Abrasive Product Manufacturing (U.S.) — Investor Primer

NAICS 2022 code 327910. (NAICS = North American Industry Classification System, the standard code set the U.S. government uses to group businesses.)

1. Overview

Abrasives are the grinding wheels, sandpaper, cut-off discs, sanding belts, polishing compounds and diamond tools used to cut, grind, smooth and finish almost everything else that gets manufactured or repaired — metal parts, car bodies, aircraft blades, semiconductor wafers, countertops, welds and pipe. It is a classic "picks-and-shovels" consumable business: the product wears out during use and has to be replaced, so revenue follows how much cutting and finishing the wider economy is doing rather than one-off equipment sales.

Why an investor cares: abrasives are a small line item on any factory's bill but touch nearly every industrial process, so the industry is a clean, leveraged read on U.S. manufacturing activity — and, at the high end, on semiconductors and aerospace. One supplier illustration puts abrasives at less than 2% of cost at large metal fabricators while the complete grinding and finishing process represents 10–15% — labor time, rework and throughput often matter more to the buyer than the consumable's purchase price, which underpins the industry's pricing logic. [1][22] It is also a durable, high-return niche business at the premium end (engineered ceramic grain and "superabrasives" like diamond and cubic boron nitride).

Ways in differ by investor type. There is no U.S.-listed pure-play abrasives company. Public-market investors get exposure through large diversified industrials (3M, France's Saint-Gobain) or through foreign-listed specialists (in Japan and India). Private investors have a much larger menu: most dedicated abrasives makers — Tyrolit, Klingspor, PFERD, Mirka, Weiler and roughly 240 mostly small U.S. firms — are private or family-owned, which makes the long tail a natural hunting ground for private equity (PE) and acquisition. [1][6][15]

2. What it is and how it's structured

Scope. The U.S. Census Bureau defines NAICS 327910 as establishments primarily making abrasive grinding wheels (natural or synthetic), abrasive-coated products, and other abrasive products. Illustrative examples include fused aluminum oxide abrasives, silicon carbide abrasives, sandpaper, buffing and polishing wheels, diamond dressing wheels and whetstones. [7]

Products fall into three families:

• Bonded abrasives — grit fused into a solid shape (grinding wheels, cut-off wheels, sharpening stones). The traditional workhorse for metal grinding and cutting. [2]
• Coated abrasives — grit glued onto a flexible backing (sandpaper, sanding belts, discs, rolls). Widest range of uses. [2]
• Superabrasives — synthetic diamond and cubic boron nitride (CBN), the hardest and longest-lasting grit, used for precision and hard-material grinding. The smallest by volume but the highest value per pound. [2]

The industry has three economically distinct layers. Upstream producers fuse or otherwise synthesize aluminum oxide, silicon carbide, zirconia-alumina, industrial diamond and cubic boron nitride, then crush, wash, grade and surface-treat the crystals. Bonded-product manufacturers mix grain with vitrified, resin, rubber or other bonds, press it into grinding wheels, cutting wheels, stones and segments, cure or fire the product, machine it to final dimensions, balance it and test it for safe operating speed. Coated-abrasive plants deposit sized grain and adhesive onto paper, cloth, film or fiber backing, cure the web in large rolls, then convert it into belts, sheets, discs, flap products and other shapes. [23]

What it excludes (adjacent NAICS codes). Mining and cutting natural grindstones, pulpstones and whetstones sit in 212399 (All Other Nonmetallic Mineral Mining). Plastic scouring pads are 326199 (All Other Plastics Product Manufacturing). Metallic scouring pads and steel wool are 332999 (All Other Miscellaneous Fabricated Metal Product Manufacturing). The machine tools that use abrasives (grinders, polishers) are 333517 (Machine Tool Manufacturing), and chemical polishing preparations sit in the chemical codes. So this industry is the consumable "tooling," not the equipment or the mined raw stone. [7]

Ownership mix. A handful of global majors control the top of the market; below them is a long tail of small, often family-run, regional and specialty shops. Ownership is heavily private: two of the three largest global abrasives businesses (Saint-Gobain's Norton and Bosch's sia/Dremel) sit inside much larger diversified parents, and several leading specialists (Tyrolit, Klingspor, PFERD, Mirka) are privately or family-controlled. Tyrolit, associated with the Swarovski family, reports more than €740 million of turnover, over 4,500 employees, more than 30 production sites and distribution in over 140 countries (those figures include construction machinery and other products, not just abrasives). Mirka is owned by Finland's family-owned KWH group. [1][6][15][24][25]

