Century Alum Co Stock Price, News & Analysis

Century Aluminum Company (CENX) praises President Biden's Executive Order aimed at bolstering domestic manufacturing and supply chains. The CEO, Michael Bless, emphasizes the importance of manufacturing for national security and job creation. The company supports Buy America standards, advocating for domestic production of aluminum for federal contracts. This initiative is seen as vital for rebuilding the U.S. manufacturing base post-COVID-19, ensuring resilience during supply chain disruptions. Century Aluminum is the largest primary aluminum producer in the U.S., with smelters in Kentucky and South Carolina.

Century Aluminum announced a preliminary agreement for a new three-year power contract with Santee Cooper for its Mt. Holly smelter, projected to boost production by 50% and create 70 jobs. The new contract will supply a minimum of 290MW of power, increasing output to 75% of capacity. Current operations will continue under an extension until March 31, 2021, pending regulatory approvals, with the new contract expected to commence on April 1, 2021.

Century Aluminum Company (CENX) reported Q3 2020 results, showing shipments of 203,022 tonnes, down 3% from Q2. Net sales were $392.9 million, a decrease from $401.9 million in the previous quarter, driven by lower LME prices and regional premiums. The company experienced a net loss of $(58.2) million and an adjusted net loss of $(64.4) million. Adjusted EBITDA also fell to $(31.4) million. Century's cash position was $81.4 million, with $88.0 million available in its revolving credit facility. Concerns arose regarding Mt. Holly's electric power service, putting operations at risk.

Century Aluminum (NASDAQ: CENX) announced a possible curtailment of its Mt. Holly smelter operations unless a competitively priced power agreement is secured before December 31, 2020. The current contract with Santee Cooper is set to expire, and its rates are significantly higher than market prices. The CEO expressed concerns that closing the smelter would negatively impact 295 employees and the local economy, which relies on the plant's operations. The smelter’s closure could hinder aluminum production in the U.S. and jeopardize over $1 billion in economic activity.

Century Aluminum Company (NASDAQ: CENX) is set to report its third quarter 2020 earnings on Thursday, October 29, 2020, after market close. The earnings announcement will be disseminated via GlobeNewswire. Additionally, a conference call will take place on the same day at 5:00 p.m. Eastern time, which will be available for live webcasting on the company's website. A replay of the call will be accessible roughly two hours post-call.

On August 6, 2020, President Trump reinstated Section 232 aluminum tariffs on Canada due to a 95% increase in Canadian aluminum imports over the past year. Century Aluminum Company (CENX) CEO Michael Bless praised the move, highlighting its importance for U.S. aluminum production and job security. As the largest U.S. primary aluminum producer, Century aims to ensure the domestic aluminum supply chain remains robust. The Hawesville, KY smelter is noted as essential for high purity aluminum production for defense applications.

Century Aluminum Company (NASDAQ: CENX) is set to release its second quarter 2020 earnings on August 5, 2020, after market close. A conference call will follow on the same day at 5:00 p.m. Eastern time, which will be available for live streaming on the company's website.

Investors are encouraged to register at least 10 minutes prior to the call, and a replay will be accessible approximately two hours post-event.

Century Aluminum Company (CENX) announced the pricing of its $250 million private offering of senior secured notes due 2025. The notes will be issued at 99% of their face value and carry an interest rate of 10.00% cash and 2.00% in additional notes. Proceeds will finance the purchase of Century's existing 7.50% notes due 2021. The offering targets qualified institutional buyers and will close on July 1, 2020. The company cautioned that transactions are subject to risks and uncertainties, which could affect outcomes.

Century Aluminum Company (CENX) announced a cash tender offer to buy all of its 7.500% Senior Secured Notes due 2021, totaling $250 million. The Tender Offer will expire on June 26, 2020, unless extended. This move aims to refinance the existing Notes with longer maturity financing. Holders will receive $1,000 for each $1,000 principal amount of Notes accepted, plus accrued interest up to the expected Settlement Date of July 1, 2020. The company plans to redeem any Notes not purchased by July 31, 2020.