GrafTech International Ltd
NYSE:EAF
GrafTech International Ltd
GrafTech International Ltd. engages in the manufacture of graphite electrode products essential to the production of electric arc furnace steel and other ferrous and non-ferrous metals. The company is headquartered in Brooklyn Heights, Ohio and currently employs 1,353 full-time employees. The company went IPO on 2018-02-19. The firm operates through one segment: Industrial Materials, which comprises of two product categories, graphite electrodes and petroleum needle coke products. Graphite electrodes are an industrial consumable product used primarily in EAF steel production. Petroleum needle coke is a crystalline form of carbon derived from decant oil, which is a raw material used in the production of graphite electrodes. The firm has graphite electrode manufacturing facilities in Calais, France, Pamplona, Spain, Monterrey, Mexico and St. Mary's, Pennsylvania. Its customers include steel producers and other ferrous and non-ferrous metal producers in Europe, Russia and other Commonwealth of Independent States countries, the Middle East and Africa (EMEA), and the Americas and Asia-Pacific (APAC).
GrafTech International Ltd. engages in the manufacture of graphite electrode products essential to the production of electric arc furnace steel and other ferrous and non-ferrous metals. The company is headquartered in Brooklyn Heights, Ohio and currently employs 1,353 full-time employees. The company went IPO on 2018-02-19. The firm operates through one segment: Industrial Materials, which comprises of two product categories, graphite electrodes and petroleum needle coke products. Graphite electrodes are an industrial consumable product used primarily in EAF steel production. Petroleum needle coke is a crystalline form of carbon derived from decant oil, which is a raw material used in the production of graphite electrodes. The firm has graphite electrode manufacturing facilities in Calais, France, Pamplona, Spain, Monterrey, Mexico and St. Mary's, Pennsylvania. Its customers include steel producers and other ferrous and non-ferrous metal producers in Europe, Russia and other Commonwealth of Independent States countries, the Middle East and Africa (EMEA), and the Americas and Asia-Pacific (APAC).
Challenging Environment: GrafTech continues to operate in one of the toughest markets in a decade, with global overcapacity, aggressive pricing, and subdued steel production.
Volume Growth: Full-year sales volume grew by 6%, with U.S. sales volume up 48% for the year and 83% in Q4, reflecting a successful shift toward higher-priced regions.
Pricing Pressure: Average selling price dropped 9% YoY and 5% sequentially in Q4, and management expects pricing to remain under pressure in 2026.
Cost Reduction: Achieved an 11% reduction in cash cost per metric ton for the year, with a cumulative 31% drop since 2023, surpassing guidance.
Liquidity & Cash Flow: Ended 2025 with $340 million in liquidity, exceeding expectations, and management remains focused on preserving flexibility amid the downturn.
2026 Outlook: Anticipates 5%–10% YoY sales volume growth in 2026, further cost improvements, and continued focus on U.S. and European markets.
Strategic Initiatives: Ongoing review of manufacturing footprint, potential partnerships, and advocacy for trade protection to address industry overcapacity and unfair import competition.
