Tronox's Q2 results fell short of expectations, leading to a revised guidance and a significant dividend cut, signaling a delay in the anticipated recovery. Despite these setbacks, the company maintains positive free cash flow and is focused on debt reduction amidst challenging market conditions. The titanium dioxide market faces a protracted downturn, with recovery tied to improvements in housing and construction sectors. While Tronox shares present a speculative opportunity, their 2029 bonds offer a potentially more secure investment.