GrafTech International Ltd (EAF) 2023 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the GrafTech First Quarter 2023 Earnings Conference Call and Webcast. (Operator Instructions) This call is being recorded on Friday, April 28, 2023.

女士們先生們，美好的一天，歡迎來到 GrafTech 2023 年第一季度收益電話會議和網絡直播。 （操作員說明）此通話記錄於 2023 年 4 月 28 日星期五。

I would now like to turn the conference over to Mike Dillon. Please go ahead.

我現在想將會議轉交給 Mike Dillon。請繼續。

Thank you. Good morning, and welcome to GrafTech International's First Quarter 2023 Earnings Call. On with me today are Marcel Kessler, Chief Executive Officer; Jeremy Halford, Chief Operating Officer; and Tim Flanagan, Chief Financial Officer.

謝謝。早上好，歡迎來到 GrafTech International 的 2023 年第一季度收益電話會議。今天和我在一起的是首席執行官 Marcel Kessler；傑里米·哈爾福德，首席運營官；首席財務官蒂姆·弗拉納根 (Tim Flanagan)。

Marcel will begin with opening comments. Jeremy will then discuss safety, sales and operational matters. Tim will review our quarterly results and other financial details. Marcel will close with comments on our outlook. We will then open the call to questions.

Marcel 將首先發表評論。 Jeremy 隨後將討論安全、銷售和運營事宜。蒂姆將審查我們的季度業績和其他財務細節。 Marcel 將對我們的前景發表評論。然後我們將開始提問。

Turning to our next slide. As a reminder, some of the matters discussed on this call may include forward-looking statements regarding, among other things, performance, trends and strategies. These statements are based on current expectations and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from those indicated by forward-looking statements are shown here. We will also discuss certain non-GAAP financial measures, and these slides include the relevant non-GAAP reconciliations. You can find these slides in the Investor Relations section of our website at www.graftech.com. A replay of the call will also be available on our website.

轉到下一張幻燈片。提醒一下，本次電話會議討論的一些事項可能包括有關業績、趨勢和戰略等方面的前瞻性陳述。這些陳述基於當前的預期，並受到風險和不確定性的影響。此處顯示了可能導致實際結果與前瞻性陳述所表明的結果存在重大差異的因素。我們還將討論某些非 GAAP 財務措施，這些幻燈片包括相關的非 GAAP 調節。您可以在我們網站 www.graftech.com 的投資者關係部分找到這些幻燈片。我們的網站上也將提供通話重播。

I'll now turn the call over to Marcel.

我現在將電話轉給 Marcel。

Good morning, everyone. Thank you for joining GrafTech's first quarter earnings call. Jeremy last spoke to you in February, he shared our perspectives regarding 2023. He noted that there will be a significant impact on our performance due to 4 factors. One, the residual effect of the Monterrey suspension that occurred in late 2022; second, the substantial shift in mix from LTA to non-LTA revenue; third, higher costs; and fourth, softness in graphite electrode demand.

大家，早安。感謝您參加 GrafTech 第一季度財報電話會議。 Jeremy 最後一次與您交談是在 2 月，他分享了我們對 2023 年的看法。他指出，由於 4 個因素，這將對我們的業績產生重大影響。一是 2022 年底發生的蒙特雷停賽的殘餘影響；其次，從 LTA 到 non-LTA 收入結構的重大轉變；第三，成本較高；四是石墨電極需求疲軟。

We anticipate that the first quarter to be the earnings trough for the year, reflecting the lower sales volume and the highest cost per ton. We expect this performance to gradually improve as we proceed through 2023 and then further accelerate in 2024. Lastly, he highlighted the actions being taken to navigate the current headwinds and that we remain optimistic regarding the longer-term outlook for our business.

我們預計第一季度將是全年的盈利低谷，反映出較低的銷量和最高的噸成本。我們預計隨著 2023 年的推進，這種表現將逐漸改善，然後在 2024 年進一步加速。最後，他強調了為應對當前逆風而採取的行動，並且我們對我們業務的長期前景保持樂觀。

Our performance in the first quarter, which Jeremy and Tim will speak to later, met our internal projections. As it relates to the balance of the year, I highlighted the 4 headwinds that are impacting our 2023 financial performance.

我們在第一季度的表現符合我們的內部預測，Jeremy 和 Tim 稍後將談到這一點。由於涉及到今年的餘額，我強調了影響我們 2023 年財務業績的 4 個不利因素。

Our outlook for the first 3 factors remains largely unchanged. On the other hand, regarding the fourth factor, softness in graphite electrode demand, our outlook has become slightly more cautious. As Jeremy will discuss, we do see some encouraging signs for key steel market indicators. However, we are not yet seeing this translate into demand for graphite electrodes, and we anticipate softness in the commercial environment for the balance of the year. We attribute this to 2 reasons. First, the magnitude of the steel industry recovery remains constrained by global economic uncertainty; and second, current graphite electrode inventory levels at our customers exceed typical norms, reflecting the recent softness in steel utilization rates.

我們對前三個因素的展望基本保持不變。另一方面，對於第四個因素，石墨電極需求疲軟，我們的前景變得更加謹慎。正如 Jeremy 將討論的那樣，我們確實看到關鍵鋼鐵市場指標出現了一些令人鼓舞的跡象。然而，我們還沒有看到這轉化為對石墨電極的需求，我們預計今年餘下時間商業環境將出現疲軟。我們將此歸因於 2 個原因。首先，鋼鐵行業復甦的幅度仍受到全球經濟不確定性的製約；其次，我們客戶目前的石墨電極庫存水平超過了典型的標準，反映出近期鋼鐵利用率的疲軟。

As a result, our full year volume expectations have been slightly reduced compared to our original projections. We currently estimate our 2023 sales volume to be in the range of 100,000 metric tons to 115,000 metric tons. That said, we continue to expect sequential improvement in our volume on a quarter-over-quarter basis as it proceeds through 2023.

因此，與我們最初的預測相比，我們的全年銷量預期略有下降。我們目前估計我們 2023 年的銷量將在 100,000 公噸至 115,000 公噸之間。也就是說，我們繼續預計到 2023 年我們的銷量將環比增長。

Our outlook for costs in the year remains largely unchanged. As we look ahead to 2024, based on the latest outlook from the World Steel Association, steel demand is expected to further recover with growth accelerating in most regions. This includes a projected 6% year-over-year increase in European steel demand for 2024 as well as a 2% increase in North America. As such, we continue to expect electrode demand and our sales volume to return to more normalized levels in 2024.

