Global Economic Downturn Impact: Global economic conditions, particularly in key manufacturing sectors, can significantly reduce demand for Kennametal's products and services, leading to lower sales and profitability.

Raw Material Price Volatility: Fluctuations in the cost of essential raw materials like tungsten, cobalt, and steel can increase production costs, erode margins, or necessitate price increases that may impact competitiveness.

Intense Market Competition: Kennametal operates in a highly competitive global market, facing pressure from larger diversified companies and specialized niche players, which could impact market share and pricing power.