The expansion will be
completed within three years , increasing Hexcel's carbon fiber
production capacity by about 40%. (NYSE:GTI) today announced financial results for
the year and fourth quarter ended December 31, 2004.

-- Lower than planned SG+A expenses in 4Q04, due to lower
postretirement and variable compensation expense, were offset
by higher interest expense of $2 million and higher cumulative
tax expense in the quarter of $1 million resulting from a
higher annual effective tax rate.7%
--- ----------------------------------------- ------ ----- ------------
EBITDA before special items * $ 70 $105 $ 147 +40%
-------------------------------------------- ------ --- -- ------------
EBITDA * margin 11.3%
--------------------------- ----------------- ------ ----- ------------
Interest expense $ 60 $ 45 $ 39 -13%
-------------------------------------------- ------ ----- ------------
Net income before special items * $ (14) $ 12 $ 44 +266%
------------------------------------ -------- ------ ----- ------------
EPS before special items * $(0. Average revenue per metric ton
in this segment is expected to increase approximately $100 as compared
to 2004 .
Electronic Thermal Management."
"As a result of this guidance, we expect 2005 free cash flow
before antitrust and restructuring payments to be $25 million, or an
$82 million increase when compared to the use of $57 million of cash
in 2004 (see attached reconciliation).

GrafTech International Ltd. This news release does not constitute an
offer to sell or a solicitation of an offer to buy any securities.02 -
------- ------ -- ----- ------
Net income (loss) per share $(0.06 and $0. GTI does not
forecast the fair value adjustment for hedging instruments.

sgl qingdao

See attached reconciliations. ETM sales grew significantly from just $2 million in 2003
to our targeted $12 million level in 2004. As we reported last year , the efforts associated with
Sarbanes-Oxley caused us to incur significant costs, approximately $5
million, and demanded considerable employee resources.6 percent in the 2004 fourth quarter as compared
to 24.8 percent of net sales, from $17
million, or 23. Since the 2004 third quarter, GTI hired sixteen
employees, primarily in the product development and marketing groups.
Other Expense, net , was $3 million in the 2004 fourth quarter as
gains from the positive impacts of changes in currency exchange rates
on Euro-denominated intercompany loans were more than offset by the
premium of $2 million paid for the repurchase of $15 million of senior
notes outstanding, $3 million associated with a Brazilian tax
contingency, $2 million for environmental costs associated with
decommissioning closed facilities, $2 million for the write-off of
certain fixed assets and about $1 million of negative mark-to-market
adjustment associated with our interest rate caps.
During the 2004 fourth quarter , GTI recorded a net restructuring
benefit of $2 million primarily due to a reduction in restructuring
cost estimates associated with the closure of its graphite electrode
operations in Italy.
Melter graphite electrodes represent approximately two-thirds of
total industry demand for graphite electrodes . GTI's graphite electrode order book for 2005 is expected
to be approximately 70 percent melter electrodes . To date, GTI has entered into firm price
contracts for approximately 75 percent of its graphite electrode
production costs, excluding the impact of changes in currency exchange
rates. During
2005, GTI expects to expand its research and development and sales and
marketing teams to accelerate its successful penetration of the
thermal management market. Mr."

Dollars in millions 2004 2005E 2005E vs 2004
-------------------------------------------------- --------------------
Free Cash Flow * ($145) $2 $147
------- ---------------------------------------------------------------
Add Back Legacy payments
Antitrust investigations and
related lawsuits and claims,
net 71 17 ($54)
Restructuring payments 17 6 ($11)
---- ------------------------------------------------------------------
Free Cash Flow before legacy
payments ($57) $25 $82
------------------------------- ---------------------------------------

*Excludes discontinued accounts receivable factoring, see attached
reconciliation.
NOTE ON RECONCILIATION OF EARNINGS DATA: Income (loss) excluding
the items mentioned above is a non-GAAP financial measure that GTI
calculates according to the schedule above, using GAAP amounts from
the Consolidated Financial Statements. Changes in these rates can affect such items as net sales and
cost of sales (in each case as translated into dollars) and other
(income) expense, net, due to re-measurement of currency gains and
losses on intercompany loans or mark-to-market adjustments on interest
rate swaps and caps.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
GRAFTECH INTERNATIONAL LTD.7% 15. AND SUBSIDIARIES
(Dollars in millions)
(Unaudited)

Net Debt Reconciliation
-----------------------
Dec -03 Dec - 04
Long-term debt $534 $672
Short-term debt 1 1
--------------------------------------- -------------------------------
Total debt $535 $673
Less:
Fair value adjustments for hedge instruments 14 15
Unamortized bond premium 4 2
Cash and cash equivalents 34 24
----------------------------------------------------------------------
Net debt $483 $632
======================================================================

NOTE ON NET DEBT RECONCILIATION: Net debt is a non-GAAP financial
measure that GTI calculates according to the schedule above, using
GAAP amounts from the Consolidated Financial Statements.

bhopal needling

"

Hexcel Corporation is a leading advanced structural materials
company.

-- EBITDA increased 40 percent to $147 million, before $21
million of Other Expense, net, as compared to $105 million,
before $12 million of Other Income, net, in 2003.8
percent of net sales , as compared to $4 million, or 18.
The effective tax rate before special charges and Other Expense ,
net, for 2004 was approximately 36 percent, higher than planned due to
a higher proportion of income in higher tax jurisdictions. The balance is expected from the impact of a weaker US dollar,
primarily relative to the South African Rand, the Brazilian Real and
the Euro, based on current currency exchange rates as compared to 2004
average rates, as virtually all of GTI's graphite electrode production
is outside the United States.graftech.18 and
$0. For GTI, this accounting change will result in the addition
of 13. GTI's method for calculating such non-GAAP
financial measures may not be comparable to methods used by other
companies and is not the same as the method for calculating EBITDA
under its senior secured revolving credit facility or its senior
notes.

mbi flaked

43 per diluted
share, before special charges and Other Expense, net, versus
net income of $12 million , or $0.6%
-------------------------------------------- ------ ----- ------------
Gross margin 22.43 +138%
-------------------------------------------- ------ ----- ------------
Weighted average diluted shares (including
impact of contingent convertible debt on
shares in 2004) 56 68 110. Graphite electrode pricing
strengthened throughout the year and we shipped 222,200 metric tons."

