GrafTech International Ltd. announced its support for a petition filed with the U.S. Department of Commerce and the U.S. International Trade Commission to investigate whether Chinese and Indian exporters are selling large‑diameter graphite electrodes (LDGE) at prices below fair value. The petition defines LDGE as electrodes exceeding 425 mm in diameter and alleges that government subsidies allow Chinese exporters to sell at margins up to 147 % and Indian exporters at margins up to 74 % compared with U.S. competitors.
CEO Timothy Flanagan said the company "stands firmly behind the Petition as part of our commitment to protecting the integrity of the U.S. graphite electrode industry." He added that fair competition is vital for the sustainability of American manufacturing and the steel industry.
GrafTech has been reporting significant losses. In the fourth quarter of 2025 the company posted a net loss of $65.1 million, compared with a $49.5 million loss in the same quarter of 2024. For the full year 2025 the net loss widened to $219.8 million from $131.2 million in 2024. Revenue for 2025 declined 6 % to $504 million, driven by lower weighted‑average realized prices despite a 6 % increase in sales volume. A $12 million non‑cash inventory valuation charge also contributed to the loss.
The company’s two main business segments are graphite electrodes and petroleum needle coke. The petition could help protect the graphite electrode segment from aggressive pricing by foreign competitors. GrafTech’s vertical integration into petroleum needle coke production at its Seadrift facility provides a stable supply and cost advantage, especially as needle coke is also in demand for electric‑vehicle batteries.
The announcement was met with a modest positive reaction, but the company’s market value had been declining, reflecting ongoing concerns about profitability and pricing pressure.
If the petition leads to duties on imports from China and India, GrafTech could regain pricing power and improve its competitive position. However, the outcome is uncertain, and the company continues to face headwinds from lower prices and inventory adjustments. The petition represents a material development that could influence the company’s future profitability and market share.
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