Thank you, Heather, and good morning, everyone. Welcome to the Tronox second quarter 2008 investor conference call. With me today are Tom Adams, Chairman and Chief Executive Officer; Mary Mikkelson, Senior Vice President and Chief Financial Officer, and from our Investor Relations and Communications team, Debbie Schramm. Today's call includes prepared slides that can be accessed on our website at Tronox.com by selecting ‘Webcasts and Events’, and then ‘Second Quarter Earnings’ under the ‘Investor Relations’ tab. Today's call will be a listen-only format with no question or answer period following the end of our prepared remarks. As we continue to evaluate strategic alternatives for improving our business and addressing the ongoing challenges we face, and given that these initiatives are still being developed, we are not prepared at this time to answer questions regarding this process, our strategies or long-term outlook. However, we do want to provide investors with details about our performance in the second quarter and expectations for the third quarter, so we are hosting our call with prepared comments only. Our comments today will contain forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include those statements shown on Slide two and include words such as will and expects or similar words. Please note that actual results or events may differ materially from our expectations or projections. Information concerning some of the factors and risks that could cause material differences is identified in the Risk Factors section of the Company's 10-K and other SEC filings. First on today's agenda Mary will review our financial and balance sheet items. I will then review the second quarter results, followed by Tom who will provide his perspective on the quarter and highlight our progress on key strategic initiatives we have underway. We expect to complete this morning's call at half past the hour.

Thank you, Robert. As we previously disclosed, we were successful in working with our lender group to secure a waiver and subsequent amendment to the credit agreement for our senior secured credit facility. This was necessitated by the unexpected impact in the second quarter of rapidly escalating input costs including process chemicals, freight and energy, and the unexpected production difficulties we experienced at our German and Australian facilities. Our amended leverage ratios are shown on Slide four.In connection with the amendment, the Company paid the consenting lenders a fee of 75 basis points. The fee paid for this amendment are expected to be capitalized and amortized over the remaining life of the credit facility. Our interest rate for the credit facility did not change as a result of this amendment, and remains at LIBOR plus 350 basis points, plus an additional 50 basis points for the quarter following a quarter in which our consolidated quarterly leverage ratio is equal to or exceeds 4.25 times during 2008. Therefore, based on our leverage ratio of 4.95 times for the quarter ending June 30, 2008, our interest rate for the third quarter will be LIBOR plus 400 basis points. We are pleased that a majority of our lender group supported Tronox in this amendment request. However, there can be no assurance that we won't be in default under the credit agreement in the future. If Tronox were to be in default under the credit agreement, our ability to borrow would be impaired, and the lenders could declare a default, which would ultimately cause all amounts due under the credit agreement to become immediately due and payable.As many of you are aware, our financial covenants become more restrictive in 2009. Due to uncertainties regarding the continued escalation of input costs, we only requested the…

Thanks, Mary. Turning now to Slide 10, net sales for the second quarter were $403.8 million or $37.3 million higher than the same period in 2007, mainly due to higher sales volumes, the effects of foreign exchange, and increased prices. Demand for our Titanium dioxide continues to be strong in Asia-Pacific, Europe, and Latin America, helping to offset continued weakness in the North American market.Cost of sales on a year-over-year basis were higher by $67.2 million, mainly due to higher input costs, including process chemicals, freight and energy, the production difficulties experienced in our Uerdingen, Germany and Kwinana, Western Australian facilities, the effects of foreign exchange, and the increased sales volumes. As a result, gross margin for the quarter was $200,000 compared to $30 million in the 2007 second quarter.As Mary mentioned earlier, our SG&A spend in the second quarter was $27.2 million, a reduction of $2.8 million from the same period of 2007. The reduction in force, which we completed during the second quarter resulted in a one-time restructuring charge of $4.2 million or $0.10 per share. In accordance with FAS 142 the Company analyzes its intangible assets, including any goodwill or impairment on an annual basis during the second quarter. Current year's analysis resulted in a non-cash impairment charge of $13.5 million or $0.33 per share.As we reported earlier in the quarter, land sales, primarily in the Henderson, Nevada and Oklahoma City area, provided a net gain of $12.4 million or $0.30 per share. For the quarter, we recorded a loss from continuing operations of $29.9 million or $0.73 per diluted common share compared with a loss of $20 million or $0.49 per diluted share in the same period of 2007. Excluding one-time items, including the gain on land sales, our adjusted loss per share from continuing operations…

Thanks, Robert. In this unprecedented high cost business environment where virtually every input we purchase to manufacture and sell our products is rising to historic highs, we are focused on a number of critical projects to reposition the Company for future success. I would like to provide you an update on our Project Cornerstone and give you an outlook for the business and the industry.As you will recall, we began Project Cornerstone in the summer of 2006. And to date we've reduced our cash costs by $67 million, and SG&A spend by approximately $26 million. Project Cornerstone continues to provide baseline cost savings and is on target to exceed our 100 million cumulative savings goal by the end of the year. In addition, we are on track to meet our working capital reduction target of $71 million this year also. Our employees continue to excel in their efforts to reduce our cash costs and be more efficient with our cash management.We are encouraged to see the recent improvement in the TiO(2) market, notably the pickup in demand across the globe and recent successes in implementing price increases in all three regions. The pickup in demand coupled with high operating rates in the mid-to-low 90s, and inventory levels moving below seasonal norms, provides us with an increased confidence that pricing will continue to move higher in the third quarter. The announced increases we are working to implement over the next few months amount to between 11% and 13%, which includes the June and July increases we announced. We believe these increases are supported by the tightening global supply-demand situation.In Asia, for instance, lead times are now 60 to 90 days, and we expect to achieve substantial implementation of the July 1 increase across this region. We are hopeful that these increases…

Ladies and gentlemen, thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Have a great day.