3. How big it is (U.S. federal figures)

From our ground-truth federal statistics:

(CRn = combined revenue share of the largest n firms; SBA = U.S. Small Business Administration.) The Herfindahl-Hirschman Index — the standard concentration statistic — is suppressed in the federal data, so we do not report a value for it. Note that the 264 establishments count is physical employer locations, not independent competitors or ultimate owners. [8]

This is a genuinely small, top-heavy manufacturing industry: about 240 firms, ~11,000 workers, under $4 billion in domestic shipments, with the four largest firms making just over half the revenue.

Undercount / context caveat. Because this is factory manufacturing (not government-run and not dominated by sole proprietors), the Census counts it cleanly — the usual undercount problems do not apply here. But two things make the $3.79 billion figure understate the U.S. abrasives market. First, a large share of what Americans buy is imported (finished product and, especially, raw abrasive grain), so domestic production is smaller than domestic consumption. Second, the biggest sellers book abrasives inside much larger reporting segments, so no single clean number captures the sector. Private market-research firms, which include distribution and imports, put the U.S. abrasives market nearer $5 billion and the global market at roughly $41–49 billion in 2025, growing about 5% a year (CAGR = compound annual growth rate). [1][3][5] Treat the federal $3.79 billion as authoritative for U.S. production; the larger figures are broader market estimates. Caution: many commercial "abrasives market" reports combine products, machinery and services that Census classifies elsewhere.

4. The investable universe

There is no U.S.-listed pure-play abrasives company. The cleanest ways to get exposure:

(OTC = over-the-counter; NYSE/Nasdaq = the two main U.S. exchanges; NSE/BSE = India's exchanges; CMP defined below.)

Major private / other owners. Much of the dedicated abrasives world is private: Tyrolit (part of Austria's Swarovski group), Klingspor (family-owned, Germany), PFERD, Mirka (Finland's KWH group), Weiler Abrasives, Camel Grinding Wheels, and specialty U.S. makers such as Rex-Cut and Flexovit. With ~240 mostly small U.S. firms, the fragmented base is fertile ground for private-equity roll-ups. [6][15][24][25][29]

Bottom line for public-market investors: abrasives is always a slice of a bigger story (a diversified industrial, a Japanese/Indian specialist, or a semiconductor-materials supplier), never a stand-alone U.S. ticker. Do not use Saint-Gobain's High Performance Solutions margin or 3M's Safety & Industrial segment margin as a proxy for abrasives-industry margins — those segments contain many other businesses.

5. How the money works

Owners in this industry make money the way any consumables maker does — on volume, mix and unit economics, not big-ticket sales.

• Recurring, wear-driven demand. An abrasive is designed to be consumed. A grinding wheel or sanding belt gets used up and reordered, giving a razor-and-blades revenue stream tied to customers' activity levels, not their capital spending. This makes aftermarket/replacement demand more stable than new-equipment demand. [1]
• Unit economics and input costs. The main costs are abrasive grain (fused aluminum oxide, silicon carbide, zirconia, engineered ceramic grain, or diamond/CBN), the backing (paper, cloth, film) or bond (resin, vitrified glass, rubber), and energy — fusing grain in electric-arc furnaces is energy-intensive. Gross margins split sharply by product: commodity sandpaper and cut-off wheels are low-margin, high-volume, price-competitive goods; engineered ceramic-grain belts, precision vitrified wheels and superabrasive (diamond/CBN) tools carry much higher margins protected by intellectual property and technical service. [1][2][23]
• Cyclicality and capacity utilization. Demand tracks industrial production, the manufacturing PMI (Purchasing Managers' Index) and customers' own capacity utilization. When factories slow, grinding slows, and abrasive reorders fall fast — this is a cyclical, operating-leveraged business where plant utilization drives profitability. In 2024, 3M's abrasives declined amid cautious industrial demand and weak European manufacturing; abrasives returned to organic growth in 2025. Distributor destocking can make reported sales more volatile than underlying abrasive consumption. [1][4][26]
• Distribution and brand. Product mostly reaches users through industrial distributors (Grainger, Fastenal, MSC) and direct technical sales. Brand trust matters because a wheel that shatters or a belt that burns a part is a safety and scrap-cost problem, so incumbents defend share with application engineering, not just price. [4]
• The premium ladder. The most attractive economics are at the top: semiconductor CMP slurries and pads, and precision grinding of hard materials (carbide, ceramics, aerospace superalloys, EV components), where performance — not cost — wins the order. This is where value is migrating. [2][12]
• Recycling. As much as 30% of fused aluminum oxide and about 5% of silicon carbide may be recycled, while metallic abrasives can often be reclaimed and reused. [21]

