GrafTech Worldwide (EAF) Q3 2024 Earnings Name Transcript

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As a reminder, among the issues mentioned on this name could embody forward-looking statements relating to, amongst different issues, efficiency, developments, and techniques. These statements are primarily based on present expectations and are topic to dangers and uncertainties. Components that would trigger precise outcomes to vary materially from these indicated by forward-looking statements are proven right here. We can even focus on sure non-GAAP monetary measures, and these slides embody related non-GAAP reconciliations.

You will discover these slides within the Investor Relations part of our web site at www.graftech.com. A replay of the decision can even be obtainable on our web site. I will now flip the decision over to Tim.

Tim Flanagan — Chief Government Officer

Good morning, and thanks for becoming a member of GrafTech’s third quarterearnings name Throughout the name this morning, we’ll focus on the outcomes for the quarter, our present outlook for the trade and our enterprise, and importantly, present an outline of the financing transactions we introduced this morning. Earlier than moving into these subjects, I would wish to take a second to introduce our just lately appointed CFO, Rory O’Donnell. With over 20 years of expertise in senior monetary positions, together with greater than a decade serving in management roles at firms inside the metals and mining area, we’re lucky to have Rory as a part of our crew, and I stay up for working alongside him.

Let me flip the decision over to Rory to make a couple of feedback.

Rory O’Donnell — Chief Monetary Officer

Thanks, Tim, and good morning, everybody. It is a pleasure to hitch you this morning to report our third quarter outcomes. Since I joined in early September, I’ve spent a lot of my time attending to know the GrafTech crew, visiting a lot of our world-class property, and diving deep into the strategic financing transaction that we’re happy to debate with you at present. For these of you that I’ve but to fulfill, I stay up for connecting and personally thanking you on your curiosity in GrafTech.

I belief we share the identical enthusiasm for the longer term as we take steps to stabilize our place out there, regain share, and drive worth for all of our stakeholders. Additionally, thanks to the board and administration crew for welcoming me and on your steerage and help. With that, I will flip it again to Tim to start our presentation.

Tim Flanagan — Chief Government Officer

Within the third quarter, we grew quantity, considerably decreased [Audio gap], and generated optimistic free money stream. As well as, we’re capitalizing on a possibility to enhance our liquidity place through a brand new financing transaction. Importantly, the introduced transaction has been structured in a fashion to protect our strategic flexibility to pursue new progress alternatives. To that finish, this flexibility and the readability round our liquidity on a go-forward foundation permits us to extra aggressively pursue alternatives to additional unlock the worth of Seadrift, which is an asset that’s vital to GrafTech’s long-term progress plans.

All of those actions reveal our absolute concentrate on controlling these issues we are able to management. So let me share a little bit bit extra on these subjects, beginning first on the commercials facet. Within the third quarter, our gross sales quantity elevated 9% 12 months over 12 months and grew sequentially for the third consecutive quarter. On a year-to-date foundation, our gross sales quantity is up 13% from the prior 12 months.

These are spectacular outcomes given the present smooth demand surroundings. We have instilled a customer-centric mindset throughout our group and are executing a deliberate buyer engagement technique, and we proceed to see the optimistic outcomes as evidenced by our third quarter efficiency, and we’re assured that we are going to proceed to regain our market share and enhance our gross sales quantity as we transfer forward. Presently, we’re engaged in discussions with a lot of our present prospects, in addition to new ones, relating to their wants for subsequent 12 months. We’re inspired by the dialog and count on one other 12 months of low double-digit gross sales quantity progress in 2025.

As well as, we proceed to enter into new strategic multiyear electrode gross sales agreements with sure prospects. Whereas a comparatively small share of our general order e book, these multiyear agreements mirror the arrogance our prospects have in our services and products and their recognition of our distinctive place being vertically built-in into needle coke, and we worth their long-term partnership. We additionally proceed to spend money on our buyer worth proposition, together with increasing our technical capabilities and product choices. Of word, in the course of the third quarter, preliminary trials of our new 800-millimeter electrodes had been performed by a key buyer in North America.

And as anticipated, these electrodes carried out in accordance with our very personal excessive requirements. Whereas at present a distinct segment market, demand for 800-sized electrodes is anticipated to considerably outpace that of the general electrode market within the years to come back. And we’re excited to supply high-quality merchandise to fulfill this want. Once more, we’re making regular progress in regaining misplaced market share that we have famous prior to now, and we’ll proceed to work tirelessly to take action.

In the end, all of those efforts are about strengthening our buyer relationships for the long run to realize mutual success for years to come back. On the operations entrance, our ongoing efforts to aggressively management prices proceed to repay. For the third quarter, we achieved a 28% year-over-year lower in our money COGS per metric ton, exceeding our expectations for the quarter. As we proceed to over-deliver on our preliminary expectations for value reductions, for the second time in 2024, we’re rising our full-year steerage for the advance in our money COGS measure.

These cost-control efforts, mixed with our concentrate on managing working capital and capital expenditures, has led to strong money stream efficiency. This contains $20 million of free money stream technology within the third quarter. I am extraordinarily happy with our crew’s work in all of those areas, and I thank them for his or her relentless efforts. With that being mentioned, let me pivot to a different necessary matter we might like to debate at present.

As I said on our lastearnings name we’re frequently in conversations with our monetary advisors relating to potential proactive measures to boost our capital construction. And as I indicated at the moment, we view it prudent to have such ongoing dialogue no matter the place we stand within the cycle. This morning, I am excited to announce a key growth on this space. We have entered right into a dedication letter with the vast majority of our present bondholders and our lenders underneath our present revolving credit score facility.

This dedication letter covers transaction that can present GrafTech with each new capital at engaging charges and in addition an extension of the maturities of our present debt and revolving credit score facility. Rory will cowl the main points of the transactions throughout his feedback, together with additional coloration on the advantages to our liquidity place and our debt maturity profile. However let me share a couple of ideas on the significance of this announcement. We view this transaction as a vital step towards strengthening our monetary basis and attaining the corporate’s goal of delivering long-term progress and shareholder worth.

As I will focus on later in our ready remarks, GrafTech is well-positioned to capitalize on the long-term tailwinds that exist for our enterprise and our trade. Nonetheless, as you understand, we’re at present within the down a part of the cycle. This transaction supplies the extra liquidity and operational flexibility to handle by way of the near-term industrywide challenges. This contains supporting our capability to responsibly spend money on working capital to be able to capitalize on the expansion alternatives because the trade recovers and demand will increase.

