管理層發言
Hello everyone, thank you for joining us and welcome to GrafTech's Second Quarter 2026 Earnings Conference Call and Webcast. I will now hand the conference over to Mike Dillon, Vice President of Investor Relations and Treasurer. Please go ahead.
Good morning and welcome to GrafTech International's second quarter 2026 earnings call. Thank you for joining us. Joining me on the call are Tim Flanagan, Chief Executive Officer, and Rory O'Donnell, Chief Financial Officer. We'll begin with opening comments on our key strategic initiatives. Rory will then provide color on our quarterly results, outlook, and other financial matters. After closing comments by Tim, we will then open the call to questions. Turning to our next slide. As a reminder, our comments today may include forward-looking statements regarding, among other things, performance, trends, and strategies. These statements are based on current expectations that are subject to risks and uncertainties. Factors that could cause actual results to differ materially from those indicated by forward-looking statements are shown here. We will also discuss certain non-GAAP financial measures in these slides, including the relevant non-GAAP reconciliations. You can find these slides in the Investor Relations section of our website at graftech.com. A replay of the call will also be available on our website. I'm now turning the call over to Tim.
Good morning everyone, and thank you for joining us today. The second quarter marked another period of meaningful progress for GrafTech. We delivered strong sales volume growth, increased production and capacity utilization, and further improved our manufacturing cost structure. We also reaffirmed our full year sales volume and cost expectations while advancing the commercial and strategic initiatives we introduced earlier this year to improve both profitability and strengthen our business. In addition, we believe the underlying fundamentals of our end markets are moving in a positive direction. We are taking decisive actions to strengthen our business in the areas where we can make the greatest difference today. Taken together, we believe that this positions GrafTech to deliver stronger financial performance as industry conditions continue to improve. This morning, I'd like to begin with an update on our strategic priorities, then provide our perspective on the steel market and broader industry environment before discussing safety and turning the call over to Rory for a review of our financial results. When we spoke with you three months ago, we introduced a series of strategic initiatives designed to strengthen GrafTech's earnings power while supporting healthier long-term industry fundamentals. Those priorities build on the commercial, operational, and financial improvements we have made over the past several years, and I'm pleased with the progress we are making across each of them. First on the commercial front, we are pleased to have delivered 8% year-over-year sales volume growth this quarter, including a 29% increase in the United States, which remains our strongest commercial region. We continue to implement our previously announced price increases on uncommitted volume, which represents an important first step to restore pricing to the levels that safeguard regional graphite electrode production and the continuity of supply for our customers. As noted in our earnings release, since announcing these pricing actions near the end of the first quarter, we have secured customer commitments at prices that are on average more than 15% above those achieved prior to the announcement. With more than 90% of our anticipated volume already committed in our order book, mostly at price points that reflect market pricing at the end of the fourth quarter of 2025. This will not translate immediately into higher realized pricing as we've previously discussed. However, these higher price commitments will be reflected in our financial results over time as those shipments occur. Ultimately, the acceptance of higher prices is a strong indicator that our customers recognize the importance of securing a reliable supply of high-quality graphite electrodes backed by world-class technical support. Second, with respect to trade policy, we continue to advocate for fair trade and more balanced competitive conditions across the industry, as evidenced by our support of graphite electrode trade cases in key commercial jurisdictions. This includes the trade case filed earlier this year in the United States related to imports of large diameter graphite electrodes at unfair prices. We remain confident that the Department of Commerce and International Trade Commission will complete a thorough investigation and take meaningful and necessary actions to address these unfair trade practices. This will further support long-term market stability. As a reminder, in April, the ITC announced its preliminary determination that the domestic industry is being materially injured by imports from China and India. And that case is now with Commerce for its investigation. Commerce is expected to announce its preliminary countervailing duty determination early next week, with any such duties becoming effective on a provisional basis shortly thereafter. More importantly, we expect Commerce will announce its preliminary determination on anti-dumping duties by the end of September. As we previously noted, the trade petition filed earlier this year estimated dumping margins for Chinese and Indian electrode imports of 147% and 74% respectively. Third, with respect to our operations, over the past several years, we've significantly improved the efficiency and competitiveness of our manufacturing network through higher productivity, improved operating discipline, and ongoing cost improvement initiatives. That progress continued during the second quarter as we increased production, achieved our highest quarterly capacity utilization level since 2022, and further improved our manufacturing cost structure. For the full year, despite cost headwinds driven by