6. What drives demand

• Industrial production and metal fabrication. The single biggest driver. Metal fabrication — grinding, cutting and finishing structural steel, machinery and components — is the largest end-use of abrasives. [4]
• Automotive. Body finishing, powertrain machining and collision/aftermarket repair; increasingly, specialized abrasives for electric-vehicle (EV) batteries, motors and lightweight metals. [4]
• Aerospace. Precision grinding of turbine blades and superalloys — a high-value, superabrasive-heavy niche. [1][2]
• Construction and stone. Concrete cutting and grinding, and stone/countertop fabrication. [4]
• Semiconductors and electronics. CMP (chemical-mechanical planarization — the polishing step that flattens each layer of a chip) and wafer polishing. The AI-driven chip-capacity boom is a structural tailwind here, visible in Fujimi's growth. [12]
• Reshoring and public spending (forward-looking). New U.S. fabs under the CHIPS Act and infrastructure under the Infrastructure Investment and Jobs Act (IIJA) should add domestic metalworking and construction activity, supporting demand. This is a judgment about direction, not a booked result. [4]
• Automation and robotic finishing. Automation strengthens demand for predictable wear, consistent cut rate and engineered application support. Robotic finishing cannot readily compensate for erratic consumables. Mirka's acquisition of robotics specialist Flexmill in 2022 and 3M's promotion of robotic and fixed-automation finishing systems illustrate the migration from stand-alone consumables toward process solutions. [25][30]

The clearest secular trend is increasing value per abrasive rather than necessarily increasing tonnage. Engineered ceramic and shaped grains are designed to fracture in controlled ways, expose fresh cutting edges, operate with lower force and heat, and last longer. That can raise supplier revenue and customer productivity while reducing the number of discs or wheels consumed. An investor should therefore avoid treating unit consumption as the only demand measure.

7. Regulation

Abrasives are lightly regulated as a product but sit at the center of two serious workplace-safety regimes:

• Respirable crystalline silica. The Occupational Safety and Health Administration (OSHA) sets a permissible exposure limit (PEL) of 50 micrograms per cubic meter of air as an 8-hour time-weighted average (TWA), with an action level of 25, under 29 CFR 1910.1053 (general industry) and 1926.1153 (construction). Grinding, sanding and especially abrasive blasting can generate silica dust; the National Institute for Occupational Safety and Health (NIOSH) has long urged replacing silica sand as a blasting medium, and many operators have switched to non-silica media (though some substitutes introduce heavy-metal hazards of their own). [16][17][31]
• Grinding-wheel and blasting safety. OSHA machine-guarding rules for abrasive wheels (29 CFR 1910.215) and abrasive-blasting ventilation rules (29 CFR 1926.57), together with the ANSI B7.1 safety code (ANSI = American National Standards Institute), govern wheel speeds, guarding and mounting because a bursting wheel is a lethal hazard. Wheel failure can cause severe injury, making formulation control, reinforcement, testing, labeling and channel traceability central economic requirements rather than peripheral compliance costs. [16]
• Environmental and trade. Grain fusing and resin bonds bring air-permit and emissions obligations; particulate matter is the main emission from crushing and grading, while kilns, curing ovens and coated-abrasive lines can generate combustion products and volatile organic compounds. [23] On trade, Section 301 tariffs of up to 25% apply to many Chinese abrasives and abrasive grain, raising input costs — abrasive material costs rose an estimated 15–25% in 2025 on trade-policy changes, pushing some U.S. buyers toward domestic suppliers. [18][19]
• Trade remedies. In September 2025, the U.S. International Trade Commission (USITC) found that subsidized and dumped Chinese sol-gel alumina ceramic abrasive grain materially injured the domestic industry, leading to antidumping and countervailing-duty orders. [32]