我們對今年成本的展望基本保持不變。展望2024年，根據世界鋼鐵協會的最新展望，鋼鐵需求有望進一步復甦，大部分地區增速加快。這包括預計 2024 年歐洲鋼鐵需求同比增長 6% 以及北美 2% 的增長。因此，我們繼續預計電極需求和我們的銷量將在 2024 年恢復到更正常的水平。

To manage the near-term challenges in the market, we are successfully executing the plans we discussed on the last call. These plans include closely managing our operating costs, capital expenditures and working capital levels, proactively reducing our production volume to align with the near-term demand outlook for graphite electrodes and making targeted investments to further improve our competitive positioning and support long-term growth. We are pleased with the progress we are making to advance our business on several fronts.

為了應對市場的近期挑戰，我們正在成功執行我們在上次電話會議上討論的計劃。這些計劃包括密切管理我們的運營成本、資本支出和營運資金水平，主動減少我們的產量以適應石墨電極的近期需求前景，並進行有針對性的投資以進一步提高我們的競爭地位並支持長期增長。我們對在多個方面推進業務所取得的進展感到高興。

I would like to highlight some important accomplishments. Our Monterrey facility in Mexico has been running well since the suspension was lifted in November 2022. The plant is operating consistent with our expectations. We are successfully executing our production plan and progressing well on our objective to rebuild our penstock inventory. We are satisfying all the conditions that were agreed upon with the state authorities [in where we are] in accordance with the time line established at the restart last November. In addition, we continue to expand our engagement with the authorities as well as with members of the local community, and we look forward to operating the Monterrey facility and supporting the community for many years to come.

我想強調一些重要的成就。自 2022 年 11 月解除停工以來，我們在墨西哥的蒙特雷工廠一直運行良好。該工廠的運營符合我們的預期。我們成功地執行了我們的生產計劃，並在實現我們重建壓力鋼管庫存的目標方面取得了良好進展。根據去年 11 月重新啟動時確定的時間表，我們正在滿足與 [我們所在地] 州當局達成的所有條件。此外，我們繼續擴大與當局以及當地社區成員的接觸，我們期待在未來許多年內運營蒙特雷設施並支持社區。

We have also made significant progress on our risk mitigation strategies related to pin stock. Earlier this month, we received the regulatory approval to restart production activities at our St. Marys facility in Pennsylvania. Following this milestone, the facility recently received its first shipment of needle coke since 2016. We are now in the process of beginning production at St. Marys.

我們在與銷釘庫存相關的風險緩解策略方面也取得了重大進展。本月早些時候，我們獲得了監管部門的批准，可以重啟賓夕法尼亞州聖瑪麗工廠的生產活動。繼這一里程碑之後，該設施最近收到了自 2016 年以來的第一批針狀焦。我們現在正在 St. Marys 開始生產。

In addition, our efforts to initiate in-stock production capabilities at our Pamplona facility in Spain also remain on track. We are pleased with the progress of both initiatives as this will provide important risk mitigation for steel production.

此外，我們在西班牙潘普洛納工廠啟動庫存生產能力的努力也在按計劃進行。我們對這兩項舉措的進展感到高興，因為這將為鋼鐵生產提供重要的風險緩解措施。

On the commercial front, we have opened a new sales office in Dubai and added new sales and technical service representatives in additional countries. Although our business mix has shifted to be predominantly non-LTA now, we remain uniquely positioned to offer our customers surety of supply via a multiyear electrode supply agreement. In fact, we are pleased to have recently entered into new multiyear agreements with several customers in North America and in Europe. This reflects our customers' confidence in GrafTech's ability to reliably deliver high-performing products over time.

在商業方面，我們在迪拜開設了新的銷售辦事處，並在其他國家增加了新的銷售和技術服務代表。儘管我們的業務組合現在已經轉變為以非 LTA 為主，但我們仍然具有獨特的優勢，可以通過多年的電極供應協議為我們的客戶提供供應保證。事實上，我們很高興最近與北美和歐洲的幾家客戶簽訂了新的多年期協議。這反映了我們的客戶對 GrafTech 隨著時間的推移可靠地交付高性能產品的能力的信心。

We also continue to make progress on the sustainability front. Last week, we applied to join the United Nations Global Compact and look forward to participating in this important initiative alongside many other leading companies. Aligning our sustainability strategies under the UN Global Compact principles will further strengthen our business and lead to better results for our customers, employees and other key stakeholders.

我們還在可持續發展方面繼續取得進展。上週，我們申請加入聯合國全球契約，並期待與許多其他領先公司一起參與這一重要倡議。根據聯合國全球契約原則調整我們的可持續發展戰略將進一步加強我們的業務，並為我們的客戶、員工和其他主要利益相關者帶來更好的結果。

Finally, we are taking actions that we believe will optimally position GrafTech to benefit from medium- to longer-term industry tailwinds and deliver shareholder value.

最後，我們正在採取我們認為將使 GrafTech 處於最佳位置的行動，以從中長期行業順風中受益並為股東創造價值。

Decarbonization is driving a transition in steel with electric arc furnace steelmaking and resulting demand for graphite electrodes expected to experience accelerating growth. In addition, the demand for petroleum needle coke, the key raw material we use to produce our graphite electrodes is also expected to accelerate driven by its use in lithium ion batteries for the growing electric vehicle market. We are well positioned to capitalize on these favorable long-term industry trends, and I will touch on this further at the end of our prepared remarks.

脫碳正在推動鋼鐵行業向電弧爐煉鋼轉型，由此產生的對石墨電極的需求預計將加速增長。此外，我們用於生產石墨電極的主要原材料石油針狀焦的需求預計也將加速增長，因為它被用於不斷增長的電動汽車市場的鋰離子電池。我們有能力利用這些有利的長期行業趨勢，我將在我們準備好的評論結束時進一步討論這一點。

I want to thank the entire GrafTech team for their efforts and dedication as we continue to execute our plans to move our business ahead.

我要感謝整個 GrafTech 團隊在我們繼續執行推動業務發展的計劃時所做的努力和奉獻。

With that, let me turn the call over to Jeremy.

有了這個，讓我把電話轉給傑里米。

Thank you, Marcel, and good morning, everyone. I will start my comments, as I always do, with a brief update on our safety performance, which is a core value at GrafTech.

