| **UNITED                STATES**                                                                                                               |
|------------------------------------------------------------------------------------------------------------------------------------------------|
| **SECURITIES                AND EXCHANGE COMMISSION**                                                                                          |
| **Washington,                D.C. 20549**                                                                                                      |
|                                                                                                                                           |
| **FORM                10-Q**                                                                                                                   |
|                                                                                                                                           |
|                                                                                                                                           |
|                                                                                                                                           |
| **QUARTERLY                REPORT UNDER SECTION 13 OR 15(d) OF****THE                SECURITIES EXCHANGE ACT OF 1934**                         |
|                                                                                                                                           |
|                                                                                                                                           |
| **For                the quarter ended****March                31, 2007**                                                                      |
| **Commission                file number****1-31763**                                                                                           |
|                                                                                                                                           |
|                                                                                                                                           |
| **KRONOS                WORLDWIDE, INC.**                                                                                                      |
| **(Exact                name of Registrant as specified in its                charter)**                                                       |
|                                                                                                                                           |
|                                                                                                                                           |
| **    DELAWARE** **    **                                                                         | ** ****   76-0294959   ** |
| **(State                or other jurisdiction of****incorporation                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  **                                      |
|                                                                                                                                           |

**Indicate      by check mark whether the Registrant (1) has filed all reports required to      be      filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during      the      preceding 12 months and (2) has been subject to such filing requirements for      the      past 90 days. Yes **
**X **
**      No **
**   **
** **

**Indicate      by check mark whether the Registrant is a large accelerated filer, an      accelerated filer or a non-accelerated filer (as defined in Rule 12b-2 of the      Securities Exchange Act of 1934). Large accelerated filer **
**  **
**      Accelerated filer **
** X **
**      Non-accelerated filer **
**   **

**Indicate      by check mark whether the Registrant is a shell company (as defined in Rule      12b-2 of the Act). Yes **
**  **
**      No **
** X **

**Number      of shares of the Registrant's common stock outstanding on April 30, 2007:      48,953,049.**

----

**KRONOS      WORLDWIDE, INC. AND SUBSIDIARIES**

**INDEX**

|                                                                                                                               |                                                                            | **Page**   |
|------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|------------|
|                                                                                                                               |                                                                            | **number** |
|                                                                                                                               |                                                                            |       |
| **Part                I.**                                                                                                         | **FINANCIAL                INFORMATION**                                        |       |
|                                                                                                                               |                                                                            |       |
| Item                1.                                                                                                             | Financial                Statements                                             |       |
|                                                                                                                               |                                                                            |       |
|                                                                                                                               | Condensed                Consolidated Balance Sheets -                          |       |
|                                                                                                                               | December                31, 2006; March 31, 2007 (Unaudited)                    | 3          |
|                                                                                                                               |                                                                            |       |
|                                                                                                                               | Condensed                Consolidated Statements of Income (Unaudited) -        |       |
|                                                                                                                               | Three                months ended March 31, 2006 (As adjusted);                 |       |
|                                                                                                                               | Three                months ended March 31, 2007                                | 5          |
|                                                                                                                               |                                                                            |       |
|                                                                                                                               | Condensed                Consolidated Statement of Stockholders'                |       |
|                                                                                                                               | Equity                and Comprehensive Income(Unaudited) -                     |       |
|                                                                                                                               | Three                months ended March 31, 2007                                | 6          |
|                                                                                                                               |                                                                            |       |
|                                                                                                                               | Condensed                Consolidated Statements of Cash Flows (Unaudited) -    |       |
|                                                                                                                               | Three                months ended March 31, 2006 (As adjusted);                 |       |
|                                                                                                                               | Three                months ended March 31, 2007                                | 7          |
|                                                                                                                               |                                                                            |       |
|                                                                                                                               | Notes                to Condensed Consolidated Financial Statements (Unaudited) | 8          |
|                                                                                                                               |                                                                            |       |
| Item                2.                                                                                                             | Management's                Discussion and Analysis of Financial                |       |
|                                                                                                                               | Condition                and Results of Operations                              | 14         |
|                                                                                                                               |                                                                            |       |
| Item                3.                                                                                                             | Quantitative                and Qualitative Disclosure About Market Risk        | 21         |
|                                                                                                                               |                                                                            |       |
| Item                4.                                                                                                             | Controls                and Procedures                                          | 21         |
|                                                                                                                               |                                                                            |       |
| **Part                II.**                                                                                                        | **OTHER                INFORMATION**                                            |       |
|                                                                                                                               |                                                                            |       |
| Item                1.                                                                                                             | Legal                Proceedings                                                | 23         |
|                                                                                                                               |                                                                            |       |
| Item                1A.                                                                                                            | Risk                Factors                                                     | 23         |
|                                                                                                                               |                                                                            |       |
| Item                6.                                                                                                             | Exhibits                                                                        | 23         |
|                                                                                                                               |                                                                            |       |
|                                                                                                                               |                                                                            |       |
|                                                                                                                               |                                                                            |       |
| Items                2, 3, 4 and 5 of Part II are omitted because there is no information                to                report. |                                                                            |