Simply as [Audio gap] the strategic flexibility to ship on the corporate’s long-term potential, each to develop our present electrode enterprise and to pursue new progress alternatives. Lastly, it affords all of these at GrafTech the power to refocus our vitality on what we’re obsessed with, which is delivering on the wants for our prospects and rising our enterprise to the good thing about our stakeholders. To that finish, let me present a transparent message on to our prospects, our workers, our buyers, and all of our stakeholders. We’re completely on this enterprise for the long run and have and can proceed to take the steps essential to stay there.

We’re excited in regards to the path forward and stay assured about the way forward for GrafTech. We admire the sturdy help of our lenders, and I would wish to thank them for his or her engagement on this course of. In the end, this highlights their confidence in GrafTech’s return to extra normalized ranges of earnings and money stream within the medium time period and our capability to ship on the corporate’s potential for the long run. With that, let me now flip it over to Jeremy to supply extra coloration on the present state of the trade and our business efficiency.

Jeremy Halford — Chief Working Officer

Thanks, Tim, and good morning, everybody. As at all times, earlier than I present an trade replace, I will begin with a couple of feedback on security, which is a core worth at GrafTech. Our year-to-date recordable incident price continues to indicate enchancment over our efficiency in 2023. Nonetheless, we aren’t happy with this efficiency and should do higher.

Sending our workers residence safely on the finish of day-after-day is an important factor we are able to do and being relentlessly targeted on this goal will stay a key precedence for our groups as we finish this 12 months and transfer ahead into subsequent. Let me now flip to the following slide to debate the business surroundings. As you understand, we function in a cyclical trade and at present discover ourselves in a difficult a part of the cycle. The worldwide metal trade stays constrained by financial uncertainty and geopolitical battle.

On a world foundation, metal manufacturing outdoors of China was roughly 202 million tons within the third quarter of 2024, representing a 2% decline from the prior 12 months. The worldwide metal capability utilization price outdoors of China declined to 65% within the third quarter, the bottom price in seven quarters. Taking a look at a few of our key business areas. For North America, metal manufacturing was down 5% within the third quarter on a year-over-year foundation, persevering with the latest development of modest declines in what has been an in any other case comparatively secure metal area.

Conversely, metal output within the EU elevated 3% for the second consecutive quarter, though it stays properly beneath historic manufacturing and utilization charges for that area. The present dynamics inside [Audio gap] constant challenges within the business surroundings for graphite electrodes. Particularly, industrywide demand for graphite electrodes has remained weak and the graphite electrode trade continues to endure from low-capacity utilization. Reflecting these adjustments, the aggressive dynamics we now have spoken to on the final a number of calls have continued, together with an ongoing enhance within the stage of electrode exports from sure international locations, together with India and China.

This, in flip, continues to consequence within the weak pricing surroundings that we now have spoken to beforehand. With that background, let’s flip to the following slide for extra particulars on our outcomes. Our manufacturing quantity within the third quarter of 2024 was 19,000 metric tons, which resulted in a capability utilization price of 46%. The decline in our manufacturing ranges in the course of the third quarter was in step with our expectations given the deliberate upkeep shutdowns at our European services in the course of the quarter.

Our third quarter gross sales quantity was 26,000 metric tons, which was above our outlook for the quarter. Shipments within the third quarter of 2024 included roughly 23,000 metric tons of non-LTA gross sales at a weighted common realized value of roughly $4,100 per metric ton; and roughly 3,000 metric tons offered underneath our LTAs at a weighted common realized value of roughly $7,700 per metric ton. Increasing on our weighted common value for non-LTA gross sales, this represented a 24% year-over-year decline and a sequential decline from the second quarter of roughly 5%. Internet gross sales within the third quarter decreased 18% in comparison with the third quarter of 2023, pushed by the decrease pricing, together with the continuing shift within the mixture of our enterprise from LTA to non-LTA quantity.

As we transfer by way of the fourth quarter, we count on our gross sales quantity for the quarter will likely be broadly in step with the gross sales quantity for the third quarter. In consequence, we’re properly on our approach to attaining our 2024 outlook [Audio gap] starting of the 12 months for full-year gross sales quantity progress. Trying forward, we count on the worldwide metal market and subsequently, industrywide demand for graphite electrodes will recuperate, albeit extra slowly than initially anticipated. As well as, because the shift to electrical arc furnace steelmaking continues, these elements will result in an improved business surroundings for the graphite electrode trade.

Tim will increase on these ideas in a couple of moments. Because it pertains to 2025, with some measure of demand restoration, mixed with our efforts to regain share pushed by our buyer engagement technique and our compelling buyer worth proposition, we’re assured in delivering one other 12 months of gross sales quantity progress in 2025. Let me now flip it over to Rory [Audio gap] for remainder of our monetary particulars.

Rory O’Donnell — Chief Monetary Officer

Thanks, Jeremy. For the third quarter of 2024, we had a internet lack of $36 million or $0.14 per share. Adjusted EBITDA was unfavorable $6 million for the third quarter, in comparison with adjusted EBITDA of $1 million within the third quarter of 2023. The decline mirrored decrease weighted common pricing and the continued shift within the mixture of our enterprise towards non-LTA volumes.

As well as, we recorded an $8 million decrease of value or market stock valuation adjustment within the third quarter of 2024. These elements had been principally offset by a 28% year-over-year discount in money prices on a per metric ton foundation. Let me increase on this final level, which represents a continuation of our spectacular cost-reduction efficiency. As proven within the reconciliation supplied in ourearnings callmaterials posted on our web site, our money COGS per metric ton had been slightly below $4,200 for the third quarter of 2024.

That is decrease than our expectations for the quarter. Together with the good thing about favorable freight prices and different elements, the decrease prices mirror the continued sturdy efficiency of our groups in figuring out and executing in opposition to value discount alternatives with out compromising our capability to fulfill our prospects’ wants or our product high quality. Reflecting the over supply on our cost-reduction actions, we now have up to date our full-year COGS per metric ton steerage for 2024. We now anticipate roughly 20% year-over-year decline on a full-year foundation, which might lead to money COGS per metric ton of roughly $4,400 for 2024.

This compares to our earlier expectation of $4,600 to $4,800 per metric ton for 2024. As well as, we anticipate that our money COGS per metric ton will decline additional as we transfer into 2025. Turning to money stream. For the third quarter of 2024, money supplied by working actions was $24 million, and adjusted free money stream was $20 million.

