EAF - Earnings call transcript Q3 2018 | GrafTech International Ltd.

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Operator

Good morning. My name is Julie, and I will be your conference operator today. At this time, I would like to welcome everyone to the GrafTech Q3 Earnings Conference Call. [Operator Instructions]. I would now like to turn the call over to Meredith Bandy. begin. may you Meredith,

Meredith Bandy

you, quarter morning, conference Thank GrafTech welcome International's third call. Julie. right. and Good to All

On the Quinn call Executive Officer, with me today Rintoul; Chief is and Financial Officer, Coburn. David GrafTech's Chief

Turning to our slide. first

include materially These Factors of subject some differ to and results those things discussed call among reminder, a that based by actual forward-looking forward-looking and on to the regarding strategy. As statements performance are uncertainties. could are indicated on cause risks matters are from this and may statements here. shown results, expectations other current statements

We which Investor slides. the also reconciliations website discuss These certain will these in non-GAAP www.graftech.com Relations financial section. our measures, in on at you for slides posted are find

available the website. to For I'm pleased over on call now your a also our of reference, Add turn replay Dave. the to call be will

David Rintoul

Thank we as at plant I'll plant. you, always core morning, Without do is exception, and Meredith, value everyone. a safe a efficient GrafTech. safety start good an with

upon continuous injuries. That safety to home ultimate X of are team performance goal drive every towards We worker continue day. our that improvement safe means goes must focused recognize our and our every of

several which in effort. will safety have that noteworthy assist We undertaken initiatives,

call companywide as we I'm product continue to For uses example, all our contact members team hard performance. of our for no-touch hands-off tools work direct what the or our avoid we grateful to loads. campaign with suspended and safety enthusiasm improve

steel share our above Historically, demand our to both XXX% GrafTech. point good net in for EBITDA GrafTech's and strong a adjusted growth $X.XX will outpaced just continued for quarter cost Petroleum production graphite XXXX. supply a model. material friendly, ex-China year the vehicle income million, remains World which capacity from In share, or to continuation growth and prior arc for constrained a for moment. delivered steel operationally for million pricing flexible strong third $XXX production of are Structurally high-quality positive. financially. steel than both Demand $XXX global a Steel production and in furnace to GrafTech GrafTech needle presents X. of higher higher revenues to Quinn growth, demand due coke. Association and Recent primary overall for a market and third production environmentally electrode X.X% result growth production. battery more cyclicality-resistant the Slide electrode volumes. financial EAF to manufacturing, graphite the benefit opportunities the electrode both of in of are graphite GrafTech and needle on electrodes in ultrahigh-power GrafTech's EAF pricing preferred coke, X.X% to has remains Turning earned tight published results of up quarter electric product, growing details high expectations. steel third electric its forecast XXXX, is prices the quarter period to higher steel graphite from due October, trends raw more more electrodes, electrode of dynamics electrodes. related EAF and for

take-or-pay Seadrift production reliable strong our low-cost This contracts. from producing result, aligns of facility. earnings GrafTech currently Seadrift X/X strategy is produces wholly in unique contracts. for of continues needle a needs. coke. of long-term integrated and secure, cost position As about coke vertically visibility This a increase significantly shareholders X/X an petroleum vertical coke of our These the competitive petroleum long-term of supply our through owned needle coke below graphite the commercial gives about needle has third-party our differentiates electrode contracts our sold The our to price to cost for long-term, cost needle with with sell with take-or-pay competitors needle third-party fixed-volume, XXXX. fixed-price integration electrodes into Seadrift us supply and remains us GrafTech our customers. coke. market on provide

initiative debottlenecking on Our is well year. later underway completion track and for this

more installation crane on was Slide of the start our At details a X year. the In Calais, this multipurpose new press and the is operations. furnaces Turning completed quarter. later third for up expected forming to to Pamplona, during

leverage We electrodes of is some will existing XXX,XXX production sourced our order St. target capacity from machining over tons. Marys exit Monterrey this finished and annual year at graphitizing just in metric to infrastructure.

