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    Abraham Landa • Bank of America

    Abraham Landa's questions to Kaiser Aluminum Corp (KALU) leadership

    Abraham Landa's questions to Kaiser Aluminum Corp (KALU) leadership • Q2 2025

    Question

    Abraham Landa of Bank of America asked about the nature of the startup and maintenance costs, whether they were added back to adjusted EBITDA, and for more detail on the drivers behind the lower free cash flow guidance. He also inquired about the path to 2026 performance and if tariffs were impacting the metal sourcing strategy.

    Answer

    CEO Keith Harvey and CFO Neal West addressed the questions. West confirmed the startup and maintenance costs were not added back to adjusted EBITDA and were not expected to recur at the same level. West explained that the free cash flow guidance was lowered because the working capital benefit from reducing inventory pounds was offset by the rapid increase in metal prices. West also reiterated that the impact of tariffs remains neutral to positive for the company's earnings.

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    Abraham Landa's questions to GrafTech International Ltd (EAF) leadership

    Abraham Landa's questions to GrafTech International Ltd (EAF) leadership • Q1 2025

    Question

    Abraham Landa questioned how GrafTech plans to accelerate sales volume to meet its low double-digit growth guidance, what portion of that volume is already committed, how discussions are progressing in Europe, and the reason for the Q1 production volume exceeding sales.

    Answer

    CEO Timothy Flanagan explained that Q1 is seasonally slower and that the sales run rate will increase through the year to meet the guidance, with over 75% of the guided volume already committed. He noted that European customers are showing marginally more positive tones. Regarding the production disconnect, he stated it was a planned inventory build to level-load production, minimize costs, and prepare for higher sales in the back half of the year.

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    Abraham Landa's questions to GrafTech International Ltd (EAF) leadership • Q4 2024

    Question

    Abraham Landa asked for clarification on the lower-of-cost-or-market (LCM) inventory adjustment's impact on 2025 COGS, the potential effects of Mexican tariffs on the supply chain, and the company's plans for its delayed draw term loan.

    Answer

    CFO Rory O'Donnell stated that inventory valuation adjustments will benefit 2025 cash COGS by approximately $17 million. Regarding potential tariffs on Mexican imports, he emphasized the situation is fluid but GrafTech has supply chain flexibility to shift production from its Monterrey plant to European facilities to minimize impact, and that the 60% of 2025 volume already committed will be honored. He also noted there are no plans to draw the remaining $100 million of the delayed term loan in 2025 and that the company can operate comfortably with cash balances below $50 million.

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    Abraham Landa's questions to GrafTech International Ltd (EAF) leadership • Q3 2024

    Question

    Abraham Landa of Bank of America requested the underlying assumptions for price, volume, and cost per ton that support the EBITDA and free cash flow guidance provided in the company's 8-K filing. He also asked for clarification on new subsidiary guarantors and the potential impact of future tariffs.

    Answer

    CEO Timothy Flanagan provided a framework for the 5-year outlook, explaining it is based on near-term market views, long-term EAF growth, and an eventual return to historical average pricing, all based on the existing asset footprint. CFO Rory O'Donnell clarified that the new collateral package now includes the majority of foreign operating assets. Regarding tariffs, Flanagan noted that while trade protections in the Americas and Europe are beneficial, the key long-term factor for industry health is structural reform and EAF growth within China.

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