Century Aluminum (NASDAQ: CENX) details restatement and major Oklahoma smelter JV
Filing Impact
Filing Sentiment
Form Type
10-K
Rhea-AI Filing Summary
Century Aluminum Company files a comprehensive annual report that restates prior financial statements after changing how it consolidates its 55% Jamalco joint venture; the restatement does not change net income attributable to Century stockholders. The company reports 2025 aluminum production of 638,000 tonnes versus 770,000 tonnes of capacity and discloses an adverse opinion on internal control over financial reporting.
Century highlights a new joint development agreement with Emirates Global Aluminium to build a 750,000‑tonne‑per‑year primary aluminum smelter in Inola, Oklahoma, where Century will own 40%. It also completed the $200 million sale of its idled Hawesville, Kentucky site for cash and a 6.8% minority interest in a planned data center project, and notes a transformer failure that has temporarily cut output at its Grundartangi, Iceland smelter by about two‑thirds. Customer concentration remains high, with Glencore accounting for 54% of 2025 sales and owning 36.4% of Century’s common stock.
Positive
- None.
Negative
- Material weakness and restatement of prior periods: The company restates 2023–2025 financial statements due to Jamalco consolidation, and its auditor issues an adverse opinion on internal control over financial reporting, signalling elevated accounting and control risk.
- Significant operational disruption: An electrical equipment failure at the Grundartangi smelter in Iceland has temporarily reduced production by about two‑thirds, pressuring near‑term volumes until repairs are completed.
- Concentrated customer and ownership exposure: Glencore accounts for 54.0% of 2025 consolidated sales and beneficially owns 36.4% of Century’s common stock, increasing dependence on a single strategic counterparty.
- Execution and financing risk on major growth project: The planned 750,000‑tonne‑per‑year Oklahoma smelter joint venture with Emirates Global Aluminium involves substantial construction, power‑supply, permitting and funding risks that could impact future cash flows if conditions change.
Insights
Restatement, weak controls and operational outage increase risk despite growth plans.
Century Aluminum acknowledges a material weakness in internal controls tied to its Jamalco joint venture and restates multiple years of financials after shifting Jamalco from proportionate to full consolidation. Deloitte issued an adverse opinion on internal control over financial reporting, which can weigh on lender and investor confidence.
The report also details an October
These initiatives could reshape the company’s scale and cost profile, but they require significant capital and rely on favorable aluminum prices, power contracts and financing. Glencore’s role as both major customer (54% of
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31 , 2025
OR
SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-34474
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | ||||
(Zip Code) | |||||
| (Address of principal executive offices) | |||||
Registrant’s telephone number, including area code: (312 ) 696-3101
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class: | Trading Symbol(s) | Name of each exchange on which registered: | ||||||
| (NASDAQ Global Select Market) | ||||||||
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| ☒ | Accelerated Filer | ☐ | Non-Accelerated Filer | ☐ | Smaller Reporting Company | Emerging Growth Company | |||||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b) by the registered public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☒
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☒
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
Based upon the closing price of the registrant’s common stock on the NASDAQ Global Select Market on June 30, 2025, the approximate aggregate market value of the common stock held by non-affiliates of the registrant was approximately $946,000,000 . As of February 24, 2026, 98,974,047 shares of common stock of the registrant were issued and outstanding.
Documents Incorporated by Reference:
All or a portion of Items 10 through 14 in Part III of this Form 10-K are incorporated by reference to the Registrant’s definitive proxy statement on Schedule 14A for its 2026 Annual Meeting of Stockholders, which will be filed within 120 days after the close of the fiscal year covered by this report on Form 10-K, or if the Registrant’s Schedule 14A is not filed within such period, will be included in an amendment to this Report on Form 10-K which will be filed within such 120 day period.
