United States Lime & Minerals, Inc
United States Lime & Minerals Inc. manufactures lime and limestone products for industrial, environmental, construction, metals, agriculture, and energy-related end markets. The company is headquartered in Dallas, Texas and operates quarrying, processing, and distribution facilities across several U.S. states through a network of wholly owned subsidiaries.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueQuicklime and hydrated lime used in industrial, environmental, and metals applications.
Crushed limestone and related aggregates sold for construction and industrial uses.
Fine limestone products and related materials used in process and manufacturing applications.
Truck and rail delivery services supporting product shipment to regional customers.
Customers
The company sells to a diversified base of regional customers in construction, industrial processing, environmental services, metals, roofing, agriculture, and oil and gas services. Customers buy lime and limestone because these products are essential inputs for steelmaking, water treatment, flue gas treatment, paper and glass production, road building, and agricultural uses.
Highway, road, and building contractors buy limestone for aggregate and related construction applications.
Paper and glass manufacturers buy lime and limestone as process inputs and chemical agents.
Municipal sanitation, water treatment, and flue gas treatment users buy lime for treatment and emissions control.
Steel producers buy lime for fluxing and refining in metal production.
Poultry producers and other agricultural users buy lime products for farm and feed-related applications.
Energy-service customers buy lime and limestone for drilling and related industrial uses.
Strategy
The company’s strategy centers on operating regional lime and limestone assets efficiently, maintaining product quality, and serving a diversified customer base across multiple end markets. It also emphasizes expanding and modernizing plant capacity, improving logistics, and using quarry reserves and acquisitions to support long-lived supply positions.
Higher-capacity and more efficient plants support customer demand and regional competitiveness.
Customers value proximity, delivery timeliness, and consistent product quality in a regional market.
A broad customer mix reduces dependence on any single cyclical industry.
Long-lived limestone reserves underpin multi-decade production continuity.
Geography
The company is based in Dallas, Texas and operates plants and distribution facilities in Arkansas, Colorado, Louisiana, Missouri, Oklahoma, and Texas. Sales are overwhelmingly U.S.-based and are typically delivered within a regional radius of the company’s plants, which makes transportation access and local market proximity important to competitiveness.
Risks
The business is exposed to regional competition, cyclical demand in construction, steel, industrial, and oil and gas markets, and changes in environmental and energy policy that affect lime consumption. Operating performance also depends on quarry safety, weather, transportation availability, energy costs, and the ability to execute capital projects and maintain permits.
- Cyclical end-market demandImpact: HighLikelihood: High
Construction, steel, industrial, and oil and gas customers can reduce purchases when their own activity slows.
Exposure: Regional lime and limestone sales volumes
- Regional pricing competitionImpact: HighLikelihood: High
The industry is localized and competitors compete on price, quality, proximity, and delivery reliability.
Exposure: Customer accounts and realized selling prices
- Energy and freight cost inflationImpact: HighLikelihood: High
Fuel, natural gas, electricity, diesel, and transportation costs directly affect plant and delivery economics.
Exposure: Operating margins and delivered pricing
- Operational and mining disruptionsImpact: MediumLikelihood: Medium
Weather, accidents, maintenance issues, and supply chain interruptions can reduce output and shipments.
Exposure: Production continuity and customer service
- Environmental and permitting obligationsImpact: MediumLikelihood: Medium
Mining, reclamation, and environmental rules can require ongoing compliance spending and reserves.
Exposure: Quarry operations and long-term asset use
Accounting
Judgemental itemsThe company records accruals when costs are probable and reasonably estimable, which affects liabilities and expense timing.
Impact: Future remediation and mine closure costs
Management estimates loss reserves for proceedings, lawsuits, and claims, which can change as facts develop.
Impact: Operating expense and other liabilities
Deferred tax assets and uncertain tax positions require judgment and can affect tax expense and equity.
Impact: Tax provision and deferred tax balances
Large quarry and kiln projects are capitalized and depreciated over time, affecting reported earnings and asset values.
Impact: Depreciation, PP&E, and future impairment considerations
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Last updated: 24/09/2026