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Stock Market & Financial Investment News

News Breaks
January 24, 2014
13:06 EDTGTIGrafTech issues statement regarding board nominations
The GrafTech Board will review the notice of nomination for compliance with the Stockholders’ Agreement with the Nathan and Daniel Milikowsky group, as well as GrafTech’s governing documents and applicable law, in due course. GrafTech stockholders are not required to take any action at this time. The company issued the following statement: "GrafTech’s Board and management team are always open to the views of its stockholders and value input towards the goal of enhancing value for all stockholders. The Board and management team continue to focus on profitably operating the business and strategically positioning GrafTech for long-term stockholder value creation. On January 21, 2014, we provided an update to the strategic initiatives we announced on October 31, 2013 that are designed to significantly improve GrafTech’s competitiveness, allow the Company to better serve customers and position our Industrial Materials business for success. The strategic initiatives address three key areas: profitability, cash flow and future growth. Consistent with our stated strategy, we announced our intention to close three facilities, including our two highest cost graphite electrode plants and a machine shop. All three plant closures are proceeding on schedule and as expected. Once implemented, the strategic initiatives are expected to yield approximately $75M in in annual cost savings, with $35M in anticipated savings in 2014."
News For GTI From The Last 14 Days
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April 15, 2014
19:14 EDTGTIGrafTech urges stockholders to vote for its director nominees
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09:02 EDTGTIGrafTech urges shareholders to vote for director nominees at annual meeting
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06:47 EDTGTIGrafTech likely to become embroiled in proxy battle, NY Times says
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April 14, 2014
07:46 EDTGTIGrafTech says stands behind prior investigation, process and findings
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April 13, 2014
15:32 EDTGTI'Save GrafTech' responds to settlement proposal rejection by Graftech
Nathan Milikowsky, a former GrafTech International director and a holder of over 15M GrafTech shares, or over 11.2%, of the common stock, sent a letter to GrafTech in response to the company’s rejection of Save GrafTech’s latest settlement proposal. Save GrafTech has nominated five directors for election to the board of directors of GrafTech at the company’s annual meeting of stockholders on May 15. The letter said in part: "On April 11, Save GrafTech proposed a settlement offer for minority representation on a newly reconstituted 10-member Board...Save GrafTech also proposed a solution to address any concerns the company might have about my suitability to rejoin the board...Having served on the Board with your current directors, I was not surprised that GrafTech rejected this eminently reasonable offer and responded in less than eight hours with an unacceptable counter-proposal. However, I was surprised that this rejection clearly betrays the board’s lack of confidence in the “findings" of its own Special Committee investigation, which was the pretext for excluding me from continuing to serve as a director in 2013...It is unfortunate that our settlement discussions have been scuttled by GrafTech’s inability to accept an exceptionally reasonable offer, which included minority representation for the Save GrafTech slate as well as a significant two-year standstill provision...I look forward to providing shareholders with a platform for truly meaningful change at the 2014 Annual Meeting. "

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