Table of Contents
| TABLE OF CONTENTS | PAGE | |||||||
| PART I | ||||||||
Item 1. | Business | 1 | ||||||
Item 1A. | Risk Factors | 9 | ||||||
Item 1B. | Unresolved Staff Comments | 23 | ||||||
Item 1C. | Cybersecurity | 24 | ||||||
Item 2. | Properties | 26 | ||||||
Item 3. | Legal Proceedings | 31 | ||||||
Item 4. | Mine Safety Disclosures | 31 | ||||||
| PART II | ||||||||
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 32 | ||||||
Item 6. | [Reserved] | 33 | ||||||
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 33 | ||||||
Item 7A. | Quantitative and Qualitative Disclosures about Market Risk | 44 | ||||||
Item 8. | Financial Statements and Supplementary Data | 47 | ||||||
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 114 | ||||||
Item 9A. | Controls and Procedures | 114 | ||||||
Item 9B. | Other Information | 115 | ||||||
Item 9C. | Disclosure Regarding Foreign Jurisdictions That Prevent Inspections | 119 | ||||||
| PART III | ||||||||
Item 10. | Directors, Executive Officers and Corporate Governance | 117 | ||||||
Item 11. | Executive Compensation | 117 | ||||||
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 117 | ||||||
Item 13. | Certain Relationships and Related Transactions and Director Independence | 117 | ||||||
Item 14. | Principal Accountant Fees and Services | 117 | ||||||
| PART IV | ||||||||
Item 15. | Exhibits and Financial Statement Schedules | 118 | ||||||
Signatures | 122 | |||||||
EXPLANATORY NOTE
Century Aluminum Company is filing this comprehensive annual report on Form 10-K for the fiscal years ended December 31, 2025, December 31, 2024, and December 31, 2023 (the “Comprehensive Form 10-K”). This Comprehensive Form 10-K contains our audited financial statements for the fiscal year ended December 31, 2025, as well as restatements of the following previously filed periods: (i) our audited consolidated financial statements as of and for the years ended December 31, 2024 and 2023 originally included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “2024 10-K”) and (ii) our unaudited consolidated financial statements in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025 (collectively, the “2025 Quarterly Reports” and together with the 2024 10-K, the “Prior Reports” and all financial statements included in the Prior Reports, collectively the “Affected Financial Statements”).
Background and Effects of the Restatement
As previously disclosed in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) filed on March 2, 2026, the Audit Committee of the Board of Directors of the Company (the “Audit Committee”), acting on the recommendation of management, and after discussion with Deloitte & Touche LLP (“Deloitte”), the Company’s independent registered public accounting firm, concluded that the Affected Financial Statements should likewise no longer be relied upon.
The need for restatement was identified in connection with comments received from the Staff of the Securities and Exchange Commission (“Commission”) and upon a review and assessment by management and our Audit Committee. The restatements of the Affected Financial Statements contained herein reflect a change related to the consolidation of the Company's Jamalco joint venture whereby the Company previously used the proportionate method of consolidation for certain of Jamalco's net
Table of Contents
assets versus the full consolidation method. The change in consolidation method did not have any impact on our net income attributable to Century stockholders for the periods to be restated.
Internal Control Considerations
For a description of the material weakness in internal control over financial reporting and actions to be taken to address the material weakness, see Item 9A, "Controls and Procedures" of this Form 10-K. In addition, Deloitte has issued an adverse opinion on its report on the Company's internal control over financial reporting.
Items Restated in this Comprehensive Form 10-K
This Comprehensive Form 10-K reflects changes to the Affected Financial Statements. The restatement of the consolidated financial statements for the fiscal years ended December 31, 2024 and 2023 is disclosed in Note 22. Restatement of Previously Issued Financial Statements to the consolidated financial statements. The restatement of the consolidated financial statements in the 2025 Quarterly Reports are disclosed in Note 23. Quarterly Financial Data (Unaudited and Restated) to the consolidated financial statements.
Other sections impacted by the restatement of the Affected Financial Statements are:
•Part I, Item 1A. Risk Factors;
•Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations;
•Part II, Item 8. Financial Statements and Supplementary Data and
•Part II, Item 9A. Controls and Procedures.
The Company has not filed, and does not intend to file, amendments to the previously filed Prior Reports. Accordingly, investors should rely only on the financial information and other disclosures regarding the Affected Financial Statements in this Comprehensive Form 10-K or in future filings with the SEC (as applicable), and not on any previously issued or filed reports, earnings releases or similar communications relating to these periods.
See Note 1. Summary of Significant Accounting Policies, Note 22. Restatement of Previously Issued Financial Statements and Note 23. Quarterly Financial Data (Unaudited and Restated) to the consolidated financial statements, included in Part II, Item 8 of this Comprehensive Form 10-K, for additional information on the restatement and the related consolidated financial statement effects.
Table of Contents
Forward-Looking Statements
This Annual Report on Form 10-K includes "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."
