Hut 8 Q1 2023 Earnings Call Transcript

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Provided by Quartr
April 28, 2023

There are 8 speakers on the call.

Operator

Good day, ladies and gentlemen, and welcome to the GrafTech First Quarter 2023 Earnings Conference Call and Webcast. At this time, all lines are in a listen only mode. Following the presentation, we will conduct a question and answer session. This call is being recorded on Friday, April 28, 2023. I would now like to turn the conference over to Mike Dillon.

Operator

Please go ahead.

Speaker 1

Thank you. Good morning, and welcome to GrafTech International's Q1 2023 earnings call. On with me today are Marcel Kessler, Chief Executive Officer Jeremy Halford, Chief Operating Officer and Tim Flanagan, Chief Financial Officer. Marcel will begin with opening comments. Jeremy will then discuss safety, sales and operational matters.

Speaker 1

Tim will review our quarterly results and other financial details. Marcel will close with comments on our outlook. We will then open the call to questions. Turning to our next slide. As a reminder, some of the matters discussed on this call may include forward looking statements regarding, among other things, performance, Trends and Strategies.

Speaker 1

These statements are based on current expectations and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from those indicated by forward looking statements are shown here. We will also discuss certain non GAAP financial measures and these slides include the relevant non GAAP reconciliations. You can find these slides in the Investor Relations section of our website at www.graftech.com. A replay of the call will also be available on our website.

Speaker 1

I'll now turn the call over to Marcel.

Speaker 2

Good morning, everyone. Thank you for joining GrafTech's 1st quarter earnings call. When we last spoke to you in February, we shared our perspectives regarding 2023. We noted that there will be a significant impact on our performance due to 4 factors. 1, The residual effect of the Monterey suspension that occurred in late 2022.

Speaker 2

2nd, the substantial shift in mix from LTA to non We anticipated the Q1 to be the earnings trough for the year, reflecting the lowest sales volume and the highest cost per ton. We expect this performance to gradually improve as we proceed through 2023 and then further accelerate in 2024. Lastly, we highlighted the actions being taken to navigate the current headwinds and that we remain optimistic regarding the longer term outlook for our business. Our performance in the Q1, which Charlie and Tim will speak to later met our internal projections. As it relates to the balance of the year, I highlighted the 4 headwinds that are impacting our 2023 financial performance.

Speaker 2

Our outlook for the first three factors remains largely unchanged. On the other hand, regarding the 4th factor, Softness in graphite electrode demand, our outlook has become slightly more cautious. As Jeremy will discuss, We do see some encouraging signs for key steel market indicators. However, we are not yet seeing this translate into demand for graphite electrodes, And we anticipate softness in the commercial environment for the balance of the year. We attribute this to two reasons.

Speaker 2

First, the magnitude of the steel industry recovery remains constrained by global economic uncertainty and second, Current graphite electrode inventory levels at our customers exceed typical norms, reflecting Softness in steel utilization rates. As a result, our full year volume expectations have been slightly reduced compared to our original projections. We currently estimate our 2023 sales volume to be in the range of 100,000 to 115,000 That said, we continue to expect sequential improvement in our volume on a quarter over quarter basis as we proceed through 2023. Our outlook for costs in the year remains largely unchanged. As we look ahead to 2024, based on the latest outlook from the World Steel Association, steel demand is percent year over year increase in European steel demand for 2024 as well as a 2% increase in North America.

Speaker 2

As such, we continue to expect electrode demand and our sales volume to return to more normalized levels in 2024. To manage the near term challenges in the market, we are successfully executing the plans we discussed on the last call. These plans include closely managing our operating costs, capital expenditures and working capital levels, Proactively reducing our production volume to align with the near term demand outlook for graphite electrodes And making targeted investments to further improve our competitive positioning and support long term growth. We are pleased with the progress we are making to advance our business on several fronts. I would like to highlight some important accomplishments.

Speaker 2

Our Monterey facility in Mexico has been running well since the suspension was lifted in November 2022. The plant is operating consistent with our expectations. We are successfully executing our production plan And progressing well on our objective to rebuild our pin stock inventory. We are satisfying all the conditions That were agreed upon with the state authorities in February of in accordance with the timeline established at the restart last November. In addition, we continue to expand our engagement with the authorities as well as with members of the local community, And we look forward to operating the Monterrey facility and supporting the community for many years to come.

