The ratings reflect Graftech International Inc.'s position as the world's lowest-cost producer of graphite and carbon electrodes and its leading market share, offset by an aggressive financial profile and significant exposure to cyclical steel markets. With non-U.S. markets generating 72% of the company's revenues, Graftech benefits from its position as the world's largest producer of graphite electrodes, which are used by mini-mills in the steel-making process. Two-thirds of the mini-mills in the world, with the exception of those in China, the former Soviet Union, and Eastern Europe, purchase the company's graphite electrodes. Following extensive industry consolidation, participants in the industry demonstrated capacity restraint and are somewhat insulated from new production, given the high barriers to entry. Still, Graftech's financial performance
