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GrafTech International Ltd. (NYSE: EAF), a leading metal manufacturing company, reported a double-digit decline in profits and sales in the fourth quarter of 2022.
Net income was $50.3 million or $0.20 per share in the December quarter, compared to $141.5 million or $0.54 per share in the corresponding period in 2021.
The underlying performance was negatively impacted as net sales fell 32% to $247.5 million. The decrease was primarily due to lower sales volumes, reflecting the impact of the temporary suspension of our operations in Monterrey, Mexico, and the softness in demand for graphite electrodes.
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“As we look forward, we have identified opportunities to make targeted investments to strengthen our strategic position, commercial capabilities, and product offerings. Through the execution of these actions and cost investments, we believe that GrafTech will successfully navigate the immediate environment and emerge with a good position to benefiting from the long-term growth in demand for graphite electrodes,” said GrafTech CEO Marcel Kessler.
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