General, we’re happy with this stage of money stream efficiency within the quarter. Whereas third quarter capex spending declined sequentially from the second quarter, we’ll proceed to spend money on our enterprise and count on to finish the 12 months in step with our full-year capex steerage of $35 million to $40 million. Because it pertains to working capital, we had one other favorable quarter with the decline in stock ranges reflecting the deliberate seasonal manufacturing shutdowns, which Jeremy spoke to, in addition to ongoing execution of our working capital initiatives. We stay targeted on decreasing our general stock ranges in 2024 as a part of these initiatives, and we now count on the web affect of working capital will likely be favorable to our general — to our full-year money stream efficiency versus our earlier expectation of a impartial affect.

We ended the third quarter with whole liquidity of roughly $254 million, consisting of $141 million of money and $112 million obtainable underneath our revolving credit score facility. On the subject of liquidity, let me present some particulars on the transactions for brand new capital that we introduced this morning. As Tim indicated, the transactions described within the dedication [Audio gap] on engaging phrases and lengthen our present debt maturities. Extra particularly, the advert hoc group of present bondholders are offering new financing to GrafTech within the type of a $275 million delayed draw time period mortgage that will likely be senior to our present debt.

Of the $275 million time period mortgage, $175 million will likely be drawn at transaction closing, which is anticipated to happen within the fourth quarter of this 12 months. The remaining $100 million will likely be obtainable to be drawn for a interval of 19 months following the transaction closing. The brand new time period mortgage will bear curiosity at SOFR plus 600 foundation factors on any portion that’s drawn with any undrawn portion topic to a decrease value till drawn. The time period mortgage will mature in December of 2029.

Concerning our present $950 million of senior notes due in December of 2028, an change supply will likely be launched shortly, whereby present bonds might be exchanged at par and at present rates of interest for brand new bonds with a one-year extension of the maturity to December of 2029. Based mostly on the extent of commitments to take part within the change supply, which have been acquired up to now from the bondholders, we anticipate almost all of our present bonds will likely be exchanged and topic to the maturity extension. Lastly, our $330 million revolving credit score facility scheduled to mature in Could of 2027 will likely be changed with a brand new $225 million revolving credit score facility that can mature in November of 2028. Whereas the general capability of the revolver will likely be decreased within the new capital construction, extra importantly, the quantity that’s obtainable to GrafTech after giving impact to the springing monetary covenant is not going to change.

In different phrases, our latest monetary efficiency at present limits our availability underneath the $330 million revolver to roughly $115 million, much less the at present excellent $3 million of letters of credit score. With the brand new revolver in the identical state of affairs, we’ll proceed to have $115 million of revolver availability much less the letters of credit score. With that background, let me flip to the following slide to additional reveal the profit that the introduced financing agreements will present to our liquidity place and our debt maturity profile. As I discussed earlier, we ended the third quarter with whole liquidity of roughly $254 million.

Factoring within the new $275 million delayed draw time period mortgage when totally drawn, this could greater than double our present liquidity, rising it to roughly $529 million. Turning to our debt maturity profile. The brand new $275 million delayed draw time period mortgage matures in 2029. Because it pertains to the present $950 million notes, the change providing supplies a one-year extension versus the present maturity date.

Due to this fact, assuming full participation within the upcoming change supply, we may have no excellent debt maturities till December of 2029. Additional, as I indicated beforehand, the revolver initially maturing in Could of 2027 has been prolonged 18 months to November of 2028. General, we’re proud to have reached this end result with our companions and admire their confidence in our capability to information the corporate by way of the present down cycle and to revive the corporate to worthwhile progress. Let me flip the decision again to Tim for some closing feedback on our outlook.

Tim Flanagan — Chief Government Officer

Thanks, Rory. And let me summarize. GrafTech continues to ship on our outlook and its initiatives as we proceed to concentrate on controlling the controllable. We’re happy with our crew’s execution and supported by our introduced financing transaction, we stay assured in our capability to handle by way of the near-term surroundings.

As we glance forward, our long-term optimism about our trade stays intact. Whereas we stay cautious on near-term metal trade developments, we now have persistently famous that cyclical downturns finally come to an finish. As well as, we proceed to consider that our trade has many long-term and sustainable tailwinds, mixed with our distinctive place and aggressive benefits, we stay assured we’re well-positioned to capitalize. For these causes, we consider the long-term progress alternatives in entrance of us are very actual.

Let me present some extra coloration on these ideas. In October, the World Metal Affiliation printed their most up-to-date short-term outlook for world metal demand. On a optimistic word, World Metal is projecting 3% progress for metal demand outdoors of China in 2025. This contains projected progress in almost all of our key areas, together with the EU, the Americas, the Center East, and in Africa.

And though the worldwide metal market is rebounding extra slowly than many initially anticipated, we discover the projected progress to be encouraging. Throughout this time, we now have proven unbelievable value and spending self-discipline, however we can’t lower our approach to progress and enhance monetary efficiency. In the end, the improved metal demand, in addition to the affect of introduced provide reductions, introduced value will increase, and the like, must translate right into a more healthy pricing surroundings. A wholesome metal trade wants a wholesome graphite electrode trade, and the present pricing ranges we’re seeing in a lot of our areas usually are not sustainable and don’t promote the long-term well being of our trade.

We spoke about this on our final name, and we’re inspired that we at the moment are seeing this acknowledged by others. Pivoting to the long run. We proceed to count on decarbonization efforts to drive a transition within the strategy to steelmaking with electrical arc furnaces persevering with to extend share of whole metal manufacturing. Based mostly on the most recent manufacturing statistics printed by the World Metal Affiliation, the EAF methodology of steelmaking accounted for 50% of worldwide metal manufacturing outdoors of China in 2023, a rise from 44% in 2015 with market share progress in almost each area.

And this development of EAF share progress is anticipated to proceed. As we have famous beforehand, we’re monitoring roughly 200 introduced initiatives from metal producers relating to plans for brand new EAF services or expansions of present services. Exterior of China, these initiatives are anticipated to lead to over 170 million metric tons per 12 months of recent EAF metal manufacturing capability coming on-line by the top of this decade, with a lot of this progress concentrated in our key business areas. This, in flip, is anticipated to drive incremental demand for graphite electrodes.

In reality, that 170 million metric tons of EAF metal capability, even at conservative assumptions round utilization charges at 75% might translate into about 200,000 metric tons of incremental demand for graphite electrodes on an annual foundation. That will be 25% greater than the whole manufacturing capability that at present exists outdoors of China. All in, this could drive graphite electrode demand rising at a compound annual progress price of three% to 4% by way of the top of the last decade. Importantly, about 80% of that progress would happen in areas the place we have already got a robust presence.