謝謝你，馬塞爾，大家早上好。一如既往，我將首先簡要介紹一下我們的安全性能，這是 GrafTech 的核心價值。

As I indicated on our year-end call, improvement in this area is a key point of emphasis with our team in 2023 as our prior year performance did not meet our high standards. I'm pleased that our recordable incident rate for the first quarter of 2023 is well below where we were throughout 2022 and places us among the top operators in the broader manufacturing industry. We will remain highly diligent in this area and seek to build on this momentum as we continue working toward our ultimate goal of 0 injuries.

正如我在年終電話會議上指出的那樣，這方面的改進是我們團隊在 2023 年重點關注的重點，因為我們上一年的表現沒有達到我們的高標準。我很高興我們在 2023 年第一季度的可記錄事故率遠低於我們整個 2022 年的水平，並使我們躋身更廣泛製造業的頂級運營商之列。我們將在這一領域保持高度勤奮，並在繼續努力實現零傷害的最終目標的同時，尋求在此勢頭的基礎上再接再厲。

Let me now turn to the next slide for an update on steel industry trends as additional context for our first quarter results and outlook commentary. During the first quarter, while we saw encouraging signs among key market indicators, the overall recovery of the steel industry remains somewhat constrained. Global steel production, excluding China, in the first quarter of 2023 was approximately 198 million tons. This represented a 2% sequential improvement from the fourth quarter, but a 7% decline compared to the same period in the prior year.

現在讓我轉到下一張幻燈片，了解鋼鐵行業趨勢的最新情況，作為我們第一季度業績和前景評論的補充背景。一季度，雖然我們在主要市場指標中看到了令人鼓舞的跡象，但鋼鐵行業的整體復甦仍然受到一定限制。 2023年第一季度，不包括中國在內的全球鋼鐵產量約為1.98億噸。這比第四季度環比增長 2%，但與去年同期相比下降了 7%。

This same trend carries through to global capacity utilization rates, excluding China, which increased slightly on a sequential basis to 65% in the first quarter but remained down compared -- partly remain down by approximately 500 basis points year-over-year.

這一趨勢同樣適用於不包括中國在內的全球產能利用率，第一季度中國產能利用率環比小幅上升至 65%，但相比之下仍處於下降狀態——部分同比下降約 500 個基點。

Looking at some of the regions in which we participate. In Europe, we continue to see a stabilization of key trends, including steel production and pricing, although both remained significantly below year-ago levels. In the U.S., utilization rates continue to tick up, averaging 74% for the first quarter with HRC prices rising significantly through the quarter. This sequential step-up in U.S.-based steel trends reflects improved auto production and construction spending, among other factors.

看看我們參與的一些地區。在歐洲，我們繼續看到包括鋼鐵生產和價格在內的主要趨勢趨於穩定，儘管兩者仍遠低於去年同期水平。在美國，利用率繼續上升，第一季度平均為 74%，整個季度熱軋卷價格大幅上漲。美國鋼鐵趨勢的連續上升反映了汽車生產和建築支出的改善等因素。

While these trends are encouraging, we also recognize that a significant amount of economic uncertainty remains. This is reflected in a wide range of possibilities presented in the outlook of key market participants.

儘管這些趨勢令人鼓舞，但我們也認識到，大量經濟不確定性依然存在。這反映在主要市場參與者的前景中呈現的各種可能性。

Turning to GrafTech's first quarter performance. Our production volume was approximately 16,000 metric tons, representing a 66% year-over-year decline and resulting in a combined capacity utilization rate for our 3 primary electrode facilities of 31% for the quarter. As we have indicated, towards the end of the fourth quarter, we began to proactively reduce production at our European manufacturing facilities. Combined, our facilities in Calais and Pamplona operated at just below 1/4 of their capacity for the first 3 months of 2023. We expect to increase output in the second quarter and then increase further in the back half of the year based on steel market conditions.

轉向 GrafTech 第一季度的業績。我們的產量約為 16,000 公噸，同比下降 66%，導致本季度我們 3 個原電極設施的綜合產能利用率為 31%。正如我們所指出的，在第四季度末，我們開始主動減少歐洲製造工廠的產量。 2023 年前 3 個月，我們在加來和潘普洛納的工廠加起來的運營能力略低於其產能的 1/4。我們預計第二季度將增加產量，然後根據鋼鐵市場的情況在下半年進一步增加狀況。

This is being done to align our production volume with our evolving outlook for graphite electrode demand as well as to manage high energy costs more efficiently. For our Monterrey facility, production output for the first quarter was in line with our expectations and reflected our focus on rebuilding our pin stock inventory levels.

這樣做是為了使我們的產量與我們不斷變化的石墨電極需求前景保持一致，並更有效地管理高能源成本。對於我們的蒙特雷工廠，第一季度的產量符合我們的預期，反映出我們專注於重建針庫存水平。

Turning to sales. Our first quarter sales volume of approximately 17,000 metric tons was in line with our expectations. The impact of Monterrey being suspended in late 2022 during a key commitment window for customer purchases covering the first half of 2023 was the primary driver of the 61% year-over-year decline in sales volume in the first quarter. Lower demand for electrodes also contributed to the decrease.

轉向銷售。我們第一季度的銷量約為 17,000 公噸，符合我們的預期。 Monterrey 在 2023 年上半年客戶購買的關鍵承諾窗口期間於 2022 年末暫停營業的影響是第一季度銷量同比下降 61% 的主要原因。對電極的較低需求也導致了下降。

Further, the terms for most of our LTAs ended in 2022, and our mix has shifted to more non-LTA business. First quarter shipments included 7,000 metric tons sold under our LTAs at a weighted average realized price of $9,000 per metric ton and nearly 10,000 metric tons of non-LTA sales at a weighted average realized price of $6,000 per metric ton. Both of these prices were consistent with our expectations.

此外，我們大多數 LTA 的條款於 2022 年結束，我們的業務組合已轉向更多非 LTA 業務。第一季度的出貨量包括根據我們的 LTA 以每公噸 9,000 美元的加權平均實現價格出售的 7,000 公噸和以每公噸 6,000 美元的加權平均實現價格出售的近 10,000 公噸非 LTA 銷售。這兩個價格都符合我們的預期。

As a result of these combined factors, net sales in the first quarter of 2023 decreased 62% compared to the first quarter of 2022. As we proceed through the second quarter of 2023, while the residual impact of the Monterrey suspension will continue to have a significant impact, we anticipate our sales volume will begin to recover and be in the range of 24,000 to 27,000 metric tons for the quarter.

