Exhibit 99.2
[LOGO OMITTED]
BRANDYWINE WEST, 1521 CONCORD PIKE, SUITE 301
WILMINGTON, DE 19803
N E W S R E L E A S E
CONTACT: Elise A. Garofalo
Director of Investor Relations
302-778-8227
GRAFTECH ANNOUNCES GRAPHITE ELECTRODE PRICE INCREASES
Wilmington, DE - July 23, 2003 - GrafTech International Ltd. (NYSE:GTI)
today announced that it has increased graphite electrode prices in North and
South America to $2,600 per metric ton effective August 1, 2003. This price
increase is due in part to continued upward pressure on energy and raw material
costs. GTI's graphite electrode business is virtually sold out for 2003;
therefore, GTI does not expect this price increase to materially impact 2003
results.
GrafTech International Ltd. is one of the world's largest manufacturers
and providers of high quality natural and synthetic graphite and carbon based
products and services, offering energy solutions to industry-leading customers
worldwide engaged in the manufacture of steel, aluminum, silicon metal,
automotive products and electronics. We have 13 manufacturing facilities in 7
countries and are the leading manufacturer in all of our major product lines. We
produce graphite electrodes that are consumed primarily in the production of
steel in electric arc furnaces, the steel making technology used by all
"mini-mills," and for refining steel in ladle furnaces. We also produce carbon
electrodes that are consumed in the manufacture of silicon metal and cathodes
that are used in the production of aluminum. In addition, we develop and
manufacture natural graphite for use in materials and components for proton
exchange membrane fuel cells and fuel cell systems and thermal interface
products for computer, communications and other applications. GRAFCELL(TM),
GRAFOIL(R), and eGRAF(TM) are our trademarks. For additional information on
GrafTech International, call 302-778-8227 or visit our website at
www.graftech.com. For additional information on our subsidiary, Advanced Energy
Technology Inc., call 216-529-3777.
NOTE ON FORWARD-LOOKING STATEMENTS: This news release and our earnings
call may contain forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. These include statements about such matters as:
future production and sales of steel, aluminum, fuel cells, electronic devices
and other products that incorporate our products or that are produced using our
products; future prices and sales of and demand for graphite electrodes and our
other products; future operational and financial performance of various
businesses; strategic plans; impacts of regional and global economic conditions;
interest rate management activities; restructuring, realignment, strategic
alliance, supply chain, technology development and collaboration, investment,
acquisition, joint venture, operating, integration, tax planning,
rationalization, financial and capital projects; legal matters and related
costs; consulting fees and related projects; potential offerings, sales and
other actions regarding debt or equity securities of us or our subsidiaries; and
future costs, working capital, revenues, business opportunities, values, debt
levels, cash flows, cost savings and reductions, margins, earnings and growth.
We have no duty to update these statements. Actual future events and
circumstances (including future performance, results and trends) could differ
materially from those set forth in these statements due to various factors.
These factors include: the possibility that global or regional economic
conditions affecting our products may not improve or may worsen; the possibility
that anticipated additions to capacity for producing steel in electric arc
furnaces or anticipated reductions in graphite electrode manufacturing capacity
may not occur; the possibility that increased production of steel in electric
arc furnaces or reductions in graphite electrode manufacturing capacity may not
result in stable or increased demand for or prices or sales volumes of graphite
electrodes; the possibility that economic or technological developments may
adversely affect growth in the use of graphite cathodes in lieu of carbon
cathodes in the aluminum smelting process; the possibility that anticipated
additions to aluminum smelting capacity using graphite cathodes may not occur or
that increased production of graphite cathodes by competitors may occur; the
possibility that increased production of aluminum or stable production of
graphite cathodes by competitors may not result in stable or increased demand
for or prices or sales volume of graphite cathodes; the possibility of delays in
or failure to achieve widespread
commercialization of proton exchange membrane, or "PEM," fuel cells which use
natural graphite materials and components or that manufacturers of PEM fuel
cells may obtain those materials or components used in them from other sources;
the possibility of delays in or failure to achieve successful development and
commercialization of new or improved electronic thermal management or other
products; the possibility of delays in meeting or failure to meet contractually
specified or other product development milestones or delays in expanding or
failure to expand our manufacturing capacity to meet growth in demand for new or
improved products, if any; the possibility that end markets for our other
products may not improve or may worsen; the possibility that we may be unable to
protect our intellectual property or may infringe the intellectual property
rights of others; the occurrence of unanticipated events or circumstances
relating to antitrust investigations or lawsuits or to lawsuits initiated by us
against our former parents; the possibility that expected cost savings from our
2002 major cost savings plan or our other savings efforts will not be fully
realized; the possibility that the anticipated benefits from the corporate
realignment of our subsidiaries or the refinement of our organizational
structure into three lines of business may be delayed or may not occur or that
our provision for income taxes and effective income tax rate (as distinguished
from our tax payments) may fluctuate significantly based on changes in financial
performance of subsidiaries in various countries, changes in estimates of future
ability to use foreign tax credits, changes in tax laws and other factors; the
occurrence of unanticipated events or circumstances relating to health, safety
or environmental compliance or remediation obligations or liabilities to third
parties, labor relations, raw materials, energy supplies or cost, or strategic
plans; changes in interest or currency exchange rates, in competitive conditions
or in inflation affecting our raw material, energy or other costs; the
possibility of failure to satisfy conditions or milestones to, or occurrence of
breach of terms of, our strategic alliances with Pechiney, Ballard,
ConocoPhillips or others; the possibility that changes in financial performance
may affect our compliance with financial covenants or the amount of funds
available for borrowing under our revolving credit facility; and other risks and
uncertainties, including those detailed in our filings with the SEC, as well as
future decisions by us. Except as otherwise specifically noted, references to
future cost savings are based on economic and industry conditions underlying our
current business plan (and assume annual graphite electrode production and sales
of 180 thousand metric tons and no change in currency exchange rates) and are
subject to the criteria, standards and limitations detailed in our filings with
the SEC. The statements in this news release or made during our earnings call
shall not be deemed to constitute an admission as to any liability in connection
with any claim or lawsuit. This news release does not constitute an offer to
sell or a solicitation of an offer to buy any securities. References to street
or analyst earnings estimates mean those published by First Call, a service of
the Thomson Financial Network.