BROOKLYN HEIGHTS, Ohio--(BUSINESS WIRE)--Nov. 26, 2018--
The Board of Directors of GrafTech International Ltd. (NYSE:EAF)
("GrafTech") approved a special cash dividend of $0.70 per share, which
is expected to total approximately $204 million. This dividend will be
payable December 31, 2018 to holders of record as of December 7, 2018.
"GrafTech remains committed to a responsible and shareholder friendly
financial policy, including returning cash to our shareholders in an
efficient and disciplined manner," said GrafTech CEO David Rintoul.
"This special cash dividend demonstrates our continued commitment to
returning value to shareholders."
About GrafTech
GrafTech International Ltd. is a leading manufacturer of high quality
graphite electrode products essential to the production of electric arc
furnace (or EAF) steel and other ferrous and non-ferrous metals. The
Company has a competitive portfolio of low-cost graphite electrode
manufacturing facilities, including three of the highest capacity
facilities in the world. GrafTech is also the only large scale graphite
electrode producer that is substantially vertically integrated into
petroleum needle coke, the primary raw material for graphite electrode
manufacturing, which is currently in limited supply. This unique
position provides competitive advantages in product quality and cost.
Special note regarding forward-looking statements
This news release may contain forward-looking statements that
reflect our current views with respect to, among other things, future
events and financial performance. You can identify these forward-looking
statements by the use of forward-looking words such as “will,”
“may,” “plan,” “estimate,” “project,” “believe,” “anticipate,” “expect,”
“intend,” “should,” “would,” “could,” “target,” “goal,” “continue to,”
“positioned to,” "are confident", "remain optimistic" or the negative
version of those words or other comparable words. Any forward-looking
statements contained in this news release are based upon our historical
performance and on our current plans, estimates and expectations in
light of information currently available to us. The inclusion of this
forward-looking information should not be regarded as a
representation by us that the future plans, estimates or expectations
contemplated by us will be achieved. Our expectations and targets
are not predictions of actual performance and historically our
performance has deviated, often significantly, from our expectations and
targets. These forward-looking statements are subject to various
risks and uncertainties and assumptions relating to our operations,
financial results, financial condition, business, prospects, growth
strategy and liquidity. Accordingly, there are or will be important
factors that could cause our actual results to differ materially from
those indicated in these statements. We believe that these factors
include, but are not limited to: our history of net losses and the
possibility that we may not maintain profitability in the future; the
possibility that we may be unable to implement our business strategies,
including our initiative to secure and maintain longer-term customer
contracts, in an effective manner; the possibility that recent tax
legislation could adversely affect us or our stockholders; the fact that
pricing for graphite electrodes has historically been cyclical and, in
the future, the price of graphite electrodes will likely decline from
recent record highs; the sensitivity of our business and operating
results to economic conditions; our dependence on the global steel
industry generally and the EAF steel industry in particular; the
possibility that global graphite electrode overcapacity may adversely
affect graphite electrode prices; the competitiveness of the graphite
electrode industry; our dependence on the supply of petroleum needle
coke; our dependence on supplies of raw materials (in addition to
petroleum needle coke) and energy; the legal, economic, social and
political risks associated with our substantial operations in multiple
countries; the possibility that fluctuation of foreign currency exchange
rates could materially harm our financial results; the possibility that
our results of operations could deteriorate if our manufacturing
operations were substantially disrupted for an extended period,
including as a result of equipment failure, climate change, natural
disasters, public health crises, political crises or other catastrophic
events; the possibility that plant capacity expansions may be delayed or
may not achieve the expected benefits; our dependence on third parties
for certain construction, maintenance, engineering, transportation,
warehousing and logistics services; the possibility that we are unable
to recruit or retain key management and plant operating personnel or
successfully negotiate with the representatives of our employees,
including labor unions; the possibility that we may divest or acquire
businesses, which could require significant management attention or
disrupt our business; the sensitivity of goodwill on our balance sheet
to changes in the market; the possibility that we are subject to
information technology systems failures, cybersecurity attacks, network
disruptions and breaches of data security; our dependence on protecting
our intellectual property; the possibility that third parties may claim
that our products or processes infringe their intellectual property
rights; the possibility that our manufacturing operations are subject to
hazards; changes in, or more stringent enforcement of, health, safety
and environmental regulations applicable to our manufacturing operations
and facilities; the possibility that significant changes in our
jurisdictional earnings mix or in the tax laws of those jurisdictions
could adversely affect our business; the possibility that our
indebtedness could limit our financial and operating activities or that
our cash flows may not be sufficient to service our indebtedness; the
possibility that restrictive covenants in our financing agreements could
restrict or limit our operations; the fact that borrowings under certain
of our existing financing agreements subjects us to interest rate risk;
the possibility of a lowering or withdrawal of the ratings assigned to
our debt; the possibility that disruptions in the capital and credit
markets could adversely affect our results of operations, cash flows and
financial condition, or those of our customers and suppliers; the
possibility that highly concentrated ownership of our common stock may
prevent minority stockholders from influencing significant corporate
decisions; the fact that certain of our stockholders have the right to
engage or invest in the same or similar businesses as us; the fact that
certain provisions of our Amended and Restated Certificate of
Incorporation and our Amended and Restated By-Laws could hinder,
delay or prevent a change of control; the fact that the Court of
Chancery of the State of Delaware will be the exclusive forum for
substantially all disputes between us and our stockholders; our status
as a “controlled company” within the meaning of the NYSE corporate
governance standards, which allows us to qualify for exemptions from
certain corporate governance requirements; and other risks described in
the “Risk Factors” section of our quarterly reports on Form 10-Q and
other filings with the SEC.
These factors should not be construed as exhaustive and should be
read in conjunction with the other cautionary statements that are
included in our quarterly reports on Form 10-Q and other filings with
the SEC. The forward-looking statements made in this press
release relate only to events as of the date on which the statements are
made. We do not undertake any obligation to publicly update or review
any forward-looking statement, except as required by law, whether
as a result of new information, future developments or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181126005774/en/
Source: GrafTech International Ltd.
Meredith H. Bandy, CFA
Vice President, Investor Relations &
Corporate Communications
216-676-2699