由於這些綜合因素，2023 年第一季度的淨銷售額與 2022 年第一季度相比下降了 62%。隨著我們進入 2023 年第二季度，而蒙特雷停工的剩餘影響將繼續產生重大影響，我們預計我們的銷量將開始恢復，並在本季度的 24,000 至 27,000 公噸範圍內。

Non-LTA pricing is expected to decline slightly from first quarter levels, reflecting softness in the commercial environment. In the second half of the year, we anticipate our sales volume will further recover as we move past the Monterrey suspension driven impact. However, as we've noted, given economic uncertainty and elevated graphite electrode inventory levels at our customers, we are now more cautious regarding our commercial outlook for the second half of 2023. Reflecting all of this, we currently estimate our full year sales volume will be in the range of 100,000 metric tons to 115,000 metric tons.

非 LTA 定價預計將比第一季度水平略有下降，反映出商業環境的疲軟。在今年下半年，我們預計我們的銷量將隨著我們擺脫蒙特雷暫停驅動的影響而進一步恢復。然而，正如我們所指出的，鑑於經濟的不確定性和我們客戶的石墨電極庫存水平升高，我們現在對 2023 年下半年的商業前景更加謹慎。反映所有這些，我們目前估計我們的全年銷量將在 100,000 公噸至 115,000 公噸之間。

Let me now turn it over to Tim to cover the rest of our financial results.

現在讓我將其轉交給蒂姆，以涵蓋我們其餘的財務業績。

Thanks, Jeremy. For the first quarter, we had a net loss of $7 million or $0.03 per share. Adjusted EBITDA was $15 million or an adjusted EBITDA margin of 11%. This is a decrease from $170 million in the first quarter of 2022, primarily reflecting lower sales volume and higher year-over-year costs on a per metric ton basis.

謝謝，傑里米。第一季度，我們淨虧損 700 萬美元或每股虧損 0.03 美元。調整後的 EBITDA 為 1500 萬美元或調整後的 EBITDA 利潤率為 11%。這比 2022 年第一季度的 1.7 億美元有所減少，主要反映了銷量下降和每公噸成本同比上升。

Expanding on costs. Reflecting the full year impact of raw material, energy and freight cost increases that occurred throughout 2022, higher-priced inventory was sold during the first quarter of 2023. In addition, during the quarter, our cash costs included approximately $10 million of fixed costs that otherwise would have been inventory we are operating at normal production levels as compared to our 31% capacity utilization rate for the first quarter.

擴大成本。反映整個 2022 年原材料、能源和運費成本增加的全年影響，2023 年第一季度出售了價格較高的庫存。此外，在本季度，我們的現金成本包括大約 1000 萬美元的固定成本，這些固定成本與我們第一季度 31% 的產能利用率相比，否則我們將以正常生產水平運營庫存。

Factoring all of this in, for the first quarter of 2023, our cash COGS per metric ton were approximately $5,600 and represented a 9% sequential increase compared to the fourth quarter of 2022. As a reminder, cash COGS per metric ton excludes depreciation and amortization as well as cost of goods associated with byproduct sales and other noncash items.

將所有這些因素考慮在內，在 2023 年第一季度，我們每公噸的現金 COGS 約為 5,600 美元，與 2022 年第四季度相比環比增長 9%。提醒一下，每公噸的現金 COGS 不包括折舊和攤銷以及與副產品銷售和其他非現金項目相關的商品成本。

On a full year basis, we continue to project a year-over-year increase in our cash COGS per metric ton that is in line with our prior cost guidance for 2023. We also continue to expect that the first quarter cash COGS represents the high watermark for our costs in 2023. As such, looking ahead to the balance of the year, we project our cash costs per metric ton to improve slightly compared to the first quarter.

在全年基礎上，我們繼續預計每公噸現金 COGS 將同比增長，這與我們先前對 2023 年的成本指導一致。我們還繼續預計第一季度現金 COGS 代表高我們 2023 年成本的水印。因此，展望今年的餘額，我們預計每公噸的現金成本與第一季度相比將略有改善。

As a result of input costs remaining elevated in 2023 as well as the impacts of fixed cost leverage based on our low utilization rate, we remain focused on cost management.

由於 2023 年投入成本仍然高企，以及基於我們低利用率的固定成本槓桿的影響，我們仍然專注於成本管理。

For example, our procurement and technology teams continue to evaluate the sources of raw materials we use, are working to qualify new suppliers and look to drive costs out of the business. Additionally, our operating teams are assessing ways of reducing scrap and waste in the production process as well as identifying opportunities to reduce usage levels of key variable cost elements.

例如，我們的採購和技術團隊繼續評估我們使用的原材料來源，正在努力確定新供應商的資格，並尋求降低業務成本。此外，我們的運營團隊正在評估減少生產過程中廢料和浪費的方法，並尋找降低關鍵可變成本要素使用水平的機會。

Furthermore, we continue to expect market pricing to decline in the medium to long term for certain key elements of our cost structure, including energy and decant oil. For these reasons, with an anticipated increase in our capacity utilization and sales volume is expected to return to more normalized levels for the full year of 2024. We are optimistic that our cost per metric ton will improve significantly as we move beyond the current year.

此外，我們繼續預計我們成本結構的某些關鍵要素（包括能源和澄清油）的市場定價在中長期內會下降。由於這些原因，預計我們的產能利用率和銷量將在 2024 年全年恢復到更正常的水平。我們樂觀地認為，隨著我們超越今年，我們的每公噸成本將顯著改善。

Turning to cash flow. In the first quarter, we generated $25 million of cash from operations and $3 million of adjusted free cash flow, with both measures decreasing compared to the first quarter of 2022, reflecting lower net income. The lower net income was partially offset by an increase in cash provided by the net change in working capital as we continue to closely manage our working capital levels.

轉向現金流。第一季度，我們產生了 2500 萬美元的運營現金和 300 萬美元的調整後自由現金流，與 2022 年第一季度相比，這兩項指標均有所下降，反映出淨收入較低。由於我們繼續密切管理營運資金水平，營運資金淨變化提供的現金增加部分抵消了較低的淨收入。

Moving to the next slide. Our gross debt to adjusted EBITDA ratio was 2.4x as of March 31 compared to 1.7x at the end of 2022. On a net debt basis, we ended the quarter at a ratio of 2.1x. As of March 31, our total liquidity was approximately $462 million, consisting of $135 million of cash and $327 million available under our revolving credit facility. This liquidity level was consistent with where we ended 2022.

