other                                                                                      |   |         | 11.2    |   |        |   | 10.4 |   |
|                                                                                       |   |         |    |   |        |   |   |   |
| Total other assets                                                                         |   |         | 295.4   |   |        |   | 313.4 |   |
|                                                                                       |   |         |    |   |        |   |   |   |
| Property and equipment:                                                                    |   |         |    |   |        |   |   |   |
| Land                                                                                       |   |         | 46.8    |   |        |   | 44.2 |   |
| Buildings                                                                                  |   |         | 233.0   |   |        |   | 223.3 |   |
| Equipment                                                                                  |   |         | 1,027.4 |   |        |   | 982.5 |   |
| Mining properties                                                                          |   |         | 115.7   |   |        |   | 111.3 |   |
| Construction in progress                                                                   |   |         | 14.6    |   |        |   | 16.5 |   |
|                                                                                       |   |         |    |   |        |   |   |   |
|                                                                                       |   |         | 1,437.5 |   |        |   | 1,377.8 |   |
| Less accumulated depreciation and amortization                                             |   |         | 937.8   |   |        |   | 906.3 |   |
|                                                                                       |   |         |    |   |        |   |   |   |
| Net property and equipment                                                                 |   |         | 499.7   |   |        |   | 471.5 |   |
|                                                                                       |   |         |    |   |        |   |   |   |
| Total assets                                                                               |   | $            | 1,325.0 |   |        | $      | 1,316.8 |   |
|                                                                                       |   |         |    |   |        |   |   |   |

| LIABILITIES AND STOCKHOLDERS' EQUITY             |   | December 31, 2009 |    |   | March 31, 2010 |   |
|--------------------------------------------------|--------|------------------------|---------|--------|---------------------|--------|
|                                             |   |                   |    |   | (Unaudited)         |   |
|                                             |   |                   |    |   |                |   |
| Current liabilities:                             |   |                   |    |   |                |   |
| Current maturities of long-term debt             |   | $                      | 2.1     |   |                | $      | 2.1 |   |
| Accounts payable and accrued liabilities         |   |                   | 205.0   |   |                |   | 188.3 |   |
| Income taxes                                     |   |                   | 3.6     |   |                |   | 2.2 |   |
| Deferred income taxes                            |   |                   | 4.7     |   |                |   | 4.3 |   |
|                                             |   |                   |    |   |                |   |   |   |
| Total current liabilities                        |   |                   | 215.4   |   |                |   | 196.9 |   |
|                                             |   |                   |    |   |                |   |   |   |
| Noncurrent liabilities:                          |   |                   |    |   |                |   |   |   |
| Long-term debt                                   |   |                   | 611.1   |   |                |   | 589.8 |   |
| Deferred income taxes                            |   |                   | 31.1    |   |                |   | 31.6 |   |
| Accrued pension cost                             |   |                   | 118.3   |   |                |   | 110.8 |   |
| Accrued postretirement benefit cost              |   |                   | 13.4    |   |                |   | 13.9 |   |
| Other                                            |   |                   | 23.2    |   |                |   | 22.4 |   |
|                                             |   |                   |    |   |                |   |   |   |
| Total noncurrent liabilities                     |   |                   | 797.1   |   |                |   | 768.5 |   |
|                                             |   |                   |    |   |                |   |   |   |
| Stockholders' equity:                            |   |                   |    |   |                |   |   |   |
| Common stock                                     |   |                   | .5      |   |                |   | .5 |   |
| Additional paid-in capital                       |   |                   | 1,061.9 |   |                |   | 1,061.9 |   |
| Retained deficit                                 |   |                   | (602.6  | )      |                |   | (559.8 | ) |
| Accumulated other comprehensive loss             |   |                   | (147.3  | )      |                |   | (151.2 | ) |
|                                             |   |                   |    |   |                |   |   |   |
| Total stockholders' equity                       |   |                   | 312.5   |   |                |   | 351.4 |   |
|                                             |   |                   |    |   |                |   |   |   |
| Total liabilities and stockholders’ equity |   | $                      | 1,325.0 |   |                | $      | 1,316.8 |   |