Synthetic Graphite Line Of Business

(Graphite electrodes, cathodes and advanced synthetic graphite
products)

The synthetic graphite line of business had net sales of $206
million in the 2004 fourth quarter as compared to $172 million in the
2003 fourth quarter.
For the year 2004, net sales for GTI's other businesses totaled
$97 million, over 31 percent higher than in 2003, and gross profit
improved to $23 million , or 23. The price adjustment
was implemented for all orders received before November 1, 2004, that
were subject to GTI's modified terms and conditions. Average
graphite electrode revenue per metric ton for the first quarter,
estimated at about $2,825, is expected to reflect the lowest average
price for 2005, as volumes under contracts that run from 1Q04 to 1Q05
are shipped during the quarter. For additional
information on our subsidiary, Advanced Energy Technology Inc.30) $ 0.8% 23. 123(R), Share-Based
Payment, on our consolidated results of operations.

qingdao needling

It develops, manufactures and markets lightweight,
high-performance reinforcement products, composite materials and
composite structures for use in commercial aerospace, space and
defense, electronics, and industrial applications. (See attached
reconciliation of EBITDA.6% 24.9
------------------------------------------ -- ------ ----- ------------
*Non-GAAP financial measures. Shular, continued, "Recently, we refinanced our existing
revolving credit facility.
GTI was recognized by the electronics industry, with its ETM
products being named one of the Electronic Design News' (EDN) best 100
products of 2004. After continued assessment of the
market conditions for melter graphite electrodes and persistent upward
trends in production costs, GTI initiated further graphite electrode
pricing actions during the past few months. We also manufacture thermal management, fuel cell and other
specialty graphite and carbon products for, and provide services to,
the electronics, power generation, semiconductor, transportation ,
petrochemical and other metals markets.
References to street or analyst earnings estimates mean those
published by First Call, a service of the Thomson Financial Network.18
======= ====== ======= ======

Weighted average common shares
outstanding (in thousands) 92,476 97,523 67,981 96,548
======= ====== ======= ======

* Diluted income (loss) per common
share:

Income (loss ) from continuing
operations $(0.17 per
diluted share, respectively ) $(24) $17
---------------------------------------------------------- ------------
Adjustments, net of tax:
-------------------------------------------------------- --------------
Restructuring and impairment 19 (1)
----------- -----------------------------------------------------------
Gain on sale of discontinued operations (1) -
----------------------------------------------------------------------
Antitrust reserve adjustment 29 (11)
----------------------------- -----------------------------------------
Special non-cash tax charge - 28
----------------------------------------------------------------------
Income (loss ) excluding adjustments $23 $33
------------------------------------------ ----------------------------
Plus: Other (income) expense, net, net of
tax (7) 14
----------------------------------------------------- -----------------
Income (loss) excluding restructuring,
impairment, gain on sale of discontinued
operations, antitrust reserve adjustment,
tax settlement adjustment and other (income)
expense , net $16 $47
-------------------------------------- --------------------------------
Less: Interest benefit, net, from accelerated
amortization of gains on interest rate
swaps, net of tax (4) (3)
-- --------------------------------------------------------------------
Income (loss) excluding restructuring ,
impairment, antitrust reserve adjustment and
other (income) expense, net and interest
benefit from accelerated amortization of
gains on interest rate swaps ($0. Income (loss) excluding these items should
not be considered in isolation or as a substitute for net income
(loss), income (loss) from continuing operations or other consolidated
income data prepared in accordance with GAAP .

kuraray preforms

Market
growth and the increasing penetration of these materials, particularly
in commercial aerospace and wind turbine markets, bodes well for
Hexcel's prospects. As a world leader in advanced structural
materials, Hexcel is committed to supporting this growth through
product development and capacity expansion.

2004 Annual Highlights

-- Net sales increased 19 percent, to $848 million, versus 2003.

-- Increased electronic thermal management net sales to $12
million, a $10 million increase over 2003.

-- Net income for 2004 was $17 million, or $0.09 per diluted
share, versus a net loss of $28 million, or $(0.

-- Net income was $11 million, or $0.18 $0. Our improved
performance in 2004 positioned us for this successful refinancing. The increase in gross profit was primarily due to
higher graphite electrode net sales. EDN noted the significant advancements offered by our
eGRAF products for the increasingly important thermal management
issues confronting the electronics industry, in an article titled
"Graphite Spreader Diffuses Thermal Woes.

Corporate

Selling, general and administrative and research and development
expenses were $25 million in the 2004 fourth quarter as compared to
$25 million in the 2003 fourth quarter. Higher capital
expenditures in the quarter were mainly due to productivity
initiatives throughout our production network, including the
previously announced initiatives at GTI's facilities in France and
South Africa.36) $0.09 $(0.17
======= ====== ======= ======

Weighted average common shares
outstanding (in thousands) 92,476 98,718 67,981 98,149
======= ====== ======= ======

* Diluted income (loss) per share includes the effect of the Company 's
contingently convertible debt on an "as converted basis" for all
periods presented in accordance with Emerging Issue Task Issue 04-8,
"The effect of Contingent Convertible Debt on Diluted Earnings Per
Share" which was effective for reporting periods ending after December
15, 2004. AND SUBSIDIARIES
SEGMENT DATA SUMMARY
(Dollars in millions)
(Unaudited)

Q4 Year Q1 Q2 Q3 Q4 Year
2003 2003 2004 2004 2004 2004 2004
-------------------------------------------
NET SALES:
----------
Synthetic Graphite $172 $638 $174 $187 $184 $206 $751
Other 17 74 23 26 22 26 97
--------------------------------------- ----
Total $189 $712 $197 $213 $206 $232 $848

GROSS PROFIT:
-------------
Synthetic Graphite $41 $151 $41 $48 $47 $51 $187
Other 4 17 4 6 7 6 23
------------ -------------------------------
Total $45 $168 $45 $54 $54 $57 $210

GROSS PROFIT MARGIN:
--------------------
Synthetic Graphite 24.8%
Other 18.6% 25.43 per diluted share, respectively) $12 $44
---- ------------------------------------------------------------------

The non-GAAP earnings per diluted share includes 13. GTI's method for
calculating income (loss) excluding these items may not be comparable
to methods used by other companies. GTI excludes
the unamortized bond premium from its sale of $150 million aggregate
principal amount of additional senior notes in May 2002 at a price of
104 .

