GrafTech Announces Increased Public Float through Consortium Stock Distribution and Board Resignation

Rhea-AI Summary

GrafTech International Ltd. (NYSE: EAF) announced that its 25% shareholder, Brookfield Business Partners LP, distributed all 63.8 million of their shares to a consortium of investors, increasing the public float of the Company from approximately 75% to approximately 88%. This reduced Brookfield's ownership to approximately 12%, leading to the resignation of a Brookfield designated director from the Board of Directors.

BROOKLYN HEIGHTS, Ohio--(BUSINESS WIRE)-- GrafTech International Ltd. (NYSE: EAF) (“GrafTech” or the “Company”) today announced that its 25% shareholder, Brookfield Business Partners LP and its affiliates (together, “Brookfield”), distributed all 63.8 million of their shares of GrafTech common stock to a consortium of investors, which includes affiliates of Brookfield as well as un-affiliated investors.

Following the distribution, Brookfield holds approximately 30.4 million shares or an approximate 12% ownership interest in GrafTech’s outstanding common stock, increasing the public float of the Company from approximately 75% to approximately 88%. At this reduced level of ownership, Denis A. Turcotte, a Brookfield designated director, has resigned from the Company’s Board of Directors (the “Board”) effective December 14, 2023.

“On behalf of the Board, I would like to thank Denis for his valuable contributions and wish him every success in his future endeavors,” said Henry R. Keizer, Chairman of the Board of GrafTech. “As we look ahead, the increase in the number of GrafTech’s freely tradeable common shares will serve to enhance the liquidity of GrafTech’s common stock. This will position the Company to expand its investor base as it continues to execute its long-term strategy.”

About GrafTech

GrafTech International Ltd. is a leading manufacturer of high-quality graphite electrode products essential to the production of electric arc furnace steel and other ferrous and non-ferrous metals. The Company has a competitive portfolio of low-cost, ultra-high power graphite electrode manufacturing facilities, including three of the highest capacity facilities in the world. We are the only large-scale graphite electrode producer that is substantially vertically integrated into petroleum needle coke, our key raw material for graphite electrode manufacturing. This unique position provides us with competitive advantages in product quality and cost.

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Michael Dillon

216-676-2000

Source: GrafTech International Ltd.

FAQ

What is the ticker symbol of GrafTech International Ltd.?

The ticker symbol of GrafTech International Ltd. is EAF.

What is the recent announcement made by GrafTech International Ltd.?

GrafTech International Ltd. announced that its 25% shareholder, Brookfield Business Partners LP, distributed all 63.8 million of their shares to a consortium of investors, increasing the public float of the Company from approximately 75% to approximately 88%.

Who is the Chairman of the Board of GrafTech International Ltd.?

The Chairman of the Board of GrafTech International Ltd. is Henry R. Keizer.

What is the impact of the share distribution on GrafTech's ownership structure?

The share distribution reduced Brookfield's ownership to approximately 12% and increased the public float of the Company from approximately 75% to approximately 88%.

Why did a Brookfield designated director resign from the Board of Directors of GrafTech International Ltd.?

The resignation of the Brookfield designated director from the Board of Directors was a result of the reduced ownership of Brookfield in GrafTech International Ltd.