ongoing geopolitical conflicts, we are reconfirming our guidance of a modest year-over-year reduction in our cash cost of goods sold. These improvements strengthen our competitiveness in today's market while positioning GrafTech to generate greater earnings and cash flow as industry conditions continue to improve. Ultimately, as we assess the progress of our strategic initiatives and the broader market environment, we continue to evaluate both the production capacity we maintain and the volume we deliver to the market. As an industry leader, we are prepared to take actions to align supply with sustainable industry economics and support the long-term viability of our business. Finally, with respect to emerging opportunities, we're positioning GrafTech to capitalize on what we believe is an important inflection point across the graphite electrode and petroleum needle coke industries. Recognition of the strategic importance of synthetic graphite for both economic and national security purposes continues to grow. That's being driven by two major trends. First, graphite electrodes are indispensable to electric arc furnace steelmaking, which continues to gain share globally. Second, the growth in demand for synthetic graphite for use in defense applications, as well as for anode materials that are central to the development of Western supply chains for batteries used in electric vehicles and energy storage applications. Together, these trends are expected to support long-term demand, not only for synthetic graphite, but also for high-quality petroleum needle coke required to produce it. At the same time, higher decant oil costs and the recent supply disruptions in the Middle East are highlighting the limited availability and increasing strategic value of high-quality petroleum needle coke. We believe these dynamics reinforce the value of GrafTech's vertical integration, which enhances supply reliability for our graphite electrode customers and positions us to benefit from improving needle coke market fundamentals. The reality is that economic and national security risks associated with dependence on concentrated and non-market-based supply chains are becoming increasingly clear. Against this backdrop, we welcome the efforts of policymakers in the U.S. and the EU as they develop a joint critical mineral action plan. This action plan establishes a framework for the two trading partners to coordinate policies that support resilient supply chains for critical materials, such as synthetic graphite, while exploring potential trade mechanisms, including border-adjusted price floors. Evidence in trade cases demonstrates that appropriate pricing support is essential, both to establish critical supply chains that do not yet exist outside of China, and to preserve strategic industries that already operate in the West. With that, GrafTech is taking proactive measures to capitalize on these emerging opportunities. These include ongoing engagement with the U.S. administration at various levels to help inform and shape critical mineral policies as they relate to graphite electrodes and battery materials. Specifically as it relates to GrafTech, we are actively exploring the opportunity to leverage existing industrial assets and available graphitization capacity to demonstrate our leadership in carbon and graphite technology and stressing the importance of preserving this know-how. Within the EU, this includes supporting the ongoing efforts of the European Carbon and Graphite Association as they advocate for a stronger European steel and graphite electrode industry. More broadly, we continue to demonstrate our technical capabilities through engagement with research institutions and commercial partnerships, which include collaboration with those in the energy storage industry to utilize our expertise and capacity to further their strategic objectives and evolving business models. Turning to slide 5, let me spend a few minutes discussing the broader steel market because the health of the steel industry remains the primary driver of long-term graphite electrode demand. Although conditions vary by region, the overall direction remains encouraging. Global steel production, excluding China, increased approximately 2% compared to the second quarter of last year. In the United States, steel production is up 6% year-to-date, supported by favorable trade policy and resilient domestic demand. Reflecting these dynamics, quarterly steel capacity utilization in the U.S. reached 80% for the first time since the second quarter of 2022. Conditions in Europe remain more challenging, although we continue to see signs of recovery, as I'll discuss further in a moment. Overall, the data we're seeing today is increasingly consistent with the view we've shared over the past couple of quarters, that steel fundamentals outside of China are steadily improving. Looking beyond today's market conditions, we continue to believe the medium and long-term outlook for the steel industry remains constructive. As shown on this slide, a number of factors have the potential to support stronger steel demand over the coming years. These include continued infrastructure investment, increasing defense spending, the implementation of the Carbon Border Adjustment Mechanism in Europe, easing monetary policy, improving macroeconomic conditions, and additional trade protections in several key regions. No single catalyst will determine the pace of recovery. Rather, it's the combination of these factors that gives us confidence in the industry's longer-term trajectory. That perspective is also reflected in the World Steel Association's most recent steel demand outlook, which calls for modest growth in 2026, followed by a more meaningful acceleration in 2027 for steel demand outside of China. Let me expand briefly on the EU. Europe represents one of our most important commercial regions, and several recent policy initiatives have the potential to materially strengthen steel production over time. Specifically, provisions in the Carbon Border Adjustment Mechanism, or