----

**KRONOS      WORLDWIDE, INC. AND SUBSIDIARIES**

**CONDENSED      CONSOLIDATED BALANCE SHEETS**

**(In      millions)**

|  **ASSETS**                                                             |   | **December                31,** |    | **March                31,** |   |
|------------------------------------------------------------------------------|--------|---------------------------------|---------|------------------------------|--------|
|                                                                         |   | **2006**                        |    | **2007**                     |   |
|                                                                         |   |                            |    | **(Unaudited)**              |   |
|                                                                         |   |                            |    |                         |   |   |   |
| Current                assets:                                               |   |                            |    |                         |   |   |   |
| Cash                and cash equivalents                                     |   | $                               | 63.3    |                         | **$**  | **54.6** |   |
| Restricted                cash                                               |   |                            | 1.5     |                         |   | **.9** |   |
| Accounts                and other receivables, net                           |   |                            | 203.8   |                         |   | **241.6** |   |
| Inventories,                net                                              |   |                            | 286.5   |                         |   | **303.3** |   |
| Prepaid                expenses and other                                    |   |                            | 5.7     |                         |   | **7.0** |   |
| Deferred                income taxes                                         |   |                            | 2.1     |                         |   | **2.1** |   |
|                                                                         |   |                            |    |                         |   |   |   |
| Total                current assets                                          |   |                            | 562.9   |                         |   | **609.5** |   |
|                                                                         |   |                            |    |                         |   |   |   |
| Other                assets:                                                 |   |                            |    |                         |   |   |   |
| Investment                in TiO2                manufacturing joint venture |   |                            | 113.6   |                         |   | **112.6** |   |
| Deferred                income taxes                                         |   |                            | 264.4   |                         |   | **279.9** |   |
| Other                                                                        |   |                            | 18.6    |                         |   | **18.4** |   |
|                                                                         |   |                            |    |                         |   |   |   |
| Total                other assets                                            |   |                            | 396.6   |                         |   | **410.9** |   |
|                                                                         |   |                            |    |                         |   |   |   |
| Property                and equipment:                                       |   |                            |    |                         |   |   |   |
| Land                                                                         |   |                            | 35.7    |                         |   | **36.0** |   |
| Buildings                                                                    |   |                            | 203.2   |                         |   | **204.8** |   |
| Equipment                                                                    |   |                            | 884.7   |                         |   | **892.6** |   |
| Mining                properties                                             |   |                            | 82.1    |                         |   | **83.7** |   |
| Construction                in progress                                      |   |                            | 17.9    |                         |   | **22.1** |   |
|                                                                         |   |                            |    |                         |   |   |   |
|                                                                         |   |                            | 1,223.6 |                         |   | **1,239.2** |   |
| Less                accumulated depreciation and amortization                |   |                            | 761.6   |                         |   | **779.4** |   |
|                                                                         |   |                            |    |                         |   |   |   |
| Net                property and equipment                                    |   |                            | 462.0   |                         |   | **459.8** |   |
|                                                                         |   |                            |    |                         |   |   |   |
| Total                assets                                                  |   | $                               | 1,421.5 |                         | **$**  | **1,480.2** |   |
|                                                                         |   |                            |    |                         |   |   |   |

----

**KRONOS      WORLDWIDE, INC. AND SUBSIDIARIES**

**CONDENSED      CONSOLIDATED BALANCE SHEETS (CONTINUED)**

**(In      millions)**

| **LIABILITIES                AND STOCKHOLDERS' EQUITY**         |   | **December                31,****2006                 ** |    | **March                31,****2007                 ** |   |
|-----------------------------------------------------------------|--------|---------------------------------------------------------------|---------|------------------------------------------------------------|--------|
|                                                                 |   |                                                          |    |                                                       |   | **(Unaudited)**  |   |
| Current                liabilities:                             |   |                                                          |    |                                                       |   |   |   |
| Current                maturities of long-term debt             |   | $                                                             | .9      |                                                       | **$**  | **.9** |   |
| Accounts                payable and accrued liabilities         |   |                                                          | 166.1   |                                                       |   | **172.4** |   |
| Income                taxes                                     |   |                                                          | 10.3    |                                                       |   | **14.3** |   |
| Deferred                income taxes                            |   |                                                          | 2.2     |                                                       |   | **1.5** |   |
|                                                            |   |                                                          |    |                                                       |   |   |   |
| Total                current liabilities                        |   |                                                          | 179.5   |                                                       |   | **189.1** |   |
|                                                            |   |                                                          |    |                                                       |   |   |   |
| Noncurrent                liabilities:                          |   |                                                          |    |                                                       |   |   |   |
| Long-term                debt                                   |   |                                                          | 535.3   |                                                       |   | **564.8** |   |
| Deferred                income taxes                            |   |                                                          | 47.3    |                                                       |   | **47.8** |   |
| Accrued                pension costs                            |   |                                                          | 185.9   |                                                       |   | **185.0** |   |
| Accrued                postretirement benefit (OPEB) costs      |   |                                                          | 9.8     |                                                       |   | **10.4** |   |
| Other                                                           |   |                                                          | 15.3    |                                                       |   | **31.9** |   |
|                                                            |   |                                                          |    |                                                       |   |   |   |
| Total                noncurrent liabilities                     |   |                                                          | 793.6   |                                                       |   | **839.9** |   |
|                                                            |   |                                                          |    |                                                       |   |   |   |
| Stockholders'                equity:                            |   |                                                          |    |                                                       |   |   |   |
| Common                stock                                     |   |                                                          | .5      |                                                       |   | **.5** |   |
| Additional                paid-in capital                       |   |                                                          | 1,061.6 |                                                       |   | **1,061.6** |   |
| Retained                deficit                                 |   |                                                          | (406.3  | )                                                          |   | **(407.8** | **)** |
| Accumulated                other comprehensive loss             |   |                                                          | (207.4  | )                                                          |   | **(203.1** | **)** |
|                                                            |   |                                                          |    |                                                       |   |   |   |
| Total                stockholders' equity                       |   |                                                          | 448.4   |                                                       |   | **451.2** |   |
|                                                            |   |                                                          |    |                                                       |   |   |   |
| Total                liabilities and stockholders’ equity |   | $                                                             | 1,421.5 |                                                       | **$**  | **1,480.2** |   |