xite carbon

Berges,
Hexcel's Chairman, Chief Executive Officer and President said, "We are
excited by the accelerating demand for carbon fiber composites.17 per diluted
share, versus a net loss of $24 million, or $(0. These improvements were partially
offset by higher raw material, energy and freight costs and the
negative impact of net changes in currency exchange rates on costs. For 2005 ,
GTI expects selling, general and administrative and research and
development expenses to continue at a run rate of $27-28 million per
quarter while it continues to invest in research and development ,
resources for commercialization of our advantaged technologies,
information systems and continued Sarbanes-Oxley compliance costs. During the
2004 fourth quarter, the effective tax rate before special charges and
Other Expense, net, was 40 percent due to $1 million of higher tax
expense associated with the cumulative impact of a higher effective
tax rate for the year. $600 -
-------- --------------------------------------------------------------
Non-Melter graphite electrodes approx . For 2005, GTI is targeting at least a 50
percent increase in ETM revenues to $18 to $20 million . Total free cash flow will
improve by almost $150 million as compared to a use of cash of $145
million in 2004. This improvement includes an expected improvement of
about $60 to $70 million in cash flow from operations, a $65 million
reduction in antitrust and restructuring payments and a $10 million
reduction in required capital expenditures.com under the Investor
Relations section.09 $(0.8 % 18.

electrodes carbon

Business Editors

STAMFORD, Conn.

Business Editors

WILMINGTON, Del . (See attached comparative reconciliation of
earnings per share.43 per diluted
share before special charges reflects a $0.25)$0."
"Overall, we delivered a 40 percent increase in EBITDA and more
than tripled net income before special items despite persistent upward
cost pressures on most of our major raw materials and the weakening US
dollar. The shares underlying the 1.1% 17.6 million common shares to the shares outstanding. Net debt should not be considered in
isolation or as a substitute for total debt or total debt and other
long term obligations calculated in accordance with GAAP.

qingdao flakes

The expansion will cost
about $80 million with most of the cost incurred in 2006 and 2007 .2 thousand metric tons, and average graphite electrode
sales revenue per metric ton increased 7 percent, to
$2,515.

-- Paid European Commission (EC) antitrust fine , concluding
all EC proceedings; reduced outstanding antitrust
obligations by over $70 million.25% senior notes, our most
expensive debt, by $58 million during the year.

Electronic Thermal Management Highlights

During the quarter, GTI continued to gain new approvals in
demanding applications for its eGRAF(R) thermal management solutions. Earlier this year,
SpreaderShield , an ETM product, received the prestigious R+D 100 Award
which recognizes the top 100 new commercialized products globally that
exhibit a step change in performance in the industries they serve. GTI recorded an additional $3 million of tax expense
associated with the impact of this tax strategy on 2004 fourth quarter
activity. The 2005 cash tax rate is targeted to be less than 30 percent,
whereas the effective tax rate is expected to be between 36 to 38
percent. $100 -
--------------------------- -------------------------------------------
Total graphite electrodes 100% $400-$500 $2,900-$3,000
----------------------------------------------------------------------

Based on these actions and results to date, GTI estimates that
2005 average graphite electrode revenue per metric ton, including both
melter and non-melter segments, will be between $2,900 and $3,000 ,
approximately 15 to 20 percent higher than in 2004. Accordingly, the first quarter, although expected to be
profitable, is expected to be our weakest quarter for 2005 and to show
a net use of cash .18
Discontinued operations - - 0.2% 22.30) and $0.
NOTE ON RECONCILIATION OF EARNINGS, EBITDA, CASH FROM OPERATIONS,
FREE CASH FLOW AND NET DEBT GUIDANCE DATA: Earnings, EBITDA , cash from
operations, free cash flow and net debt guidance is provided on a GAAP
basis assuming that interest rates for the 2004 fourth quarter are
based on current market expectations of future LIBOR rates, assuming
no change in currency exchange rates and excluding other (income)
expense , net.

flakes braking

During the
year, GTI expanded its global team and secured orders in
several new ultra lightweight laptops, including Dell,
Sony and Panasonic, and in new applications including cell
phones and next generation plasma display panel
televisions.

-- Net sales increased 23 percent, to $232 million, versus 4Q03.

1%
-------------------------------------------- ------ ----- ------------
Gross profit $ 135 $168 $ 210 +24.
Approximately half of the increase in price was due to benefits from
net changes in currency exchange rates, primarily the Euro.
These resources will focus on the continued growth of ETM sales as GTI
continues to leverage its success to penetrate new customers and end
market opportunities. GTI accelerated certain 2005 pension contributions into 2004
for tax planning purposes. As a result of
this action and continued book building at higher prices, averaging
around $3,500 per metric ton, GTI expects average melter graphite
electrode revenue per metric ton to be approximately $600 or 24
percent higher than in 2004. Graphite electrode
sales volume is expected to be approximately 210,000 metric tons for
2005.50 to $0. 2004 +10%
ETM net sales guidance $18-20
GE average revenue per metric ton $2 ,900-$3,000 $2,825
GE sales volume in metric tons 210,000 45,000
Graphite electrode cost increase +10-12%

Non GE business gross profit growth $5-7 Flat vs Q1 04

Interest expense $49
Tax rate 36-38%
Total SG+A and R+D $108-$112 $27-28
Capital expenditures $45-50

Working capital use of cash $25-30
Restructuring payments $6
Antitrust payments $17 $4
Refinancing costs $4 $4
Diluted shares 112 . References to future cost savings are based on
assumptions and subject to limitations detailed in our filings with
the SEC.02 -
------- ------ -- ----- ------
Net Income (loss) per share $(0.6% 25. To the extent that an item, that would be
excluded, has been recorded in a prior period and that prior period is
included in a forecast period, the recorded item is reflected for the
entire forecast period at the same amount at which it was recorded in
the prior period. Note that
the diluted earnings per share outlook also excludes the interest
expense on those contingent convertible debentures of $5 million ($3
million after tax) in accordance with accounting literature effective
December 15, 2004.7% 17. Management uses
such non-GAAP financial measures as well as other financial measures
in connection with its decision -making activities. GTI also excludes the fair value adjustments for
hedge instruments, which includes interest rate swaps that have been
marked-to-market and realized gains or (losses) on interest rate
swaps. Realized gains on interest
rates swaps (terminated hedge instruments) currently represent an
increase to long-term debt on the Consolidated Balance Sheet of $25
million and will be amortized into the Consolidated Statement of
Operations as a reduction to interest expense over the remaining life
of the senior notes.

xite carbo

-- EBITDA increased 41 percent to $41 million, before $3 million
of Other Expense, net, as compared to $29 million, before $3
million of Other Income, net, in 4Q03.7% 14.