8. Competitive dynamics and consolidation

The structure is a classic "top-heavy pyramid." The four largest firms take just over half of U.S. revenue and the top 50 take ~87%, yet ~240 firms exist — a few global majors sitting above a long tail of small specialists. [8]

• Decades of roll-up. Saint-Gobain built its lead by acquiring Norton (1990) and dozens of smaller abrasives businesses; consolidation among the majors has continued for thirty years. [15]
• Portfolio reshaping now. 3M agreed in September 2025 to sell its Precision Grinding & Finishing business (~$130 million in sales, part of its abrasives unit) as it refocuses; the sale closed in April 2026. Consequently, 3M's 2025 Abrasives sales of $1.34 billion include an operation no longer owned by 3M, and no authoritative pro-forma sales figure for the remaining abrasives portfolio has been disclosed. [20][33]
• Two-tier competition. At the commodity end (cut-off wheels, basic sandpaper), Chinese imports and price set the terms. At the engineered and superabrasive end, incumbents defend margins with patented grain, application engineering and switching costs. Value is steadily migrating up that ladder. [1][2]
• Private staying power. Many of the strongest specialists (Tyrolit, Klingspor, PFERD, Mirka) remain family- or privately controlled and compete on niche technical excellence rather than scale. [6][15][24][25][29]

9. Risks

• Cyclicality. Tightly tied to industrial production; downturns cut abrasive reorders quickly and squeeze plant utilization. [1][4]
• Input costs and supply concentration. Abrasive grain is China-dominated. For 2025, USGS reported that China supplied 96% of U.S. crude fused-aluminum-oxide imports (though only 15% of ground and refined), 97% of crude silicon-carbide imports, and 57% of ground and refined silicon-carbide imports. USGS also noted that lower-cost Chinese imports continued to challenge U.S. and Canadian producers. Fusing is energy-intensive, so grain prices, energy and tariffs drive margins. [21]
• Trade policy. Dependence on Chinese fused alumina and silicon carbide exposes converters to trade policy, tariffs, freight disruptions, currency movements and Chinese energy or environmental policy. Trade remedies may help domestic grain producers while increasing costs for downstream U.S. converters. [18][19][32]
• Import competition. Low-cost imports pressure the commodity segment structurally. [19]
• Substitution. Laser, waterjet and plasma cutting can displace some abrasive cutting, and longer-lasting engineered products reduce the number of units sold per job. Garnet, metallic media, staurolite and other natural or manufactured abrasives can replace fused alumina or silicon carbide in some applications. Conversely, tighter tolerances and more difficult materials can increase finishing requirements. [2]
• Liability and regulation. Silica-dust litigation, wheel-burst injuries and environmental compliance are ongoing cost and legal exposures. [16][17]
• End-market concentration. Heavy reliance on cyclical autos, aerospace and construction; the semiconductor niche is high-value but subject to the chip cycle (currently a tailwind, historically volatile). [4][12]
• No pure-play exposure. Public investors cannot isolate the industry; abrasives is always diluted inside a larger company's results. [11]

10. How to invest and the outlook

Public-market routes. Because there is no U.S. pure-play, exposure is indirect:

• Diversified industrials with real abrasives businesses — 3M (MMM) and Saint-Gobain (SGO / CODYY). Broad, liquid, but abrasives is a small slice of each; 3M's disclosed $1.34 billion of 2025 Abrasives sales represented only a portion of $24.9 billion of total company sales. [10][11][26]
• Foreign-listed specialists — Carborundum Universal, Grindwell Norton (India), Noritake and Asahi Diamond (Japan) for a more concentrated abrasives bet. [13][14][27][28]
• The semiconductor-polishing angle — Fujimi (Tokyo: 5384) and Entegris (ENTG) for CMP slurries and pads, the fastest-growing, highest-value corner, riding AI-driven chip capacity. [12]
• Indirect consumables exposure — industrial distributors (Grainger, Fastenal, MSC) capture abrasive-reorder demand, though they are far more diversified. [4]

Private routes. This is where the industry is most accessible in its pure form. Most dedicated makers are private or family-owned (Tyrolit, Klingspor, PFERD, Mirka, Weiler, Camel Grinding Wheels), and the ~240-firm U.S. base is fragmented — attractive for private-equity roll-ups, search-fund acquisition, or direct ownership of a regional specialist or superabrasive niche. [6][15] Targets can include bonded-wheel manufacturers, coated-abrasive converters, precision or superabrasive specialists, blasting-media producers, distributors, and application-engineering or robotic-finishing platforms. The most attractive assets typically combine recurring consumable revenue with qualified products, technical service, proprietary process knowledge and low customer failure tolerance. Diligence should focus on customer and distributor concentration, imported-grain dependence, energy exposure, SKU-level profitability, inventory obsolescence, qualification ownership, environmental liabilities, wheel-testing records and whether claimed differentiation resides in the target or its grain supplier.