coke for to quarter year. few previously track This levels, needle tons XXX,XXX of produce maintenance production a coke our days. needle announced approximately The will facility needle petroleum expect also coke completion however. this on in We is fourth at Seadrift planned outage impact

tons by We are executing, and production it metric in have small online our production as to be which middle next Seadrift planned XXXX, The over next tons. project I'll coke Slide expected This results expect and Quinn, and by project, to discuss needle the includes about the outage not on do to efficiency is increase effects we scheduled XXX,XXX starting we will annual year. year. now X. at improvement approximately to our a who turn is increase financial X,XXX project of the cost call XX,XXX to will

Quinn Coburn

Thanks, Dave.

of financial As report mentioned, are strong we pleased performance. Dave another to quarter

per quarter volumes year than was with average reflecting pricing. GrafTech's prior revenues more price ton. along quarter quarter $XXX third of Third higher sales triple metric $X,XXX realized million the were higher

the long-term As sales of agreements. to were sell third lower-priced minimal a a average quarter with customers last in long-term reminder, combination Approximately and available contracts, from contract reflects spot there year the timing short-term to XX% of Due fewer pricing, market net our of volumes. contracts of our realized were spot the to QX. carryover long-term on price tons

contracted the disclosed, all of substantially of XXXX. our are sales for previously As balance

translated and Turning to into revenues flows X. Slide Higher the in quarter. cash earnings solid

XXXX diluted results. of income quarter XXXX $XXX the slight and totaled from with the net quarter up third or quarter in per million Third line loss a $X.XX share, second of in

volumes $XXX in excess Year-to-date cash flow cash cash benefited million. cost, with than quarter coke from needle $XXX third-party $XXX million. cash third continuing related flow consecutive higher totaled flow XXXX, prior of raw of to million, the to This specifically quarter the the to materials free and During free higher adjusted flow operations earnings, sales and Compared offsets second costs. year, EBITDA increased pricing. free free that's more from

Dave $X,XXX mentioned, As needle as pricing the cost as needle ton. Spot third-party coke continues is high to increase. of coke now per

reconciliation. income walk million net million $XX and $XX Now the interest turning back with X. EBITDA depreciation million quickly quarter add third $XXX through Slide I'll operations net began back continuing income, from expense $XX to add amortization, adjusted and We taxes. million of you

$X that includes million over just related of related operations. adjustments other currency remeasurement to $X.X $XXX,XXX foreign back million add Finally, discontinued and to

million. QX then -- QX continuing For for XXXX adjusted operations was EBITDA $XXX from XXXX,

X over cash a financial committed of GrafTech million. $XXX to to for including policy. turning with remains $XXX review total responsible and million, shareholder-friendly QX liquidity Now GrafTech's ended of and financial of We Slide policy. equivalents

We business of continue in cash on levels capital use remains with focused operational to manage Primary capital the improvements. of manner returns investment a targeted, responsible shareholders. appropriate to

of has Our board dividend our declared $X.XXX share. per regular quarterly

repurchases, other review board. of remains and the We approval subject and share dividends course, potential by continue to to evaluate which,

hand. comfortably shares from For we X.Xx Xx to market. continuing shareholders, $X.X accretive retired billion leverage XX.X helping on all target The our to is annualized the adjusted equity minimize majority our repurchase available liquidity August, maintain cash example, debt while in in and was overhang X.Xx. million of potential EBITDA using shareholder from operations Current or maximum to below secondary and of repurchased

manage debt Our flexibility and levels appropriately. long-term to take-or-pay contracts our gives us visibility

Dave. to it back turn Now I'll

David Rintoul

contracts products In Ongoing strong to and you, of economies deliver we for shareholders. visibility to continue Thank sustainable a This to competitive vertical market. value provider GrafTech Quinn. offer concludes turn graphite us summary, prepared We growing leading shareholders. the solutions the steel strategy secure, EAF improvements our long-term operational for engineered our of to our in and strong customers delivered result, another services, our GrafTech our highly and remarks. and enables execute quarterly scale earnings is cost That give electrodes to structure. and integration long-term

the open now will questions. for call up We

Operator

[Operator Instructions].

