GrafTech International Ltd. (NYSE: EAF) announced it has informed customers of graphite electrode price increases ranging from $600 to $1,200 per metric ton, depending on region, effective immediately on uncommitted volume.

The Brooklyn Heights, Ohio-based company cited declining market prices over the past three years that remain below sustainable levels needed to support continued investment and reliable long-term supply. The company also pointed to rising input costs driven by geopolitical developments, including increases in oil-based raw materials, energy and logistics costs.

"After a prolonged period of pricing pressure, coupled with rising input costs, a reset in graphite electrode pricing is necessary," said Timothy Flanagan, Chief Executive Officer and President. "While we have taken significant actions to improve our cost structure, this price increase supports reliable supply for our customers, the long-term sustainability of our operations and the creation of shareholder value."

GrafTech stated it has implemented strategic initiatives to improve its cost position and operational efficiency, but indicated pricing improvements were still needed. The company described the price increase as necessary to restore pricing to levels that will safeguard regional graphite electrode production and supply continuity.

GrafTech manufactures graphite electrode products used in electric arc furnace steel production and other ferrous and non-ferrous metal manufacturing. The company operates what it describes as low-cost, ultra-high power graphite electrode manufacturing facilities and maintains vertical integration into petroleum needle coke, a key raw material.

The information is based on a company press release statement.