We expect the company to generate about $1 billion of EBITDA in 2019 and 2020, as about two-thirds of its production will be sold at a fixed graphite electrode price of more than double its historical average of $4,500 per metric ton (mt). We also believe GrafTech will continue to benefit from the integration of its Seadrift needle coke facility in Texas. That said, we cannot exclude a supply response or more competition from graphite electrode producers over the medium term, resulting in significant contract renewal risk. A third of the company's business will continue to be sensitive to significantly volatile commodity prices. We estimate that adverse spot price movements to about $4,500 per metric ton (mt), affecting uncontracted volumes,
