<SEC-DOCUMENT>0001027796-25-000035.txt : 20250711
<SEC-HEADER>0001027796-25-000035.hdr.sgml : 20250711
<ACCEPTANCE-DATETIME>20250711143824
ACCESSION NUMBER:		0001027796-25-000035
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250711
DATE AS OF CHANGE:		20250711

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Orion S.A.
		CENTRAL INDEX KEY:			0001609804
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS CHEMICAL PRODUCTS [2890]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-88681
		FILM NUMBER:		251118695

	BUSINESS ADDRESS:	
		STREET 1:		1700 CITY PLAZA DRIVE, SUITE 300
		CITY:			SPRING
		STATE:			TX
		ZIP:			77389
		BUSINESS PHONE:		(281) 381-2959

	MAIL ADDRESS:	
		STREET 1:		1700 CITY PLAZA DRIVE, SUITE 300
		CITY:			SPRING
		STATE:			TX
		ZIP:			77389

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Orion Engineered Carbons S.A.
		DATE OF NAME CHANGE:	20140728

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Orion Engineered Carbons S.a r.l.
		DATE OF NAME CHANGE:	20140603

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PZENA INVESTMENT MANAGEMENT LLC
		CENTRAL INDEX KEY:			0001027796
		ORGANIZATION NAME:           	
		EIN:				000000000

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		320 PARK AVENUE, 8TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-355-1600

	MAIL ADDRESS:	
		STREET 1:		320 PARK AVENUE, 8TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0001027796-24-000038</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001027796</cik>
          <ccc>XXXXXXXX</ccc>
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      <liveTestFlag>LIVE</liveTestFlag>



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  <formData>
    <coverPageHeader>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>06/30/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001609804</issuerCik>
        <issuerName>Orion S.A.</issuerName>
        <issuerCusip>L72967109</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>1700 CITY PLAZA DRIVE, SUITE 300</com:street1>
          <com:street2>1700 CITY PLAZA DRIVE, SUITE 300</com:street2>
          <com:city>SPRING</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>77389</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>PZENA INVESTMENT MANAGEMENT LLC</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>4015782.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>4577197.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>4577197.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>8.1</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
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      <item1>
        <issuerName>Orion S.A.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>1700 CITY PLAZA DRIVE, SUITE 300, 1700 CITY PLAZA DRIVE, SUITE 300, SPRING, TEXAS, 77389.</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Pzena Investment Management, LLC</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>320 Park Avenue, 8th floor
New York, NY 10022
</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Delaware</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>4,577,197</amountBeneficiallyOwned>
        <classPercent>8.1%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>4,015,782</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>0</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>4,577,197</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>0</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>CLIENTS OF THE FILING INVESTMENT MANAGER HAVE THE RIGHT TO RECEIVE AND THE ULTIMATE POWER TO DIRECT THE RECEIPT OF DIVIDENDS FROM, OR THE PROCEEDS OF SALE OF THE SECURITIES REPORTED ON HEREINABOVE. NO INTEREST OF ANY ONE OF SUCH CLIENTS RELATES TO MORE THAN FIVE PERCENT OF THE CLASS.
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      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
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        <notApplicableFlag>Y</notApplicableFlag>
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      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under &amp;#167; 240.14a-11.

</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>PZENA INVESTMENT MANAGEMENT LLC</reportingPersonName>
      <signatureDetails>
        <signature>s/Steven Coffey</signature>
        <title>Chief Legal Risk Officer &amp; Chief Compliance Officer</title>
        <date>07/11/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
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</SEC-DOCUMENT>