----

**KRONOS      WORLDWIDE, INC. AND SUBSIDIARIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF INCOME**

**(In      millions, except per share data)**

|                                                                                                                                   |   | **Three                months ended****     March                31,     ** |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                   |   | **2006**                                                                                                                      |   | **2007** |   |
|                                                                                                                                   |   | **(As                adjusted)**                                                                                              |   |   |   |
|                                                                                                                                   |   | **(Unaudited)**                                                                                                               |   |
|                                                                                                                                   |   |                                                                                                                          |   |   |   |   |   |
| Net                sales                                                                                                               |   | $                                                                                                                             | 304.3  |   | **$** | **314.0** |   |
| Cost                of sales                                                                                                           |   |                                                                                                                          | 228.5  |   |   | **243.6** |   |
|                                                                                                                                   |   |                                                                                                                          |   |   |   |   |   |
| Gross                margin                                                                                                            |   |                                                                                                                          | 75.8   |   |   | **70.4** |   |
|                                                                                                                                   |   |                                                                                                                          |   |   |   |   |   |
| Selling,                general and administrative expense                                                                             |   |                                                                                                                          | 37.8   |   |   | **39.4** |   |
| Other                operating expense, net                                                                                            |   |                                                                                                                          | 2.6    |   |   | **1.7** |   |
|                                                                                                                                   |   |                                                                                                                          |   |   |   |   |   |
| Income                from operations                                                                                                  |   |                                                                                                                          | 35.4   |   |   | **29.3** |   |
|                                                                                                                                   |   |                                                                                                                          |   |   |   |   |   |
| Other                income (expense):                                                                                                 |   |                                                                                                                          |   |   |   |   |   |
| Interest                income                                                                                                         |   |                                                                                                                          | .5     |   |   | **.6** |   |
| Interest                expense                                                                                                        |   |                                                                                                                          | (10.7  | ) |   | **(9.5** | **)** |
|                                                                                                                                   |   |                                                                                                                          |   |   |   |   |   |
| Income                before income taxes                                                                                              |   |                                                                                                                          | 25.2   |   |   | **20.4** |   |
|                                                                                                                                   |   |                                                                                                                          |   |   |   |   |   |
| Provision                for income taxes                                                                                              |   |                                                                                                                          | 9.5    |   |   | **7.5** |   |
|                                                                                                                                   |   |                                                                                                                          |   |   |   |   |   |
| Net                income                                                                                                              |   | $                                                                                                                             | 15.7   |   | **$** | **12.9** |   |
|                                                                                                                                   |   |                                                                                                                          |   |   |   |   |   |
| Cash                dividend per share                                                                                                 |   | $                                                                                                                             | .25    |   | **$** | **.25** |   |
|                                                                                                                                   |   |                                                                                                                          |   |   |   |   |   |
| Basic                and diluted net income per share                                                                                  |   | $                                                                                                                             | .32    |   | **$** | **.26** |   |
|                                                                                                                                   |   |                                                                                                                          |   |   |   |   |   |
| Basic                and diluted weighted-average shares used in the calculation of net                income                per share |   |                                                                                                                          | 48.9   |   |   | **49.0** |   |

