GrafTech makes graphite electrodes, the consumable used in electric arc furnace (EAF) steelmaking to conduct electricity and generate heat that melts scrap metal into steel. There is no commercially viable substitute for graphite electrodes in EAF steel production. GrafTech's electrodes are ultra-high power (UHP) grade, offering low electrical resistivity and high durability. GrafTech sells directly to EAF steelmakers, who represent roughly 96% of its volume, with EMEA and the Americas accounting for 94% of net sales. A key differentiator is GrafTech's ownership of Seadrift, a petroleum needle coke facility in Texas — GrafTech is the only large-scale electrode producer substantially vertically integrated into this primary raw material input. GrafTech earns revenue by selling electrodes at a negotiated price per metric ton, with realized price and volume as the core earnings drivers. Pricing is cyclical and follows a spread-over-needle-coke logic, widening in tight markets and compressing in oversupply. GrafTech sells under short-term annual agreements (now the majority of its order book), long-term take-or-pay contracts, and spot purchases. Profitability is highly sensitive to capacity utilization given fixed manufacturing costs. GrafTech manufactures electrodes at facilities in France, Spain, and Mexico, with combined capacity of approximately 178,000 MT. Near-term strategy focuses on growing share in the U.S. and EU — where tariffs provide some insulation from Chinese competition — while cutting costs and preserving liquidity through a prolonged period of structural oversupply.