Forward-looking statements in this Annual Report on Form 10-K and in our other reports filed with the Securities and Exchange Commission (the "SEC"), for example, may include statements regarding:
•Our assessment of global and local financial and economic conditions;
•Our assessment of the aluminum market and aluminum prices (including premiums);
•Our assessment of prices of our key raw materials and supply and availability of those key raw materials, including alumina, coke, pitch and aluminum fluoride;
•Our assessment of power prices and availability, including any potential curtailments or other disruptions in the supply of power;
•The impact of the wars in Ukraine and in the Middle East, including any sanctions and export controls targeting Russia and businesses or individuals tied to Russia;
•The future financial and operating performance of the Company and its subsidiaries;
•Our ability to successfully manage market risk and to control or reduce costs;
•Our plans and expectations with respect to future operations of the Company and its subsidiaries, including any plans and expectations to curtail or restart production, including the expected impact of any such actions on our future financial and operating performance;
•Our plans and expectations with regards to the restart of curtailed production at Mt. Holly including the timing, costs and benefits associated with restarting curtailed production;
•Any future impact of the equipment failure at Grundartangi and related events on our financial and operating performance;
•The timing of our ability to return our operating facilities to full and normal operation following equipment failure or other extraordinary events including our expectations as to timing for bringing our Grundartangi facility back to 100% and returning Jamalco to full and normal operation following the restart after Hurricane Melissa;
•Our ability to recover losses from our insurance, including with respect to losses incurred in connection with the October 2025 equipment failure at Grundartangi;
•The timing and terms of the data center being constructed on our former Hawesville site to commence commercial operations and our ability to require Raylan Data Holdings LLC to repurchase our minority interest therein;
•The impact of Section 232 and 301 and other trade actions, including tariffs or other trade remedies, the extent to which any such remedies may be changed, including through exclusions or exemptions, and the duration of any trade remedy;
•The impact of any new or changed law or regulation, including, without limitation, sanctions or other similar remedies or restrictions or any changes in interpretation of existing laws or regulations;
•Our anticipated tax liabilities, benefits or refunds including the realization of U.S. and certain foreign deferred tax assets and liabilities;
•Our ability to qualify for and realize potential tax benefits under the Inflation Reduction Act of 2022 and the anticipated amounts of such benefits;
•Our expectations regarding the availability of the $500 million DOE funding to our new smelter project, including our ability to raise additional capital through additional grants, incentives, subsidized loans and other debt and equity funding to support construction of a new aluminum smelter and our ability to successfully complete our new smelter project;
•The likelihood of our formalizing a joint venture with Emirates Global Aluminium for the new smelter project, and if we do, our ability to secure necessary power arrangements for the project on commercially reasonable terms, to timely complete construction of the project on budget, and to commence profitable operations;
•Our ability to access existing or future financing arrangements and the terms of any such future financing arrangements;
•Our ability to repay or refinance debt in the future;
•Our assessment and estimates of our pension and other postretirement liabilities, legal and environmental liabilities and other contingent liabilities;
•Our assessment of any future tax audits and expected outcomes;
i
Table of Contents
•Negotiations with current labor unions or future representation by a union of our employees;
•Our assessment of any information technology-related risks, including the risk from cyberattacks or other data security breaches;
•Our plans and expectations regarding potential M&A and joint venture activity including our ability to consummate such transactions and our assessments of certain risks associated with the same, including, for example, unforeseen costs and expenses associated with unidentified liabilities, and difficulties integrating an acquired asset into our existing operations; and
•Our future business objectives, plans, strategies and initiatives, including our competitive position and prospects.
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 Item 1A. Risk Factors in this Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and in other filings made with the SEC. 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.
ii
Table of Contents
PART I
Throughout this Annual Report on Form 10-K, and unless expressly stated otherwise or as the context otherwise requires, "Century Aluminum Company," "Century Aluminum," "Century," the "Company," "we," "us," and "our" refer to Century Aluminum Company and its subsidiaries.
Item 1. Business
Overview
Century Aluminum Company is a global producer of primary aluminum and operates aluminum reduction facilities, or "smelters," in the United States and Iceland. Aluminum is an internationally traded commodity, and its price is effectively determined on the London Metal Exchange (the "LME"), plus applicable regional and value-added product premiums. Our smelters produce standard-grade and value-added primary aluminum products. Our current annual production capacity was approximately 770,000 tonnes per year ("tpy") as of December 31, 2025. We produced approximately 638,000 tonnes of primary aluminum in 2025.
In addition to our primary aluminum assets, we have a 55% joint venture interest in the Jamalco bauxite mining operation and alumina refinery in Jamaica ("Jamalco"). The remaining 45% interest in Jamalco is indirectly owned by the Government of Jamaica. Century's share of Jamalco's production capacity is approximately 770,000 tpy. We also own a carbon anode production facility located in the Netherlands ("Vlissingen"). Carbon anodes are consumed in the production of primary aluminum. Vlissingen supplies carbon anodes to our aluminum smelter in Grundartangi, Iceland. Each of our aluminum smelters in the United States produces anodes at on-site facilities.