Arun from Markets. RBC from Viswanathan Capital question first Your comes

Arun Viswanathan

increase here. that next year. Couple increasing have of I guess, Good to off, needle understand Good your I to that. you're just wanted And you restart St. to coke it XXX,XXX. X,XXX your Can by give XX,XXX, it know on to I results. XX,XXX questions to any see additional to the first supply-demand. us up plans tons update the Marys? you of progress kind in securing

David Rintoul

that's a let material two me really the part So portion. with -- I'll raw start question.

electrode appropriate coke between it's can We restart time The Marys ongoing discussions raw side the material our our discussions with Look, our will question. about say not we question, needle are side the and raw really support is period coke really which the secure I that St. as appropriate about it. in to us supply as strategy. Marys Marys. are part that's of concluded, so issue. much this all graphite in and to at when inform and suppliers your say St. are Those -- I market have really to about market That's continuing participate needle the St. if

Arun Viswanathan

Okay. the that and tons have or debottlenecking, looks adding up Denko, to well, Ridgeville like on so will your of close or on of And XX,XXX between extra for point then then XX% starting possibility XX,XXX -- the electrodes so supply as supply-demand Showa of it you electrodes, market.

supply-demand assume X% is I to you're whatever. or St. mean, mean, is your from that, also it interpret that what comments maybe seeing So to guess, Marys implying electrodes feel Just -- you I I it certainty? are safe XXX% -- restarting that don't trying perspective? is

David Rintoul

those what So, and Marys, us more Arun, gathering to is -- appropriate both let we say exactly matters. you the when can't on if anything it's subject say to attempting We're that than We'll St. tell restart to we're data, still that. will, what prepared I said. and I'm communicate not market if

Arun Viswanathan

And side. the just on return capital then lastly

guess, be returns. guys I shareholder all-cash that, You used stated for will

either of $X dividend maybe in to a cash flow, this year. on think buybacks discussed approaching for next your more hear on said, numbers? our some or over that on distributing we the as guess, you you've Free year, those well is your -- I of billion should the million When for expect $XXX $XXX you plans year-to-date, million special I could cash? comment maybe preference just past. of possibility

Quinn Coburn

Yes, it's Arun, Quinn.

the obviously, we capital up board the basis, final announce basis. the is I a board. with of And So my decision all timely of on the a regular we structure that's to made, really and the -- uses the on mentioned options. decision there consider very cash as discretion whenever And and review in is comments, we

projecting for basis. we can't project frame with In of any time you, this a I any time review but, regular on again, the terms frame, really board

Operator

Markets. Gagliano from comes David question BMO next with Your Capital

David Gagliano

I had a bit little associate few questions, but this. might a I on

UHP electrode, graphite First question, question. spot ebulliatory electrode the of sort prices at graphite are Where moment?

David Rintoul

David, spot wasn't question so in that would this we morning quarter, at you that that to what our is volume if it. the much numbers I in say there think look third

quite low. previous In fact, in LTA Most of 'XX. it short-term were being our other was that contract-type commitments and consumed capacity made business by

sure to what the in is And because best dataset spot not actual so, we're candidly, admittedly place number limited. the the pretty to marketplace is I'm signal our

is -- into $XX,XXX think I in might $XX,XXX for terms announcements by what range. business is the to been QX there have some of to the I in others their what pricing QX marketplace point the you

well, be to But better stress that. So I informal marginally to than use spot as need that say, somewhat must we business that. would

the going fourth Our third quarter is dataset in into limited. the and quarter

informed be about announcements of you by as guys will we these So read well. some that other

