GRAFTECH INTERNATIONAL Business Summary

GrafTech International Ltd. (EAF) operates as a leading manufacturer of high-quality graphite electrodes and petroleum needle coke, essential components for electric arc furnace (EAF) steel production. The company’s business model is centered on its Industrial Materials segment, generating revenue through the global sale of ultra-high power (UHP) graphite electrodes and its proprietary petroleum needle coke produced via its vertically integrated subsidiary, Seadrift Coke L.P. This vertical integration provides a distinct competitive advantage by securing a low-cost, high-quality supply of raw materials, which are increasingly diverted to the electric vehicle battery market. As of early 2026, GrafTech is executing a strategic shift to expand its U.S. market share and optimize its geographic sales mix to mitigate global overcapacity and aggressive pricing from international rivals. Its primary direct competitors include Resonac Holdings (formerly Showa Denko), Graphite India Ltd., Tokai Carbon Co., and HEG Ltd., with GrafTech maintaining a premium position in the high-performance UHP electrode market despite current cyclical industry headwinds. Originally founded in 1886 as the National Carbon Company, GrafTech is currently led by President and CEO Timothy K. Flanagan, who brings extensive industrial pedigree from his previous tenure as Executive Vice President and CFO of Cleveland-Cliffs Inc. The executive team includes Senior Vice President and CFO Rory O’Donnell, Executive Vice President and COO Jeremy S. Halford, and Iñigo Perez Ortiz, who serves as Senior Vice President of Commercial and CTS. The company’s strategic direction is overseen by Chairman Henry R. Keizer, former Deputy Chairman and COO of KPMG, alongside a board that includes notable investors such as Debra Fine, founder of Fine Capital Partners. While historically backed by Brookfield Asset Management, the company now maintains a diverse institutional investor base including Millennium Management and Invesco Ltd., focusing on operational excellence and cost-reduction initiatives to navigate the volatile global steel and carbon materials landscape.