|                                                                                             |   | Three months ended March 31, |   |
|--------------------------------------------------------------------------------------------------|--------|-----------------------------------|--------|
|                                                                                             |   | 2009                              |   |   | 2010 |   |
|                                                                                             |   | (Unaudited)                       |   |
|                                                                                             |   |                              |   |   |   |   |
| Net sales                                                                                        |   | $                                 | 248.0  |   |   | $ | 319.7 |   |
| Cost of sales                                                                                    |   |                              | 243.9  |   |   |   | 259.2 |   |
|                                                                                             |   |                              |   |   |   |   |   |   |
|     Gross margin                                                             |   |                              | 4.1    |   |   |   | 60.5 |   |
|                                                                                             |   |                              |   |   |   |   |   |   |
| Selling, general and administrative expense                                                      |   |                              | 34.3   |   |   |   | 40.1 |   |
| Currency transaction gains, net                                                                  |   |                              | 5.3    |   |   |   | 2.6 |   |
| Other operating income (expense), net                                                            |   |                              | (1.4   | ) |   |   | (1.3 | ) |
|                                                                                             |   |                              |   |   |   |   |   |   |
|     Income (loss) from operations                                            |   |                              | (26.3  | ) |   |   | 21.7 |   |
|                                                                                             |   |                              |   |   |   |   |   |   |
| Interest expense                                                                                 |   |                              | (9.7   | ) |   |   | (10.4 | ) |
|                                                                                             |   |                              |   |   |   |   |   |   |
|     Income (loss) before income taxes                                        |   |                              | (36.0  | ) |   |   | 11.3 |   |
|                                                                                             |   |                              |   |   |   |   |   |   |
| Income tax benefit                                                                               |   |                              | (9.4   | ) |   |   | (31.5 | ) |
|                                                                                             |   |                              |   |   |   |   |   |   |
|     Net income (loss)                                                        |   | $                                 | (26.6  | ) |   | $ | 42.8 |   |
|                                                                                             |   |                              |   |   |   |   |   |   |
|                                                                                             |   |                              |   |   |   |   |   |   |
| Net income (loss) per basic and diluted share                                                    |   | $                                 | (.54   | ) |   | $ |  .87 |   |
|                                                                                             |   |                              |   |   |   |   |   |   |
| 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, 2009  |   | $                 | .5     |   |                 | $      | 1,061.9 |                  |   | $      | (602.6                  | )      |   | $                         | (147.3 | )      |                            | $      | 312.5 |   |   |   |   |
|                          |   |              |   |   |                 |   |    |                  |   |   |                    |   |   |                      |   |   |                            |   |   |   |   |   |   |
| Net income                    |   |              | -      |   |                 |   | -       |                  |   |   | 42.8                    |   |   |                      | -      |   |                            |   | 42.8 |   |   | $ | 42.8 |   |
|                          |   |              |   |   |                 |   |    |                  |   |   |                    |   |   |                      |   |   |                            |   |   |   |   |   |   |   |
| Other comprehensive loss, net |   |              | -      |   |                 |   | -       |                  |   |   | -                       |   |   |                      | (3.9   | )      |                            |   | (3.9 | ) |   |   | (3.9 | )  |
|                          |   |              |   |   |                 |   |    |                  |   |   |                    |   |   |                      |   |   |                            |   |   |   |   |   |   |   |
|                          |   |              |   |   |                 |   |    |                  |   |   |                    |   |   |                      |   |   |                            |   |   |   |   |   |   |   |
| Balance at March 31, 2010     |   | $                 | .5     |   |                 | $      | 1,061.9 |                  |   | $      | (559.8                  | )      |   | $                         | (151.2 | )      |                            | $      | 351.4 |   |   |   |   |   |
|                          |   |              |   |   |                 |   |    |                  |   |   |                    |   |   |                      |   |   |                            |   |   |   |   |   |   |   |
| Comprehensive income          |   |              |   |   |                 |   |    |                  |   |   |                    |   |   |                      |   |   |                            |   |   |   |   | $ | 38.9 |   |
|                          |   |              |   |   |                 |   |    |                  |   |   |                    |   |   |                      |   |   |                            |   |   |   |   |   |   |   |

