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Century Aluminum Company - CENX STOCK NEWS

Welcome to our dedicated page for Century Aluminum Company news (Ticker: CENX), a resource for investors and traders seeking the latest updates and insights on Century Aluminum Company stock.

Century Aluminum Co. (NASDAQ: CENX) is a leading primary aluminum producer supplying standard-grade, high-purity, and value-added primary aluminum products. Headquartered in Chicago, Illinois, the company operates smelter facilities in the United States, including Hawesville and Sebree in Kentucky, and Mt. Holly in South Carolina, as well as in Grundartangi, Iceland. With approximately 1,300 employees, Century Aluminum is committed to being an equal opportunity employer.

The company's strategic objective is to maximize financial returns for its stockholders through various initiatives, such as optimizing safety and environmental performance, improving cost structures, managing costs, and enhancing productivity and efficiency. Century Aluminum also aims to expand its primary aluminum business by improving and investing in its existing facilities.

Century's product portfolio includes high-purity aluminum, standard-grade aluminum sow and tee bars, and value-added billet and foundry products. In addition to its primary aluminum assets, the company operates a carbon anode and cathode manufacturing facility in Vlissingen, the Netherlands.

A significant portion of Century's revenue is generated from Glencore, which has agreed to purchase nearly all of Century Aluminum's North American production. Century Aluminum itself sources nearly all of its alumina from Glencore.

Recently, Century Aluminum has entered into a partnership with MX Holdings to establish a new joint venture focusing on the manufacture and marketing of low-carbon secondary billet. The venture aims to produce high-quality alloys with a significant amount of recycled content using low-carbon processes. Initial production is expected to begin in 2026, eventually scaling to 250 million pounds per year.

Financially, Century Aluminum is committed to improving its cost structure and productivity. The company continues to pursue upstream investment opportunities in bauxite mining, alumina refining, and the production of other key operating supplies.

In a recent development, Century Aluminum's president and CEO, Jesse Gary, praised the Biden Administration's decision to triple tariffs on Chinese aluminum imports, emphasizing that it is a critical move for the U.S. aluminum industry. The company plans to build a new greenfield facility, which will double its existing domestic capacity and be among the

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Century Aluminum has announced that its Jamalco bauxite mining and alumina production joint venture is back to full production following Hurricane Beryl in Jamaica. The refinery facilities suffered no significant damage, and no employees were injured. Although the port facility's alumina conveyor was damaged, repairs are expected to take a few weeks. Alternative port arrangements have been secured to ensure continued alumina shipments. The company does not anticipate this event to materially affect its financial results.

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Century Aluminum commends the Biden Administration for tightening rules on aluminum imports from Mexico. The new 'smelted and cast' provision aims to curb aluminum transshipments and unfair trade from third-party countries like Russia, China, Iran, and Belarus. Aluminum products originating from these countries and converted in Mexico will now face a 10% Section 232 duty. CEO Jesse Gary praised the decision for its potential to protect the domestic aluminum industry and American workers. Despite this measure, Century Aluminum noted that Mexico still receives primary metal imports from other non-tariffed third-party countries.

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On May 14, 2024, President Biden announced a significant increase in tariffs on Chinese aluminum imports under Section 301 of the Trade Act of 1974. This move aims to counter China's unfair trade practices and overcapacity issues. Jesse Gary, CEO of Century Aluminum (NASDAQ: CENX), commended the decision, highlighting its importance for the U.S. aluminum industry. Century plans to build a new facility that will double U.S. aluminum capacity and utilize cutting-edge renewable technologies. The administration has also announced a $500 million grant to support this initiative.

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Century Aluminum Company reported strong first quarter 2024 results with net sales of $489.5 million and a net income of $246.8 million. The company announced a joint venture with MX Holdings and was selected to receive a $500 million investment from the U.S. Department of Energy to build a new green aluminum smelter. However, there was a decrease in net sales compared to the prior quarter due to lower regional and value-added product premiums. Adjusted EBITDA for the quarter was $25.0 million.