----

**KRONOS      WORLDWIDE, INC. AND SUBSIDIARIES**

**CONDENSED      **
**CONSOLIDATED      STATEMENT OF STOCKHOLDERS' EQUITY AND COMPREHENSIVE INCOME**

**Three      months ended March 31, 2007**

**(In      millions)**

|                                                               |   |                      |   | **Additional**                                 |   |  **Retained**                |   | **Accumulated****other**                            |   |  **Total**                                     |   |                                                |   |
|--------------------------------------------------------------------|--------|---------------------------|--------|------------------------------------------------|--------|-----------------------------------|--------|-----------------------------------------------------|--------|-----------------------------------------------------|--------|-----------------------------------------------------|--------|
|                                                               |   | **Common****stock ** |   | **paid-in****capital                   ** |   | **earnings****(****deficit****)** |   | **comprehensive****income                  (loss)** |   | **stockholders'****equity                   ** |   | **Comprehensive****income                   ** |   |
|                                                               |   | **(Unaudited)**           |   |
|                                                               |   |                      |   |                                           |   |                              |   |                                                |   |                                                |   |                                                |   |   |   |   |   |   |   |
| Balance                  at December 31, 2006                      |   | $                         | .5     |                                           | $      | 1,061.6                           |   | $                                                   | (406.3 | )                                                   | $      | (207.4                                              | )      | $ | 448.4 |   | $ | - |   |
|                                                               |   |                      |   |                                           |   |                              |   |                                                |   |                                                |   |                                                |   |   |   |   |   |   |   |
| Net                  income                                        |   |                      | -      |                                           |   | -                                 |   |                                                | 12.9   |                                                |   | -                                                   |   |   | 12.9 |   |   | 12.9 |   |
|                                                               |   |                      |   |                                           |   |                              |   |                                                |   |                                                |   |                                                |   |   |   |   |   |   |   |
| Other                  comprehensive income                        |   |                      | -      |                                           |   | -                                 |   |                                                | -      |                                                |   | 4.3                                                 |   |   | 4.3 |   |   | 4.3 |   |
|                                                               |   |                      |   |                                           |   |                              |   |                                                |   |                                                |   |                                                |   |   |   |   |   |   |   |
| Dividends                                                          |   |                      | -      |                                           |   | -                                 |   |                                                | (12.2  | )                                                   |   | -                                                   |   |   | (12.2 | ) |   | - |   |
|                                                               |   |                      |   |                                           |   |                              |   |                                                |   |                                                |   |                                                |   |   |   |   |   |   |   |
| Change                  in accounting -FIN                  No. 48 |   |                      | -      |                                           |   | -                                 |   |                                                | (2.2   | )                                                   |   | -                                                   |   |   | (2.2 | ) |   | - |   |
|                                                               |   |                      |   |                                           |   |                              |   |                                                |   |                                                |   |                                                |   |   |   |   |   |   |   |
| Balance                  at March 31, 2007                         |   | $                         | .5     |                                           | $      | 1,061.6                           |   | $                                                   | (407.8 | )                                                   | $      | (203.1                                              | )      | $ | 451.2 |   |   |   |   |
|                                                               |   |                      |   |                                           |   |                              |   |                                                |   |                                                |   |                                                |   |   |   |   |   |   |   |
| Comprehensive                  income                              |   |                      |   |                                           |   |                              |   |                                                |   |                                                |   |                                                |   |   |   |   | $ | 17.2 |   |
|                                                               |   |                      |   |                                           |   |                              |   |                                                |   |                                                |   |                                                |   |   |   |   |   |   |   |

