Summary of Key Actions in 2013
- Announced global initiatives to significantly improve GrafTech's competitive position to drive operating efficiencies, global competitiveness and shareholder value, primarily in its Industrial Materials segment. These initiatives are now expected to be completed ahead of schedule, resulting in increased savings in 2014.
- Reduced selling and administrative expense by 18 percent from prior year.
- Implemented LEAN and procurement initiatives in 2013 expected to generate savings of $20 million or more in 2014.
- Reduced working capital by $32 million compared to the prior year, primarily driven by decreases in inventory and accounts receivable.
- Generated net cash provided by operating activities of $117 million versus $101 million in 2012.
- Lowered capital expenditures by $41 million compared to 2012.