|                                                                            |   | Three months ended March 31, |   |
|---------------------------------------------------------------------------------|--------|-----------------------------------|--------|
|                                                                            |   | 2009                              |   |   | 2010 |   |
|                                                                            |   | (Unaudited)                       |   |
| Cash flows from operating activities:                                           |   |                              |   |   |   |   |
| Net income (loss)                                                               |   | $                                 | (26.6  | )  |   | $ | 42.8 |   |
| Depreciation and amortization                                                   |   |                              | 11.0   |   |   |   | 11.6 |   |
| Deferred income taxes                                                           |   |                              | (14.6  | ) |   |   | (33.4 | ) |
| Benefit plan expense greater (less) than cash funding:                          |   |                              |   |   |   |   |   |   |
| Defined benefit pension plans                                                   |   |                              | (1.2   | ) |   |   | 1.2 |   |
| Other postretirement benefits                                                   |   |                              | -      |   |   |   | .2 |   |
| Distributions from (contribution to) TiO2 manufacturing joint venture, net |   |                              | (1.8   | ) |   |   | .8 |   |
| Other, net                                                                      |   |                              | (.1    | ) |   |   | - |   |
| Change in assets and liabilities:                                               |   |                              |   |   |   |   |   |   |
| Accounts and other receivables                                                  |   |                              | (16.0  | ) |   |   | (39.6 | ) |
| Inventories                                                                     |   |                              | 79.8   |   |   |   | 7.3 |   |
| Prepaid expenses                                                                |   |                              | (2.1   | ) |   |   | (.8 | ) |
| Accounts payable and accrued liabilities                                        |   |                              | (45.3  | ) |   |   | (6.2 | ) |
| Income taxes                                                                    |   |                              | 3.4    |   |   |   | (.6 | ) |
| Accounts with affiliates                                                        |   |                              | (9.7   | ) |   |   | 1.2 |   |
| Other, net                                                                      |   |                              | 5.7    |   |   |   |  (.5 | ) |
|                                                                            |   |                              |   |   |   |   |   |   |
| Net cash used in operating activities                                           |   |                              | (17.5  | ) |   |   | (16.0 | ) |
|                                                                            |   |                              |   |   |   |   |   |   |
| Cash flows from investing activities:                                           |   |                              |   |   |   |   |   |   |
| Capital expenditures                                                            |   |                              | (11.4  | ) |   |   | (8.5 | ) |
| Change in restricted cash equivalents                                           |   |                              | .6     |   |   |   | .5 |   |
|                                                                            |   |                              |   |   |   |   |   |   |
| Net cash used in investing activities                                           |   |                              | (10.8  | ) |   |   | (8.0 | ) |
|                                                                            |   |                              |   |   |   |   |   |   |
| Cash flows from financing activities:                                           |   |                              |   |   |   |   |   |   |
| Indebtedness:                                                                   |   |                              |   |   |   |   |   |   |
| Borrowings                                                                      |   |                              | 94.4   |   |   |   | 88.9 |   |
| Principal payments                                                              |   |                              | (51.5  | ) |   |   | (71.4 | ) |
|                                                                            |   |                              |   |   |   |   |   |   |
| Net cash provided by financing activities                                       |   |                              | 42.9   |   |   |   | 17.5 |   |
|                                                                            |   |                              |   |   |   |   |   |   |
| Cash and cash equivalents - net change from:                                    |   |                              |   |   |   |   |   |   |
|   Operating, investing and financing activities                       |   |                              | 14.6   |   |   |   | (6.5 | ) |
|   Currency translation                                                |   |                              | (.6    | ) |   |   | (1.8 | ) |
| Balance at beginning of period                                                  |   |                              | 13.6   |   |   |   | 31.1 |   |
|                                                                            |   |                              |   |   |   |   |   |   |
| Balance at end of period                                                        |   | $                                 | 27.6   |   |   | $ | 22.8 |   |
|                                                                            |   |                              |   |   |   |   |   |   |
| Supplemental disclosures:                                                       |   |                              |   |   |   |   |   |   |
|   Cash paid for:                                                      |   |                              |   |   |   |   |   |   |
|     Interest                                                |   | $                                 | .7     |   |   | $ | .4 |   |
|     Income taxes                                            |   |                              | .2     |   |   |   | 1.1 |   |
|   Accrual for capital expenditures                                    |   |                              | 1.3    |   |   |   | 1.9 |   |

|                                  |   | December 31, 2009 |   |   | March 31, 2010 |   |
|---------------------------------------|--------|------------------------|--------|--------|---------------------|--------|
|                                  |   | (In millions)          |   |
|                                  |   |                   |   |   |                |   |
| Trade receivables                     |   | $                      | 172.4  |   |                | $      | 194.0 |   |
| Recoverable VAT and other receivables |   |                   | 19.0   |   |                |   | 26.0 |   |
| Refundable income taxes               |   |                   | .7     |   |                |   | .3 |   |
| Receivable from affiliate             |   |                   | .1     |   |                |   | .1 |   |
| Allowance for doubtful accounts       |   |                   | (2.6   | )      |                |   | (2.1 | ) |
|                                  |   |                   |   |   |                |   |   |   |
| Total                                 |   | $                      | 189.6  |   |                | $      | 218.3 |   |