Other Lines Of Business

(Natural graphite (AET) and advanced carbon materials lines of
business)

Net sales for GTI's other businesses totaled $26 million for the
2004 fourth quarter as compared to $17 million in the 2003 fourth
quarter. 2004 electrodes
----------------------------------------------------------------------
Melter graphite electrodes approx.
Total Company.
We have no duty to update these statements.01,
10,000,000 shares authorized, none
issued - -
Common stock , par value $.6% 25. AND SUBSIDIARIES
(Dollars in millions, except per share data)
(Unaudited)

Reconciliation of Cash From Operations to Free Cash Flow
--------------------------------------------------------
2004
Cash flow provided by (used for) operating activities ($131)
Add back:
Discontinued accounts receivable factoring 45
Capital expenditures (59)
----------------------------------- -----------------------------------
Free Cash Flow ($145)
----------------------------------------------------------------------
Add Back Legacy payments
Antitrust investigations and related lawsuits and claims, net 71
Restructuring payments 17
--------------------------------------------------- -------------------
Free Cash Flow before legacy payments ($57)
----- -----------------------------------------------------------------

NOTE ON EBITDA, CASH FROM OPERATIONS AND FREE CASH FLOW
RECONCILIATIONS: EBITDA, cash from operations and free cash flow are
non-GAAP financial measures that GTI currently calculates according to
the schedule above, using GAAP amounts from the Consolidated Financial
Statements.

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18 per share, before such
items for 2003.7 % 17. We were successful in reducing our
obligations, including over $100 million of antitrust and pension
liabilities, and also reduced our 10. Selling, general and
administrative and research and development expenses in the 2004
fourth quarter were lower than planned primarily due to lower
postretirement medical expenses and variable compensation."

RECAP COMPANY GUIDANCE
Dollars in millions, except per ton
data and percentages 2005E Q105E

Total net sales increase vs.
For additional information on GrafTech International, call
302 -778-8227 or visit our website at www. Actual future events and
circumstances (including future performance , results and trends) could
differ materially from those set forth in these statements due to
various factors.3% 23.8%
-------------------------------------------
Total 23.4% 24. AND SUBSIDIARIES
(Dollars in millions, except per share data)
(Unaudited)

Net Income (Loss) and Earnings Per Share Reconciliation
-------------------------------------------------------
Year ended Year Ended
December December
31, 2003 31, 2004
----------------------- -----------------------------------------------
Net income (loss) (($0.7% 17.3%
======================================================================

MEMO : Income from
discontinued operations - $1 - - - - -
MEMO : Gain on sale of
discontinued operations - $1 - - - - -
MEMO : Cash portion of
restructuring and
impairment losses - $16 - $3 $(3) $(2) $(2)


RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
GRAFTECH INTERNATIONAL LTD.

braking graphite

-- Completed $225 million 1.02 per share
dilutive effect from GTI's contingent convertible debt.11 per diluted share, before
$2 million of benefit from lower than expected restructuring
costs (before and after tax) , $3 million (before and after
tax) of special non-cash tax charges, $3 million ($2 million
after tax) of Other Expense, net, and $1 million (before and
after tax) of accelerated benefits from interest rate risk
management activities. (See attached comparative
reconciliation of earnings per share.

-- Gross profit increased 26 percent, to $57 million , versus
4Q03. eGRAF heatsinks also received
approvals for use in power conversion and welding equipment
applications. As previously announced in the 2004 third
quarter, the Company elected and implemented a tax planning strategy
that, together with the recent enactment of the American Jobs Creation
Act of 2004 and other planning efforts, accelerated the use of certain
tax assets .
Net debt was $632 million at December 31, 2004. Net cash provided
by operations in the 2004 fourth quarter was $11 million after $15
million of voluntary, accelerated pension contributions, primarily for
U.S. Approximately half of the
increase is expected from inflation in production costs, in particular
coke, energy and freight. GTI's
technologically advantaged ETM products demonstrated excellent growth
in 2004, with revenues growing to $12 million, versus $2 million in
2003. EDT .30) $0. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions, except per share data)
(Unaudited)

Three Twelve
Months Months
Ended Ended
December 31, December 31,
-------------------------
2003 2004 2003 2004
----- ----- ----- ------
Cash flow from operating activities:
Net income (loss) $ (28) $ 9 $ (24) $ 17
Income from discontinued operations - - 1 -
Gain on sale of discontinued operation - - 1 -
----- --- -- ----- ------
Income (loss) from continuing operations (28) 9 (26) 17
Adjustments to reconcile net income (loss)
to cash provided by operations:
Depreciation and amortization 9 9 31 35
Deferred income taxes 6 - 2 26
Antitrust investigations and related
lawsuits and claims 32 - 32 1
Restructuring charge - (1) 20 -
Loss on exchange of common stock for
senior notes - - - 5
Impairment loss on long-lived and other
assets 7 - 7 -
Interest expense 6 1 - (2)
Post Retirement plan changes 6 (2) - (10)
Gain of sale of assets - - - (3)
Fair value adjustments on interest rate
caps (1) - - 4
Other (credits) charges, net (25) (2) (46) 13
(Increase) decrease in working capital * 23 15 (36) (179 )
Long-term assets and liabilities (6) (18) (10) (38)
----- ----- ----- ------
Net cash used in operating activities
from continued operations 29 11 (26) (131)
Net cash provided by operating activities
from discontinued operations - - 1 -
----- ----- ----- ------
Net cash provided by (used in) operating
activities 29 11 (25) (131)
----- ----- ----- ------

Cash flow from investing activities:
Capital expenditures (12) (28) (41) (59)
Purchase of derivative investments (1) (2) - (3)
Proceeds from sale of assets 3 - 3 6
Proceeds from sale of discontinued
operations 1 - 16 -
----- ----- ----- ------
Net cash provided by (used in) investing
activities (9) (30) (22) (56)
----- ----- ----- ------