Speaker 2

We have also made significant progress on our risk mitigation strategies related to pit stock. Earlier this month, We received the regulatory approval to restart production activities at our Sfax Mary's facility in Pennsylvania. Following this milestone, the facility recently received its first shipment of needle coke since 2016. We are now in the process of beginning production at St. Mary's.

Speaker 2

In addition, our efforts to initiate pinstock production capabilities Our Pamplona facility in Spain also remain on track. We are pleased with the progress of both initiatives as this will provide important risk mitigation for TIM production. On the commercial front, we have opened a new sales office in Dubai and added new sales and technical service representatives in additional countries. Although our business Nexa shifted to be predominantly non LTA now, we remain uniquely positioned to offer our customers surety of supply via multiyear electric supply agreement. In fact, we are pleased to have recently entered into new multiyear agreements with several customers In North America and in Europe, this reflects our customers' confidence in GrafTech's ability to reliably deliver high performing products over We also continue to make progress on the sustainability front.

Speaker 2

Last week, we applied to join the United Nations Global Compact and look forward to participating in this important initiative alongside many other leading companies. Aligning our sustainability strategies under the UN Global Compact principles will further strengthen our business and lead to better results for our customers, employees and other key stakeholders. Finally, we are taking actions that we believe will optimally position GrafTech to benefit With electric arc furnace steelmaking and resulting demand for graphite electrodes expected to experience accelerating growth. In addition, the Dimantro petroleum needle coke, the key raw material we use to produce our graphite electrodes It's also expected to accelerate driven by use of lithium ion batteries for the growing electric vehicle market. We are well positioned to capitalize on these favorable long term industry trends, and I will touch on this further at the end of our prepared remarks.

Speaker 2

I want to thank the entire GrafTech team for their efforts and dedication as we continue to execute our plans to move our business ahead. With that, let me turn the call over to Jeremy.

Speaker 3

Thank you, Marcel, and good morning, everyone. I will start my comments as I always do with a brief update on our safety performance, which is a core value at GrafTech. As I indicated on our year end call, improvement in this area is a key point of emphasis with our team in 2023, as our prior year performance did not meet our high standards. I'm pleased that our recordable incident rate for the Q1 of 2023 is well below where we were throughout 2022 and places us among the top operators in the broader manufacturing industry. We will remain highly diligent in this area and seek to build on this momentum as we continue working toward our ultimate goal of 0 injuries.

Speaker 3

Let me now turn to the next slide for an update on steel industry trends as additional context for our Q1 results and outlook commentary. During the Q1, while we saw encouraging signs among key market indicators, The overall recovery of the steel industry remains somewhat constrained. Global steel production excluding China in the Q1 of 2023 was approximately 198,000,000 tons. This represented a 2% sequential improvement from the 4th quarter, but a 7% decline compared to the same period in the prior year. This same trend carries through to global capacity utilization rates including China, which increased slightly on a sequential basis to 65% in the Q1, but remained down compared remained down by approximately 500 basis points year over year.

Speaker 3

Looking at some of the regions in which we participate. In Europe, we continue to see a stabilization of key trends, including steel production and pricing, although both remain significantly below year ago levels. In the U. S, utilization rates continued to tick up, averaging 74% for the Q1 with HRC prices rising significantly through the quarter. This sequential step up in U.

Speaker 3

S.-based steel trends reflects improved auto production and construction spending among other factors. While these trends are encouraging, We also recognize that a significant amount of economic uncertainty remains. This is reflected in the wide range of possibilities presented in the outlook of key Turning to GrafTech's Q1 performance. Our production volume was approximately 16,000 metric tons, representing a 66% year over year decline And resulting in a combined capacity utilization rate for our 3 primary electrode facilities of 31% for the quarter. As we have indicated, towards the end of Q4, we began to proactively reduce production at our European manufacturing facilities.

Speaker 3

Combined, our facilities in Calais and Pamplona operated at just below 1 quarter of their capacity for the 1st 3 months of 2023. We expect to increase output in the second quarter and then increase further in the back half of the year based on steel market conditions. This is being done to align our production volume with our evolving outlook for graphite electrode demand as well as to manage high energy costs more efficiently. For our Monterey facility, production output for the Q1 was in line with our expectations and reflected our focus on rebuilding our pin stock inventory Turning to sales. Our first quarter sales volume of approximately 17,000 metric tons was in line with our expectations.