David Gagliano

of Okay. last versus a I shift a in quarter. bit tone sense

market also dictate So securing really gave. supplies needle the Marys you're pretty restart time, quarter, to with a was range I'm range, sense sure petroleum you a last range. will giving coke you This St. XX,XXX, timing. Marys. time, St. that the was us last gave I around This restart quarter, And commentary XX,XXX conditions

So, X could one read negatively. together, into obviously, that those

this is, Marys, So regards my why quarter? the St. in question to tone with shift specifically,

David Rintoul

negativity. So I think don't it's to signal intention not our our certainly --

fully so is want of our be data -- intention the to transparent. give based a dataset we you think signal to small will our on on we the currently spot it's -- that limited, because and period this business data in being don't very irresponsible be that on of I set

impression. we're don't questions answering how that much that read so perhaps do into as wrong we're anything we that know conservatism transparent don't negativity would create as sure that when being as as So the we that being and the

that. trying not would signal. we're I stress So to negative a to send like

your of finished those to and on a know In terms intending certainty some the might developing to purposely had decided we get left type that to we transmit strategy understand you we otherwise longer-term impression. the we just raw respectful negative to Again, question not We might St. yet, don't to and say remain did have devices with arrangements. along you on I conditions, there. materials all, that not and want sure your understand of of how Marys, they and making that on associated why own to have can be true we I -- had we have we're -- haven't saying because be our second we're of conditions right just do we're commercial yet.

David Gagliano

quarter? company-produced needle can electrode for One the last a the sales graphite electrodes in split you outage. for coke if what's helpful. quarter? That's reasonable fourth from XQ volume And Okay. between that electrodes impact the near-term and graphite question, question. And purchased graphite possible, fourth assumption also

David Rintoul

when me fourth guidance. the we which think performance so we I avoid want but will numbers, pause our that public there's would transparent and to with a I then far gives again, true to in you're we border asking avoiding around for our don't pretty, quarter guidance. on forward-looking give kind to I those from -- that clear some stay that -- forward-looking nothing cause, providing did of certainly, direction So we guidance -- we say to forward-looking that which go see point us go

Operator

question with from comes Your Gambardella next Michael JPMorgan.

Michael Gambardella

start either aren't conversation. if the coke, the basically imply this just saying we further was St. don't you And stock's that we're incremental if get haven't I call signed we needle it mean, not down needle look, tentatively? summer and you kind gone about tight if going to win-win higher gets this if can't a you to going it's in incremental get like you coke, your on customer the of issue from take needle is the the the in we repriced situation to contracts be annual X% so where restart and for have we for 'XX off you But, Marys? that coke the you market come of can't the it the that because when started they I Just contract yet you St. loses, could sense So higher probably going be that tails, than spot can't start that market thought super pricing? the then further, a mean, pay heads, that pricing the say or Marys in seems to win; you doesn't before pricing lot or way. those this just signed

David Rintoul

deliberate Because things like one extrapolation quite thinking. -- rush And the And a is about data we on that that's kinds before and have now. is We're hitting that higher a to candidly, notes as have any you're market. an resolve in one to at and I about market, making Marys. I way St. make the potential how being not we about the tightness you're point, and the a thinking from moves received in from your certainly says of tightness we we're Michael, out go power it have if move. thoughtful that and go about we obligation any we the this there

that our and And making communicate about our customers best rather we're position, the both and we guess, we in and needle So do steady the right graphite moving for in get is decision will, a the on today interest market, more but we're the trying shareholders. analysis when coke clarity do for the as shareholders. our it's shareholders course, right we do to our what slow I not negative what's to and thing one then market of deliberate

Michael Gambardella

going you're ton. the around Yes. you per And in seeing contract that Was some around spot pricing the needle just -- mentioned coke at marketplace XXXX $X,XXX? off $X,XXX somewhere for