Transferring on to petroleum needle coke. The anticipated demand progress for petroleum needle coke, the important thing uncooked materials we use to provide graphite electrodes can even current a tailwind for our enterprise given our substantial vertical integration. We count on this demand for high-quality needle coke to be pushed by two key elements: first, the demand for graphite electrodes from the continuing shift to EAF steelmaking I simply spoke to; and second, and extra importantly, the demand for artificial graphite anode materials to be used in electrical automobile batteries, the place needle coke is a key precursor materials. Rising demand for needle coke ought to lead to elevated needle coke pricing.

Given the excessive historic correlation between petroleum needle coke pricing and graphite electrode pricing, this development ought to translate to greater market pricing for graphite electrodes. This once more reinforces the important thing aggressive benefit that our substantial vertical integration into needle coke affords us because it pertains to our graphite electrode enterprise. Each inside and past graphite electrodes, we proceed to concentrate on methods to maximise the worth of our distinctive property and capabilities. This contains pursuing partnership alternatives to increase the manufacturing capability of Seadrift.

An enlargement would offer significant capability to serve the anode materials market whereas sustaining ample capability to stay considerably vertically built-in for graphite electrodes. Because it additional pertains to collaborating within the rising — within the progress of the anode materials market, we’re additionally making investments inside our R&D operate, together with pilot scale property in our technical heart to advance our technical capabilities. This stays a dynamic and thrilling alternative with our property and experience positioning us properly to be a key participant on this area. In closing, to handle by way of the difficult near-term trade dynamics, we set out a plan, and we’re executing in opposition to it.

We’re assured within the steps we’re taking, have improved the place that GrafTech to learn as the worldwide metal market rebounds. Long run, as decarbonization efforts drive an extra shift to electrical arc furnace steelmaking and better graphite electrode demand, we’re poised to capitalize on that anticipated progress. Our confidence is anchored in GrafTech’s distinct set of property, capabilities, and aggressive benefits that we have spoken to. General, we’re happy with our latest accomplishments and stay assured in GrafTech producing nice worth for its stockholders.

This concludes our ready remarks. We’ll now open the decision for questions.

Questions & Solutions:

Operator

Thanks. [Operator instructions] And your first query comes from the road of Invoice Peterson with J.P. Morgan. Please go forward.

Invoice Peterson — Analyst

Yeah. Hello. Good morning. Thanks for taking the questions, and good job on the price on efforts you have been doing.

Simply on the near-term surroundings, aggressive in pricing, spot seems prefer it’s fallen one other $200 per ton. The near-term commentary stays weak, which is constant over the previous couple of quarters. However I assume how does the spot pricing decline examine to the most recent needle coke pricing you are seeing? And I assume how ought to we take into consideration the pricing expectations in your order e book quarter up to now or close to time period?

Tim Flanagan — Chief Government Officer

Yeah. Thanks, Invoice. And I feel you are completely proper within the commentary across the spot market, proper? We have seen a reasonably regular decline in pricing as we have gone by way of the stability of the 12 months, winding up this quarter at about $4,150 on a weighted common foundation throughout all of the geographies. I might say that needle coke costs have remained comparatively constant over that point.

We’re nonetheless within the, name it, $1,000 to $1,300 vary relying on grades and jurisdiction for needle coke. So we have seen a little bit little bit of a flooring or at the very least a value help stage on the needle coke facet, however you are still seeing some slide on the electrode facet. A few of that is timing associated, proper, as contracts are negotiated and delivered as we undergo the quarter. However sure, nonetheless a tricky pricing surroundings.

However definitely, I feel as we glance ahead, once more, for all the causes that we have said, whether or not that pricing turns instantly or if it takes a little bit little bit of time, we do anticipate a rebound each in needle coke pricing as demand picks up for needle coke, which once more then has a knock-on impact and can drive up electrode pricing. I feel as you have a look at the trade extra broadly, and I commented {that a} wholesome metal trade wants a wholesome electrode trade. Pricing in lots of the jurisdictions we’re seeing proper now, I might not describe as wholesome or sustainable for any of the important thing gamers on this market. So in some unspecified time in the future in time, both firms will proceed to take motion, whether or not that is introduced provide reductions, which we have talked about our announcement again in Q1, we talked about others’ bulletins in Q2 otherwise you’ll see pricing actions, which once more, we have seen some pricing announcement right here by rivals out there extra just lately.

So these actions should happen to stability out the market as a result of in any other case, you will not have a wholesome market to underpin all the demand progress for metal going ahead.

Invoice Peterson — Analyst

OK. Thanks for that. And once more, on the price facet, higher than anticipated, which we’d have thought with perhaps the gross sales surroundings could not have seen as a lot fastened value absorption. So I assume, how ought to we take into consideration the potential for value downs and perhaps underlying assumptions round your progress expectations for subsequent 12 months? How ought to we take into consideration that progressing over the following a number of quarters?

Tim Flanagan — Chief Government Officer

Yeah. So let me begin, after which I will flip it over to Rory to remark a little bit bit extra on the price facet. However I imply, it is a actually super effort by our groups, proper? That is the self-help that we are able to do for our enterprise, and there is been an incredible quantity of vitality on the price facet to work this down. We’re benefiting from rising quantity, which helps on a set value foundation, however the operations crew extra broadly has executed a very good job of being laser-focused on value management and count on that to proceed.

So I will flip it over to Rory and he can present some extra particulars.

Rory O’Donnell — Chief Monetary Officer

Yeah. So thanks, Invoice. Only a reminder on our value breakdown. Primarily, our manufacturing value is about 25% fastened, the biggest element of that fastened value being labor prices.

The rest might be evenly break up between needle coke prices and different variable prices, similar to vitality, freight prices, and the like. We have now made super progress in not solely controlling the variable prices by way of totally different procurement methods, totally different course of engineering enhancements that we have made, however we have additionally sort of — we have diversified our provider base. So we introduced down among the value of a few of our uncooked supplies by way of qualification of further distributors and the like. So we have created a little bit little bit of a pricing battle between a few of our distributors, and it is actually beginning to present advantages.

In order that’s for 2024. As you understand, in 2024, we additionally took out numerous fastened prices with the curtailment of St. Marys. We additionally took some overhead value discount initiatives within the first quarter of the 12 months.

