GrafTech International Ltd. (NYSE:EAF), a manufacturer of electrical industrial apparatus with a market capitalization of approximately $498 million, announced the upcoming departure of Marcel Kessler from its Board of Directors. Kessler, who served as a Class II director, will resign effective December 31, 2024.
The company, headquartered in Brooklyn Heights, Ohio, disclosed the resignation in a recent SEC filing, stating that Kessler's decision to step down is not due to any disagreements with the company regarding its operations, policies, or practices. According to InvestingPro analysis, GrafTech currently operates with a significant debt burden and faces profitability challenges. The filing clarified that Kessler was not a member of any board committees.
GrafTech, listed on the New York Stock Exchange under the ticker symbol NYSE:EAF, has not indicated any immediate plans regarding the replacement of Kessler or how the board will address the vacancy following his departure.
InvestingPro subscribers can access 8 additional key insights and a comprehensive analysis of GrafTech's financial health and future prospects through the Pro Research Report.
In other recent news, GrafTech International has been the subject of several analyst reviews following its mixed third-quarter earnings report. The company reported a 9% increase in sales volume, a significant 28% reduction in cash costs per metric ton, but a net loss of $36 million due to a weak pricing environment. JPMorgan resumed coverage of GrafTech, issuing a neutral rating and highlighting factors contributing to a balanced risk/reward scenario, such as pricing stabilization and effective cost reduction strategies.
Citi, on the other hand, doubled its price target for GrafTech shares while maintaining a neutral rating, citing an improved liquidity position due to a recent capital agreement. BMO Capital also maintained a market perform rating on GrafTech's shares, doubling its price target from $1.00 to $2.00, reflecting the company's improved liquidity position.
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