Century Aluminum Co. reports developments in primary aluminum production, including operating results, shipments, realized metal prices, power costs and raw material price effects. The company produces high-purity aluminum, standard-grade sow and tee bars, and value-added billet and foundry products through smelter operations in the United States and Iceland, with a carbon anode facility in the Netherlands.
Recurring company news includes production restarts and expansion activity at sites such as Mt. Holly and Grundartangi, updates tied to equipment reliability and insurance recoveries, domestic aluminum policy commentary, customer and supply-chain themes, and senior operations leadership changes.
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.
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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