Speaker 3

The impact of Monterrey being suspended in late 2022 during a key commitment window Customer purchases covering the first half of twenty twenty three was the primary driver of the 61% year over year decline in sales volume in the Q1. Lower demand for electrodes also contributed to the decrease. Further, the terms for most of our LPAs ended in 2022 and our mix has shifted to more non LTA business. 1st quarter shipments included 7,000 metric tons Sold under our LTAs at a weighted average realized price of $9,000 per metric tonne and nearly 10,000 metric tons of non LTA sales at a weighted average realized price of $6,000 per metric ton. Both of these prices were consistent with our expectations.

Speaker 3

As a result of these combined factors, net sales in the Q1 of 2023 decreased 62% compared to the Q1

Speaker 2

2022. As we proceed through

Speaker 3

the Q2 of 2023, while the residual impact The Monterey suspension will continue to have a significant impact, we anticipate our sales volume will begin to recover and be in the range of 24,000 to 27,000 metric Non LTA pricing is expected to decline slightly from 1st quarter levels, reflecting softness in the commercial environment. In the second half of the year, we anticipate our sales volume will further recover as we move past the Monterey suspension driven impact. However, as we've noted, given economic uncertainty and elevated graphite electrode inventory levels At our customers, we are now more cautious regarding our commercial outlook for the second half of twenty twenty three. Reflecting all of this, we currently estimate our full year sales volume will be in the range of 100,000 to 115,000 metric tons. Let me now turn it over to Tim to cover the rest of our financial results.

Speaker 4

Thanks, Jeremy. For the Q1, we had a net loss of $7,000,000 or $0.03 per share. Adjusted EBITDA was $15,000,000 or an adjusted EBITDA margin of 11%. This is a decrease from $170,000,000 in the Q1 of 2022, primarily reflecting lower sales volume and higher year over year costs on a per metric ton basis. Expanding on costs, reflecting the full year impact of raw material, Energy and freight cost increases that occurred throughout 2022, higher priced inventory was sold during the Q1 of 2023.

Speaker 4

In addition, during the quarter, our cash costs included approximately $10,000,000 of fixed costs that otherwise would have been inventory if we are operating at normal production levels as compared to our 31% capacity utilization rate for the Q1. Factoring all of this in, For the Q1 of 2023, our cash COGS per metric ton were approximately $5,600 and represented a 9% as well as cost of goods associated with byproduct sales and other non cash items. On a full year basis, we continue to project year over year cashing The year over year increase in our cash COGS per metric ton that is in line with our prior cost guidance for 2023. We also continue to expect that the 1st quarter Cash COGS represents the high watermark for our costs in 2023. As such, looking ahead to the balance of the year, we project our cash costs per metric ton to improve slightly compared to the Q1.

Speaker 4

As a result of input costs remaining elevated in 2023, As well as the impacts of fixed cost leverage based on our low utilization rate, we remain focused on cost management. For example, our procurement technology teams continue to evaluate the sources of raw materials we use, are working to qualify new suppliers and look to drive costs out of the business. Additionally, our operating teams are assessing ways of reducing scrap and waste in the production process as well as identifying opportunities to reduce usage levels of key variable cost elements. Furthermore, we continue to expect market pricing to decline in the medium to long term for certain key elements of our cost structure, including energy and pecan oil. For these reasons, with an anticipated increase in our capacity utilization and sales volume is expected to return to more normalized levels for the full year of 2024.

Speaker 4

We are optimistic that our cost per metric ton will improve significantly as we move beyond the current year. Turning to cash flow. In the Q1, we generated $25,000,000 of cash from operations and $3,000,000 of adjusted free cash flow, with both measures decreasing compared to the Q1 of 2022, reflecting lower net income. The lower net income was partially offset by an Moving to the next slide. Our gross debt to adjusted EBITDA ratio was 2.4 times as of March 31, compared to 1.7 times at the end of 2022.

Speaker 4

On a net debt basis, we ended the quarter at a ratio of 2.1 times. As of March 31, our total liquidity was approximately $462,000,000 consisting of $135,000,000 of cash $327,000,000 available under our revolving credit facility. This liquidity level was consistent with where we ended in 2022. Our history has demonstrated our commitment to executing a prudent and disciplined long term capital allocation strategy. For 2023, this entails the focus on maintaining sufficient liquidity as we recover from the impact of the Monterey suspension, while making targeted investments such as the restart of our St.