----

**KRONOS      WORLDWIDE, INC. AND SUBSIDIARIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(In      millions)**

|                                                                                                                           |   | **Three                    months ended****      March                    31,     ** |   |
|--------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                           |   | **2006**                                                                                                                                    |   | **2007** |   |
|                                                                                                                           |   | **(As                    adjusted)**                                                                                                        |   |   |   |
|                                                                                                                           |   | **(Unaudited)**                                                                                                                             |   |
|                                                                                                                           |   |                                                                                                                                        |   |   |   |   |   |
| Cash                    flows from operating activities:                                                                       |   |                                                                                                                                        |   |   |   |   |   |
| Net                    income                                                                                                  |   | $                                                                                                                                           | 15.7   |   | **$** | **12.9** |   |
| Depreciation                    and amortization                                                                               |   |                                                                                                                                        | 10.6   |   |   | **11.8** |   |
| Deferred                    income taxes                                                                                       |   |                                                                                                                                        | .8     |   |   | **(.2** | **)** |
| Distribution                    from (contributions to)                    TiO2                    manufacturing joint venture |   |                                                                                                                                        | (2.7   | ) |   | **1.0** |   |
| Benefit                    plan expense less than cash funding:                                                                |   |                                                                                                                                        |   |   |   |   |   |
| Defined                    benefit pension plans                                                                               |   |                                                                                                                                        | (1.5   | ) |   | **(2.0** | **)** |
| Other                    postretirement benefits                                                                               |   |                                                                                                                                        | (.1    | ) |   | **-** |   |
| Other,                    net                                                                                                  |   |                                                                                                                                        | .7     |   |   | **2.0** |   |
| Change                    in assets and liabilities:                                                                           |   |                                                                                                                                        |   |   |   |   |   |
| Accounts                    and other receivables, net                                                                         |   |                                                                                                                                        | (44.7  | ) |   | **(37.2** | **)** |
| Inventories                                                                                                                    |   |                                                                                                                                        | 8.5    |   |   | **(16.0** | **)** |
| Prepaid                    expenses                                                                                            |   |                                                                                                                                        | (1.4   | ) |   | **(1.2** | **)** |
| Accounts                    payable and accrued liabilities                                                                    |   |                                                                                                                                        | (6.5   | ) |   | **7.1** |   |
| Income                    taxes                                                                                                |   |                                                                                                                                        | .2     |   |   | **4.6** |   |
| Accounts                    with affiliates                                                                                    |   |                                                                                                                                        | 2.7    |   |   | **(.2** | **)** |
| Other,                    net                                                                                                  |   |                                                                                                                                        | (.2    | *)* |   | **1.1** |   |
|                                                                                                                           |   |                                                                                                                                        |   |   |   |   |   |
| Net                    cash used in operating activities                                                                       |   |                                                                                                                                        | (17.9  | ) |   | **(16.3** | **)** |
|                                                                                                                           |   |                                                                                                                                        |   |   |   |   |   |
| Cash                    flows from investing activities:                                                                       |   |                                                                                                                                        |   |   |   |   |   |
| Capital                    expenditures                                                                                        |   |                                                                                                                                        | (4.0   | ) |   | **(5.5** | **)** |
| Change                    in restricted cash equivalents                                                                       |   |                                                                                                                                        | .4     |   |   | **.6** |   |
|                                                                                                                           |   |                                                                                                                                        |   |   |   |   |   |
| Net                    cash used in investing activities                                                                       |   |                                                                                                                                        | (3.6   | ) |   | **(4.9** | **)** |
|                                                                                                                           |   |                                                                                                                                        |   |   |   |   |   |
| Cash                    flows from financing activities:                                                                       |   |                                                                                                                                        |   |   |   |   |   |
| Indebtedness:                                                                                                                  |   |                                                                                                                                        |   |   |   |   |   |
| Borrowings                                                                                                                     |   |                                                                                                                                        | 72.6   |   |   | **92.2** |   |
| Principal                    payments                                                                                          |   |                                                                                                                                        | (50.0  | ) |   | **(67.8** | **)** |
| Dividends                    paid                                                                                              |   |                                                                                                                                        | (12.2  | ) |   | **(12.2** | **)** |
|                                                                                                                           |   |                                                                                                                                        |   |   |   |   |   |
| Net                    cash provided by financing activities                                                                   |   |                                                                                                                                        | 10.4   |   |   | **12.2** |   |
|                                                                                                                           |   |                                                                                                                                        |   |   |   |   |   |
| Cash                    and cash equivalents - net change from:                                                                |   |                                                                                                                                        |   |   |   |   |   |
| Operating,                    investing and financing activities                                                               |   |                                                                                                                                        | (11.1  | ) |   | **(9.0** | **)** |
| Currency                    translation                                                                                        |   |                                                                                                                                        | .8     |   |   | **.3** |   |
| Cash                    and cash equivalents at beginning of period                                                            |   |                                                                                                                                        | 72.0   |   |   | **63.3** |   |
|                                                                                                                           |   |                                                                                                                                        |   |   |   |   |   |
| Cash                    and cash equivalents at end of period                                                                  |   | $                                                                                                                                           | 61.7   |   | **$** | **54.6** |   |
|                                                                                                                           |   |                                                                                                                                        |   |   |   |   |   |
| Supplemental                    disclosures - cash paid for:                                                                   |   |                                                                                                                                        |   |   |   |   |   |
| Interest,                    net of amounts capitalized                                                                        |   | $                                                                                                                                           | .1     |   | **$** | **.6** |   |
| Income                    taxes, net                                                                                           |   |                                                                                                                                        | 6.1    |   |   | **4.8** |   |

----

**KRONOS      WORLDWIDE, INC. AND SUBSIDIARIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**March      31, 2007**

**(Unaudited)**

**Note      1 -**
**Organization      and basis of presentation:**

*Organization      *
* *

*Basis      of presentation*
*-      *

**Note      2 - Accounts and other receivables, net:**

|                                                 |   | **December                31,****2006                 ** |   | **March                31,****2007                 ** |   |
|------------------------------------------------------|--------|---------------------------------------------------------------|--------|------------------------------------------------------------|--------|
|                                                 |   | **(In                millions)**                              |   |
|                                                 |   |                                                          |   |                                                       |   |   |   |
| Trade                receivables                     |   | $                                                             | 183.0  |                                                       | **$**  | **214.2** |   |
| Recoverable                VAT and other receivables |   |                                                          | 20.5   |                                                       |   | **26.7** |   |
| Refundable                income taxes               |   |                                                          | 1.6    |                                                       |   | **1.4** |   |
| Receivable                from affiliates:           |   |                                                          |   |                                                       |   |   |   |
| Income                taxes, net - Valhi             |   |                                                          | -      |                                                       |   | **1.0** |   |
| Other                                                |   |                                                          | .2     |                                                       |   | **-** |   |
| Allowance                for doubtful accounts       |   |                                                          | (1.5   | )                                                          |   | **(1.7** | **)** |
|                                                 |   |                                                          |   |                                                       |   |   |   |
| Total                                                |   | $                                                             | 203.8  |                                                       | **$**  | **241.6** |   |