移動到下一張幻燈片。截至 3 月 31 日，我們的總債務與調整後 EBITDA 的比率為 2.4 倍，而 2022 年底為 1.7 倍。按淨債務計算，我們在本季度末的比率為 2.1 倍。截至 3 月 31 日，我們的流動資金總額約為 4.62 億美元，包括 1.35 億美元現金和循環信貸額度下的 3.27 億美元。這一流動性水平與我們 2022 年底的水平一致。

Our history has demonstrated our commitment to executing a prudent and disciplined long-term capital allocation strategy. For 2023, this entails the focus on maintaining sufficient liquidity as we recover from the impact of the Monterrey suspension, while making targeted investments, such as the restart of our St. Marys operations.

我們的歷史證明了我們致力於執行審慎和紀律嚴明的長期資本配置戰略。到 2023 年，隨著我們從蒙特雷暫停的影響中恢復過來，這需要重點保持充足的流動性，同時進行有針對性的投資，例如重啟我們的 St. Marys 業務。

For the full year, we continue to expect our capital expenditures will be in the range of $55 million to $60 million, including investment supporting growth. With our focus on managing costs, capital expenditures and working capital levels, we continue to expect to be free cash flow positive for 2023. And we remain confident that we have ample liquidity between the cash on hand and availability under our existing credit facility to navigate the current market conditions.

對於全年，我們繼續預計我們的資本支出將在 5500 萬至 6000 萬美元之間，包括支持增長的投資。由於我們專注於管理成本、資本支出和營運資金水平，我們繼續期望 2023 年的自由現金流為正。我們仍然相信，我們手頭現金和現有信貸額度下的可用現金之間有足夠的流動性來導航當前的市場狀況。

I'll now turn it back to Marcel for his perspective on the outlook.

現在我將把它轉回馬塞爾，聽取他對前景的看法。

Thank you, Tim. Let me reiterate that we remain confident in our ability to overcome near-term headwinds and are encouraged by the significant progress our teams have made over the last few months. And we remain optimistic about the longer-term outlook for our business.

謝謝你，蒂姆。讓我重申，我們對克服近期逆風的能力充滿信心，並對我們的團隊在過去幾個月取得的重大進展感到鼓舞。我們對我們業務的長期前景保持樂觀。

To this point, we are taking actions that we believe will ultimately position GrafTech to benefit from sustainable industry tailwinds and deliver shareholder value. Specifically, we continue to expect the steel industry's efforts to decarbonize will drive a further shift to electric arc furnace steel making, supporting medium- to long-term demand growth for graphite electrodes.

到目前為止，我們正在採取我們認為最終將使 GrafTech 受益於可持續行業順風並為股東創造價值的行動。具體而言，我們繼續預計鋼鐵行業脫碳的努力將推動電弧爐煉鋼的進一步轉變，支持石墨電極的中長期需求增長。

Announcement of planned EAF capacity additions by steel producers and estimated production increases at existing EAF plans could result in incremental annual graphite electrode demand outside of China of 200,000 metric tons by 2030. This compares to global graphite electrode demand outside of China in 2022 of approximately 680,000 metric tons. On a regional basis, based on industry announcements, this could translate into incremental graphite electrode demand for approximately 65,000 metric tons in Europe and 25,000 metric tons in North America.

鋼鐵生產商宣布的 EAF 產能增加計劃和現有 EAF 計劃的估計產量增加可能導致到 2030 年中國以外的年度石墨電極需求增加 200,000 公噸。相比之下，2022 年中國以外的全球石墨電極需求量約為 680,000公噸。根據行業公告，在區域基礎上，這可能轉化為歐洲約 65,000 公噸和北美約 25,000 公噸的增量石墨電極需求。

We also anticipate demand for petroleum needle coke to accelerate, driven by its use as a precursor material to produce synthetic graphite for the anode portion of lithium-ion batteries for the rapidly growing electric vehicle market. Based on estimates from the International Energy Agency regarding projected growth in EV sales and battery pack sizes, this could result in global needle coke demand for us in EV applications increasing at the compound annual growth rate of over 20% through 2030.

我們還預計對石油針狀焦的需求將加速增長，因為它被用作前體材料，用於生產用於快速增長的電動汽車市場的鋰離子電池陽極部分的合成石墨。根據國際能源署對電動汽車銷量和電池組尺寸預計增長的估計，到 2030 年，這可能導致電動汽車應用對我們的全球針狀焦需求以超過 20% 的複合年增長率增長。

Our sustainable competitive advantages are critical differentiators and foundational to our ability to meet our electrode customers' needs. We are operating 3 of the highest capacity electrode manufacturing facilities in the world and we have substantial vertical integration to petroleum needle coke through our Seadrift production facility. In addition, the actions I spoke to earlier will uniquely position GrafTech to produce pins in 3 different facilities on 2 continents.

我們可持續的競爭優勢是關鍵的差異化因素，也是我們滿足電極客戶需求能力的基礎。我們運營著世界上產能最高的 3 個電極製造設施，並且我們通過我們的 Seadrift 生產設施對石油針狀焦進行了實質性的垂直整合。此外，我之前談到的行動將使 GrafTech 在 2 個大洲的 3 個不同設施中生產別針具有獨特的地位。

We also see long-term value creation opportunities beyond our existing electrode business. We have been starting the ways in which we can participate in the anticipated growth of the EV market, and we see 2 potential avenue for GrafTech. The first is by leveraging our assets and technical know-how in petroleum needle coke production, given the expected demand growth. Our participation could include either the expansion of Seadrift or construction of Greenfield needle corporate facility, potentially in partnership with a third party. We are actively studying both options.

我們還看到了現有電極業務之外的長期價值創造機會。我們一直在著手參與電動汽車市場預期增長的方式，我們看到了 GrafTech 的 2 個潛在途徑。考慮到預期的需求增長，首先是利用我們在石油針狀焦生產方面的資產和技術知識。我們的參與可能包括擴展 Seadrift 或建設 Greenfield needle corporate facility，可能與第三方合作。我們正在積極研究這兩種選擇。

As it relates to Seadrift, we have piloted the use of petroleum needle coke produced at our facility with the purpose of creating lithium-ion battery and/or material with several third parties. As a result, we are confident in our ability to produce needle coke that meets the quality standards and specifications needed to be a precursor material for battery anodes.