|              |   | December 31, 2009 |   |   | March 31, 2010 |   |
|-------------------|--------|------------------------|--------|--------|---------------------|--------|
|              |   | (In millions)          |   |
|              |   |                   |   |   |                |   |
| Raw materials     |   | $                      | 56.4   |   |                | $      | 45.2 |   |
| Work in process   |   |                   | 18.2   |   |                |   | 15.0 |   |
| Finished products |   |                   | 161.0  |   |                |   | 161.1 |   |
| Supplies          |   |                   | 59.2   |   |                |   | 55.2 |   |
|              |   |                   |   |   |                |   |   |   |
| Total             |   | $                      | 294.8  |   |                | $      | 276.5 |   |

|                          |   | December 31, 2009 |   |   | March 31, 2010 |   |
|-------------------------------|--------|------------------------|--------|--------|---------------------|--------|
|                          |   | (In millions)          |   |
|                          |   |                   |   |   |                |   |
| Deferred financing costs, net |   | $                      | 5.9    |   |                | $      | 5.2 |   |
| Pension asset                 |   |                   | .3     |   |                |   | .3 |   |
| Other                         |   |                   | 5.0    |   |                |   | 4.9 |   |
|                          |   |                   |   |   |                |   |   |   |
| Total                         |   | $                      | 11.2   |   |                | $      | 10.4 |   |

|                                  |   |                   |   |   |                |   |
|---------------------------------------|--------|------------------------|--------|--------|---------------------|--------|
|                                  |   | December 31, 2009 |   |   | March 31, 2010 |   |
|                                  |   | (In millions)          |   |
|                                  |   |                   |   |   |                |   |
| Accounts payable                      |   | $                      | 117.1  |   |                | $      | 98.8 |   |
| Employee benefits                     |   |                   | 26.2   |   |                |   | 26.4 |   |
| Accrued sales discounts and rebates   |   |                   | 21.4   |   |                |   | 10.6 |   |
| Accrued interest                      |   |                   | 8.0    |   |                |   | 16.3 |   |
| Payable to affiliates:                |   |                   |   |   |                |   |   |   |
|  Louisiana Pigment Company, L.P. |   |                   | 12.0   |   |                |   | 11.0 |   |
|  Income taxes, net - Valhi       |   |                   | .4     |   |                |   | 2.0 |   |
|  Other                           |   |                   | .2     |   |                |   | - |   |
| Other                                 |   |                   | 19.7   |   |                |   | 23.2 |   |
|                                  |   |                   |   |   |                |   |   |   |
| Total                                 |   | $                      | 205.0  |   |                | $      | 188.3 |   |

|                                                   |   | December 31, 2009 |   |   | March 31, 2010 |   |
|--------------------------------------------------------|--------|------------------------|--------|--------|---------------------|--------|
|                                                   |   | (In millions)          |   |
|                                                   |   |                   |   |   |                |   |
|                                                   |   |                   |   |   |                |   |
| Kronos International, Inc. - 6.5% Senior Secured Notes |   | $                      | 574.6  |   |                | $      | 538.0 |   |
| Revolving credit facilities:                           |   |                   |   |   |                |   |   |   |
|    European credit facility             |   |                   | 13.0   |   |                |   | 24.3 |   |
|    U.S. bank credit facility            |   |                   | 16.7   |   |                |   | 21.4 |   |
| Other                                                  |   |                   | 8.9    |   |                |   | 8.2 |   |
|                                                   |   |                   |   |   |                |   |   |   |
| Total debt                                             |   |                   | 613.2  |   |                |   | 591.9 |   |
| Less current maturities                                |   |                   | 2.1    |   |                |   | 2.1 |   |
|                                                   |   |                   |   |   |                |   |   |   |
| Total long-term debt                                   |   | $                      | 611.1  |   |                | $      | 589.8 |   |