CBAM, implemented in early 2026 will make certain steel imports into the EU less competitive. Further, measures adopted by the EU to significantly increase trade protections on steel became effective at the beginning of July. These measures significantly reduce tariff-free import quotas, increase above-quota duties to 50%, and strengthen enforcement through melt and pour disclosure requirements. Together, these measures are expected to boost domestic steel production, with some analysts projecting capacity utilization rates in the EU could increase from current levels of just over 60% to potentially 75% or higher over time. We believe these protections and a more predictable steel production outlook will give EU steelmakers greater confidence to plan beyond the near term and rebuild graphite electrode inventories to more normalized levels. Ultimately, the timing of a broader market recovery is beyond our control. What is within our control is how we position GrafTech to benefit as that recovery gains momentum. That is why we remain focused on executing the priorities we discussed this morning: strengthening our commercial performance, improving our manufacturing efficiency, maintaining financial flexibility, and positioning GrafTech to capitalize on a stronger market environment. Before turning the call over to Rory, I'd like to briefly discuss an area that will always remain our highest priority, which is safety. I've always believed that no business objective is ever more important than ensuring our people return home safely at the end of every shift. I'm proud of the continued focus our employees have demonstrated across our global operations. Year-to-date, our total recordable incident rate has improved to 0.35, continuing the significant progress that we've made over the past several years. That improvement reflects a culture in which safety is embedded in every aspect of how we operate and not simply a metric we report each quarter. On behalf of our leadership team, I'd like to thank all of our employees for their dedication to operating safely while delivering for our customers every day. Their commitment is the foundation of everything we accomplish as a company. With that, I'll turn the call over to Rory to review our second quarter results and our outlook in greater detail.
Thank you, Tim, and good morning everyone. I'll begin with our second quarter financial performance before discussing liquidity and our financial outlook. Our second quarter results reflected continued progress in several important areas of the business, including higher sales volume, improved manufacturing performance, and lower cash costs per metric ton. Starting with our operations, our production volume exceeded 33,000 metric tons during the quarter, resulting in capacity utilization of 74%, the highest quarterly level we have achieved since 2022. Year-to-date, our production volume has exceeded sales volume by approximately 4,000 metric tons. This was planned as we build inventories in advance of our summer maintenance activities at our European operations. Our expectation remains to balance production and sales volume levels on a full year basis. However, we are encouraged by the strength of our order book and the commercial momentum that Tim discussed earlier. Expanding on this point, sales volume increased to approximately 31,000 metric tons, representing growth of 8% compared to the prior year quarter and 10% sequentially. Importantly, our second quarter and year-to-date performance is consistent with our expectation for full year sales volume growth of between 5% and 10%. In the United States, we delivered 29% year-over-year sales volume growth for the second quarter. This reflects our ongoing focus on value over volume, as we continue to prioritize business that meets our margin expectations while expanding our presence in higher value regions. Net sales for the quarter were $127 million, down 3% compared to the second quarter of last year. The benefits of higher sales volume were offset by lower weighted average realized pricing, reflecting the continued pricing pressure across much of the graphite electrode industry. During the second quarter, our weighted average realized pricing was approximately $3,900 per metric ton, which, as expected, was flat sequentially and down approximately 7% compared to the second quarter of last year. With more than 80% of our anticipated 2026 volume already committed at the time we announced our pricing action in late March, current realized pricing continues to reflect commitments secured prior to the announced price increase. However, we are encouraged by the higher pricing on new orders, as Tim discussed earlier. As we have previously indicated, while the impact on 2026 reported pricing will be modest, as those newer commitments convert into shipments over future quarters, they will begin contributing to higher realized pricing. Most importantly, the acceptance of these higher prices in recent tenders provides a stronger starting point for our 2027 contract discussions than we would have had just a few months ago. To put the opportunity into perspective, based on current utilization rates, each $100 improvement in our average selling price would equate to approximately $12 million of incremental annual cash flow, thereby further supporting our liquidity position. Combined with the other strategic initiatives Tim discussed earlier, improved pricing has the potential to contribute meaningfully to our financial performance beginning in 2027. Turning to slide 9, cash costs of goods sold per metric ton declined approximately 9% sequentially and 6% compared to the prior year quarter, reflecting improved production efficiency, higher utilization, and continued cost improvement initiatives across our manufacturing network. As we have noted in prior calls, we will have periodic quarter-to-quarter fluctuations in our cash cost recognition as a result of timing impacts. However, our underlying cost structure is materially lower than it was just a few years ago. While inflationary