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Century Aluminum Company (NASDAQ: CENX) will report its first-quarter 2024 earnings on May 1, 2024. The earnings call will take place at 11:00 a.m. Eastern time and will be webcast live on the company's website. Investors and media can contact Ryan Crawford for more information.
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Century Aluminum Company (CENX) has been selected by the U.S. Department of Energy for up to $500 million in funding to build a new aluminum smelter, doubling the size of the U.S. primary aluminum industry and creating over 1,000 full-time jobs. The Project aims to strengthen domestic supply chains for green energy materials and contribute to the decarbonization of energy-intensive industries.
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MX Holdings and Century Aluminum Company (CENX) have formed a joint venture to produce low-carbon secondary billet, focusing on sustainable practices and high-quality alloys. The partnership aims to meet customer needs and sustainability goals through cutting-edge processes and technical expertise.
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Century Aluminum Company (CENX) President and CEO to participate in BMO Global Metals, Mining, & Critical Minerals Conference.
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Century Aluminum Company (CENX) reported fourth quarter and full year 2023 results with net sales of $512.3 million and $2.2 billion respectively. Despite a net loss of $43.1 million for the full year, the company saw positive adjusted net income and Adjusted EBITDA. The acquisition of 55% in Jamalco and strategic agreements were key highlights. In the fourth quarter, shipments increased by 1% sequentially, but net sales decreased by 6% due to lower aluminum prices. Adjusted net income for Q4 was $40.0 million, and Adjusted EBITDA was $57.1 million. For the full year, shipments decreased by 9% sequentially, leading to a net loss of $43.1 million. Adjusted net income was $30.7 million, and Adjusted EBITDA was $120.0 million. Century remains focused on safety, community improvement, and capital projects for 2024.
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Century Aluminum Company (CENX) unveils USC study showcasing Mt. Holly facility's economic impact on South Carolina. The facility contributes over $770 million annually, sustains 1,439 jobs, and supports high-wage employment opportunities. Century plans to increase production by 25% for a potential total economic impact of $877 million.
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FAQ

What does Century Aluminum Co. produce?

Century Aluminum Co. produces high-purity, standard-grade, and value-added primary aluminum products.

Where are Century Aluminum's operations located?

Century Aluminum has operations in Hawesville, KY, Sebree, KY, Mt. Holly, SC, and Grundartangi, Iceland, with a manufacturing facility in Vlissingen, the Netherlands.

Who is a significant buyer of Century Aluminum's products?

Glencore is a significant buyer, purchasing nearly all of Century Aluminum's North American production.

What are Century Aluminum's strategic objectives?

Century Aluminum aims to maximize financial returns by optimizing safety and environmental performance, improving cost structures, and expanding its aluminum business.

What is the latest joint venture Century Aluminum is involved in?

Century Aluminum has partnered with MX Holdings to establish a joint venture focusing on low-carbon secondary billet production.

How many employees does Century Aluminum have?

Century Aluminum employs approximately 1,300 people.

What recent action by the U.S. government has impacted Century Aluminum?

The Biden Administration's decision to triple tariffs on Chinese aluminum imports has positively impacted Century Aluminum.

What are Century Aluminum's plans for future expansions?

Century Aluminum plans to build a new greenfield facility that will double its existing domestic capacity and be one of the greenest smelters in the world.

When will Century Aluminum report its fourth-quarter 2023 earnings?

Century Aluminum is scheduled to report its fourth-quarter 2023 earnings on February 21, 2024.

What other products does Century Aluminum manufacture apart from primary aluminum?

Century Aluminum also operates a carbon anode and cathode manufacturing facility in Vlissingen, the Netherlands.

Century Aluminum Company

Nasdaq:CENX

CENX Rankings

CENX Stock Data

1.53B
92.70M
43.78%
61.41%
8.06%
Alumina Refining and Primary Aluminum Production
Manufacturing
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United States of America
CHICAGO