|                                                                             |   | Three months ended March 31, |             |
|----------------------------------------------------------------------------------|--------|-----------------------------------|------------------|
|                                                                             |   | 2009                              |             |   | 2010 |   |
|                                                                             |   | (In millions)                     |             |
|                                                                             |   |                              |             |   |   |   |
| Expected tax expense (benefit), at U.S. Federal statutory income tax rate of 35% |   | $                                 | (12.6            | ) |   | $ | 4.0 |   |
| Non-U.S. tax rates                                                               |   |                              | 1.3              |   |   |   | (.1 | ) |
| Nondeductible expenses                                                           |   |                              | 2.1              |   |   |   | .7 |   |
| U.S. state income taxes, net                                                     |   |                              | .9               |   |   |   | .3 |   |
| German tax attribute adjustment                                                  |   |                              | .1               |   |   |   | (35.2 | ) |
| Prior year adjustment                                                            |   |                              | -                |   |   |   | (.7 | ) |
| Nontaxable income                                                                |   |                              | (1.0             | ) |   |   | (.2 | ) |
| Other, net                                                                       |   |                              |    (.2 | ) |   |   |    (.3 | ) |
|                                                                             |   |                              |             |   |   |   |   |   |
|      Total                                              |   | $                                 | (9.4             | ) |   | $ | (31.5 | ) |

|                                       |   | Three months ended |   |
|--------------------------------------------|--------|--------------------|--------|
|                                       |   | March 31,          |   |
|                                       |   | 2009               |   |   | 2010 |   |
|                                       |   | (In millions)      |   |
|                                       |   |               |   |   |   |   |
| Service cost                               |   | $                  | 1.8    |   |   | $ | 2.7 |   |
| Interest cost                              |   |               | 5.4    |   |   |   | 5.8 |   |
| Expected return on plan assets             |   |               | (3.9   | ) |   |   | (4.5 | ) |
| Amortization of prior service cost         |   |               | .3     |   |   |   | .3 |   |
| Amortization of net transition obligations |   |               | .1     |   |   |   | .1 |   |
| Recognized actuarial losses                |   |               | 1.3    |   |   |   | 1.4 |   |
|                                       |   |               |   |   |   |   |   |   |
|      Total        |   | $                  | 5.0    |   |   | $ | 5.8 |   |

|                                 |   | Three months ended March 31, |   |
|--------------------------------------|--------|-----------------------------------|--------|
|                                 |   | 2009                              |   |   | 2010 |   |
|                                 |   | (In millions)                     |   |
|                                 |   |                              |   |   |   |   |
| Service cost                         |   | $                                 | .1     |   |   | $ | .1 |   |
| Interest cost                        |   |                              | .1     |   |   |   | .2 |   |
| Amortization of prior service credit |   |                              | (.1    | ) |   |   | (.1 | ) |
| Recognized actuarial losses          |   |                              | -      |   |   |   | .1 |   |
|                                 |   |                              |   |   |   |   |   |   |
|      Total  |   | $                                 | .1     |   |   | $ | .3 |   |

|                                |   | December 31, 2009 |   |   | March 31, 2010 |   |
|-------------------------------------|--------|------------------------|--------|--------|---------------------|--------|
|                                |   | (In millions)          |   |
|                                |   |                   |   |   |                |   |
| Reserve for uncertain tax positions |   | $                      | 9.5    |   |                | $      | 9.5 |   |
| Employee benefits                   |   |                   | 9.2    |   |                |   | 8.6 |   |
| Insurance claims and expenses       |   |                   | .3     |   |                |   | .3 |   |
| Other                               |   |                   | 4.2    |   |                |   | 4.0 |   |
|                                |   |                   |   |   |                |   |   |   |
| Total                               |   | $                      | 23.2   |   |                | $      | 22.4 |   |