由於與 Seadrift 相關，我們已經試行使用我們工廠生產的石油針狀焦，目的是與多個第三方一起製造鋰離子電池和/或材料。因此，我們對生產符合電池陽極前體材料所需質量標準和規格的針狀焦的能力充滿信心。

The second potential opportunity is leveraging our graphitization resources and knowledge to produce synthetic graphite material for battery anodes. Regardless of the source of the needle coke, graphitization is required to convert it to synthetic graphite. And GrafTech possesses some of the largest graphitization resources and required expertise in the world. While we have not made any firm commitments, we are excited about the possibility in participating in some or all of the scenarios that I described, and we look forward to sharing more as we can.

第二個潛在機會是利用我們的石墨化資源和知識來生產用於電池陽極的合成石墨材料。無論針狀焦的來源如何，都需要進行石墨化以將其轉化為合成石墨。 GrafTech 擁有世界上一些最大的石墨化資源和所需的專業知識。雖然我們還沒有做出任何堅定的承諾，但我們很高興有可能參與我描述的部分或所有場景，我們期待盡可能分享更多。

In closing, we are effectively executing the plans put in place to manage the current environment. Further, our long-term thesis remains intact. GrafTech possesses an industry-leading position, a distinct set of capabilities and competitive advantages and a talented and dedicated team that is committed to providing value-added services and solutions for our customers.

最後，我們正在有效地執行為管理當前環境而製定的計劃。此外，我們的長期論點保持不變。 GrafTech 擁有行業領先地位、一套獨特的能力和競爭優勢以及一支才華橫溢、敬業的團隊，致力於為我們的客戶提供增值服務和解決方案。

Lastly, as a result of our disciplined capital allocation strategy, we have a strong balance sheet and ample liquidity to navigate the near term. For these reasons, I remain confident in our ability to deliver shareholder value.

最後，由於我們嚴格的資本配置策略，我們擁有強大的資產負債表和充裕的流動性來應對近期的挑戰。出於這些原因，我對我們為股東創造價值的能力充滿信心。

That concludes our prepared remarks. We will now open the call for questions.

我們準備好的發言到此結束。我們現在將開始提問。

(Operator Instructions) The first question comes from Arun Viswanathan from RBC.

（操作員說明）第一個問題來自 RBC 的 Arun Viswanathan。

So I guess first off just on the outlook for this year then, so you moderated the volume picture just to touch because of the backdrop macro and demand-wise. I guess, what changes have you seen specifically? Is it kind of weakening and continued weakening in Europe, maybe some moderation in Asia as well or maybe a slower-than-expected recovery there? What are you seeing specifically that led you to moderate the volume outlook, I guess, first off?

所以我想首先是關於今年的前景，所以你調整了成交量圖片只是為了觸及宏觀和需求方面的背景。我想，您具體看到了哪些變化？歐洲是否正在走弱並持續走弱，亞洲是否也有所緩和，或者那裡的複蘇速度可能慢於預期？我想，您首先看到什麼導致您緩和成交量前景？

Well, thank you for your question. I think there is probably a slight moderation across all regions. And I think the primary driver continues to be the elevated levels of inventories. So I wouldn't point to a specific reason or really any reason beyond that. I think that's probably what we can share. I think that relatively weak utilization of steel mills in the recent months have simply led to higher inventory levels. So I think that is the key driver.

嗯，謝謝你的問題。我認為所有地區都可能略有放緩。我認為主要驅動因素仍然是庫存水平升高。所以我不會指出具體原因或除此之外的任何其他原因。我認為這可能是我們可以分享的。我認為最近幾個月鋼廠的利用率相對較低，導致庫存水平上升。所以我認為這是關鍵驅動因素。

Okay. And then similarly then, from a price standpoint, what are you seeing, I guess, in electrode markets? Obviously, you've had -- last year, you saw some improvement on that spot price to the $6,000 per ton range. How do you think electrode prices will evolve as you move through '23? And then I guess I would have a similar question on needle coke. Is there a downward pressure just given the soft volume backdrop?

好的。然後類似地，從價格的角度來看，我猜你在電極市場上看到了什麼？顯然，去年，您看到現貨價格有所改善，達到每噸 6,000 美元。您認為隨著 23 年的到來，電極價格將如何演變？然後我想我會對針狀焦有類似的問題。鑑於成交量疲軟，是否存在下行壓力？

I will talk to electro pricing and then I'm going to hand it over to Jeremy for needle coke. So as Jeremy pointed out, of course, the second quarter, we do expect non-LTA pricing to decline slightly from first quarter levels, reflecting the softness in the commercial environment. And we continue to expect pricing headwinds for the balance of the year given the weak demand. Now we obviously understand the desire for more clarity on pricing going further into 2023 and beyond. But the reality is that we actually have quite limited visibility on pricing further out. And as we all know, pricing levels in this market can move very quickly. And in fact, you may remember that we saw this just over a year ago when our non-LTA pricing increased by about 20% from Q4 '21 to the following quarter of Q1 in 2022. So we recognize that this can change quickly, which is why our guidance is typically focused on the upcoming quarters where we have more visibility.

我將討論電子定價，然後我將把它交給 Jeremy 以獲得針狀焦炭。因此，正如傑里米指出的那樣，當然，第二季度，我們確實預計非 LTA 定價會比第一季度水平略有下降，反映出商業環境的疲軟。鑑於需求疲軟，我們繼續預計今年餘下時間的價格將面臨阻力。現在，我們顯然理解了 2023 年及以後更明確定價的願望。但現實是，我們實際上對更遠的定價的了解非常有限。眾所周知，這個市場的定價水平變化非常快。事實上，您可能還記得我們在一年多前看到了這一點，當時我們的非 LTA 定價從 21 年第四季度到 2022 年第一季度的下一個季度增加了約 20%。所以我們認識到這會很快改變，這這就是為什麼我們的指導通常集中在我們有更多知名度的即將到來的季度。

With all that said, though, we remain positive about the fundamentals of our business for the reasons we have indicated, which we expect to be supportive of both volume and pricing. And as you know, and we talked about that on previous calls as well, historically, there has been a spread between needle coke pricing and electrode pricing that has averaged about $3,800 to $3,900 per metric ton, and we expect this correlation to move over the longer term.

