Century Aluminum Joins EGA Project to Build First U.S. Smelter in Almost 50 Years
Rhea-AI Summary
Century Aluminum (NASDAQ: CENX) and Emirates Global Aluminium announced a joint development agreement to build a new primary aluminum smelter in Inola, Oklahoma. The joint venture will be 60% EGA / 40% Century and the plant is expected to produce 750,000 tonnes per year, more than doubling current U.S. production and marking the first new U.S. primary smelter since 1980. The project is projected to create 1,000 permanent jobs and 4,000 construction jobs. Construction is expected to start by the end of 2026 with production targeted by the end of the decade.
Positive
- Planned capacity of 750,000 tonnes per year
- Joint venture split EGA 60% / Century 40%
- Job creation of 1,000 permanent jobs and 4,000 construction jobs
- First new U.S. primary smelter since 1980, doubling domestic production
Negative
- Project depends on securing a competitive long-term power supply agreement with Public Service Company of Oklahoma
- Construction not yet started; production only targeted by end of decade, exposing timeline risk
News Market Reaction
On the day this news was published, CENX declined 7.39%, reflecting a notable negative market reaction. Argus tracked a peak move of +6.1% during that session. Our momentum scanner triggered 15 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $356M from the company's valuation, bringing the market cap to $4.46B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Peers show mixed moves: AA up 2.35% and NGVT up 1.54%, while KALU and MTRN are down 2.15% and 2.9%, suggesting a stock-specific driver for CENX.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| 2025-11-06 | Q3 2025 earnings | Positive | +1.1% | Higher net sales and EBITDA with improved Midwest premium and solid liquidity. |
| 2025-10-29 | Operational update | Positive | -2.1% | Jamalco restart after hurricane with no material damage or financial impact expected. |
| 2025-10-23 | Earnings date set | Neutral | +3.4% | Announcement of Q3 2025 earnings release and conference call schedule. |
| 2025-10-21 | Equipment failure | Negative | -9.5% | Electrical failure cutting Grundartangi output by about two‑thirds, insured losses expected. |
| 2025-10-06 | Capacity expansion | Positive | -2.4% | Power extension and <b>$50M</b> Mt. Holly investment to restart idle capacity and add output. |
Stock reactions to company news have been mixed, with both positive and negative moves following operational and strategic updates.
Over recent months, Century Aluminum has reported stronger Q3 2025 sales and EBITDA, managed storm-related disruption at its Jamalco JV without material damage, and extended power arrangements at Mt. Holly to enable a $50 million restart and added U.S. capacity. An equipment failure at the Grundartangi smelter temporarily cut output by about two‑thirds but was expected to be insured. Price reactions varied, with notable declines after operational setbacks and modest gains around earnings. The new Inola smelter JV extends this strategy of expanding U.S. primary aluminum production capacity.
Market Pulse Summary
The stock moved -7.4% in the session following this news. A negative reaction despite a large expansion project could fit the stock’s history of occasional divergence on positive operational news, such as the Mt. Holly capacity restart that saw a -2.44% move. Investors may weigh long lead times, execution risks, and capital needs against benefits like 750,000 tonnes of new capacity and 1,000 jobs. Recent insider net selling and prior sizable share disposals could also amplify downside pressure if sentiment turned cautious.
Key Terms
primary aluminum technical
alumina technical
bauxite technical
AI-generated analysis. Not financial advice.
The Oklahoma smelter will use best-in-class EGA technology to double U.S. aluminum production
DUBAI, United Arab Emirates and CHICAGO, Jan. 26, 2026 (GLOBE NEWSWIRE) -- Emirates Global Aluminium (EGA) and Century Aluminum Company (NASDAQ: CENX) announced today that they have entered into a joint development agreement to build the first new primary aluminum production plant in the United States since 1980. Under the joint development agreement, EGA will own 60 percent of the joint venture, with Century owning the remaining 40 percent. The new plant, to be built in Inola, Oklahoma as previously announced by EGA, is expected to produce 750,000 tonnes of aluminum per year, larger than previously envisioned and more than doubling current U.S. production. The Inola plant will create 1,000 permanent direct jobs at the facility and 4,000 jobs during construction.
The partnership combines EGA’s world-class expertise in aluminum smelting design and technology, construction and operation with Century’s extensive history and expertise operating aluminum smelters in the United States utilizing domestic supply chains. The project will use EGA’s latest state-of-the-art EX technology, the most advanced ever installed in the United States. Both parties will now solely focus their greenfield development efforts in the United States on the Inola, OK site.
Once complete, the Inola plant will be the largest ever primary aluminum production plant in the U.S., and the first built in nearly 50 years. About 85 percent of the aluminum needs of American industries are currently met by imports. The new smelter will expand the domestic supply of this critical mineral and grow the American aluminum workforce, revitalizing U.S. aluminum expertise and know-how.