pressures remain on certain raw materials, energy, and logistics costs as a result of geopolitical disruptions, our operations teams continue identifying opportunities to improve productivity and offset these external pressures wherever possible. Importantly, we continue to achieve this while maintaining our dedication to product quality and reliability, as well as upholding our commitments to environmental responsibility and safety. In addition, as production volumes continue to recover, we expect these structural cost improvements to provide increasing operating leverage. Overall, these improvements reinforce our expectation for a low single-digit percentage reduction in cash costs of goods sold on a per-metric ton basis for the full year. As we move ahead, while our teams remain focused on cost control, sustained increases in key input costs will need to be reflected in graphite electrode pricing, beyond the pricing actions we have already announced. Turning from our internal cost performance to the broader industry cost environment, reflecting the ongoing conflict in the Middle East, higher oil-related feedstock costs and potential disruptions in decant oil availability for certain needle coke producers are beginning to place upward pressure on petroleum needle coke pricing following several years of relatively stable market conditions. Needle coke and graphite electrode pricing have historically been closely correlated, and we believe improving needle coke fundamentals could provide an additional catalyst for higher electrode pricing. Importantly, our substantial vertical integration positions GrafTech to benefit both directly through our needle coke operations and indirectly as higher needle coke pricing supports higher graphite electrode pricing. Turning to the next slide, our second quarter financial results remain consistent with our expectations. Adjusted EBITDA was $2 million during the quarter compared to $3 million in the prior year period. While pricing continued to pressure earnings, improved operating performance and cost management partially offset that impact. Net cash used in operating activities during the second quarter was $69 million, while adjusted free cash flow was negative $75 million compared to negative $53 million in the prior year quarter. As a reminder, we make semiannual interest payments of approximately $34 million on our second lien notes in the second and fourth quarter of each year. The year-over-year increase in cash usage primarily reflected timing changes in working capital, including the planned inventory build that we have discussed. Importantly, we expect the second quarter to represent our highest level of cash usage during 2026. Consistent with the seasonal nature of our working capital requirements, we expect operating cash flow to improve during the second half of the year as inventory levels normalize and working capital investments moderate. On a full year basis, we continue to expect a modest increase in working capital to support higher sales volume. We also continue to expect approximately $35 million of capital expenditures during the year, consistent with maintaining our assets at current operating levels and supporting targeted investments in plant capabilities and productivity improvements. Turning to the next slide to discuss liquidity. As planned, during June, we drew the remaining $100 million available under our delayed draw first lien term loan prior to the expiration of that commitment. We ended the quarter with approximately $253 million of total liquidity consisting of $145 million of cash and approximately $108 million of available borrowing capacity under our revolving credit facility. Importantly, we have substantially no debt maturities until December of 2029. Taken together, this provides the financial flexibility to continue executing our strategy while navigating the current industry environment. Lastly, during the second quarter, we filed a shelf registration to expand the financing tools available to us as we evaluate opportunities to strengthen our balance sheet and support long-term shareholder value. Subsequently, we established an at-the-market equity program. While usage has been modest to date, the ATM provides additional optionality to access capital in a measured and disciplined manner when we believe market conditions are appropriate. In closing my remarks, I would like to thank our team members around the world for their outstanding commitment and hard work. Their efforts have enabled the commercial, operational, and financial progress we have discussed today. With that, I'll turn the call back to Tim for closing remarks.
Before we open the call for questions, let me leave you with three observations. First, GrafTech is executing well. We continue to grow volume, optimize our commercial mix towards higher value regions, lower manufacturing costs, improve utilization, and maintain financial discipline. Second, the strength we have been seeing in the steel industry fundamentals in the U.S. is becoming more evident across other regions. Steel production outside of China continues to strengthen, trade protections are increasing across multiple regions, and our own pricing actions are gaining traction in the marketplace. And finally, while the timing of broader pricing recovery remains uncertain, we are not waiting for it. Every decision we're making today is intended to ensure GrafTech emerges from this cycle as a stronger, more competitive company. That conviction is grounded in the advantages that differentiate GrafTech, including our vertical integration, global manufacturing footprint, technical expertise, and longstanding customer relationships. Together, these strengths position us to benefit meaningfully as market conditions normalize. We're confident in our strategy. We're confident in the long-term fundamentals of our industry. And most importantly, we're confident that the actions we're taking today will create meaningful long-term value for our shareholders. With that, we'd be happy to take your questions.