**Note      3 - Inventories**
**,      net**
**:**

|                             |   | **December                31,****2006                 ** |   | **March                31,****2007                 ** |   |
|----------------------------------|--------|---------------------------------------------------------------|--------|------------------------------------------------------------|--------|
|                             |   | **(In                millions)**                              |   |
|                             |   |                                                          |   |                                                       |   |   |   |
| Raw                materials     |   | $                                                             | 46.1   |                                                       | **$**  | **53.0** |   |
| Work                in process   |   |                                                          | 25.6   |                                                       |   | **16.9** |   |
| Finished                products |   |                                                          | 167.7  |                                                       |   | **183.5** |   |
| Supplies                         |   |                                                          | 47.1   |                                                       |   | **49.9** |   |
|                             |   |                                                          |   |                                                       |   |   |   |
| Total                            |   | $                                                             | 286.5  |                                                       | **$**  | **303.3** |   |

**Note      4 - Other noncurrent assets:**

|                                                 |   | **December                31,****2006                 ** |   | **March                31,****2007                 ** |   |
|------------------------------------------------------|--------|---------------------------------------------------------------|--------|------------------------------------------------------------|--------|
|                                                 |   | **(In                millions)**                              |   |
|                                                 |   |                                                          |   |                                                       |   |   |   |
| Deferred                financing costs, net         |   | $                                                             | 9.1    |                                                       | **$**  | **8.8** |   |
| Restricted                marketable debt securities |   |                                                          | 2.8    |                                                       |   | **2.9** |   |
| Pension                asset                         |   |                                                          | 5.6    |                                                       |   | **5.9** |   |
| Other                                                |   |                                                          | 1.1    |                                                       |   | **.8** |   |
|                                                 |   |                                                          |   |                                                       |   |   |   |
| Total                                                |   | $                                                             | 18.6   |                                                       | **$**  | **18.4** |   |

**Note      5 - Accounts payable and accrued liabilities:**

|                                           |   |                                                          |   |                                                       |   |
|------------------------------------------------|--------|---------------------------------------------------------------|--------|------------------------------------------------------------|--------|
|                                           |   | **December                31,****2006                 ** |   | **March                31,****2007                 ** |   |
|                                           |   | **(In                millions)**                              |   |
|                                           |   |                                                          |   |                                                       |   |   |   |
| Accounts                payable                |   | $                                                             | 88.8   |                                                       | **$**  | **83.7** |   |
| Employee                benefits               |   |                                                          | 25.7   |                                                       |   | **22.4** |   |
| Accrued                interest                |   |                                                          | 7.5    |                                                       |   | **16.2** |   |
| Payable                to affiliates:          |   |                                                          |   |                                                       |   |   |   |
| Louisiana                Pigment Company, L.P. |   |                                                          | 10.4   |                                                       |   | **10.5** |   |
| Income                taxes, net - Valhi       |   |                                                          | .3     |                                                       |   | **-** |   |
| Other                                          |   |                                                          | .2     |                                                       |   | **.1** |   |
| Other                                          |   |                                                          | 33.2   |                                                       |   | **39.5** |   |
|                                           |   |                                                          |   |                                                       |   |   |   |
| Total                                          |   | $                                                             | 166.1  |                                                       | **$**  | **172.4** |   |

----

**Note      6 - Long-term debt:**

|                                        |   | **December                31,****2006                 ** |   | **March                31,****2007                 ** |   |
|---------------------------------------------|--------|---------------------------------------------------------------|--------|------------------------------------------------------------|--------|
|                                        |   | **(In                millions)**                              |   |
|                                        |   |                                                          |   |                                                       |   |   |   |
| Kronos                International, Inc. - |   |                                                          |   |                                                       |   |   |   |
| 6.5%                Senior Secured Notes    |   | $                                                             | 525.0  |                                                       | **$**  | **530.1** |   |
| Revolving                credit facilities: |   |                                                          |   |                                                       |   |   |   |
| Kronos                U.S. subsidiaries     |   |                                                          | 6.4    |                                                       |   | **30.7** |   |
| Other                                       |   |                                                          | 4.8    |                                                       |   | **4.9** |   |
|                                        |   |                                                          |   |                                                       |   |   |   |
| Total                debt                   |   |                                                          | 536.2  |                                                       |   | **565.7** |   |
| Less                current maturities      |   |                                                          | .9     |                                                       |   | **.9** |   |
|                                        |   |                                                          |   |                                                       |   |   |   |
| Total                long-term debt         |   | $                                                             | 535.3  |                                                       | **$**  | **564.8** |   |

*Revolving      credit facilities*

**Note      7 - Income taxes: **

|                                                                                                                     |   | **Three                months ended****  March                31,    ** |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------|--------|
|                                                                                                                     |   | **2006**                                                                                         |   | **2007** |   |
|                                                                                                                     |   | **(As                adjusted)**                                                                 |   |   |   |
|                                                                                                                     |   | **(In                millions)**                                                                 |   |
|                                                                                                                     |   |                                                                                             |   |   |   |   |   |
| Expected                tax expense, at U.S. federal statutory income tax rate of                35%                     |   | $                                                                                                | 8.8    |   | **$** | **7.1** |   |
| Incremental                U.S. tax and rate differences on equity in earnings of non-tax group                companies |   |                                                                                             | .5     |   |   | **(.2** | **)** |
| Non-U.S.                tax rates                                                                                        |   |                                                                                             | (.4    | ) |   | **(.1** | **)** |
| Nondeductible                expenses                                                                                    |   |                                                                                             | 1.2    |   |   | **.7** |   |
| Adjustment                of prior year income taxes, net                                                                |   |                                                                                             | (.9    | ) |   | **-** |   |
| Other,                net                                                                                                |   |                                                                                             | .3     |   |   | **-** |   |
|                                                                                                                     |   |                                                                                             |   |   |   |   |   |
| Total                                                                                                                    |   | $                                                                                                | 9.5    |   | **$** | **7.5** |   |

