Economic Cyclicality in End Markets: Demand for TWI's agricultural and construction equipment wheels and tires is highly dependent on the health of the global agricultural and construction sectors, making sales vulnerable to economic downturns or fluctuations in commodity prices.

Raw Material Price Volatility: The cost of key raw materials such as steel, rubber, and carbon black can fluctuate significantly, directly impacting TWI's manufacturing costs and profit margins if price increases cannot be passed on to customers.

Dependence on Key OEM Customers: A significant portion of TWI's sales comes from a limited number of large original equipment manufacturers (OEMs); the loss of, or reduced orders from, these major customers could materially harm financial performance.