Speaker 4

Mary's operations. For the full year, we continue to Our capital expenditures will be in the range of $55,000,000 to $60,000,000 including investments supporting growth. With our focus on managing costs, capital expenditures and working capital levels, we continue to expect to be free cash flow positive for 2023. And we remain confident that we have ample liquidity between the cash on hand and availability under our existing credit facility to navigate the current market conditions. I'll now turn it back to Marcel for his perspective on the outlook.

Speaker 2

Thank you, Ted. Let me reiterate We remain confident in our ability to overcome near term headwinds and are encouraged by the significant progress our teams have made over the last few months. And we remain optimistic about the longer term outlook for our business. To this point, we are taking actions that we believe will optimally position Graf Announcements of planned EAF capacity additions by steel producers and estimated production increases at the existing EDF plans could result in incremental annual graphite electrode demand outside of China of 200,000 metric tons by 2,030. This compares to global graphite electrode demand outside of China in 2022 of approximately 680,000 metric tons.

Speaker 2

On a regional basis, based on industry announcements, this could translate into incremental graphite electrode demand for approximately 65,000 metric Petroleum needle hopes to accelerate driven by its use as a precursor material to produce synthetic graphite for the anode portion of Lithium Ion Batteries for the rapidly growing electric vehicle market. Based on estimates from the International Energy Agency regarding projected growth in EV sales and battery pack sizes. This could result in global needle coke demand for use Our sustainable competitive advantages are critical differentiators and foundational to our ability to meet our electrode We are operating 3 of the highest capacity electrode manufacturing facilities in the world And we have substantial vertical integration into petroleum diesel coke through our Ctrip production facility. In addition, the actions I spoke to earlier will uniquely position GrafTech to produce pins in 3 different facilities on 2 continents. We also see long term value creation opportunities beyond our existing electrode business.

Speaker 2

We have been studying the ways in which we can participate in the anticipated growth of the EV market and we see 2 potential avenues for GrafTech. The first is by leveraging our assets and technical know how in petroleum needle coke production given the expected demand growth. Our participation could include either the expansion of Seadrift or construction of a greenfield needle coke facility Potentially in partnership with a 3rd party, we are actively studying both options. As it relates to CGRIFT, We have piloted the use of petroleum needle coke produced at our facility for the purpose of creating lithium ion battery anode material with several third parties. As a result, we are confident in our ability to produce needle coke that meets the quality standards opportunity is leveraging our graphitization resources and knowledge to produce synthetic graphite material for battery anodes.

Speaker 2

Regardless of the source of the needle coke, graphitization is required to convert it to synthetic graphite. And GrafTech possesses some of the largest graphitization resources and required expertise in the world. While we have not made any firm commitments, we are excited about the possibility in participating in some or all of the scenarios that I described, And we look forward to sharing more as we can. In closing, We are effectively executing the plans put in place to manage the current environment. Further, Our long term thesis remains intact.

Speaker 2

GrafTech possesses an industry leading position, a distinct set of capabilities and Lastly, as a result of our disciplined capital allocation strategy, we have a strong balance sheet and ample liquidity to navigate the near term. For these reasons, I remain confident in our ability to deliver shareholder value. That concludes our prepared remarks. We will now open the call for questions.

Operator

Thank you. Ladies and gentlemen, we will now begin the question and answer One moment please for your first question. The first question comes from Arun Vishwanathub from RBC. Please go ahead.

Speaker 5

Great. Thanks for taking my questions. So I guess first off, just on the outlook for this year then. So you moderated the volume picture just a touch because of the Backdrop, macro and demand wise, what I guess what changes have you seen Is it kind of weakening and continued weakening in Europe, maybe some moderation in Asia as well or maybe a slower than expected recovery there? What are you seeing specifically that led you to moderate the volume outlook, I guess, first off?

Speaker 2

Well, thank you for your question. I think there DST will be a slight moderation across all regions. And I think the primary driver continues to be the elevated levels of inventory. So I wouldn't point to a specific region Or really any reason beyond that. I think that's probably all we can share.

Speaker 2

I think the relatively weak utilization of steel mills in a recent month, I think we led to higher inventory levels. I think that is the key driver. Okay.

