Century Aluminum Signs Power Agreement Extension with Santee Cooper Through 2031
Rhea-AI Summary
Century Aluminum (NASDAQ:CENX) signed a power agreement extension with South Carolina Public Service Authority (Santee Cooper) to secure power for its Mt. Holly smelter through 2031. The company plans a $50 million investment to restart idle capacity, add 50,000 metric tons of annual production and raise U.S. aluminum output by 10%. The restart is expected to create >100 jobs and move the plant from ~75% to full production by early summer 2026. Final restart details depend on confirmed economic incentives from Berkeley County and South Carolina.
Positive
- $50M investment to restart idle Mt. Holly capacity
- Adds 50,000 metric tons annual aluminum production
- Raises U.S. aluminum output by 10%
- Creates >100 new jobs at Mt. Holly
- Targeted full production by early summer 2026
Negative
- Restart contingent on confirmed Berkeley County and state incentives
- Mt. Holly currently operating at approximately 75% capacity
- Power extension runs only through 2031, limiting long-term certainty
News Market Reaction 13 Alerts
On the day this news was published, CENX declined 2.44%, reflecting a moderate negative market reaction. Argus tracked a peak move of +2.2% during that session. Our momentum scanner triggered 13 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $72M from the company's valuation, bringing the market cap to $2.90B at that time.
Data tracked by StockTitan Argus on the day of publication.
CHICAGO, Oct. 06, 2025 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ:CENX) has signed an extension of its power agreement with South Carolina Public Service Authority (Santee Cooper) to secure a stable power supply for its Mt. Holly smelter through 2031, a critical step forward in its plans to re-start idle capacity at the facility located outside Charleston.
This power purchase agreement extension marks another milestone in the company’s efforts to lead the comeback of the U.S. primary aluminum industry.
Century Aluminum’s plan includes a
The restart is driven by President Trump’s support for the domestic aluminum industry, including the recent increases in Section 232 tariffs, with no exclusions or exceptions.
“This expansion at our Mt. Holly plant is thanks to President Trump’s hard work to support American manufacturing, which is making it possible to create these important new manufacturing jobs for South Carolinians, along with the hundreds of millions of dollars of economic impact it will have on the surrounding communities where our employees live,” said CEO Jesse Gary. “We’re excited to lead the way in revitalizing U.S. aluminum production as Mt. Holly returns to full capacity.”
At full operation, the Mt. Holly smelter contributes approximately
The company attributed this successful effort to its close collaboration with Santee Cooper. The parties worked cooperatively to reach the final agreement. The final details of the restart will be subject to the confirmation of economic incentives provided by Berkeley County and the state of South Carolina.
“I would like to thank the entire Santee Cooper team for their efforts in reaching this power extension to allow us to restart the idle capacity at Mt. Holly. We are excited to continue our relationship as we increase economic opportunity and prosperity for South Carolinians together,” Gary said.
Santee Cooper President and CEO Jimmy Staton said, “Century Aluminum is a major contributor to economic prosperity in Berkeley County and the entire Charleston region, and they are playing a leading role in regenerating America’s aluminum industry. Santee Cooper is proud to be the power behind Century, supporting the quality products they produce, the important contributions they make to our community, and the quality jobs they provide to our neighbors. We are pleased to be part of this expansion and look forward to working together for many more years.”
About Century Aluminum
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 management on the quarterly conference call 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.
Investor Contact
Ryan Crawford, investorrelations@centuryaluminum.com
312-696-3132
Media Contact
Tawn Earnest, Tawn.earnest@centuryaluminum.com
614-698-6351
FAQ
What did Century Aluminum (CENX) announce on October 6, 2025?
How much will CENX invest to restart Mt. Holly and when will production ramp?
How much additional aluminum output will CENX add from the Mt. Holly restart?
How many jobs will the Mt. Holly expansion create for CENX?
What conditions remain before the Mt. Holly restart for CENX?
