GRAFTECH INTERNATIONAL LTD — Director's Dealing 2011

Feb 3, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAFTECH INTERNATIONAL LTD (GTI)
CIK: 0000931148
Period of Report: 2011-02-02

Reporting Person: CRANSTON MARY B (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-02	Common Stock	M	1000	$8.85	Acquired	1000	Direct
2011-02-02	Common Stock	S	1000	$22.00	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-02	Stock Options (right to buy)	$8.85	M	1000	Disposed	2011-09-25	Common Stock (1000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	35106	Direct
Common Stock	2000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (right to buy)	$10.70	2012-01-01	Common Stock (6200)	6200	Direct
Stock Options (right to buy)	$10.77	2012-03-01	Common Stock (1300)	1300	Direct
Stock Options (right to buy)	$5.15	2013-01-14	Common Stock (12800)	12800	Direct
Stock Options (right to buy)	$13.37	2014-01-15	Common Stock (3500)	3500	Direct

Footnotes

F1: In December 2010, the Reporting Person previously entered into a written Rule 10b5-1 sales plan covering stock options that otherwise would expire in 2011 and/or January 2012. Under the Rule 10b5-1 sales plan, these options were exercised automatically and the respective shares were sold automatically based on the stock price reaching a pre-set target price.

F2: All such options have fully vested and became exercisable.

F3: Options expire on such date unless reporting person ceases to be a director, in which event options expire fours years from the date reporting person's directorship ends.