So shifting into 2025, we will see the wraparound impact of all of the issues I’ve simply talked about. These issues, coupled with an outlook of elevated volumes and stuck value leverage is absolutely what we’re as the important thing sources of bringing down — persevering with to carry down that money value per ton into the longer term.

Invoice Peterson — Analyst

If I might sneak yet one more in. Within the battery remark, it is fascinating. It sounds such as you’re seeking to make investments extra in right here. Simply questioning right here, how does the change in authorities — how does that change your view of, as an instance, a authorities that likes to stability and have native manufacturing and native manufacturing versus perhaps a possible chance that among the home content material kickers could also be going away? I assume, do you see any change in your prospects’ habits or eager to work with you? Or is it really constant and seeking to transfer forward?

Tim Flanagan — Chief Government Officer

Yeah. I do not assume — properly, I might say it is too early to — and I am not going to invest on what outcomes of elections are in any other case going to drive or how that is going to vary the panorama. However I feel there nonetheless stays sturdy curiosity within the needle coke that Seadrift supplies and what the work that me and the crew have been doing from a growth perspective, demonstrating on the needle coke entrance and the way that may be an acceptable precursor for anode supplies. So we nonetheless really feel very optimistic about our capability to leverage Seadrift as an asset and once more, diversify our general enterprise and increase that operation.

And actually, once more, have the fabric to place into the anode market as an finish market, however then additionally proceed to solidify our place of being vertically built-in as a result of we expect that is an enormous asset for us as we take into consideration our enterprise long term.

Jeremy Halford — Chief Working Officer

Possibly I might simply add one thing to what you are saying, Tim. Invoice, we’re solely three years since automakers needed to curtail manufacturing due to a scarcity of a home provide chain. And I feel that as we see their automobile fleet evolving to an electrical automobile over time, they are going to wish to have that home provide chain established. And so no matter which politician occurs to be in workplace, I feel it is simply good enterprise follow to have that home provide chain.

Invoice Peterson — Analyst

Good job on the price facet.

Tim Flanagan — Chief Government Officer

Thanks, Invoice.

Operator

And your subsequent query comes from the road of Alex Hacking with Citi. Please go forward.

Alexander Hacking — Analyst

Yeah. Thanks. Good morning. Simply to comply with up on the pricing query.

I assume, how is the tenor of negotiations for first half of subsequent 12 months? I assume that we’re in contracting season. And the way has the 20% value enhance introduced by one among your rivals affected that dynamic? Thanks very a lot.

Tim Flanagan — Chief Government Officer

Yeah. Thanks, Alex, and admire the query. And also you’re completely proper. We’re in the course of what we’d contemplate our key negotiation season, definitely for patrons on an annualized foundation in North America, however extra broadly for the Q1 and first-half deliveries for subsequent 12 months.

Actually, the 20% value enhance, I am supportive of. I feel it is the fitting transfer, given all of my earlier commentary in regards to the sustainability of pricing and the place we really feel that electrode pricing must go to have a wholesome trade. As a result of proper now, I do not assume that we expect that’s wholesome throughout the board. The last word stage of realization of that 20% goes to depend upon a few issues.

One, the areas that you simply’re speaking about. However then two, it is what your place to begin is. And I do not assume everyone is ranging from the very same stage. So we expect it helps.

However in the end, we’re not simply taking pricing multiplying it by 20%, and shifting ahead. So we’ll be strategic about it as we strategy our prospects. However general, inspired in regards to the dialogue and the discussions we’re having, each within the Americas, in Europe and extra broadly as properly. Most likely do not wish to say far more than that from an general contracting perspective as these are lively and ongoing dialogues, however definitely may give a broader replace and a extra fulsome replace on our This fall name in February.

Alexander Hacking — Analyst

Yeah. Thanks for the colour, and I do admire that it is ongoing. And I assume a follow-up query on the HEG funding. Have you ever had any dialogue with them? Or is that this only a fully hands-off funding? Thanks.

Tim Flanagan — Chief Government Officer

Yeah. No, thanks for that. Respect it. And perhaps only for a little bit of background.

So HEG started buying a place earlier on this 12 months. They disclosed that place of their annual report in March. They did inform us that earlier than that public disclosure got here out that they’d begun inquiring shares within the firm. And so, I feel they sit at present at simply over 8%, and that is primarily based on their 13G submitting.

So once more, a sign of a passive possession perspective and in step with their public commentary. However I imply, I feel extra importantly, it is a good underwriting of our enterprise with one among your rivals, not solely feedback on the power of your asset and the distinctive place of the vertical integration that we now have, however they’re placing the {dollars} behind it as properly. So we admire that endorsement. And sure, so we’ll see how that performs out going ahead.

Alexander Hacking — Analyst

OK. Thanks, Tim and crew. Better of luck.

Tim Flanagan — Chief Government Officer

Yep. Thanks.

Operator

Your subsequent query comes from the road of Arun Viswanathan with RBC Capital Markets. Please go forward.

Arun Viswanathan — Analyst

Nice. Thanks for taking my query. I wished to ask a little bit bit about manufacturing and gross sales. So it seems like in Q3, you actually ratcheted again your manufacturing volumes all the way down to that 19,400 metric tons, however you had been nonetheless capable of promote 26,400 tons within the quarter.

So it seems such as you offered by way of some stock. Would you say that out of among the — and also you ratcheted again the charges in a few of your European services? Is that technique full? Would you say that you have put your inventories in good positions? How are you anticipating your manufacturing to sort of development as you progress ahead into This fall and into Q1?

Jeremy Halford — Chief Working Officer

Yeah. We did precisely what we had deliberate to do. As we set our annual plan at first of the 12 months, we knew that we had been going to take some downtime in Europe for sort of a mix of things: one, to take the time to correctly keep our tools; secondly, to handle our prices; and thirdly, to handle our stock all the way down to the focused ranges. So I feel the crew executed precisely what I hoped they might do, and we’re fairly pleased with the place we’re at.

As we go ahead, we should always count on that manufacturing and stock — pardon me, manufacturing and gross sales will largely march in line from right here by way of the remainder of the 12 months. After which as we get into subsequent 12 months, as we construct out that working plan, we’ll do what it takes to realize the sort of the best return on property.

Tim Flanagan — Chief Government Officer

Yeah. Arun, I will simply add to Jeremy’s feedback. Take into consideration working capital to be pretty impartial within the fourth quarter, a good quantity of alignment once more between manufacturing and gross sales. Going again to sort of the elevated liquidity, that offers us the power and the flexibleness to rebuild among the stock as we undergo ’25, in step with our expectations for progress, not solely in ’25, however definitely past that as properly.

