The following segment was excerpted from this fund letter.
NEW HOLDING - GrafTech International (EAF)
GrafTech produces ultra-high performance ((UHP)) graphite electrodes and sells them to steel and metal producers via long-term contracts or spot sales. EAF is the only large graphite electrode manufacturer that is vertically integrated into petroleum needle coke. Seadrift is a subsidiary of EAF and is the second largest producer of petroleum needle coke, which is used to manufacture graphite electrodes. The Seadrift facility provides at least two-thirds of GrafTech's long-term needle coke needs and the production cost is well