GrafTech International Ltd
GrafTech International Ltd. makes graphite electrodes used mainly in electric arc furnace (EAF) steelmaking and other metal-melting applications. The company is also vertically integrated into petroleum needle coke, its key raw material, which supports supply security and product quality across its global manufacturing network.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueHigh-quality electrodes sold to EAF steelmakers and other metal processors for high-temperature melting.
Key raw material products and related internal supply value embedded in the manufacturing chain.
Products
Reported · share of revenue- Graphite Electrodes91.4 %
- By Products and Other8.6 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
GrafTech sells primarily to EAF steel producers, which accounted for the vast majority of graphite electrode purchases in 2025. It also serves other ferrous and non-ferrous melting applications, fused materials, chemical processing, and alloy metals customers that need reliable high-temperature carbon solutions and technical support.
Buy graphite electrodes for steelmaking furnaces and value quality, uptime, and supply reliability.
Use electrodes in melting and alloy applications where high-performance carbon products are required.
Enter multi-year electrode supply agreements to secure volume, service, and predictable supply.
Purchase through short-term agreements or spot orders when demand is less predictable.
Strategy
GrafTech is shifting its commercial mix toward shorter-term purchase agreements and spot orders while still using multi-year supply contracts where they add value. Operationally, the company is focused on lowering cash cost per metric ton, managing working capital and capex, and using its integrated production network to reduce tariff and supply-chain risk.
Lower unit costs are central to competitiveness in a cyclical commodity-like market.
Customers value dependable delivery and the company uses contract duration as a commercial lever.
EAF adoption and synthetic graphite demand could expand the addressable market over time.
Geography
2025GrafTech sells in every major geographic region, with approximately 59% of 2025 net sales outside the United States. Management said 94% of 2025 net sales came from EMEA and the Americas, reflecting a business concentrated in mature steel markets and exposed to regional trade policy and tariff shifts. Manufacturing is centered in Calais, France; Pamplona, Spain; Monterrey, Mexico; and an idled facility in St. Marys, Pennsylvania.
Share of the revenue the company reports by geography.
Risks
The business is highly exposed to the cyclicality of global steel and EAF steel demand, so downturns can quickly pressure volumes and pricing. It also faces execution risk from trade policy, customer concentration in industrial end markets, and the possibility that NYSE listing issues, leverage, or asset impairments could weigh on liquidity and valuation.
- Cyclical EAF steel demandImpact: HighLikelihood: High
Graphite electrode demand is tied to steel production volumes and industrial end markets.
Exposure: Primary end market is EAF steel producers.
- NYSE listing complianceImpact: HighLikelihood: High
The common stock does not currently meet the NYSE minimum share price standard, which can hurt liquidity and investor access.
Exposure: Public equity market access and trading conditions.
- Customer and end-market concentrationImpact: HighLikelihood: High
Most revenue is tied to a narrow industrial use case and a limited set of downstream steel customers.
Exposure: EAF steel and related melting applications.
- Trade policy and tariff disruptionImpact: MediumLikelihood: Medium
The company operates a global manufacturing and sales network that can be affected by cross-border trade rules.
Exposure: Global supply chain and international sales.
- Asset impairment and underutilizationImpact: Medium
Weak demand or structural capacity changes can reduce cash flows and trigger impairment charges.
Exposure: Manufacturing facilities and other long-lived assets.
Accounting
Judgemental itemsRevenue depends on when graphite electrodes are shipped and recognized, which can create quarter-to-quarter volatility.
Impact: Affects reported net sales and comparability across periods.
Management must estimate future cash flows for manufacturing assets, and weak demand can trigger write-downs.
Impact: Could materially affect operating income and asset values.
Finished goods and raw materials must be carried at recoverable values despite cyclical demand and production swings.
Impact: Can affect cost of sales and gross margin.
Defined benefit assumptions influence expense and liabilities and are sensitive to discount rates and asset returns.
Impact: Affects operating costs and balance sheet obligations.
Recent note and loan transactions can create one-time charges and future interest burden.
Impact: Affects net income, cash flow, and leverage metrics.
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Last updated: 24/09/2026