Speaker 5

And then Similarly then, from a price standpoint, what are you seeing, I guess, in electrode markets? Obviously, you've had last year, you saw some improvement on that spot price to the $6,000 per ton range. How do you think electrode prices will evolve as you move through 2023? And then I guess I would have a similar question on needle coke. Is there downward pressure just given the soft volume backdrop?

Speaker 2

I will talk to electro pricing and then I'm going to hand it over to Jeremy For needle coke. So as Jeremy pointed out, so for the Q2, we do expect non LTA pricing to decline slightly From Q1 levels reflecting the softness in the commercial environment. And we continue to expect pricing headwinds for the balance of the year given The weak demand. Now we obviously understand the desire for more clarity on pricing going further into 2023 and beyond. The reality is that we actually have quite limited visibility on pricing further out.

Speaker 2

And as we all know, Pricing levels in this market can move very quickly. In fact, you may remember that we saw this just over a year ago when our non LTA pricing increased by about 20% from Q4 2021 to the following quarter Q1 in 2022. So we recognize that things can change quickly, which is why our guidance is typically focused on the upcoming quarter where we have more visibility. With all of that said though, we remain positive about the fundamentals of our business for the reasons we have indicated, Which we expect to be supportive of both volume and pricing. And as you know, and we've talked about that on previous calls as well, Historically, there has been a spread between needle coke pricing and electrode pricing that has averaged about $38,000 to $3,900 per metric ton, And do you expect this correlation to move over the longer term?

Speaker 3

Yes. And so picking up those very similar themes On the needle coke front, we've seen similar cyclicality or volatility in the needle coke pricing. What we've been seeing here recently is that super premium needle coke, we've been seeing pricing somewhere right around $2,000 a tonne And the more normal premium a little bit below that. And so that's kind of what we're seeing right now. As we Look at needle coke pricing, it's been highly volatile as high as $3,000 within the last 12 months and as low as below $1500 12 months prior to that.

Speaker 3

So I think that it is Highly volatile reflecting the market conditions at the time. And as we said, we've seen some softness in the electrode market And the growth that's coming from the EV market hasn't fully offset that.

Speaker 5

Okay. Thanks for that. And then just to sum all that up then. So EBITDA for this year, I would imagine is biased downwards versus kind of the prior range of $2,000,000 to $2,500,000 Is that a fair statement?

Speaker 4

Yes. I mean, so I think given Marcel's commentary on the pricing side and Jeremy's reference points The needle coke side as well as the cost guidance, I think we've given you quite a few data points that will help in the modeling certainly. I think when you put that in, you should have a pretty good picture of what otherwise we would look our EBITDA projection to be for the year.

Speaker 5

Okay. And just lastly, I appreciate the comments on the opportunities that you're seeing on the EV anode battery side. Is there a timeline that you could share as far as maybe some commercialization and When we can expect to see some kind of contribution earnings contribution from any of your endeavors there? What are some of the Mileposts that have to be completed to get there. And yes, is there any kind of time on when we can expect some of that

Speaker 2

to start flowing through? I appreciate the question. And as I've noted, we have not yet made any firm commitments. So as we continue to study this space, I think we've developed a much better understanding of the opportunities and how we might participate. And I felt it was important to share with you our current thinking of how this might evolve and how we might participate.

Speaker 2

But we have not made any firm commitments and therefore I cannot put any dates or milestones out there at this point. I will be more than happy to share this as soon as we can. Thanks a lot. Thanks, Ron.

Operator

Thank you. The next question comes from Alex Hacking of Citi. Please go ahead.

Speaker 6

Yes, morning and thanks for the call. I guess first question just on St. Mary's. What kind of production levels are you hoping to achieve there? Thanks.

Speaker 3

Yes. Thanks. So the when we came into the year, Our intent was to do the full restart of St. Mary's really to de risk our pin supply chain. And that's the primary objective as we go into it and that's how we're going to progress with this.

Speaker 3

Beyond having That derisking complete, the volumes that we put through there are really going to be based on market conditions And we'll balance the production among our plants really to achieve the highest level of customer service at the lowest landed price.

Speaker 6

Okay. Thanks. And then I just wanted to clarify on the cost guidance For the year, right? You said $5,600 cash cost in the Q1. It sounded like that wasn't going to come down much in the rest of the year, but I'm a little Confused by that given that you'd obviously have a lot more fixed cost amortization, right?