分析師問答
Shipments came in a bit better than expected. I know you referenced the U.S. share growing 29% year-over-year, but could you unpack this a bit? Was this primarily U.S. customers pulling forward slightly? And if so, is this a trend you expect to maybe persist through the balance of the year, just given the tightness in the U.S. steel market?
Yes, thanks, Ben. The U.S. market obviously continues to run very well. Utilization rates are over 80%. All of our customers are operating well. As we alluded to in the first quarter call, we are seeing some pull into the second quarter for volumes in the U.S., which to us is a sign of strengthening demand, but we're also seeing new orders come in for additional volumes needed in the third and fourth quarter. We expect the back half of the year to continue with strength in the U.S. as we look forward.
You referenced costs rising 10% to 15% and needle coke anywhere up from $200 to $300 a ton. I'm wondering if you're seeing a similar magnitude of change on needle coke, and could you update on broader inflationary pressures, specifically to what extent decant oil has moved higher as well?
Ben, can you repeat your question? I think you may have cut out for just a second at the beginning. I want to make sure we get the full context of your question.
Yes, sure. Can you hear me all right? I was referencing comments from one of your peers yesterday that pointed to cost inflation of around 10% to 15%, and they also mentioned needle coke up anywhere from $200 to $300 a ton. So wondering if you're seeing a similar magnitude of change on needle coke, and then if you could update us to what extent decant oil has also been moving higher since re-escalation in the Middle East?
Ben, this is Rory. Good morning. The peer you're referencing—we're seeing similar market intelligence for the broader group. We're happy to have our captive supply of needle coke down in Port Lavaca, Texas, so we're not as subject to some of the needle coke pricing pressures that others may be experiencing. But yes, $200 to $300 price increases on shipments to date, into the middle of the year and into the third quarter, is what we're seeing. We expect something of similar magnitude going forward. We're one of four ex-Chinese needle coke producers, and many Asia Pacific producers rely heavily on Middle East oil feedstock for their petroleum needle coke production. That tightening supply, delays and logistics, and related matters from the Middle East conflict are causing supply tightness. From an availability standpoint, there's been inbound interest to determine whether there's availability of our supply in Texas to provide to the market. There are many signs pointing toward tightening availability, and we expect that to support higher prices into the back half of the year from those that have already been realized. More broadly, as I said in my prepared remarks, we're holding our cost per ton guidance for the full year. That contemplates our current views on cost inflation, including decant oil, for the remainder of the year. The team has been doing a great job offsetting the impacts with innovation and strong procurement strategies. We've diversified our supplier base for decant oil over the past couple of years, and we're sourcing from American refineries. So we're not as impacted by procurement of decant oil as some others may be. These are all positive signs, and we're hopeful that the strategic advantage of our vertical integration is starting to emerge as conditions normalize.
My question is about utilization rates. You referenced a mid-70s utilization rate for your system and about an 80% rate for U.S. steel utilization. Do you see those converging? Could you comment on the global side as well? Also, are there actions you can take to bring industry utilization rates in electrodes closer to a tighter or balanced market? Do you think the industry needs some rationalization of capacity, and could you potentially be in a position to do that?
Thanks, Arun. If you think about our utilization rate—74% for the quarter—that reflects the planned inventory build Rory mentioned, preparing for our seasonal European maintenance at the end of July and into August, and what we anticipate as improving conditions going forward. It gives us flexibility into the back half of the year. Relative to U.S. steel production, you cannot necessarily equate the two directly since U.S. steel is one part of the global market. Broadly, the electrode market remains oversupplied, and we have conviction around the steps we've taken: restricting supply in 2024, improving our cost structure, reducing SG&A by $20 million over the last few years, and shifting our commercial mix. Those actions are expected to drive improved financial performance. If the market dictates supply needs to be reduced, we will behave like an industry leader and adjust our production accordingly when appropriate.