Cash flow from financing activities:
Short-term debt borrowings (reductions),
net (14) - (19) (1)
Revolving facility payments (56) - (374) -
Revolving facility borrowings - - 364 -
Long-term debt borrowings - - - 225
Long-term debt reductions (116) (15) (116 ) (44)
Proceeds from sale of interest rate swap,
net - - 30 -
Purchase of interest rate caps - - (5) -
Proceeds from sale of common stock 190 - 190 -
Proceeds from exercise of stock options 4 - 4 7
Financing costs - (1) (1) (8)
Premium on Bond Repurchase - (2) - (3)
Dividends paid to minority stockholders - - (4) -
----- - ---- ----- ------
Net cash provided by (used in) financing
activities 8 (18) 69 176
----- ----- ---- - ------

Net increase (decrease) in cash and cash
equivalents 28 (37) 22 (11)
Effect of exchange rate changes on cash and
cash equivalents - - 1 1
Cash and cash equivalents at beginning of
period 6 61 11 34
----- ----- ----- ------
Cash and cash equivalents at end of period $ 34 $ 24 $ 34 $ 24
===== ===== ===== ======

Supplemental disclosures of cash flow
information:
Net cash paid during the periods for:
Interest expense $ 1 $ 1 $ 61 $ 38
===== ===== ===== ======
Income taxes $ 4 $ 6 $ 11 $ 20
===== ===== ===== ======

Non-cash operating , investing and financing
activities:
Exchanges of common stock for senior notes
which decrease long-term debt $ - $ - $ 55 $ 35
Common Stock issued to savings and pension
plan trusts $ - $ - $ 8 $ 1

* Net change in working capital due to the
following components:
(Increase) decrease in current assets:
Accounts and notes receivable $ 7 $(10) $ (4) $(21)
Reduction in factoring of accounts
receivable - - - (45)
Inventories 2 1 (9) (6)
Prepaid expenses and other current assets 1 1 - -
Payment for antitrust investigations and
related lawsuits and claims - (3) (4) (83)
Restructuring payments (1) (2) (5) (17)
Decrease (increase) in accounts payable and
accruals 14 28 (14) (7)
----- ----- ---- - ------
(Increase) decrease in working capital $ 23 $ 15 $ (36)$(179)
===== ===== ===== ======


GRAFTECH INTERNATIONAL LTD.9% 24. GTI believes that the excluded
items are not primarily related to core operational activities .

needling xite

)

-- Strengthened our financial position and enhanced our capital
structure:

-- Refinanced revolving credit facility ($215 million)
obtaining lower interest rates and increased business
flexibility.

2004 4th Quarter Highlights

-- Net income for 4Q04 was $9 million, or $0. Through this refinancing, we achieved lower
interest rates, reducing spreads by over 112 basis points, less
restrictive financial covenants and increased business flexibility. Gross profit increased
primarily due to higher net sales." Other recognized companies
include Agilent for software, Cirrus Logic for audio processors and
Texas Instruments for chipset miniaturization. Capital expenditures were $28 million in
the 2004 fourth quarter and $59 million for 2004. 30% approx. In
addition, to reduce costs and improve competitiveness , we froze our
defined benefit pension and postretirement programs and have reduced
related liabilities by approximately $50 million since the end of
2002. GTI manages its business on a cash basis
and the Company's incentive compensation plans are linked to cash
generation. On a quarterly basis, the Company will review and discuss
in detail key business and cash flow drivers including market
conditions , strategic and operational initiatives management is
undertaking to drive its business, its view on anticipated performance
of key components of its business and other relevant factors expected
to affect its performance. Shular continued, "Our first quarter graphite electrode volume
is expected to be approximately 45,000 metric tons. In addition to
typically lower first quarter seasonal shipment patterns, we expect
lower volumes resulting from our recent pricing actions. We manufacture graphite electrodes and cathodes,
products essential to the production of electric arc furnace steel and
aluminum . AND SUBSIDIARIES
(Dollars in millions, except per share data)
(Unaudited)

Net Income (Loss) and Earnings Per Share Reconciliation
--------- ----------------------------------------------
Three Months Three Months
Ended Ended
December December
31, 2003 31, 2004
---------------------------------------------------------------- ------
Net income (loss) (($0. Management uses income (loss) excluding these items as
well as other financial measures in connection with its
decision-making activities. GTI believes that net debt is generally accepted
as providing useful information regarding a company's indebtedness.

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Hexcel Announces Carbon Fiber Expansion Program

GrafTech Reports 2004 Year End and Fourth Quarter Results

625 percent convertible senior
debenture offering.36) per share,
for 2003 .

-- Net income for 2004 was $44 million, or $0."
Mr. This tax strategy is expected to result in lower future cash
taxes.com. References to spot prices for graphite electrodes
mean prices under individual purchase orders (not part of an annual or
other extended purchase arrangement ) for near term delivery for use in
large steel melting electric arc furnaces (as distinct from, for
example, a ladle furnace or a furnace producing non-ferrous metals).36) $0.
GTI does not forecast the future impact of changes in stock
options or other stock-based compensation or in convertible debentures
on earnings, shares outstanding or earnings per share for the periods
forecasted, which may change due to grant, exercise, conversion,
cancellation, repurchase, redemption or other events or due to changes
in share price or accounting principles.5% of principal amount.
Management believes net debt provides meaningful information to
investors to assist them to analyze leverage. Management uses net debt
as well as other financial measures in connection with its
decision-making activities .

cathode bushings

In the near term, Hexcel is
increasing the output of its existing carbon operations through
incremental capacity improvements. David E.25 percent senior notes outstanding, GTI's most
expensive debt, by $58 million. In the past two years, GTI
reduced these notes by $115 million .

-- Funded $42 million of defined benefit pension obligations
that were frozen in 2003.)

Summary Information
-------------------
2004
vs
Dollars in millions except per share numbers 2002 2003 2004 2003
----------- --------------------------------- ------ ----- ------------
Net sales $ 596 $712 $ 848 +19. Reducing these
obligations allows us to improve future profitability and cash
flow.
GrafTech has no significant debt maturities before 2010. Graphite
electrode sales volume was 59.
Gross margin was 24.3 percent in the 2003 fourth quarter. Net sales and gross
profit increased primarily due to higher net sales of ETM products,
which increased from $2 million in 2003 to $12 million in 2004, and
higher carbon refractory sales volumes. Inflationary pressures around the
globe continue to pressure our costs. Accordingly, on the cost front,
we have secured pricing for the majority of our graphite electrode
production costs (excluding the impacts of changes in currency
exchange rates). AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per share data)
(Unaudited )

For the For the
Three Months Twelve Months
Ended Ended
December 31, December 31,
------------------------------
2003 2004 2003 2004
------- ------ ----- -- ------