Speaker 6

You've run through the high cost inventory. So I was sort of expecting that, that cash cost number would be not necessarily coming down dramatically, but coming down in a relevant way for the rest of the year? Thanks.

Speaker 4

Yes. And you're right. So $5,600 for the Q1, which again, I think is the high watermark as we see it for the year. Yes, I think we're still holding firm on the guidance we provided in the Q1, which we guided A range of 17% to 20% over 20 22s cash cost, which averaged about $4,300 a ton. Now, albeit the Q1 performance probably puts us towards the higher end of that range.

Speaker 4

So, we'll see some moderation as we go through the Half of the year, but the full year average will again still be right around the high end of the range that we previously provided.

Speaker 6

Okay. Thanks. And then just on putting your graphite In some form into the EV supply chain. This is a really basic Question, but does the IRA kind of encourage use of domestic graphite product?

Speaker 2

Yes, very much so. Absolutely. I think that's really the driver for the opportunity for us, at least in North America. There may be opportunities in other regions as well, but that's the Well, that's the clear driver for potentially using Seadrill's and Eagle Coke and Potentially using our rationalization assets in North America, couple of that purpose.

Speaker 6

Okay. Makes sense. Thanks a lot.

Speaker 2

Thanks.

Operator

Thank you. The next question comes from Ketja Janssen Abhima, please go ahead.

Speaker 7

Hi. Thank you for taking my questions. Looking to 'twenty I think you mentioned you expect volumes to return to more normalized levels. Can you talk a bit more About that, what normalized means? Is this closer to what we saw in 2018 2019 or how should we think about that?

Speaker 4

Yes, I mean, so certainly we're at a fairly low point here in the first half and we see some improvement In the Q2, we expect to see sequential improvement through Q3 and Q4 leading into next year. And I think the steel demand statistics that Jeremy cited lead us to believe that we'll see A bit of a pickup as well heading into 2024. What exactly that looks like from an absolute demand number? I'd point you back to 2021. We were in the 167,000 ton range for 2021, and that was the year that we ran our assets Not flat out or fully running, but certainly, at a pretty high utilization rate.

Speaker 4

And I think with The restart of St. Mary's and some additional capacity that brings, certainly we could get to that level or beyond. Again, all dependent on market conditions. But certainly, we won't have the impact of the St. Mary or sorry, the Monterey shutdown That we're seeing here in the Q1 and the Q2 of this year, looming over us as we head into 2024.

Speaker 4

So overall, 2024 should be a very good Commercial year, Chorus.

Speaker 7

Okay. And I think you mentioned that you signed some new multiyear agreements. Can you talk a bit about That what does that mean? Are these volume types of agreements? Because I don't think I saw any change in the LTAs.

Speaker 4

Yes. So the guidance on the LTA front, again relates to those original LTAs that were signed back in 20 In 2018, we have had some success here in the early part of this year where we've signed several new agreements, Albeit on similar terms, not exactly the same arrangements that we had in the past. But I think again, they reflect Our customers' kind of commitment to GrafTech and GrafTech's commitment to our customer base And their confidence in our ability to deliver these electrodes and the high quality electrodes into the market. So these customers obviously value the surety Supply that we can provide. So those will hopefully continue to grow as part of our overall portfolio.

Speaker 4

And yes, we're very happy with the progress remaining on that front.

Speaker 2

And maybe to further clarify, so I may think so the LTA tables that we are disclosing do not include Any new multiyear sales agreements, right? So those are purely the original ones that were entered into 5 years ago. And we will not include the new multiyear sales agreement in those traditional LTA tables going forward, given that the price of the cheese and the terms are different, right, and the pricing is We'll be closer to current market conditions, so they're not quite comparable. So we don't think it will be correct to lump the main existing LTA tables.

Speaker 7

Are you going to provide any information going forward on these new contracts?

Speaker 4

Yes. Certainly, as they become a more material piece of our overall commercial portfolio, we'll provide some necessary direction.

Speaker 7

Okay. Thank you very much.

Operator

Thank you. This concludes our question and answer session. I will hand the call back over to Mr. Kessler for closing remarks.

Speaker 2

Thank you, operator. I would like to thank everyone on this call for your interest in GrafTech, and we look forward to speaking with you in August. Have a nice weekend.

Operator

Ladies and gentlemen, this does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your lines.

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Earnings Conference Call
Hut 8 Q1 2023
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