David Rintoul

got second Well, changed then and course half, annual 'XX, look, the market were half. the first needle volume during of the on pricing arrangements coke more of where renegotiated

quite suggesting that or reflects $X,XXX confused accurate the from range not entire number. So time that that But course be that, some year. $X,XXX we second to half of ago, the gave wasn't to that the over

the Okay? previous our currently in much which the time I that is So operating. coke you're in continue very think, $X,XXX came releases needle market will And period we so for would which evolve. that at quoting, you're -- numbers and fact correct from presentations in we're -- believe we and the to

might Our there because time but crystal than yours, be ball marginally not in we're is at this probably -- deals haven't we got yet point done. our better

needle we about that So and as say tight. that's probably much remains as coke can

previous graphs to at coke If look that in needle increase. the years, the of provided for and we over you think of next it some you couple demand presentations the about continues

the have when thought process you sounds So that matter. I the subject like you me think, -- thinking have about you're right it to

Michael Gambardella

question. skyrocketed? you of last -- in that do those X-year that end had 'XX really have pricing signed then summer And the before that 'XX contracts How you calendar many with tons coming off

David Rintoul

of -- past long-term that arrangements. X/X long-term I spot number. memory, give is, spoken guess X/X huge -- would would the because -- exact I to contracts, the don't other of mean for and these so not which an did numbers had say would in I It's have or our you in to we in scheme. overall about capacity had So But wouldn't point don't was a we short-term the I a that want shorter-term I combination what

I have quarter. that that a business third magnitude spot didn't order those. said of of gives in much that the did you And we So signal and

and show to did in our evolving we're contract So we little taking would and one -- there. discussions have of bit of a place you long-term on the extrapolate strategy from strategy. to arena also that continue true we in with that slides, our say I'll I mentioned let holding And

Operator

question next comes Your Hacking Alex from Citi. with

Alexander Hacking

you First, doesn't capacity the market that and need, showing are say adding let then Marys supply-side that at St. not me for that. if discipline apology

first on contracted then that -- XXXX it's going at my XXX round I spot correct? about question $XX,XXX is not tons priced about have ton XXX,XXX numbers, tons priced have now that Is is to right XX,XXX that to just be at have clarify So pricing. you about a and year. you want next you about and

David Rintoul

Alex, the in genre. XXX,XXX number, I is right think, the

quite clearly read well. You raw materials

generally yes. you're in right vicinity, think, I So the

Alexander Hacking

tons XX,XXX not the for of then XX,XXX I priced that X And as be correct? spot say. -- tons at capacity, and is will November priced that of should Is

David Rintoul

you're think, I again, that's strategy right our in around and discussions on to long-term a move you're -- Yes, my in arrangements to the direction. forward our ballpark of comment continuing

Alexander Hacking

Okay. graphite of -- hear concern to bit China reports electrodes, my reports with and U.S. exporting lot you? reasonable I foreign-produced I how are is okay. that those And -- think you but, It's do including of much does electrodes. the comparable cryptic, the Is guess, accurate? graphite is a and And a then, question second that them quality does that

David Rintoul

made that new news. candidly, have electrodes been the you for you -- So mind. duty. time. elsewhere And that furnaces matter, have are is duty. I've -- are to about not things That's used and the same statement some created have that electrodes in in in this Smaller-diameter there's LMF two Chinese period have that all to least market When in have have I bear severe subject a talk size, equal service think, less and much that not smaller two things service are of that before. or at you One

but be to. that a not are secret. in that there China, There electric that And mammoth know the electrodes think they're been, traditionally I they've car they a ex-China. not domestically And they maybe The attempting into they there. market That's market. because capacity, that, dabbling to continue was to they growth greater -- presence, their will of think larger-size to I furnace dynamics. yes, they're domestic changes have production in a simultaneous we that and anything steelmaking service moving not current that's are

servicing hands electric Our with steelmaking have challenge belief capacity own on their China. ramp-up of a is domestic that in they their market quite will a

not that the a that of UHP believe still they to that's permanent the in -- we situation. So but also we're balance not the are suggesting side ex-China to equivalent producers,

hope arc know think the domestic I of is, rate building that furnaces electrode they believe your over next entertained that the the difficult period will term, question. then the at as but and it's Chinese to capacity servicing time their are, Chinese near long as we answers I the graphite keep electric be market.