So there could be opportunities for temporary idling and cutback of production. On pricing, you appear disciplined and committed to enacting price increases. Can you give your perspective on where you are in that process and the outlook for success on future increases, particularly given the oversupply situation? Will it depend on macro improvement, or are there other actions you can take to improve the pricing outlook?
The pricing story is one we've consistently stated: current pricing does not reflect the value we deliver and does not support the investment needed for new products and technologies. The action we announced in the first quarter was a first step of several to restore pricing to appropriate levels. We've seen a shift in momentum for the first time in a while in the electrode space. Prices had been falling, but with the announced price increase and its stickiness so far, we have momentum going into fourth-quarter negotiations. Regarding the oversupply, there's still opportunity for consolidation and rationalization across the industry. Chinese exports have declined about 10%, which helps. Trade policy also matters—effective trade protections create buffered regions and help establish pricing support or a price floor. The combination of disciplined commercial execution, trade policy, some supply reduction and export declines from China should lead to a more constructive pricing environment. Additionally, higher needle coke prices in the marketplace provide historical linkage to higher electrode pricing. All of these factors support higher pricing going forward even without supply disruptions.
You're holding your cost per ton guidance for this year flat, but costs are headed higher, particularly electricity. Can you elaborate on the timing of those contracts, the lag effect, and how much realized price per ton would have to rise to offset where costs are today?
Thanks, Kirk. There are some headwinds developing, but anchor in our long-term view of cash costs per ton: we're sticking with $3,600 to $3,700 per ton. You saw a better result during the second quarter due to heavy production, which absorbed some fixed costs. Quarters will be lumpy, but continue to anchor in that $3,600 to $3,700 range. The lag effect of inflation from the second quarter and potentially into the second half will slowly manifest in our earnings, but much of any back-half inflation will be a key focus of our 2027 price negotiations. We will expect to recover beyond the price increases announced so far. Regarding how far prices must rise to cover inflation, that remains to be determined. Energy and commodity inputs are roughly half of the cost, so you can estimate the required price increase based on assumptions. For electricity and gas in the EU, we have fixed-price contracts covering almost 70% of our requirements for the back half of the year across our plants in Spain and France, which provides a significant cushion against European market volatility. In total, holding to our cash guidance reflects our effective procurement, timely purchasing of oils and other petroleum-based raw materials, and fixed-price contracts on power and gas in Europe.
Kirk, the teams have done a very good job over the last three years reducing costs and offsetting inflationary headwinds. We fully expect to continue doing that. There should be no expectation that we will bear the full impact of input cost or energy cost inflation; those will be passed through to customers via pricing going forward.
How much below market do you think your electricity costs are currently?
Depending on the region and input, I would say approximately 10% to 25% below a market average, perhaps as a fair average around the end of the second quarter. It's difficult to gauge precisely given natural gas volatility, which has spiked, dropped, and spiked again.
Do you feel you're similarly situated versus your competitors in terms of contract timing and procurement?
I can't comment on competitors' procurement or energy contracting. Our biggest differentiator is our vertical integration with needle coke, which represents roughly 40% of our cost stack.
With limited visibility into some competitors' electrode businesses, you are left with Indian producers that may have national cost advantages due to their energy programs.
What percentage of the U.S. market do you think will be impacted by these new antidumping duties?
We would typically say that 15% to 20% of the volume sold in the U.S. is coming from imports. These trade actions present not only a volume opportunity—because importing and paying tariffs may not be attractive—but they also help establish better pricing support or at least a price floor for the market going forward.
I wanted to piggyback on the energy discussion. Rory, you outlined 70% fixed in the EU through the back half. How should we think about your hedging program or strategy next year? Have you started to lock in any of those prices? Any color you can give on that front?
We have started negotiations for next year. I would prefer not to provide figures since discussions are ongoing, but we're aiming for similar protections against market volatility and volume coverage as we did when locking in prices for 2026. Our objectives and approach remain consistent.
Is it fair to assume these hedged levels are directionally higher versus what you locked in this year?
Yes, it's fair to assume directionally higher levels versus what we locked in for this year.
There are no further questions at this time. I will now turn the call back to Tim Flanagan, CEO and President, for closing remarks. Please go ahead, Tim.
Thank you. I'd like to thank everyone on this call for your interest in GrafTech. We look forward to speaking with you again next quarter. Have a great day.
This concludes today's call. Thank you for attending. You may now disconnect.