These closures are part of the Company's Fit to Win initiative to reduce redundant capacity and begin to optimize its network. Additional furnace closures and other restructuring actions are expected in the fourth quarter of 2024 and 2025.

Current customers of the plants impacted by the furnace closure will be served by other European plants in the Company's network. Subject to finalization of certain estimates, the Company expects to record charges associated with these closures of approximately $72 million in the fourth quarter of 2024.

Major components of the charges include approximately $40 million for impairment of plant-related assets, such as the closed furnaces and related machinery, and $32 million for one-time employee separation benefits and other costs related to the closing (of which approximately $24 million relate to future cash expenditures).