Alexander Hacking

helpful. Very Yes.

very XX, so? What's the quick I I of additional capacity, next to coke one market much bringing be is to apologize. how going if needle Just your more or one, Phillips may, over the year understanding

David Rintoul

can they made trying is that of that the call as lines to think, recall, PXX. statement and major I'm going -- we I'm me, as earnings days to was their business. release -- the -- several only and to I of We CapEx comment their not for capability. We're the respectful respectful said. be in no expand we so in was of, was Look, something I running their need memories, be extrapolate putting again -- I'm what ago, understand there their major as about suggest I have evidence forgive along the It past weren't they they

glean only you to that and all same And comment. their really, So from the material because call you can that's earnings I have you either. can thing would -- we refer release can I

company we be not to So their great of and not respectful them. for a we have it's be deal need of and like speaking insight information,

Operator

[Operator Instructions].

question next comes Your Macquarie. Nevatia with from Sumangal

Sumangal Nevatia

is the First more on question fundamental side.

the need technology, needle add and of purchase of coke we needle course, coke production to from outside. volumes, have new we Now

Is a constrain coke? or constrain needle constrain? build constraints? So decision more I environment of what to new are captively an it feedstock capacity capital Or is in I building mean, it the versus buying, mean, of the of

David Rintoul

changed of past would CapEx, permitting amounts significant think some about Well, are you in can in of as of would had process is refinery. on because plants require that this needle think our then pretty and that spoken coke hasn't require the a terms it capital-intensive, -- I small we've we've large comments and view

process. So work of the plants. then operating period these great kind a resources time like of it there's and regulatory takes good a knowing world project to environmental-permitting of And operate of the producers, technical net kind how deal across the and any current of thirdly, that to through not

X maybe a of lesser that the challenges, nevertheless, there. but So it's

for time suggesting So building wouldn't any think, happen. of reasons, seeing their all guess But facilities. those this needle probably intention the of others -- case in that I be you're not that good net Chinese, a the that capital-intensive certainly out us. entrepreneurs, it Like, and in yet, may as about it's nobody will put certainly it's If whatever exhausting it your it give And going water have be is that's running mine. talking there, the and at we're a as line petroleum process. point out might why coke go. We don't believe don't there's

seen haven't any announcements here that's you for. think, why big I So

Sumangal Nevatia

Okay.

also constrain opinion? there So there is feedstock a in well, as your

David Rintoul

is be. anybody because all only relative lot PXX of that, would the keep I issue X don't to but there for or of and what's tested. a operating eye sense there But to that of there well certainly lot needle coke the about But we discussions a us it's adequate plant. in an on our world been sources that that a to build moment, don't hasn't feedstock certain news getting Not of -- trying ex-China a particular and know There I aren't was now their our of current have supplies, something us at future in mean, feedstock internally. own certainly environment difficulties. operating

Sumangal Nevatia

Yes. I understand.

Okay.