儘管如此，由於我們已經指出的原因，我們仍然對我們的業務基本面持樂觀態度，我們希望這將支持銷量和定價。如您所知，我們在之前的電話會議上也談到過這一點，從歷史上看，針狀焦定價和電極定價之間的價差平均約為每公噸 3,800 至 3,900 美元，我們預計這種相關性將超過更長期。

Yes. And so picking up those very similar themes on the needle coke front. We've seen similar cyclicality or volatility in the needle coke pricing. What we've been seeing here recently is that super premium needle coke, we've been seeing pricing somewhere right around $2,000 a ton in the more normal premium, a little bit below that. And so that's kind of what we're seeing right now. As we look at needle coke pricing, it's been highly volatile as high as $3,000 within the last 12 months and as low as below $1,500 12 months prior to that. So I think that it is highly volatile, reflecting the market conditions at the time. And as we said, we've seen some softness in the electrode market and the growth that's coming from the EV market hasn't fully offset that.

是的。因此，在針狀焦前端挑選那些非常相似的主題。我們在針狀焦定價中看到了類似的周期性或波動性。我們最近在這裡看到的是超優質針狀焦，我們一直看到更正常的溢價價格在每噸 2,000 美元左右，略低於該價格。這就是我們現在所看到的。當我們查看針狀焦定價時，它在過去 12 個月內波動很大，高達 3,000 美元，而在此之前的 12 個月內低至 1,500 美元以下。所以我認為它是高度波動的，反映了當時的市場狀況。正如我們所說，我們已經看到電極市場有些疲軟，而電動汽車市場的增長並沒有完全抵消這一影響。

Okay. And then just to sum all that up then, so EBITDA for this year I would imagine is biased downwards versus kind of the prior range of $200 million to $250 million. Is that a fair statement?

好的。然後只是總結所有這些，所以我認為今年的 EBITDA 與之前 2 億至 2.5 億美元的範圍相比是偏向下的。這是一個公平的說法嗎？

Yes. I mean -- so I think given Marcel's commentary on the pricing side and Jeremy's reference points on the needle coke side as well as the cost guidance, I think we've given you quite a few data points that will help in the modeling certainly. I think when you put that in, you should have a pretty good picture of what otherwise we would look our EBITDA projection to be for the year.

是的。我的意思是 - 所以我認為鑑於 Marcel 在定價方面的評論和 Jeremy 在針狀焦方面的參考點以及成本指導，我認為我們已經為您提供了相當多的數據點，這些數據點肯定有助於建模。我認為當你把它放進去時，你應該對我們今年的 EBITDA 預測有一個很好的了解。

Okay. And just lastly, I appreciate the comments on the opportunities that you're seeing on the EV and battery side. Is there a timeline that you could share as far as maybe some commercialization and when we can expect to see some kind of earnings contribution from any of your endeavors there? What are some of the mileposts that have to be completed to get there? And yes, is there any kind of timeline on when we can expect some of that to start flowing through?

好的。最後，我感謝您對您在 EV 和電池方面看到的機會的評論。是否有一個時間表，你可以分享一些商業化，以及我們什麼時候可以期望從你那裡的任何努力中看到某種收入貢獻？到達那裡必須完成哪些里程碑？是的，是否有關於我們何時可以期待其中一些開始流動的任何時間表？

I appreciate the question. And as I've noted, we have not yet made any firm commitments. So as we continue to study this space, I think we've developed a much better understanding of the opportunities and how we might participate. And I felt it was important to share with you our current thinking of how this might evolve and how we might participate. But we have not made any firm commitment and therefore, I cannot put any dates or milestones out there at this point. But we'll be more than happy to share this as soon as we can.

我很欣賞這個問題。正如我所指出的，我們還沒有做出任何堅定的承諾。因此，隨著我們繼續研究這個領域，我認為我們已經對機會以及我們如何參與有了更好的理解。我覺得與您分享我們目前對這可能如何演變以及我們如何參與的想法很重要。但我們還沒有做出任何堅定的承諾，因此，我現在無法確定任何日期或里程碑。但我們會非常樂意盡快分享這一點。

The next question comes from Alex Hacking of Citi.

下一個問題來自花旗銀行的 Alex Hacking。

I guess first question just on St. Marys. What kind of production levels are you hoping to achieve there?

我想第一個問題只是關於聖瑪麗。你希望在那里達到什麼樣的生產水平？

So when we came into the year, our intent was to do the full restart of St. Marys really to de-risk our pin supply chain. And that's the primary objective as we go into it. And that's how we're going to progress with this. Beyond having that de-risking complete, the volumes that we put through there are really going to be based on market conditions and we'll balance the production among our plants really to achieve the highest level of customer service at the lowest landed price.

因此，當我們進入這一年時，我們的目的是讓 St. Marys 全面重啟，真正降低我們的大頭針供應鏈的風險。這是我們進入的主要目標。這就是我們在這方面取得進展的方式。除了完成去風險化之外，我們在那裡投入的數量實際上將基於市場條件，我們將平衡我們工廠之間的生產，真正以最低的到岸價格實現最高水平的客戶服務。

Okay. And then I just wanted to clarify on the cost guidance for the year. You said $5,600 cash cost in the first quarter. It sounded like that wasn't going to come down much in the rest of the year, but I'm a little confused by that given that you'd obviously have a lot more fixed cost amortization, right? You've run through the high-cost inventory. So I was sort of expecting that that cash cost number would be not necessarily coming down dramatically, but coming down in a relevant way for the rest of the year.

好的。然後我只想澄清一下今年的成本指導。你說第一季度的現金成本為 5,600 美元。聽起來在今年餘下的時間裡這不會下降太多，但我對此有點困惑，因為你顯然會有更多的固定成本攤銷，對吧？您已經完成了高成本庫存。所以我有點期待現金成本數字不一定會大幅下降，但會在今年餘下時間以相關方式下降。

Yes. And you're right. So $5,600 for the first quarter, which, again, I think is the high watermark as we see it for the year. I think we're still holding firm on the guidance we provided in the first quarter, which we have guided to a range of 17% to 20% over 2022's cash costs, which averaged about $4,300 a ton. Now I'll see it the first quarter performance probably puts us towards the higher end of that range. So we'll see some moderation as we go through the back half of the year, but the full year average will, again, still be right around the high end of the range that we previously provided.

是的。你是對的。所以第一季度為 5,600 美元，我認為這是我們今年看到的最高水位線。我認為我們仍然堅持我們在第一季度提供的指導意見，我們已經指導該指導意見比 2022 年的現金成本高出 17% 到 20%，平均每噸約 4,300 美元。現在我會看到第一季度的表現可能會讓我們走向該範圍的高端。因此，在今年下半年，我們會看到一些放緩，但全年平均水平仍將在我們之前提供的範圍的高端附近。

Okay. And then -- just on putting your graphite in some form into the EV supply chain -- this is a really basic question -- but does the IRA kind of encourage use of domestic graphite?