So within the close to time period, pretty balanced. There is not far more to take out on the stock entrance aside from persevering with to drive down prices and decrease our unit prices sitting on the stability sheet.

Arun Viswanathan — Analyst

Nice. After which simply additional in your expectations, the worldwide metal utilization price was the bottom in Q3 in line with your Slide 6 versus another latest intervals. So how do you see that trending, I assume? And perhaps if it is useful, you would give us some commentary by finish market. I do know auto, we expect perhaps flat to barely down auto world manufacturing subsequent 12 months.

What’s your expectations on how volumes and manufacturing might evolve perhaps into ’25? Possibly you would assist us out with that as properly.

Tim Flanagan — Chief Government Officer

Yeah. So perhaps I will begin with and — we do count on a rise in our gross sales quantity heading into subsequent 12 months. We’re guiding to low double-digit progress off of what we in any other case count on for this 12 months. So we do assume that in the end, we’ll see larger demand for our merchandise.

A few of that’s regaining market share. A few of that is elevated demand. If we discuss areas, particularly, Europe remains to be very a lot a hand-to-mouth market the place shopping for is being executed on very restricted foundation and stock ranges are comparatively low. I feel the U.S., perhaps there was a little bit of a slowdown in metal manufacturing within the third quarter.

And I feel a few of that could be a mixture of simply election uncertainty and simply taking a pause in and a breather, however we do not actually see a major change within the panorama within the U.S. as we glance out, proper? Nonetheless anticipating some small low single-digit progress as we head into subsequent 12 months from an general demand perspective within the U.S. I do not assume the outlook on specific industries has materially modified. Most likely the one factor that’s nonetheless ready or seeing the way it manifests itself is all of the stimulus in China, what that does to their property sector, their home metal manufacturing, and the way that in any other case impacts pricing and utilizations going ahead.

However general, I might say that nothing has modified from our outlook considerably, and however do count on to begin to see a little bit little bit of restoration as we head into subsequent 12 months from an underlying demand perspective.

Arun Viswanathan — Analyst

OK. And simply to make clear, did you say that you simply do count on low double-digit progress for subsequent 12 months? Is that volumes? Or is that EBITDA? Or how ought to we take into consideration that?

Tim Flanagan — Chief Government Officer

Our gross sales — sure, our gross sales quantity, we count on low double-digit progress subsequent 12 months in gross sales quantity.

Arun Viswanathan — Analyst

OK. And a part of that’s perhaps a few of this ratcheting again in numerous intervals this 12 months? Or what’s driving that year-on-year enhance?

Tim Flanagan — Chief Government Officer

So I imply, I feel it is a few issues. One, we do count on the market to begin to start to recuperate. That will likely be a portion of it. Secondly, I discussed the event of the 800-millimeter electrode.

This can be a market that we now have not been a participant in, prior to now. We have now a product that works as we anticipated. So we anticipate quantity within the 800-millimeter market subsequent 12 months, in addition to our efforts on the business entrance, to reengage on a extra holistic stage with our prospects and regain the market share we misplaced when Monterrey was shut down. And we’re seeing that.

We proceed to see quarter-over-quarter will increase in our gross sales quantity, whereas others are saying decreases in quantity 12 months over 12 months. So we’re happy with the trouble. It is simply — it’s a sluggish methodical march in regaining that quantity. However we expect finest that we are able to inform, we anticipate that will probably be low double digits as we head into subsequent 12 months.

Arun Viswanathan — Analyst

OK. That is useful. After which from a profitability standpoint then, so I assume the hope is that you’ll flip the nook again on to profitability. Do you count on that, I assume, as quickly as This fall? And the way sustainable is that? Is that primarily pushed by your personal actions on the price facet? Or wouldn’t it be depending on volumes persevering with to enhance? After which on that time, is there any value per ton metrics we should always consider when fascinated by our preliminary ’25 framework?

Tim Flanagan — Chief Government Officer

Yeah, so rather a lot there. I do not assume we’re sitting right here simply hoping issues get higher. We’re definitely and definitively taking motion to make sure that, a, we’re as value aggressive as we might be as we go ahead. We have guided to now 20% down on the price facet, so roughly $4,400 a metric ton on a full-year foundation.

We count on that to be higher as we head out into 2025, as Rory alluded to. And I feel long term, we count on to proceed to have the ability to drive prices out of the enterprise. And definitely, as volumes will proceed to extend and we get to extra normalized capability, we’ll drive down our fastened value leverage even additional. So we totally anticipate being value aggressive as we transfer ahead.

By way of profitability, we have talked about pricing already. Pricing within the third quarter was at $4,150. The dynamics to vary pricing, you are beginning to see among the seeds being sown, if you’ll, when it comes to rivals saying value will increase, capability coming offline, proper? There must be extra motion that takes place earlier than you see significant and sustainable value will increase. So I feel as we glance out over the total 12 months, in case you take sort of present pricing ranges and present value ranges to what we have guided to, you are proper, roughly round breakeven on a revenue — on a margin line within the fourth quarter.

Arun Viswanathan — Analyst

I am sorry. That is nice. I actually admire all these feedback. If I might simply ask yet one more.

Simply on the footprint itself, in case your utilization charges perhaps are — and you’re taking this downturn — downtime in Europe, are you guys snug with all the property inside the portfolio proper now? Are there any actions you may take to both change that footprint? Or do it is advisable, given that you simply do have fairly a little bit of respiratory room now on the liquidity entrance, perhaps not. However simply — perhaps I can simply wrap up with a few of your feedback on that entrance.

Tim Flanagan — Chief Government Officer

Yeah. So let me step again and discuss to once we took motion in Q1 of this 12 months, and idled St. Mary’s and took another manufacturing capability offline, and sort of reset our nameplate to 178,000 tons. We did that with a view of what we consider the market goes to want and require from us on a go-forward foundation.

So from that standpoint, we really feel that the property we now have, the gathering of the working and provide chains we have established between the three services which are our main manufacturing services is the right combination for us going ahead. These three services are all high quality services. Monterrey, ever for the reason that shutdown has been working flawlessly. And now as we sit right here at present, we have sort of received the entire journey of Monterrey behind us and have closed out the conditional restart allow that was issued again in November of 2022.

So we’re more than happy on that. And the European services proceed to run properly. And once more, these are world-class services. So the footprint is true for at present.

