GrafTech International (NYSE: EAF) reported in-line quarterly results, yet the stock fell 10% at the open on Wednesday morning. The company's majority shareholder is continuing to sell down its stake, putting pressure on the shares.
GrafTech's graphite electrodes are a key component of steel manufacturing, and despite the pandemic the company is seeing demand for its product hold up pretty well. GrafTech reported first-quarter earnings of $0.37 per share, matching consensus, on revenue that at $304 million was down 4.5% from last year and close to what analysts were expecting.
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Why GrafTech Stock Is Down Today