|                                      |   | Fair Value Measurements |   |
|-------------------------------------------|--------|-------------------------|--------|
|                                      |   | Total                   |   |   | Quoted Prices in Active Markets (Level 1) |   |   | Significant Other Observable Inputs (Level 2) |   |   | Significant Unobservable Inputs (Level 3) |   |
|                                      |   | (in millions)           |   |
|                                      |   |                    |   |   |   |   |   |   |   |   |   |   |
| Currency forward contracts                |   |                    |   |   |   |   |   |   |   |   |   |   |
|     December 31, 2009 |   | $                       | 1.6    |   |   | $ | 1.6 |   |   | $ | - |   |   | $ | - |   |
|     March 31, 2010    |   |                    | 1.8    |   |   |   | 1.8 |   |   |   | - |   |   |   | - |   |
|                                      |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| ·   | an aggregate of $36 million for an equivalent value of Canadian dollars at an exchange rate of Cdn. $1.04 per U.S. dollar.  These contracts with Wachovia Bank, National Association, mature from April 2010 through December 2010 at a rate of $4 million per month, subject to early redemption provisions at our option.  At March 31, 2010, the actual exchange rate was Cdn. $1.02 per U.S. dollar; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | an aggregate $58 million for an equivalent value of Norwegian kroner at exchange rates ranging from kroner 5.85 to kroner 6.13 per U.S. dollar.  These contracts with DnB Nor Bank ASA mature from April 2010 through March 2011 at a rate of $1 million to $2.3 million per month.  At March 31, 2010, the actual exchange rate was kroner 6.00 per U.S. dollar; and  |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | an aggregate euro 16 million for an equivalent value of Norwegian kroner at exchange rates ranging from kroner 8.47 to kroner 9.13 per euro.  These contracts with DnB Nor Bank ASA mature from April 2010 through December 2010 at a rate of euro .1 million to euro 1.8 million per month, subject to early redemption provisions at our option.  At March 31, 2010, the actual exchange rate was kroner 8.01 per euro. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                          |   | December 31,   |   |   | March 31, |   |
|-------------------------------------------------------------------------------|--------|----------------|--------|--------|-----------|--------|
|                                                                          |   | 2009           |   |   | 2010      |   |
|                                                                          |   | CarryingAmount |   |   | FairValue |   |   | CarryingAmount |   |   | FairValue |   |
|                                                                          |   | (In millions)  |   |
|                                                                          |   |           |   |   |      |   |   |   |   |   |   |   |
| Cash, cash equivalents and restricted cash                                    |   | $              | 32.8   |   |      | $      | 32.8 |   |   | $ | 23.9 |   |   | $ | 23.9 |   |
|                                                                          |   |           |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
| Long-term debt (excluding capitalized leases):                                |   |           |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
| Fixed rate with market quotes -                                               |   |           |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
| 6.5% Senior Secured Notes                                                     |   | $              | 574.6  |   |      | $      | 466.2 |   |   | $ | 538.0 |   |   | $ | 455.0 |   |
| Variable rate bank debt –  European revolving credit facility |   |           | 13.0   |   |      |   | 13.0 |   |   |   | 24.3 |   |   |   | 24.3 |   |
|   U.S. Bank revolving credit facility                               |   |           | 16.7   |   |      |   | 16.7 |   |   |   | 21.4 |   |   |   | 21.4 |   |
| Common stockholders’ equity                                             |   |           | 312.5  |   |      |   | 795.8 |   |   |   | 351.4 |   |   |   | 732.1 |   |

| ·   | 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 price decreases) |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 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 our competitors |
|--------------------|--------------------------------------------------------|

| ·   | The impact of pricing and production decisions |
|--------------------|------------------------------------------------|

| ·   | 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 insurance recoveries |
|--------------------|------------------------------------------------|

| ·   | Our ability to renew or refinance credit facilities |
|--------------------|-----------------------------------------------------|

| ·   | Our ability to maintain sufficient liquidity |
|--------------------|----------------------------------------------|

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

| ·   | Our 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 new facilities) |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------|

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

| ·   | The ultimate resolution of pending litigation |
|--------------------|-----------------------------------------------|

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

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

| ·   | 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) and |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------|

