GrafTech International Ltd 2024年度报告

2024 ABOUTGRAFTECH GrafTech International Ltd. is a leading manufacturer of high-quality graphite electrode products essentialto the production of electric arc furnace steel and other ferrous and non-ferrous metals. The Company hasa competitive portfolio of low-cost, ultra-high power graphite electrode manufacturing facilities, with someof the highest capacity facilities in the world. We are the only large-scale graphite electrode producer thatis substantially vertically integrated into petroleum needle coke, our key raw material for graphite electrodemanufacturing. This unique position provides us with competitive advantages in product quality and cost. FINANCIALHIGHLIGHTS Net salesNet lossLoss per share(1)Adjusted EBITDA(2) Key Operating Measures Sales volume(in thousands of metric tons)Production volume(in thousands of metric tons)(3)Capital expenditures(in millions) Stock Performance The following graph compares the cumulative total shareholder returns of our common shares, the Russell 2000 Index, and the NYSE Arca Steel Index (TR). The graph assumes theinvesting of$100 from December 31, 2019 through December 31, 2024, with dividends assumed to be reinvested when received. The performance reflected below is not necessarilyindicative of future performance. LETTER TOSTOCKHOLDERS Looking Ahead: Key Priorities for 2025 and Beyond Dear Fellow GrafTech Stockholders, While our industry is cyclical, we remain optimistic about long-term growthtrends. Decarbonization efforts are driving a transition in steel productionto EAF steelmaking. We expect this trend to continue and drive long-termdemand growth for graphite electrodes. In addition, we anticipate thedemand for petroleum needle coke, a key raw material used to produceultra-high power graphite electrodes, to accelerate driven by growing demandin end use applications such as lithium-ion batteries for electric vehicles andenergy storage systems. GrafTech International Ltd.(“GrafTech”) is proud to be a leaderin the manufacturing of high-qualitygraphite electrodes, essential toelectric arc furnace (“EAF”) steelproduction. As we reflect on ourperformance in 2024, we are proudof our resilience and adaptabilityin navigating challenging marketconditions while remaining focusedon our strategic priorities. GrafTech possesses distinct assets, capabilities, and competitive advantagesthat position us well to capitalize on these trends. We operate some ofthe most efficient and highest-capacity graphite electrode manufacturingfacilities globally and remain the only large-scale graphite electrode producerwith substantial vertical integration into petroleum needle coke production.These strengths enable us to provide a compelling value proposition to ourcustomers and are foundational to our ability to meet their needs. As wemove into 2025 and beyond, we remain focused on our key strategic prioritiesthat will capitalize on these strengths and guide our path toward improvedperformance and sustainable growth. We will deepen our relationships withkey customers, working collaboratively to address their evolving needs andchallenges. By continuing to invest in our product offerings and technicalsupport we will continue to drive value for our customers, positioningGrafTech to be a trusted partner for years to come. Timothy K. FlanaganChief Executive Officer and President 2024 Performance 2024 was a year marked by both significant challenges and notableachievements. Despite facing a muted demand environment and competitivepricing pressures that affected the graphite electrode industry, we remainedsteadfast in our commitment to operational excellence and meeting theneeds of our customers. We successfully increased our sales volume by 13%, growing our marketshare, expanding our product offerings and reinforcing our position as aleader in the graphite electrode industry. Simultaneously, we achieved a 23%reduction in cash costs per metric ton, demonstrating our relentless focus oncost management and operational efficiency. However, the financial benefitof these accomplishments was offset by broader market headwinds, leadingto a decline in our financial performance. In 2024, we reported net sales of$539 million, a 13% decline compared to the prior year. Our net loss was$131 million, or$0.51 per share(1). Adjusted EBITDA(2)for 2024 was$2 million,compared to 2023 adjusted EBITDA(2)of$20 million. In 2024, net cash used inoperating activities was$40 million and we invested$34 million in our capitalassets. We will also continue to drive operational efficiency across all aspects of ourbusiness. This includes enhancing our manufacturing processes, improvingcost discipline, and continuing our commitment to sustainability. Theseefforts are designed to improve our competitive position and enable us tocapitalize on market recovery as demand improves. Our overarching goal remains clear: to return to profitability and generatesustainable free cash flow. Through an enhanced customer