Abdulnasser Bin Kalban, CEO of Emirates Global Aluminium, said; “We have made great progress preparing for the start of construction in Inola, and welcome Century as a partner in this important project for the future of American industry and now both our companies. EGA’s global skills, technology and capital are being joined by Century’s deep expertise and experience in the United States. Together we will make a huge contribution to rebuilding American aluminum production for the 21st century.”
Jesse Gary, CEO of Century Aluminum, said: “Our partner EGA brings world-class smelting technology and construction expertise that are fast-tracking our collective efforts to realize President Trump’s vision of rapidly increasing domestic primary aluminum production. Key industries, such as automotive, aerospace, construction, packaging and importantly, national defense, stand to benefit greatly from this expanded production of this critical metal, which will create thousands of new American manufacturing jobs. We are once again proving that President Trump’s leadership is working to spur investment and innovation to revitalize the U.S. aluminum industry, which is essential to our nation’s defense and the economic vitality of working-class communities across the country.”
Construction of the project is expected to start by the end of 2026. Production is expected to begin by the end of the decade. Detailed engineering work is already underway and negotiations with Public Service Company of Oklahoma and the state of Oklahoma on a competitive long-term power supply are progressing.
The plant will be built at the industrial park at Tulsa Port of Inola, located on the McClellan-Kerr Arkansas River Navigation System (M-KARNS), which is connected to the Mississippi River system and provides for efficient bulk freight movement.
The Inola plant is expected to drive the development of a regional aluminum-focused industrial hub in Oklahoma, creating thousands of additional jobs and economic opportunities in the upstream supply chain and in new downstream aluminum manufacturing.
About Emirates Global Aluminium
Emirates Global Aluminium is the world’s largest ‘premium aluminum’ producer, manufacturing one in every 25 tonnes of aluminum made worldwide. EGA is an integrated aluminum producer, with operations from alumina refining to the production of cast metal and recycling. EGA’s operations include an aluminum smelter and an alumina refinery in Abu Dhabi, an aluminum smelter in Dubai, and a specialty foundry in Germany, and an aluminum recycling plant in the United States.
Founded over 50 years ago, EGA has been a steadfast partner to American industries, driving innovation and progress. The United States stands as one of EGA’s largest single-country markets globally, with aluminum manufacturers nationwide utilizing EGA metal. EGA’s high-quality aluminum supports tens of thousands of American jobs across aerospace, automotive, construction, energy systems, and electronics sectors. Additionally, EGA’s high-purity aluminum plays a crucial role in specialized U.S. defense applications. Established in 1999, EGA America, the company’s U.S. marketing and sales arm, is based in St. Louis, Missouri. EGA America has been a market leader in ensuring the seamless logistics and sales of EGA’s aluminum products across the U.S., fostering strong relationships with key industry players and contributing significantly to the local economy.
EGA expanded its U.S. presence with the acquisition of an 80 per cent shareholding in Spectro Alloys in 2024. EGA Spectro Alloys is a leading aluminum recycling plant in Rosemount, Minnesota.
About Century Aluminum Company
Century Aluminum is an integrated producer of bauxite, alumina, and primary aluminum products. Century is the largest producer of primary aluminum in the United States, and operates production facilities in Iceland, the Netherlands and Jamaica. Visit www.centuryaluminum.com for more information.
Cautionary Statement
This press release and statements made by Century Aluminum Company and its management contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to the "safe harbor" created by section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are statements about future events and are based on our current expectations. These forward-looking statements may be identified by the words "believe," "expect," "hope," "target," "anticipate," "intend," "plan," "seek," "estimate," "potential," "project," "scheduled," "forecast" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," "might," or "may." Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from future results expressed, projected, or implied by those forward-looking statements. Important factors that could cause actual results and events to differ from those described in such forward-looking statements can be found in the risk factors and forward-looking statements cautionary language contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and in other filings made with the Securities and Exchange Commission. Although we have attempted to identify those material factors that could cause actual results or events to differ from those described in such forward-looking statements, there may be other factors that could cause actual results or events to differ from those anticipated, estimated or intended. Many of these factors are beyond our ability to control or predict. Given these uncertainties, the reader is cautioned not to place undue reliance on our forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
For EGA
Simon Buerk, +971 56 311 1536, sbuerk@ega.ae
For Century Aluminum
Investors: Chad Rigg, 312.696.3132, investorrelations@centuryaluminum.com
Media: Tawn Earnest, 614.698.6351, tawn.earnest@centuryaluminum.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/920bc759-437a-485c-a7ab-9d45787935c4
FAQ
What capacity will the new Inola, Oklahoma smelter have and how does it affect U.S. supply for CENX?
What is the ownership split of the joint venture between EGA and Century Aluminum (CENX)?
When will construction and production start for the CENX-linked Inola smelter?
How many jobs will the Inola smelter create according to the announcement involving CENX?
What operational dependency could affect the Inola project linked to Century Aluminum (CENX)?