Net Sales $ 188 $ 232 $ 712 $ 848
Cost of Sales 143 175 544 638
------- ------ ------- ------
Gross Profit 45 57 168 210

Research and development 3 2 11 8
Selling, administrative and other
expenses 22 23 85 90
Other (income ) expense, net (3) 3 (12) 21
Restructuring Charges - (2) 20 -
Impairment loss on long-lived and
other assets 7 - 7 -
Antitrust investigations and related
lawsuits and claims 32 - 32 (11)
Interest expense 9 12 45 39
Interest income - - - (1)
------- ------ ------- ------
70 38 188 146
------- ---- -- ------- ------

Income (loss) from continuing
operations before provision for
income tax and minority
stockholders' share of income (25) 19 (20) 64
Provision for income taxes 3 10 5 46
------- ------ ------- ------
Net income (loss) of consolidated
entities before minority
stockholders' share of income (28) 9 (25) 18
Less: Minority stockholders ' share
of income - - 1 1
------- ------ ------- ------
Net income (loss) from continuing
operations (28) 9 (26) 17

Discontinued operations:

Income from discontinued operations
(less applicable income tax expense) - - 1 -
Gain on sale of discontinued
operations (less applicable income
tax expense) - - 1 -
------- - ----- ------- ------

Net Income (loss) $ (28) $ 9 $ (24) $ 17
======= ====== ======= ======

Basic income (loss) per common
share:

Net Income (loss) from continuing
operations $(0.8% 25.09 per
diluted share, respectively) $(28) $9
-------- --------------------------------------------------------------
Adjustments, net of tax:
------ ----------------------------------------------------------------
Restructuring and impairment 6 (2)
--------------------------------------------------------------- -------
Gain on sale of discontinued operations - -
--------------------- -------------------------------------------------
Antitrust reserve adjustment 29 -
----------------------------------------------------------------------
Special non-cash tax charge - 3
------------------------------------------ ----------------------------
Income (loss) excluding adjustments $7 $10
----------------------------------------------------------------------
Plus: Other (income) expense , net, net of tax (2) 2
------------------------------------------------------------ ----------
Income (loss) excluding restructuring,
impairment, gain on sale of discontinued
operations, antitrust reserve adjustment,
special tax charge and other (income) expense,
net $5 $12
------------------------------------ ----------------------------------
Less: Interest benefit from accelerated
amortization of gains on interest rate swaps,
net of tax - (1)
--- -------------------------------------------------------------------
Income (loss) excluding restructuring ,
impairment, gain on sale of discontinued
operations, antitrust reserve adjustment,
special tax charge and other (income) expense,
net and interest benefit from accelerated
amortization of gains on interest rate swaps
and cumulative expense related to increase in
tax rate ($0. GTI believes that such non-GAAP financial measures are
generally accepted as providing useful information regarding a
company's ability to incur and service debt and the productivity and
cash generation potential of its ongoing businesses.

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-- Eliminated high cost accounts receivable factoring
(approximately $45 million).7% 23. The increase in net sales was primarily due to an increase in
ETM sales from approximately $1 million in the 2003 fourth quarter to
$4 million in the 2004 fourth quarter and higher sales volume of
carbon refractory products.
Interest expense was $13 million in the 2004 fourth quarter before
approximately $1 million of accelerated benefits resulting from the
reduction of senior notes outstanding. On the cost side, we continue to
drive savings initiatives throughout our graphite electrode production
network and all of our businesses . We also expect to use cash for working
capital, in addition to making our customary semi-annual bond interest
payments. The conference call will be recorded and replay will be
available for 72 hours following the call by dialing 800-405-2236 for
domestic and 303-590-3000 for international , pass code 11021508#. is one of the world's largest
manufacturers and providers of high quality synthetic and natural
graphite and carbon based products and technical and research and
development services , with customers in about 80 countries engaged in
the manufacture of steel, aluminum, silicon metal , automotive products
and electronics.01,
150,000,000 shares authorized, 96,402,287
+ 100 ,520,240 shares issued at December
31, 2003 and December 31, 2004,
respectively 1 1
Additional paid-in capital 893 941
Accumulated other comprehensive loss (286) (276)
Accumulated deficit (644) (627)
Less: cost of common stock held in
treasury , 2,451,035 shares at December
31, 2003 and December 31, 2004 (86) (86 )
Less: cost of common stock held in
employee benefit trusts, 503,232 shares
at December 31, 2003 and 522,732 shares
at December 31, 2004 (6) (6)
------ ------
Total stockholders' deficit (128) (53)
------ ------
Total liabilities and stockholders'
deficit $ 966 $1,068
====== ======

GRAFTECH INTERNATIONAL LTD.9% 29.

flakes graphite

Commenting on the expansion investment, Mr. These results drove sequential improvements in cash flow from
operations over the last three quarters, even after considering uses
of cash for working capital, legacy antitrust liabilities and
restructuring and pension payments."
"Lastly, we are pleased to announce that we have completed the
assessment of our internal controls over financial reporting, as
required by the Sarbanes-Oxley Act, and concluded GTI's controls are
effective.
eGRAF SpreaderShield(TM) products were approved for design into an
industry leader's new laptop computer.

2005E Average 2005E average
Percent of revenue per revenue per
GTI GE sales metric ton metric ton
volume increase 2005E of graphite
vs. Over the past two years, GTI's
electronic thermal management (ETM) products have penetrated global
markets which are growing in excess of 20 percent per year. ETM products and solutions have enabled GTI's customers to be
leaders in designing smaller, lighter and more powerful electronic
devices such as plasma display panel televisions, ultra lightweight
laptops, cell phones and other electronic devices, where heat
management issues are becoming increasingly more critical.
For our remaining non-graphite electrode businesses, we expect gross
profit to improve $5 to $7 million.6

GTI expects 2005 free cash flow before antitrust and restructuring
payments to be $25 million, or an $82 million increase from 2004.

GRAFTECH INTERNATIONAL LTD.17
Discontinued operations - - 0.6% 24.

htu graphite

) In 2004, net income of $0.

