The business of making graphite electrodes has heavy entry barriers, as the technology involved is a closely guarded secret. Weak global offtake kept HEG's capacity utilisation at 75% in FY23, and Jefferies expects it to fall further. The stock has rallied 29% in the past month and 54% in the past six months. Advertisement steel industry HEG Limited Advertisement Advertisement Advertisement It can pay to be among one of the few companies worldwide that helps thego green. Noida-basedmanufactures graphite electrodes – they are used to manufacture steel via the electric arc furnace route, which can use high amounts of recycled...