GrafTech International (EAF) is a large Mohnish Pabrai position, and the thesis is well-known (see several articles here on SA) and seems a classic "heads I win, tails I don't lose much" situation. Basically, longs believe the current market cap is largely "covered" by contractually guaranteed near- and mid-term cash inflows, which makes the company a very cheap bet on the other part of the cyclical business, which doesn't enjoy the benefit of fixed take-or-pay contracts. In addition, there seem to be structural changes in GrafTech's industry, which might support more stable and better pricing