Craig Shular, Chief Executive Officer of GTI, commented, "We grew
our revenues across all of our lines of business in 2004, resulting in
a 19 percent increase year over year.
As previously announced, GTI is accelerating the hiring of
resources, targeting the addition of over 50 employees through the
first half of 2006. Over the course of 2004, GTI modified the
terms and conditions under which it sells graphite electrodes to build
in more flexibility to adjust product pricing based on market
conditions, including, among other things, demand, raw material
availability and production costs. The remaining
non -melter demand is used in ladle furnaces and non-ferrous
applications. Our graphite
electrode business is expected to deliver a solid year of performance
and profit growth after achieving 15 to 20 percent price increases. At the end of 2005, we will have
only $26 million remaining to be paid to the Department of Justice to
put these legacy antitrust liabilities behind the Company.

In conjunction with this earnings release, you are invited to
listen to our earnings call being held today at 11:00 a .m. The statements in this news release or any related
discussions or calls shall not constitute an admission of liability as
to any claim or lawsuit.30) $ 0.5% 25.8% 23.

needling graphite

-- Graphite electrode sales volume increased 11 percent, to
222.) This considers the
effect of GTI's contingent convertible debt. Annually, EDN recognizes the top 100 products in a
wide range of technologies from software to computers to electronic
components. This was higher partly due to
an increase of over 50 basis points in the 6 month LIBOR rate during
the quarter.
Mr.
GRAFCELL (R), GRAFOIL(R), and eGRAF(R) are our registered trademarks.

NOTE ON FORWARD-LOOKING STATEMENTS: This news release and any
related calls or discussions may contain forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions, except per share data)
(Unaudited)

At December At December
31, 31,
----------------------------
ASSETS 2003 2004
------ ----- -

Current Assets:
Cash and cash equivalents $ 34 $ 24
Accounts and notes receivable, net of
allowance for doubtful accounts of $4
million at December 31, 2003 and
December 31, 2004 125 206
Inventories:
Raw materials and supplies 42 59
Work in process 133 142
Finished goods 29 24
------ ------
204 225
Prepaid expenses and other current
assets 24 25
---- -- ------
Total current assets 387 480

Property , plant and equipment 1,031 1,131
Less: accumulated depreciation 691 753
------ ----- -
Net property, plant and equipment 340 378
Deferred income taxes 176 153
Goodwill 20 23
Assets held for sale 1 -
Other assets 42 34
------ ------
Total assets $ 966 $1,068
====== ======

LIABILITIES AND STOCKHOLDERS ' DEFICIT

Current Liabilities:
Accounts payable $ 93 $ 86
Short-term debt 1 1
Accrued income and other taxes 31 38
Other accrued liabilities 157 99
------ ------
Total current liabilities 282 224
------ ------

Long-term debt:
Principal value 516 655
Fair value adjustment for hedge
instruments 14 15
Unamortized bond premium 4 2
------ ------
Total long-term debt 534 672
------ ------
Other long-term obligations 204 149
Deferred income taxes 43 46

Minority stockholders' equity in
consolidated entities 31 30
Commitments + contingencies - -

Stockholders' Deficit:
Preferred stock, par value $.30) $0.625% Debenture were excluded
from the if-converted method for the three months and year-ended
December 31, 2004 as the effect would be anti-dilutive.

GRAFTECH INTERNATIONAL LTD.6% 22.0% 17.

preforms carbon

We also made significant progress in commercializing our electronic
thermal management (ETM) products , securing key wins from industry
leaders like Samsung and Dell, among others, and penetrated a wide
array of end markets, including cell phones, laptops and plasma
televisions.9 thousand metric tons, 13 percent
higher than in the same period in 2003, primarily due to strong market
demand and GTI's success in penetrating new market segments. Gross profit was $6 million, or 22. GTI's current spot price for melter
graphite electrodes is $4,000 per metric ton. 70% approx. This is
consistent with 2005 earnings per share before Other Income/Expense,
net, of approximately $0."
GTI believes that its strategy of maximizing the cash flow
generation from its existing asset base and the commercialization of
advanced technologies has positioned the Company to deliver improved
results over the long term.6 112. These
include statements about such matters as: future production and sales
of products that incorporate our products or that are produced using
our products; future prices and sales of and demand for our products;
future operational and financial performance of various businesses;
strategic plans; impacts of regional and global economic conditions;
interest rate management activities; corporate and business projects;
legal matters; consulting projects; potential offerings, sales and
other actions regarding debt or equity securities; and future asset
sales , costs, working capital, revenues, business opportunities,
values, debt levels, cash flows, cost savings and reductions, margins,
earnings and growth.09 $(0.38) $0. GTI
believes that income (loss) excluding items that are not primarily
related to core operational activities is generally viewed as
providing useful information regarding a company's operating
profitability.

heg luoyang

----Hexcel
Corporation (NYSE/PCX: HXL) today announced that it will expand its
carbon fiber production capacity through the addition of both a new
carbon fiber line and a new precursor line. (See
attached reconciliation of EBITDA.9 percent of
net sales, in the 2003 fourth quarter.1 percent of net sales in 2003.
2005 graphite electrode production costs are expected to increase
between 10 and 12 percent over 2004.

"Over the past six years, we have paid out over $400 million to
fund legacy antitrust liabilities.60, including the effects on
earnings per share of our contingent convertible debentures . We expect strong sequential growth in each of our
last three quarters both in earnings and cash flow as both higher
volumes and prices are realized.11 per diluted share,
respectively) $5 $11
--------------------------------------------------- -------------------

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
GRAFTECH INTERNATIONAL LTD.6 million
shares underlying our contingent convertible debt and excludes
approximately $5 million ($3 million after tax) of convertible
debenture interest expense.
In the 2004 fourth quarter, FASB's Emerging Issues Task Force
reached a final consensus that the dilutive effect of contingently
convertible debt must be considered in calculating dilutive earnings
per share regardless of whether the triggering contingency has been
satisfied.6 million dilutive
weighted average shares outstanding for the 2004 full year, which
includes the shares attributable to the convertible debt.3% 14.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
GRAFTECH INTERNATIONAL LTD. The premium received in excess of
principal amount is amortized to reduce interest expense over the term
of the senior notes.

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-- Gross profit increased approximately 25 percent, to $210
million, versus 2003.30) per share,
in 4Q03 .