I respect, debottlenecked needle PXX we that coke. with XX,XXX, has is XX,XXX by tons. to again, question read Second mean,

plans, market chasing market you from the time your any or have debottleneck is the incremental about capacity asking not supply already still are you since mean, So away? I the in there's some in it, -- there but witnessed

David Rintoul

So But to only the And that we appropriate our we will is would support till like that all that for parties make to working So I say need deals, long-term it's in are again, think I about bring we coke supply to a done needle other rate is it's of to comment that having on that right? procuring we're the strategy. fruition. than as would process the optimistic really it wrong at that to satisfactory declare accomplished me and not be the involved. that all proceeding it can been done,

Sumangal Nevatia

Okay.

given again, now can question, change just that mean, Marys. we assume backwards? at Okay, moved I thought were statement, was added more another maybe or visibility -- this? market element confusing. on making the you needle just like exist. but coke decision from St. step now mean, to visibility, in last coke the doesn't is dynamics I in you've Would just one till It's extremely mean, we of we not last what anything needle one I it on quarter least comment

David Rintoul

as a this, would our stating expect area. shareholders same what intention they just both We're that not around would have a all those would expected, well into, have from to negative the signal. Well, my is expect I restart that at Q&A. making be of know on -- earlier comments manner in I would aspects favorable required It's our look detailed us, sell we and we're a before to make we as market the long feedstock raw to -- as going aligned decision material I

we that's doing about -- right now. what So what that's we're are

Operator

Group. with Vertical from question Your Johnson next Gordon comes

Gordon Johnson

aren't question I St. facility there's guys others the why guess, of now? is ramping, have guess, ramping and a if And are to Marys. I been lot So that right guess, I ramp it's accretive value you we questions around

David Rintoul

our complete and outcome what do in of the does would appropriate which reasons. and what diligence are that the appropriate comment that input to Well, with absolutely be the we're then we NPV not that we look still is to that think want of to not it the that market event and exceed we cost to that that over that decision. stress the be And of make period would some you're again, be I make we're the would us right get variety same calculations due going, time great, for at, as a expect did that, decision, cost doing that do just be, yet our and today you is

Gordon Johnson

And then respect signed capacity. your agreements going that to up the for guys It debottlenecking XXXX XXXX? to with doing. helpful. Have for to you're long-term That's account to debottlenecking some Okay. like free you seems that's

David Rintoul

said, So our that type questions, our LTA signed we earlier number. time. 'XX to I situation current I reflected one and agreements of point And that late remember that I XXX-ish at in capacity, think that confirmed capacity the that

are and now just around and processes. some debottleneck, thought to begin we discussions the as strategy it earlier over allows that referenced propagating our XXX,XXX we us So long-term do of of I and tons,

this it's those opportunities into be to we'll and customer have thinking in point the So through -- about with the talk get is about our more we base, once where that call. working and we'll next time quarter's

Gordon Johnson

last just And helpful. me. then That's Okay. from one one

Just and or going St. it that that, expected? with Marys to available back the are than to, respect potential it ramp would bit guess, the needle costs ramp, I availability higher maybe isn't coke be guess, Marys, to the is a I St.

David Rintoul

questioning. get So being thorough in the spirit your full for of in being complementary, marks you very

we along forward-looking road you in do and I you way I would And the won't to a what doing. nor me would I'm answer -- like to, question the down your is of said giving we position not that. that answered that So be went that if information we're respectfully,

do have the that, of side supply how all raw Marys, company to receive would the and to needed, would others because of some our telling we what us the upon how or Marys. to run of that data signal that arrive reiterate at we're St. will we at trying look that where we're both inform positive, St. market that we're the not materials transparently So we about continuing outside are we our decision rely to at I as negative to want at in process. a thought about we discussions, you just in

Operator

for back the turn call remarks. to question-and-answer of reached Rintoul I will We have now over our the session. end closing Mr.

David Rintoul

and In well our position competitive to Julie. industry. leverage strategy you, unique in positioned Thank GrafTech a improved is our execute structurally conclusion,

base next production customers to vertical thank the to to for maximize Again, services, we forward provide you and our industry-leading you our GrafTech, We your integration value products higher low-cost of returns solutions in will with continue and and quarter. speaking to and to interest shareholders. look our

Operator

This conference disconnect. concludes you call. Thank may now your today's for and participation, you

GrafTech International (EAF) 2 Nov 182018 Q3 Earnings call transcript