The place I feel that adjustments is, if outlook in the long run one way or the other adjustments or it would not present itself in the identical manner, then we must have a look at our manufacturing community and say, do we actually want 178,000 tons of capability? Nonetheless, shutting down a plant just isn’t a short-term choice or a short-term measure, proper, due to the fastened value and the jurisdictions that they function in. You do not save a lot cash 12 months one. So you must have a multiyear view that you do not want that offer earlier than you are taking it off. All that being mentioned, we, like everyone else, are right here to generate income and create returns for our shareholders.

So if that does not change and we’re not capable of do it with the present footprint, we’ll take the steps that we have to, to return the corporate to profitability.

Operator

And your subsequent query comes from the road of Kirk Ludtke with Imperial Capital. Please go forward.

Kirk Ludtke — Imperial Capital — Analyst

Good day. Tim, Jeremy, Rory, Mike, only a follow-up on the pricing matter. It looks as if there are indicators that pricing is stabilizing. I do know you are early in your negotiations for subsequent 12 months.

However are there any conversations or have — are there extra conversations than final 12 months relating to longer-term agreements?

Tim Flanagan — Chief Government Officer

Yeah. I will let Jeremy weigh in as properly. I do not know if there are extra conversations about long-term agreements. We use these as a way of participating with prospects that desire a strategic relationship, proper? Not essentially prospects which are attempting to lock in what they consider is a low level within the pricing.

These contracts need to work for either side of the social gathering. So once more, as I commented, they are going to be a comparatively small piece of the order e book. We’re very completely happy to have them, and we’re more than happy with the engagement and the partnership that we solid with these prospects which are participating them. They don’t seem to be for everyone.

Not everyone buys on the longer-term horizon. So I do not know if there’s extra conversations essentially about longer-term agreements at present than there was a 12 months in the past. Most likely sure, simply given the truth that — final 12 months, we had been within the one 12 months faraway from the Monterrey shutdown, and we had been simply, once more, attempting to bolster our place within the trade and that GrafTech goes to be round subsequent 12 months, and the 12 months after and for the long term. So — however sure, I assume perhaps a little bit little bit of coloration there on how we’re fascinated by these agreements.

Kirk Ludtke — Imperial Capital — Analyst

That is fascinating. I admire it. After which a follow-up on the competitor that raised costs. Is that targeted on any specific area? Are you able to touch upon the timing? And the way that will come about? Would you usually have some sense as to how prospects will react to that earlier than you announce one thing like that?

Tim Flanagan — Chief Government Officer

Yeah. I do not know if I can touch upon what stage of consolation or confidence they’d within the capability to get a 20% enhance to stay and the timing of that announcement. Actually, once more, it is an acceptable step as we glance out and attempt to enhance the well being of the trade extra broadly, however I actually cannot remark a lot past that.

Kirk Ludtke — Imperial Capital — Analyst

OK. After which lastly, congratulations on the brand new cash. And I feel you touched on this, however I simply wish to ensure that, are there any monetary covenants within the delayed draw time period mortgage that will forestall you from accessing that facility?

Tim Flanagan — Chief Government Officer

Sure. So Kirk, thanks for that, and I admire the query. Possibly only a fast remark. I imply, we view this as actually an necessary transaction for us to take the liquidity subject off the entrance and heart query for not solely buyers, however our prospects and actually permit us to function our enterprise, concentrate on issues that we are able to management like reducing prices, participating with prospects.

So it is a actually huge transaction for us, and we’re happy to have the help of our lenders and RCF lenders to take action. However with respect to the covenants, I will let Rory touch upon these.

Rory O’Donnell — Chief Monetary Officer

So far as accessibility of the brand new cash, as we mentioned, it is accessible for 19 months from closing. So the delayed draw element of it’s accessible for 19 months. The covenants are I contemplate them customary. There are particular restrictions on taking up further debt and the like, however there is not any shock covenants that will forestall us from accessing that second draw or that further draw after the preliminary funding to reply your query straight.

Kirk Ludtke — Imperial Capital — Analyst

Superior. I admire it. Thanks.

Operator

Your subsequent query comes from the road of Matt Vittorioso with Jefferies. Please go forward.

Matt Vittorioso — Jefferies — Analyst

Yeah. Good morning. Thanks for taking my name, and congrats on the transaction. I assume simply to comply with up on that final touch upon restrictions round further first-lien debt.

I feel that will be the important thing for the present bonds that at the moment are going to be second-lien bonds. How a lot further debt are you able to layer in at that new first lien layer? Is that one thing you may present us at present?

Rory O’Donnell — Chief Monetary Officer

I do not assume I can present that to you off the highest of my head. I am completely happy to comply with up. OK.

Matt Vittorioso — Jefferies — Analyst

However there’s a cap on further first-lien debt?

Rory O’Donnell — Chief Monetary Officer

Yeah, there’s. And once more, the primary precedence debt is now the brand new cash of $275 million and the revolving credit score facility of $225 million. So we now have these two precedence devices, which, once more, we are able to — we view the revolver as standby liquidity, if something. The $275 million is the liquidity that we have obtained on this new cash transaction.

Matt Vittorioso — Jefferies — Analyst

Yeah. OK. After which my second query or remark can be, clearly, nice to have the help of your lenders, and I feel it is a nice transaction to increase runway and offer you time to hopefully see higher days within the electrode market. I assume the one factor that some people had been doubtlessly searching for was your capability to seize some low cost.

The present bonds had clearly traded at some fairly low greenback costs. Was {that a} consideration at any level? And I assume the truth that you did not push for low cost seize, does that recommend that you simply guys are in the end snug with this debt load. Like in your thoughts, as earnings recuperate, is that this the suitable debt load for this firm on, say, like a mid-cycle earnings?

Tim Flanagan — Chief Government Officer

Yeah. Thanks for that, Matt. And as you understand, I imply, there’s at all times levers which are push and pulls in these type of transactions and negotiations, and it is a stability of what is most necessary when it comes to whether or not it is the price of the debt, whether or not it is the maturity, whether or not it is low cost seize. And so I feel with out moving into specifics, we weighed sort of all of these choices and mentioned this was in the end the perfect deal that gave us very value aggressive capital for an organization like ours.

It gave us the maturity extension we wished, and it additionally gave us the strategic flexibility to proceed to pursue sort of the expansion and enlargement alternatives which are necessary to us. So we’re more than happy with the deal and the assemble that we reached in there. With respect to the general leverage perspective, proper, we have talked about this prior to now, and I do not assume my view on this has modified. We in the end might want to carry our leverage down, and we’ll try this over time.