Outlook

Graphite Electrodes. This
adjustment was driven by industry dynamics in the melter graphite
electrode segment and higher production costs."
"Based on the above guidance, we expect net income before other
income/expense, net, to be about $55 to $65 million in 2005, or
approximately 25 percent to 50 percent higher than in 2004., call
216-529-3777. Accordingly,
earnings outlook for 2005 is based upon 112. AND SUBSIDIARIES
(Dollars in millions )
(Unaudited)

EBITDA Reconciliation
--------------------- -------------------------------------------------
Q4 2003 Q1 Q2 Q3 Q4 2004
2003 Year 2004 2004 2004 2004 Year
------------------------------------------
Net income (loss) $(28) $(24) $- $18 $(10) $9 $17

Add back:
---------
Minority stockholders'
share of income - 1 - - 1 - 1
Provision for (benefit from )
income taxes 3 5 1 4 31 10 46
Interest expense 9 45 7 10 10 12 39
Interest income - - (1) - - - (1)
Antitrust investigations
and related lawsuits and
claims 32 32 1 (12) - - (11)
Restructuring + impairment
losses on long lived and
other assets 7 27 1 3 (2) (2) -
Depreciation and
amortization 9 31 9 8 9 9 35
----------------------- -----------------------------------------------
EBITDA $32 $117 $18 $31 $39 $38 $126
Other (Income) Expense,
net, included above (3) (12) 13 7 (2) 3 $21
----------------------------------------------------------------------
EBITDA before Other
(Income)
Expense, net $29 $105 $31 $38 $37 $41 $147
----------------------------------------------------------------------
EBITDA before Other
(Income)
Expense, net as a percent
of net sales 15. Such non-GAAP
financial measures should not be considered in isolation or as a
substitute for net income (loss), cash flows from continuing
operations or other consolidated income or cash flow data prepared in
accordance with GAAP. Interest rate swaps (current hedge instruments) that have been
marked-to-market currently represent a liability of $10 million with
an offsetting non-cash adjustment recorded as a component of long-term
debt on the Consolidated Balance Sheet.

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----GrafTech
International Ltd. The increase was primarily due to higher prices
and sales volume of graphite electrodes. The average sales revenue per
metric ton of graphite electrodes was $2,560 in the 2004 fourth
quarter as compared to $2 ,412 in the 2003 fourth quarter.
Gross profit for the synthetic graphite line of business was $51
million in the 2004 fourth quarter, 24 percent higher than in the same
period in 2003. defined benefit obligations that were frozen in 2003, $3 million
of scheduled antitrust payments and $2 million of restructuring
payments. In December, GTI initiated
a base price adjustment of approximately $440 per metric ton.graftech. These factors include: the possibility that global or
regional economic conditions or end market conditions for our products
may not improve or may worsen; the possibility that anticipated
additions to EAF steel production capacity may not occur or that
increases in graphite electrode manufacturing capacity may occur; the
possibility that increased EAF steel production may not result in
stable or increased demand for or prices or sales volumes of graphite
electrodes; the possibility that economic or technological
developments may adversely affect growth in the use of graphite
cathodes in aluminum smelting; the possibility that anticipated
additions to aluminum smelting capacity may not occur or that
increased production of cathodes by competitors may occur; the
possibility that increased production of aluminum or stable production
of cathodes by competitors may not result in stable or increased
demand for or prices or sales volume of cathodes; the possibility that
actual graphite electrode prices may be different than spot prices or
announced prices; the possibility that consolidation of steel and
aluminum producers could impact our business or industry; the
possibility of delays in or failure to achieve widespread
commercialization of fuel cells which use our products or that
manufacturers of such fuel cells may obtain those products from other
sources; the possibility of delays in or failure to achieve successful
development and commercialization of new or improved products or
subsequent displacement thereof by other products or technologies; the
possibility of delays in meeting or failure to meet contractually
specified or other product development milestones or delays in
expanding or failure to expand manufacturing capacity to meet growth
in demand, if any; the possibility that we may be unable to protect
our intellectual property or may infringe the intellectual property
rights of others; the occurrence of unanticipated developments
relating to antitrust investigations or lawsuits or to the lawsuit
initiated by us against our former parents; the possibility that
expected cost savings or price increases or adjustments may not be
fully realized or that anticipated asset sales may be delayed or may
not occur or result in anticipated proceeds; the possibility that the
anticipated benefits from organizational changes may be delayed or may
not occur or that our provision for income taxes and effective income
tax rate may fluctuate significantly; the occurrence of unanticipated
developments relating to health , safety or environmental compliance or
remediation obligations or liabilities to third parties, labor
relations, or raw material or energy supplies or cost; the possibility
that changes in market prices of our common stock, senior notes or
convertible senior debentures may affect de-leveraging plans or
activities; changes in interest or currency exchange rates, in
competitive conditions or in inflation; the possibility of changes in
the appropriation of government funds or the failure to satisfy
eligibility conditions to government grants; the possibility that
changes in financial performance may affect our compliance with
financial covenants or the amount of funds available for borrowing
under our revolving credit facility; the possibility that we may not
achieve the earnings estimates that we provide as guidance from time
to time; the possibility that a business interruption may adversely
affect our ability to supply our products; the possibility that a
service provider to whom we outsource our business processes may fail
to provide those services; and other risks and uncertainties,
including those detailed in our filings with the SEC, as well as
future decisions by us.09 $(0.5% 24.9% 23.7%
------------------------------------------------------------------- ---

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
GRAFTECH INTERNATIONAL LTD.36) and $0. GTI does not forecast changes in currency exchange
rates. GTI's method
for calculating net debt may not be comparable to methods used by
other companies and is not the same as the method for calculating net
debt under its senior secured revolving credit facility.

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-- Reduced 10. Interest expense for 2005 is expected to be approximately
$49 million based on current market expectations of future LIBOR
rates.
In the non-melter graphite electrode segment, prices vary
significantly due to the variety of end markets and performance
requirements across those end markets and, to a lesser extent, higher
availability of lower grade products. Shular commented on the outlook stating, "GTI
expects global economic conditions to remain strong in 2005 and
expects another year of strong steel production. However, GTI will no longer issue quarterly
earnings per share guidance, as the Company believes that short-term
results are neither indicative of nor conducive to the building of
long-term value and 2005 will be the last year GTI will issue earnings
per share guidance. The
dial-in number is 800-218-0204 for domestic and 303-205-0033 for
international . If
you are unable to listen to the call or replay, the call will be
archived and available for replay within two days of the original
broadcast on our website at www. We are the leading
manufacturer in all of our major product lines, with 13 state of the
art manufacturing facilities strategically located on four continents.38) $0.7% 23. In addition, such guidance is subject to the risks
and uncertainties described under the Note on Forward-Looking
Statements. GTI is currently assessing
the impact of the adoption of FASB Statement No.

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---

- - kjjkjk

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