**Note      8 - Employee benefit plans: **

*Defined      benefit plans - *

|                                                      |   | **Three                months ended****  March                31,    ** |   |
|-----------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------|--------|
|                                                      |   | **2006**                                                                                         |   | **2007** |   |
|                                                      |   | **(In                millions)**                                                                 |   |
|                                                      |   |                                                                                             |   |   |   |   |   |
| Service                cost                               |   | $                                                                                                | 1.8    |   | **$** | **1.9** |   |
| Interest                cost                              |   |                                                                                             | 4.6    |   |   | **5.2** |   |
| Expected                return on plan assets             |   |                                                                                             | (3.9   | ) |   | **(4.2** | **)** |
| Amortization                of prior service cost         |   |                                                                                             | .1     |   |   | **.2** |   |
| Amortization                of net transition obligations |   |                                                                                             | .1     |   |   | **.1** |   |
| Recognized                actuarial losses                |   |                                                                                             | 2.1    |   |   | **2.0** |   |
|                                                      |   |                                                                                             |   |   |   |   |   |
| Total                                                     |   | $                                                                                                | 4.8    |   | **$** | **5.2** |   |

*Postretirement      benefits - *

|                                                |   | **Three                months ended****  March                31,    ** |   |
|-----------------------------------------------------|--------|--------------------------------------------------------------------------------------------------|--------|
|                                                |   | **2006**                                                                                         |   | **2007** |   |
|                                                |   | **(In                millions)**                                                                 |   |
|                                                |   |                                                                                             |   |   |   |   |   |
| Service                cost                         |   | $                                                                                                | .1     |   | **$** | **.1** |   |
| Interest                cost                        |   |                                                                                             | .2     |   |   | **.2** |   |
| Amortization                of prior service credit |   |                                                                                             | (.1    | ) |   | **(.1** | **)** |
|                                                |   |                                                                                             |   |   |   |   |   |
| Total                                               |   | $                                                                                                | .2     |   | **$** | **.2** |   |

*Contributions      - *

**Note      9 - Other noncurrent liabilities:**

|                                               |   | **December                31,****2006                 ** |   | **March                31,****2007                 ** |   |
|----------------------------------------------------|--------|---------------------------------------------------------------|--------|------------------------------------------------------------|--------|
|                                               |   | **(In                millions)**                              |   |
|                                               |   |                                                          |   |                                                       |   |   |   |
| Insurance                claims and expenses       |   | $                                                             | 1.9    |                                                       | **$**  | **2.3** |   |
| Employee                benefits                   |   |                                                          | 6.9    |                                                       |   | **6.8** |   |
| Reserve                for uncertain tax positions |   |                                                          | -      |                                                       |   | **16.3** |   |
| Other                                              |   |                                                          | 6.5    |                                                       |   | **6.5** |   |
|                                               |   |                                                          |   |                                                       |   |   |   |
| Total                                              |   | $                                                             | 15.3   |                                                       | **$**  | **31.9** |   |

**Note      10 - Commitments and contingencies:**

*Litigation      matters - *

**Note      11 - Recent accounting pronouncements: **

***Accounting      For Uncertain Tax Positions.***
*Accounting      for Uncertain Tax Positions*
*Accounting      for Income Taxes*

***Planned      Major Maintenance Activities.***
** **
*Accounting      for Planned Major Maintenance Activities*

***Fair      Value Option***
*The      Fair Value Option for Financial Assets and Financial      Liabilities*

----

**ITEM      2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS      OF      OPERATIONS     **

**RESULTS      OF OPERATIONS:**

**Business      and results of operations overview**

**Forward-looking      information**

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

| ·   | The                extent of our dependence 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), |
|--------------------|---------------------------------------------------------------------------------------------------------|

| ·   | The                possibility of labor disruptions, |
|--------------------|------------------------------------------------------|

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

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

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

| ·   | 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 kroner 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, |
|--------------------|------------------------------------------------------------------------------------|

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

| ·   | The                ultimate ability to utilize income tax attributes or changes in income                tax                rates related to such attributes, the benefit of which has 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,                and  |
|--------------------|----------------------------------------------------------------------------------------|