However this was an necessary step once more to make sure that the liquidity query is off the desk. The pressures which are related to the liquidity questions are off the desk and permit us to concentrate on working the enterprise and transfer ahead. So over time, debt will come down. We are going to enhance the general leverage.

That may occur twofold: one, by decreasing debt, but additionally rising general EBITDA ranges as we go ahead.

Matt Vittorioso — Jefferies — Analyst

Nice. Once more, congrats on the transaction. Thanks, guys.

Tim Flanagan — Chief Government Officer

Thanks. Respect it.

Operator

And your final query comes from the road of Abe Landa with Financial institution of America. Please go forward.

Abe Landa — Financial institution of America Merrill Lynch — Analyst

Good morning. Additionally, congratulations on the fairness transaction. I seen inside your 8-Ok, you supplied some EBITDA and levered free money stream steerage. I am questioning in case you can perhaps present among the underlying value quantity and money COGS per ton assumptions.

Tim Flanagan — Chief Government Officer

Yeah. Thanks, Abe, and I admire that. So definitely, and customary with transactions like this, we did present some forward-looking outlook to help the underwriting technique of each our present bondholders, in addition to the revolving credit score facility lenders. I’ll say and perhaps simply say this upfront, it would not actually change our perspective on how we will present steerage and sort of extra near-term steerage and outlook will stay customary to what we have traditionally executed when it comes to some course and a few short-term indications of the place we expect the enterprise is heading.

However I feel in case you look extra broadly, that five-year outlook is absolutely underpinned within the quick time period on our views across the market because it exists at present, among the information factors that we have talked to across the short-term outlook from World Metal, our engagement with prospects, our views on value within the quick run. As we glance out additional, the longer-term outlook is absolutely underpinned by the expansion of the EAF trade, the expansion within the demand for needle coke, and all of our sort of advantages that we get related to that as properly, each from the electrode enterprise and the place we wish to head on the EV enterprise. I’ll add that in case you have a look at our present footprint of working property within the 178,000 tons of capability, that’s the base assumption in that outlook. It isn’t assuming a broad enlargement of any type of property as we glance on the market.

In order that’s actually a view on the bottom enterprise. And long term, and we have talked rather a lot about this prior to now. We predict there’s sturdy help for each needle coke pricing as a key uncooked materials, however then extra importantly, electrode pricing to return to historic averages, and that will likely be a mix of trade progress, in addition to demand on the needle coke facet. So these longer-term averages sort of underwrite our expectations into the longer term, in addition to our views round prices, that we have talked about.

So prices within the neighborhood of $4,400 for this 12 months count on that to come back down in ’25, and we’ll proceed to drive down prices and get the good thing about fastened value leverage as we go ahead. So past that, I do not wish to get into specifics on year-over-year sort of actions or adjustments. However hopefully, that offers you a little bit little bit of coloration and views round sort of the considering of that — these outlook gadgets.

Abe Landa — Financial institution of America Merrill Lynch — Analyst

Yeah. That does present a pleasant framework. Possibly yet one more on the debt transaction. It looks as if there’s some further subsidiary guarantors, the overseas subs.

Are you able to perhaps higher describe what’s new there?

Rory O’Donnell — Chief Monetary Officer

Yeah. So we have included within the collateral package deal the vast majority of the property in our overseas areas as a part of the collateral package deal. There are some which are excluded. We proceed to have some nonoperating authorized entities in overseas jurisdictions that are not included within the collateral package deal.

However we have included — it is a fairly vital enhance within the property topic to the collateral package deal. I feel we are able to say safely that all the working property are included at the moment.

Abe Landa — Financial institution of America Merrill Lynch — Analyst

And lastly, simply given the elections, I do know Trump has proposed various tariffs. Are you able to perhaps simply discuss in regards to the potential affect of future tariffs, perhaps not solely in North America, however I do know different international locations globally have additionally introduced potential tariffs on metal coming from China and the way that will affect the trade on the whole?

Tim Flanagan — Chief Government Officer

Yeah. Once more, I am undecided I wish to speculate on how an administration performs out. I imply, sure, the U.S. is a vital market to us.

And sure, we’re headquartered within the U.S., however we now have operations and prospects globally, and it is simply one among many geopolitical forces that affect our enterprise. I might say the administration, the final go round was very professional metal, pro-domestic metal. And definitely, that helps our U.S. prospects and continues to help what’s an in any other case wholesome trade.

And I feel you are seeing the world extra broadly take a little bit of a place extra shortly than perhaps they did again in ’15, ’16, ’17 on China and the exports, proper? And I do not assume the world goes to let a repeat occur the place that flood of low-priced exports erodes and in any other case decimates home metal market. So given the truth that our two foremost areas are the Americas and Europe, we’ll proceed to learn from the commerce protections which are in place on the electrode facet. We count on these areas to proceed to have tariffs in place on the metal facet, which can help these home markets. However that leaves different areas of the world sort of uncovered to Chinese language exports, and people proceed to be challenged markets broadly for each metal and the electrode enterprise extra broadly.

In order that’s why I feel we return to China needing some reform on their half, whether or not that comes within the type of rationalizing their home provide each on the metal and the electrode facet or extra importantly is, as they proceed to determine their scrap provide chains and assortment autos, that EAF trade not solely grows to the said 15% that they are concentrating on, which, once more, is an additional 50 million tons of annual metal manufacturing, however that it runs at a utilization price just like the place their blast furnaces run. So that you get again to north of 70%, 75% blended sort of price on utilization, that will go an extended approach to in any other case supporting the trade extra broadly.

Operator

Thanks. And this concludes our question-and-answer session. I’ll now hand the decision again over to Mr. Flanagan for closing feedback.

Tim Flanagan — Chief Government Officer

Thanks, Ludy. I admire everybody’s time at present and your ongoing help of GrafTech. We stay up for talking with you subsequent name.

Operator

[Operator signoff

Length: 0 minutes

Name members:

Mike Dillon — Vice President, Investor Relations and Company Communications

Tim Flanagan — Chief Government Officer

Rory O’Donnell — Chief Monetary Officer

Jeremy Halford — Chief Working Officer

Rory ODonnell — Chief Monetary Officer

Invoice Peterson — Analyst

Alexander Hacking — Analyst

Alex Hacking — Analyst

Arun Viswanathan — Analyst

Kirk Ludtke — Imperial Capital — Analyst

Matt Vittorioso — Jefferies — Analyst

Abe Landa — Financial institution of America Merrill Lynch — Analyst

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