Slide 1: Innovation + Leadership + Excellence
<i _ = ai ly ' INNOVATION + LEADERSHIP + EXCELLENCE
Slide 2: Forward Looking Statements and Non-GAAP Measures
re MNerecies Forward Looking Statements VV\f and Non-GAAP Measures v This presentation may contain “forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations and forecasts of future events such as n
Slide 3: Chief Executive Officer
INNOVATION - LEADERSHIP » EXCELLENCE CHIEF EXECUTIVE OFFICER
Slide 4: Third Quarter 2020 Highlights
Third Quarter 2020 Highlights Operating Safely and Efficiently to Serve Our Customers Demand Improved Across Key End Markets; Sales +9% Sequentially + Metalcasting +26% Household & Personal Care +7% PCC +14% Processed Minerals +13% Refractories +6% Strengthening Margins * Operating Margin* +150 BPS
Slide 5: Chief Financial Officer
INNOVATION - LEADERSHIP » EXCELLENCE CHIEF FINANCIAL OFFICER
Slide 6: Third Quarter Financial Highlights
Third Quarter Financial Highlights . o ‘ Prior Q3’20 | Q2’20) Q3‘19 Qtr Sales ($M) 388.3 357.2 449.3 +9% Gross Margin (%) 25.3 24.9 24.7 | +40bps SG&A* (%) 12.0 13.1 41.5 |(110)bps Prior Year (14%) +60bps +50bps Operating Income* ($M) i i : +23% Operating Margin* (%) 13.3 11.8 13.2 ]|+150bps| Adjust
Slide 7: Third Quarter Sales and Operating Income
Third Quarter Sales and Operating Income 4 VV\f Year-over-Year Comparison Sales, $M (430, i -13% 449.3 446.6 — | (27) | eee (61.8) Q3'19 FX Adjusted Vol/ Mix Price Q320 Baseline Operating Income*, $M f -13% 1 59.1 58.9 71 eran eae posi 48 Sasi (0.2) | (15.7) | | Q319 FX Adjusted Vol/ | Price Cost Q3
Slide 8: Third Quarter Operating Margin
Third Quarter Operating Margin re MNerecies V\f WwW Year-over-Year Comparison Operating Margin*, % +90 bps Q319 FX Adjusted Vol/ | Price Cost | Q3’'20 Baseline Mix * Price and Cost Actions Delivering Improved Margins Despite Lower Volume « Higher Pricing Through Demonstrated Value of Our Products +
Slide 9: Performance Materials
Performance Materials Sales, $M Operating Income*, $M 207.3 |! 190.6 26.9 28.2 173.8 21.0 Q3'19 Q2'20 Q320 Margin*| 13.0% | 12.1% | 14.8% Q3'19 Q2'20 Q320 Metalcasting Sales +26% Sequentially ——2019 = 2020 + NA+47% on Auto Recovery + China +11% on Continued Strength —_---n = = Sye4 Solid Consumer-Or
Slide 10: Specialty Minerals
Specialty Minerals Sales, $M 143.1 125.1 109.8 Q319 Q2'20 Q320 Operating Income”, $M 7 ef 18.0 15.3 Q319 Q2'20 Q320 Margin*| 15.2% | 13.9% | 14.4% PCC Sales +14% Sequentially and 15% Below Prior Year + Paper +14%, Specialty +16% Sequentially Processed Minerals +13% Sequentially on Improving Auto and
Slide 11: Refractories
Refractories Third Quarter Results Sales, $M Operating Income”, $M 73.4 10.2 Q3'19 =Q2'20 =Q3'20 [Margin’| 13.9% | 10.6% | 12.3% Q319 Q2'20 Q3'20 Third Quarter Highlights Daily Sales Rates US Steel Utilization Rate Improved to —— 2019 = 2020 ~65% in the Quarter, EU at ~60% « 9 Refractory Products Sa
Slide 12: Energy Services
Energy Services Sales, $M 25.5 Q319 Q2'20 Q320 Operating Income”, $M 20 14 0.0 Q3'19 = Q2'20 Q320 Margin*| 7.8% | 7.9% 0% Significant Weather-Related Project Delays in Gulf of Mexico Improved Performance in International Markets Strong Cost Control —— 2019 = 2020 Q4: Sequential Improvement Expected
Slide 13: Cash Flow and Liquidity Highlights
VV\4 Cash Flow and Liquidity Highlights Vv Cash Flow and Capital Deployment Hl Cash From Operations, $M @ Capital Expenditure, $M 158.5 448.4 [Free Cash Flow 106.7 102.6 60.2 51.8 | 43.9 5430 404 45.8 Q3'19 Q3'20 YTD’19 YTD'20 Q3'20 Debt Payment $30M YTD Q3’20 Debt Payment $60M She Q3'20 Share Repur
Slide 14: MTI Outlook
MTI Outlook re MNerecies VV\4 Ww MTI Focus Areas and Outlook Continued Focus Areas + Health and Safety of Employees + Meeting Customers’ Needs + Advancing Growth Strategy Near-term Outlook MTI Daily Sales Rates —— 2019 == 2020 + Continued Market Recovery to Offset Typical Seasonality + Overall Q4 Sa
Slide 15: Innovation + Leadership + Excellence
<i _ = ai ly ' INNOVATION + LEADERSHIP + EXCELLENCE