EAF - Why Shares of GrafTech International Are Falling Today
Shares of GrafTech International (NYSE: EAF) fell 11% on Friday after the company's majority shareholder filed to sell off another chunk of its holding. The slow unwind of the controlling owner has weighed on GrafTech shares for some time now, and the pattern is continuing today.
GrafTech, a manufacturer of the graphite electrodes used in steel production, was taken private in 2015 by affiliates of Brookfield Business Partners (NYSE: BBU) and returned to public markets three years later via an initial public offering . Since the IPO, Brookfield has remained GrafTech's majority shareholder but has been slowly selling off its holdings .
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Why Shares of GrafTech International Are Falling Today