Global leadership in the concentrated graphite electrode market; Favorable end-market conditions; Good liquidity; and Healthy margins Exposure to cyclical swings in the steel industry; Raw material cost pressure; Aggressive financial leverage; Supplier concentration; and Thin free cash flow The ratings on GrafTech International Ltd. reflect its aggressive financial leverage, poor free cash flow generation, significant exposure to the cyclical steel industry, and raw material cost pressure. Ratings also reflect the company's good market position in graphite electrodes and healthy margins favorable industry conditions currently, and fair liquidity. GrafTech manufactures carbon-based materials for use in various applications. Its primary product, graphite electrodes, accounts for approximately two-thirds of sales. The balance of the company's sales are derived from cathodes, advanced synthetic graphite
