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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."
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July 29, 2015
07:55 EDTGTIGrafTech does not see significant improvement in results in 2H15
Market conditions remain challenging in both the Industrial Materials segment and Engineered Solutions segment. Pricing in the Industrial Materials segment will be lower year-over-year, while volumes in this segment remain under pressure due to weak electric arc furnace steel production in response to continued end market weakness and temporary displacement by high Chinese steel export levels. In the Engineered Solution segment, weak advanced consumer electronics and oil and gas market demand for our products is negatively impacting volumes and pricing. While the previously announced cost initiatives are on track to deliver $50 million in cash savings in 2015, these savings will not fully offset the decline in pricing and volume across both business segments. In light of these market conditions, the Company will reduce production rates further to align with current market demand. Based on these conditions, the Company does not expect a significant improvement in results in the second half of 2015.
07:55 EDTGTIGrafTech says on track to deliver approx. $50M in cash savings in 2015
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07:54 EDTGTIGrafTech reports Q2 adjusted EPS (12c), consensus (10c)
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