Near-term drivers and outlook (forward-looking judgment). The base case is steady, low-to-mid single-digit growth that tracks industrial production, with global estimates around 5% a year. [1][3] Structural tailwinds — reshoring, CHIPS-Act fabs and IIJA construction, EV and aerospace precision work, and semiconductor CMP demand from AI — should support the higher-value segments. Headwinds are the industry's cyclicality, persistent import competition and tariff-driven input inflation, and slow substitution by non-abrasive cutting. The clearest investment thesis is not "buy abrasives broadly" but "own the premium end" — engineered ceramic grain and superabrasives/CMP, where pricing power, IP and secular demand concentrate — while recognizing the commodity end will stay a low-margin, import-exposed grind. These are judgments about direction, not guarantees.

---

Sources

1. First Research (Dun & Bradstreet), "Abrasives Manufacturing Industry Profile," 2025. https://www.firstresearch.com/Industry-Research/Abrasives-Manufacturing.html
2. Washington Mills / DXP Enterprises, "Bonded vs. Coated Abrasives" (product-family overview), 2024–2025. https://www.washingtonmills.com/bonded-coated-market
3. Grand View Research, "Abrasives Market Size, Share & Trends Report, 2026–2033," 2026. https://www.grandviewresearch.com/industry-analysis/abrasives-market
4. SNS Insider, "Abrasives Market Size to Reach USD 69.05 Billion by 2033," 2026. https://www.globenewswire.com/news-release/2026/02/20/3241675/0/en/Abrasives-Market-Size-to-Reach-USD-69-05-Billion-by-2033-Owing-to-Rising-Demand-from-Automotive-and-Infrastructure-Sectors-Research-by-SNS-Insider.html
5. Data Bridge Market Research, "U.S. Abrasives Market," 2024. https://www.databridgemarketresearch.com/reports/us-abrasive-market
6. NovoAbrasive, "Abrasives Manufacturers — Overview of Global Brands," 2025; and Wikipedia, "Tyrolit," 2025. https://novoabrasive.com/en/manufacturers/; https://en.wikipedia.org/wiki/Tyrolit
7. U.S. Census Bureau, "2022 NAICS Definition — 327910 Abrasive Product Manufacturing" (scope, examples, exclusions), 2022. https://www.census.gov/naics/?input=327910&year=2022
8. U.S. Census Bureau, 2022 Economic Census (receipts, firm counts, concentration ratios CR4/CR8/CR20/CR50, HHI suppressed) and County Business Patterns 2023 (establishments, employment, payroll), via Histometrics ground-truth dataset. https://www.census.gov/programs-surveys/economic-census.html
9. U.S. Small Business Administration, "Table of Small Business Size Standards," 2023 (NAICS 327910 = 900 employees). https://www.sba.gov/document/support-table-size-standards
10. Statista, "Saint-Gobain revenue worldwide 2001–2024" (group revenue €46.6B, 2024); Saint-Gobain full-year 2024 results. https://www.statista.com/statistics/226559/saint-gobain-sales-revenue/
11. 3M Company, Form 10-K FY2024 (Safety & Industrial segment sales $10,961M), U.S. SEC. https://www.sec.gov/Archives/edgar/data/66740/000006674025000006/
12. FUJIMI Incorporated, Investor Relations — Segment Sales / FY3/2025 results, 2025. https://www.fujimiinc.co.jp/english/ir/financial/segment.html
13. Noritake Co., Limited, FY3/2025 results (industrial products ¥55.7B); StockAnalysis. https://stockanalysis.com/quote/tyo/5331/
14. Business Standard, "Carborundum Universal (CUMI) quarterly results," 2024–2025. https://www.business-standard.com/companies/results/carborundum-universal-results-consolidated-q1-net-profit-at-rs-114-84-cr-124073001217_1.html
15. Saint-Gobain, "Our History of Innovation / Acquisitions" (Norton acquisition and roll-up), 2024. https://www.saint-gobain-northamerica.com/who-we-are/history