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

**Results      of operations**

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

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

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

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

***Quarter      ended March 31, 2006 compared to the***

***Quarter      ended March 31, 2007 -***

|                                                        |   | **Three                    months ended****                           March 31,                             ** |   |
|-------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                        |   | **       2006      **                                                                                                         |   | **       2007       ** |   |
|                                                        |   | **(Dollars                    in millions)**                                                                                                                                                   |   |
|                                                        |   | **(As                    adjusted)**                                                                                                                                                           |   |   |   |   |   |
|                                                        |   |                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Net                    sales                                |   | $                                                                                                                                                                                              | 304.3  |   |   | 100                    % |   | **$** | **314.0** |   |   | **100                    **%**** |   |
| Cost                    of sales                            |   |                                                                                                                                                                                           | 228.5  |   |   |                      75 % |   |   | **243.6** |   |   | **                      78 %** |   |
| Gross                    margin                             |   |                                                                                                                                                                                           | 75.8   |   |   |                      25 % |   |   | **70.4** |   |   | **                      22 %** |   |
| Other                    operating income and expenses, net |   |                                                                                                                                                                                           | 40.4   |   |   |  13                    % |   |   | **41.1** |   |   | **                      13 %** |   |
| Income                    from operations                   |   | $                                                                                                                                                                                              | 35.4   |   |   |                      12 % |   | **$** | **29.3** |   |   | **                         9 %** |   |
|                                                        |   |                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
|                                                        |   |                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   | **%** |   |
|                                                        |   |                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   | **Change** |   |
| TiO2                    operating statistics:               |   |                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Sales                    volumes*                           |   |                                                                                                                                                                                           | 124    |   |   |   |   |   | **125** |   |   | **                      - %** |   |
| Production                    volumes*                      |   |                                                                                                                                                                                           | 127    |   |   |   |   |   | **133** |   |   | **                     5 %** |   |
|                                                        |   |                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Percent                    change in net sales:             |   |                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
|  TiO2                    product pricing               |   |                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   | **(3)                    %** |   |
|  TiO2                    sales volumes                 |   |                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   | **                      - %** |   |
|  TiO2                    product mix                   |   |                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   | **  1                    %** |   |
| Changes                    in currency exchange rates       |   |                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   | **  5                    %** |   |
|                                                        |   |                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                       |   |                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   | **                     3 %** |   |

*Net      sales - *

*Cost      of sales -*

*Income      from operations - *

*Interest      expense *

*Provision      for income taxes *

***Currency      exchange***

* *

|                                  |   | **Three                months ended****March                31, 2007 vs. 2006** |   |
|---------------------------------------|--------|---------------------------------------------------------------------------------|--------|
|                                  |   | **Increase                in millions**                                         |   |
| Impact                on:             |   |                                                                            |   |   |
| Net                sales              |   | $                                                                               | 16     |   |
| Income                from operations |   | $                                                                               | 3      |   |

***Outlook***

**LIQUIDITY      AND CAPITAL RESOURCES **

**Consolidated      cash flows**

***Operating      activities***
** **

| ·   | Lower                income from operations in 2007 of $6.1                million; |
|--------------------|-------------------------------------------------------------------------------------|

| ·   | Higher                net cash used from relative changes in our inventories, receivables,                payables and accruals of $1.2 million in 2007 due primarily to relative                changes in our inventory levels, as discussed                below; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Higher                net distributions from our TiO2 joint venture in 2007 of $3.7 million,                due                in part to the joint venture’s previously-reported receipt of certain                business insurance proceeds related to Hurricane Rita; and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Lower                cash paid for income taxes in 2007 of $1.3                million. |
|--------------------|-----------------------------------------------------------------------------------------|

***Investing      activities***

***Financing      activities***

**Outstanding      debt obligations**

| ·   | euro                400 million principal amount of our 6.5% Senior Secured Notes ($530.1                million at March 31, 2007) due in                2013; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | $30.7                million under our U.S. revolving credit facility which matures in                September 2008; and |
|--------------------|---------------------------------------------------------------------------------------------------------------------------|

| ·   | Approximately                $4.9 million of other indebtedness. |
|--------------------|------------------------------------------------------------------|

**Future      cash requirements**

***Liquidity***

***Capital      expenditures***

**Off-balance      sheet financing**

**Commitments      and contingencies**

**Recent      accounting pronouncements**

**Critical      accounting policies**

**ITEM      3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET      RISK**

**ITEM      4. CONTROLS AND PROCEDURES **

**Evaluation      of disclosure controls and procedures**

**Internal      control over financial reporting**

| ·   | 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. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Changes      in internal control over financial reporting**

----

**Part      II. OTHER INFORMATION**

**Item      1.**
**Legal      Proceedings**

**Item      1A.**
**Risk      Factors**

**Item      6.**
**Exhibits      **

----

**SIGNATURES**

| Date                       May 3, 2007 |   | /s/                      Gregory M.                      Swalwell                                      |
|---------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        |   | Gregory                      M. Swalwell                                                                                                                                |
|                                        |   | Vice                      President, Finance and Chief                      Financial Officer(Principal                      Financial Officer)                         |
|                                        |   |                                                                                                                                                |
|                                        |   |                                                                                                                                                                    |
|                                        |   |                                                                                                                                                                    |
| Date                       May 3, 2007 |   | /s/                      Tim C. Hafer                                         |
|                                        |   | Tim                      C. Hafer                                                                                                                                       |
|                                        |   | Vice                      President and Controller(Principal                      Accounting Officer)                                                                   |