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

|                                                       |   | Three months ended March 31, |   |
|------------------------------------------------------------|--------|-----------------------------------|--------|
|                                                       |   | 2009                              |   |   | 2010 |   |
|                                                       |   | (Dollars in millions)             |   |
|                                                       |   |                              |   |   |   |   |   |   |   |   |   |   |
| Net sales                                                  |   | $                                 | 248.0  |   |   |   | 100 | % |   | $ | 319.7 |   |   |   | 100 | % |
| Cost of sales                                              |   |                              | 243.9  |   |   |   | 98 |   |   |   | 259.2 |   |   |   | 81 |   |
|  Gross margin                                         |   |                              | 4.1    |   |   |   | 2 |   |   |   | 60.5 |   |   |   | 19 |   |
| Other operating income and expenses, net                   |   |                              | 30.4   |   |   |   | 12 |   |   |   | 38.8 |   |   |   | 12 |   |
|   Income (loss) from operations                  |   | $                                 | (26.3  | ) |   |   | (10 | )% |   | $ | 21.7 |   |   |   | 7 | % |
|                                                       |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                       |   |                              |   |   |   |   |   |   |   |   |   |   |   | % |   |
|                                                       |   |                              |   |   |   |   |   |   |   |   |   |   |   | Change |   |
| TiO2 operating statistics:                                 |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Sales volumes*                                 |   |                              | 97     |   |   |   |   |   |   |   | 122 |   |   |   | 26 | % |
|   Production volumes*                            |   |                              | 64     |   |   |   |   |   |   |   | 124 |   |   |   | 94 | % |
|                                                       |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Percent change in net sales:                   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     TiO2 product pricing               |   |                              |   |   |   |   |   |   |   |   |   |   |   |   | (1 | )% |
|     TiO2 sales volumes                 |   |                              |   |   |   |   |   |   |   |   |   |   |   |   | 26 |   |
|     TiO2 product mix                   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   | - |   |
|     Changes in currency exchange rates |   |                              |   |   |   |   |   |   |   |   |   |   |   |   | 4 |   |
|                                                       |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Total                              |   |                              |   |   |   |   |   |   |   |   |   |   |   |   | 29 | % |

| Impact of changes in currency exchange ratesThree months ended March 31, 2009 vs March 31, 2010 |   |
|-------------------------------------------------------------------------------------------------|--------|
|                                                                                            |   | Transaction gains/(losses) recognized |   |   | Translation gain/loss-impact of rate changes |   |   | Total currency impact2009 vs 2010 |   |
|                                                                                            |   | 2009 |   |   | 2010 |   |   | Change |   |
|                                                                                            |   | (in millions) |   |
| Impact on:                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net sales                                                                                       |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | 10 |   |   | $ | 10 |   |
| Income (loss)from operations                                                                    |   |   |  5 |   |   |   |   3 |   |   |   | (2 | ) |   |   | (6 | ) |   |   | (8 | ) |

| ·   | Higher income from operations in 2010 of $48.0 million and |
|--------------------|------------------------------------------------------------|

| ·   | Higher net cash used from relative changes in our inventories, receivables, payables and accruals of $44.1 million in the first three months at 2010 as compared to the first three months of 2009. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Our average days sales outstanding (“DSO”) increased from December 31, 2009 to March 31, 2010 due to the timing of collection on receivable balances; and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Our average days sales in inventory (“DSI”) decreased from December 31, 2009 to March 31, 2010. |
|--------------------|-------------------------------------------------------------------------------------------------------------|

|   | December 31, | March 31, | December 31, | March 31,     |
|--------|--------------|-----------|--------------|---------------|
|   | 2008         | 2009      | 2009         | 2010          |
|   |         |      |         |          |
| DSO    | 64 days      | 68 days   | 56 days      |  61 days |
| DSI    | 113 days     | 64 days   | 58 days      |  56 days |

| ·   | had net borrowings of $4.7 million on our U.S. revolving credit facility; and |
|--------------------|-------------------------------------------------------------------------------|

| ·   | had net borrowings of euro 9 million ($13.2 million when borrowed/repaid) on our European credit facility. |
|--------------------|------------------------------------------------------------------------------------------------------------|

| ·   | euro 400 million principal amount of our 6.5% Senior Secured Notes ($538.0 million) due in 2013; |
|--------------------|--------------------------------------------------------------------------------------------------|

| ·   | euro 18.0 million ($24.3 million) under our European revolving credit facility which matures in May 2011; |
|--------------------|-----------------------------------------------------------------------------------------------------------|

| ·   | $21.4 million under our U.S. revolving credit facility which matures in September 2011; and |
|--------------------|---------------------------------------------------------------------------------------------|

| ·   | Approximately $8.2 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 4, 2010 |   | /s/ Gregory M. Swalwell                                                                       |
|------------------------------|--------|-----------------------------------------------------------------------------------------------|
|                         |   | Gregory M. Swalwell                                                                           |
|                         |   | Executive Vice President and Chief Financial Officer(Principal Financial Officer)             |
|                         |   |                                                                                          |
|                         |   |                                                                                          |
| Date   May 4, 2010 |   | /s/ Tim C. Hafer             |
|                         |   | Tim C. Hafer                                                                                  |
|                         |   | Vice President and Controller(Principal Accounting Officer)                                   |