16. U.S. OSHA, "1910.215 Abrasive wheel machinery" and "1926.57 Ventilation (abrasive blasting)," current. https://www.osha.gov/laws-regs/regulations/standardnumber/1910/1910.215
17. U.S. OSHA, "1910.1053 / 1926.1153 Respirable Crystalline Silica" (PEL 50 µg/m³, action level 25 µg/m³), current. https://www.osha.gov/laws-regs/regulations/standardnumber/1910/1910.1053
18. U.S. Geological Survey, "Mineral Commodity Summaries 2024 — Fused aluminum oxide, silicon carbide, and metallic abrasives" (U.S. production, import reliance and sources), 2024. https://pubs.usgs.gov/periodicals/mcs2024/mcs2024-abrasives.pdf
19. ARC Abrasives, "Tariffs" (2025 abrasive material cost increases of 15–25%), 2025. https://arcabrasives.com/tariffs
20. Modern Distribution Management, "3M to Exit Precision Grinding & Finishing Business," September 2025. https://www.mdm.com/news/top-distributor-sectors/industrial-supplies/3m-to-exit-precision-grinding-finishing-business-as-portfolio-refocus-continues/
21. U.S. Geological Survey, "Mineral Commodity Summaries 2026" (import-source shares: crude fused alumina China 96%, ground/refined 15%; crude silicon carbide China 97%, ground/refined 57%; recycling rates; competitive dynamics), 2026. https://pubs.usgs.gov/periodicals/mcs2026/mcs2026.pdf
22. Norton Abrasives, "How the Science of Abrasives Yields the Art of Performance" (cost illustration: abrasives <2% of fabricator cost, grinding/finishing 10–15%), 2025. https://www.nortonabrasives.com/en-us/resources/expertise/how-science-abrasives-yields-art-performance
23. U.S. Environmental Protection Agency, "AP-42 Background Document — Abrasives Manufacturing" (process description, emissions), 2020. https://www.epa.gov/sites/default/files/2020-10/documents/b11s31.pdf
24. Tyrolit Group, corporate website (turnover >€740M, >4,500 employees, >30 production sites, 140+ countries), 2025. https://www.tyrolit.group/
25. Mirka, "History" (KWH family ownership, Abranet 2001, Flexmill acquisition 2022), 2025. https://www.mirka.com/en-ap/company/about-us/history/
26. 3M Company, Form 10-K FY2025 (Abrasives division sales $1.340B; Safety & Industrial segment $11.384B; total company sales $24.948B), U.S. SEC. https://www.sec.gov/Archives/edgar/data/66740/000006674026000014/mmm-20251231.htm
27. Carborundum Universal, Chairman's Message / Annual Report FY3/2025 (standalone abrasives revenue ₹11.954B), 2025. https://www.cumi-murugappa.com/chairmans-message/
28. Grindwell Norton, Investor Reports (abrasives segment separately reported), 2025. https://www.grindwellnorton.co.in/investors/reports
29. Klingspor, "Company" (family ownership), 2025. https://www.klingspor.de/en-/company/yellow
30. 3M, "Application Expertise & Partnerships" (robotic and fixed-automation finishing), 2025. https://www.3m.com/3M/en_US/metalworking-us/resources/application-expertise-partnerships/
31. U.S. OSHA, "Shipyard Employment Guidance — Abrasive Blasting" (alternative media, heavy-metal hazards), current. https://www.osha.gov/maritime/guidance/shipyard-guidance
32. U.S. International Trade Commission, "Sol-Gel Alumina Ceramic Abrasive Grain from China" (injury determination, AD/CVD orders), September 2025. https://www.usitc.gov/press_room/news_release/2025/er0903_67493.htm
33. 3M Company, First-Quarter 2026 Earnings Transcript (Precision Grinding & Finishing sale closed April 2026), 2026. https://d1io3yog0oux5.cloudfront.net/_97a7bf5fea9d859971f982f6e8c7926e/3m/db/3222/30995/webcast_transcript/MMM-USQ_Transcript_2026-04-21.pdf