好的。然後——只是將您的石墨以某種形式放入 EV 供應鏈——這是一個非常基本的問題——但是 IRA 是否鼓勵使用國產石墨？

Yes, very much so. Absolutely. I think that is really the driver for the opportunity for us, at least in North America. There may be opportunities in other regions as well, but that's the clear driver for us. Potentially using Seadrift needle coke and potentially using our graphitization assets in North America for that purpose.

是的，非常如此。絕對地。我認為這確實是我們機會的驅動力，至少在北美是這樣。其他地區也可能有機會，但這對我們來說是明確的驅動力。為此，可能會使用 Seadrift 針狀焦並可能使用我們在北美的石墨化資產。

The next question comes from Katja Jancic of BMO.

下一個問題來自 BMO 的 Katja Jancic。

Looking to '24, I think you mentioned you expect volumes to return to more normalized levels. Can you talk a bit more about that? What normalized means? Is this closer to what we saw in 2018 and '19? Or how should we think about that?

展望 24 年，我想你提到過你希望交易量恢復到更正常的水平。你能多談談嗎？歸一化是什麼意思？這是否更接近我們在 2018 年和 19 年看到的情況？或者我們應該如何考慮？

Yes. I mean -- so certainly, we're at a fairly low point here in the first half, and we see some improvement in the second quarter. We expect to see sequential improvement through Q3 and Q4, leading into next year. And I think the steel demand statistics that Jeremy cited lead us to believe that we'll see a bit of a pickup as well heading into '24. What exactly that looks like from an absolute demand number? I'd point you back to 2021.

是的。我的意思是 - 當然，我們在上半年處於相當低的點，我們看到第二季度有所改善。我們希望看到第三季度和第四季度的連續改善，直到明年。而且我認為傑里米引用的鋼鐵需求統計數據讓我們相信我們會看到一些回升以及進入 24 年。從絕對需求數字來看，這到底是什麼樣的？我會讓你回到 2021 年。

We were in the 167,000 ton range for 2021, and that was the year that we ran our assets, not flat out or fully running, but certainly at a pretty high utilization rate. And I think with the restart of St. Marys and some additional capacity that brings, certainly, we get to that level or beyond. Again, all dependent on market conditions. But certainly, we won't have the impact of the St. Marys -- or sorry -- the Monterrey shutdown that we're seeing here in the first quarter and the second quarter of this year looming over us as we head into 2024. So overall, 2024 should be a very good commercial year for us.

到 2021 年，我們處於 167,000 噸的範圍內，那是我們運行資產的一年，不是全力以赴或全面運行，但肯定處於相當高的利用率。我認為隨著 St. Marys 的重啟和一些額外的能力，我們肯定會達到那個水平或更高。同樣，一切都取決於市場條件。但可以肯定的是，隨著我們進入 2024 年，我們不會受到今年第一季度和第二季度蒙特雷停工的影響。所以總的來說，2024年對我們來說應該是非常好的商業年。

Okay. And I think you mentioned that you signed some new multiyear agreements. Can you talk a bit about that? What does that mean? Are these volume types of agreements -- because I don't think I saw any change in the LTAs.

好的。我想你提到過你簽署了一些新的多年期協議。你能談談嗎？這意味著什麼？是這些數量類型的協議嗎——因為我認為我沒有看到 LTA 有任何變化。

Yes. So the guidance on the LTA front, again, it relates to those original LTAs that were signed back in 2017 and '18. We have had some success here in the early part of this year, where we've signed several new agreements, albeit on similar terms, not exactly the same arrangements that we had in the past. But I think, again, they reflect our customers' kind of commitment to GrafTech and GrafTech's commitment to our customer base and their confidence in our ability to deliver these electrodes and the high-quality electrodes into the market. So these customers obviously value the surety of supply that we can provide. So those will hopefully continue to grow as part of our overall portfolio. And yes, we're very happy with the progress remaining on that front.

是的。因此，關於 LTA 方面的指導再次與 2017 年和 18 年簽署的那些原始 LTA 相關。今年年初，我們在這裡取得了一些成功，我們簽署了幾項新協議，儘管條款相似，但與我們過去的安排並不完全相同。但我認為，它們再次反映了我們的客戶對 GrafTech 的承諾和 GrafTech 對我們客戶群的承諾，以及他們對我們將這些電極和高質量電極推向市場的能力的信心。因此，這些客戶顯然重視我們可以提供的供應保證。因此，這些將有望作為我們整體投資組合的一部分繼續增長。是的，我們對在這方面取得的進展感到非常高興。

And maybe to further clarify if I may, Tim. So the LTA tables that we are disclosing do not include any new multiyear sales agreements, right? So those are purely the original ones that were entered into 5 years ago, and we will not include the new multiyear sales are in those traditional LTA tables going forward, given that the price is achieved and the terms are different, right? And the pricing is obviously closer to current market conditions. So it's not quite comparable. So we don't think it will be correct to launch them into the existing LTA tables.

蒂姆，我可能會進一步澄清。所以我們披露的 LTA 表不包括任何新的多年銷售協議，對嗎？所以這些純粹是 5 年前進入的原始銷售，我們不會將新的多年銷售包括在那些傳統的 LTA 表中，因為價格已經實現並且條款不同，對吧？而且定價顯然更接近當前的市場行情。所以不是很具有可比性。所以我們認為將它們啟動到現有的 LTA 表中是不正確的。

Are you going to provide any information going forward on these new contracts?

您是否打算提供有關這些新合同的任何信息？

Yes. Certainly, as they become a more material piece of our overall commercial portfolio, we'll provide some necessary direction.

是的。當然，隨著它們成為我們整體商業組合中更重要的一部分，我們將提供一些必要的指導。

This concludes our question-and-answer session. I will hand the call back over to Mr. Kessler for closing remarks.

我們的問答環節到此結束。我將把電話轉回給凱斯勒先生，讓他作結束語。

Thank you, operator. I would like to thank everyone on this call for your interest in GrafTech, and we look forward to speaking with you in August. Have a nice weekend.

謝謝你，運營商。我要感謝這次電話會議中的每一個人對 GrafTech 的興趣，我們期待在 8 月與您交談。祝你周末愉快。

Ladies and gentlemen, this does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your lines.

女士們，先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開您的線路。