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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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July 29, 2014
08:58 EDTGTIGrafTech sees FY14 EBITDA $135M-$150M
Sees Q3 EBITDA $30M-$40M. Sees 2H effective tax rate ~35%. Cuts FY CapEx view to $85M-$95M from $100M-$110M, cuts FY cash flow from operations view to $125M-$140M from $150M-$180M.
08:58 EDTGTIGrafTech announces $126M non-cash impairment charge, additional initiatives
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08:57 EDTGTIGrafTech sees Q2 adjusted EPS (5c), consensus 1c
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08:56 EDTGTIGrafTech evaluating structure of Industrial Materials, Engineered Solutions
The company is reevaluating its business structure of the Industrial Materials and Engineered Solutions segments and the ongoing needs to support those businesses. The company expects to complete this assessment over the next quarter. Anticipated actions under consideration include a combination of layoffs, attrition, early retirement, reduced contractor costs and other cost savings initiatives designed to simplify work processes and drive greater accountability.

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