At Century, we aim to provide innovative and reliable aluminum products to our customers, a safe and sustainable workplace for our people and the communities in which we operate, and a compelling value proposition for our stockholders. We seek to operate our businesses in a responsible manner by balancing the twin priorities of (i) maintaining a strong balance sheet across commodity cycles and (ii) making investments to lower our cost structure, expand our production capacity, and increase our competitiveness.
Century has invested significant capital in recent years to increase production and grow our product portfolio to include more value-added aluminum products to better serve our customers in the U.S. and Europe. We believe that our focus on lowering costs and decommoditizing our product line will enable us to deliver profitable long-term growth and differentiate us from overseas competitors with longer supply lines into the markets we serve.
We conduct our business with a focus on sustainability, including the health and safety of our people and the communities in which we operate. Through our Natur-AlTM product line, we are able to provide our customers with world-class, low-carbon aluminum products that demonstrate our commitment to sustainability.
We operate our business on a consolidated basis, through one operating segment and thus, one reportable segment. Additional information about our segment reporting is available in Note 19. Business Segments to the Consolidated Financial Statements included herein.
Century Aluminum Company is a Delaware corporation with our principal executive offices located at One South Wacker Drive, Suite 1000, Chicago, Illinois 60606.
Recent Developments
On January 26, 2026, we announced that we had entered into a joint development agreement with Emirates Global Aluminium ("EGA”) to build the first new primary aluminum smelter in the United States since our Mt. Holly facility came online in 1980. See “New Smelter Project” below.
On February 2, 2026, we sold our aluminum smelter property in Hawesville, Kentucky, which had been fully curtailed since 2022, to an affiliate of Terawulf Inc. for $200.0 million and a 6.8% non-dilutive interest in a data center project to be built on that property. See “Sale of Hawesville” below.
1
Table of Contents
Primary Aluminum Facilities
Overview of Facilities
We operate two U.S. aluminum smelters, in Robards, Kentucky ("Sebree") and Goose Creek, South Carolina ("Mt. Holly"), and one aluminum smelter in Grundartangi, Iceland ("Grundartangi").
Our primary aluminum smelters and their respective primary aluminum capacities are shown in the following table:
| Facility | Ownership Percentage | Operational | Annual Production Capacity (tpy)(1) | Actual 2025 Annual Production (tpy) | ||||||||||||||||||||||
| Grundartangi, Iceland | 100% | 1998 | 320,000 | 260,000 | ||||||||||||||||||||||
| Sebree, Kentucky, USA | 100% | 1973 | 220,000 | 217,000 | ||||||||||||||||||||||
| Mt. Holly, South Carolina, USA | 100% | 1980 | 230,000 | 161,000 | ||||||||||||||||||||||
| 770,000 | 638,000 | |||||||||||||||||||||||||
(1)The tonnes per year (tpy) figures in this column reflect an estimate of the facility's total production capacity based on plant design, historical operating results and operating efficiencies and does not necessarily represent each facility’s maximum production capability.
Grundartangi
The Grundartangi facility, located in Grundartangi, Iceland, is a primary aluminum smelter owned and operated by our wholly-owned subsidiary, Nordural Grundartangi ehf. Grundartangi is our most modern facility with a current production capacity of approximately 320,000 tonnes. Grundartangi produces standard-grade aluminum ingot and a value-added product called primary foundry alloy, which is sold at a premium to standard-grade aluminum.
In October 2025, Grundartangi was forced to temporarily idle production on the larger one of its two potlines due to an electrical equipment failure. As a result, production at the smelter has been temporarily reduced by approximately two-thirds. Grundartangi’s other smaller potline remains unaffected and in full production. We expect that losses arising from this event, less applicable deductibles, will be covered under our insurance policies. We currently estimate that resumption of production of the idled potline will begin by the end of April 2026.
Sebree
Sebree, located adjacent to the Green River near Robards, Kentucky, is a primary aluminum smelter owned and operated by our wholly-owned subsidiary, Century Aluminum Sebree LLC ("Century Sebree"). Sebree has an annual production capacity of approximately 220,000 tonnes of primary aluminum. Sebree produces standard-grade aluminum that can be cast into sow and value-added products, including billet, that are sold at a premium to standard-grade aluminum or delivered directly to nearby customers as molten metal.
Mt. Holly
Mt. Holly, located in Goose Creek, South Carolina, is a primary aluminum smelter owned and operated by our wholly-owned subsidiary, Century Aluminum of South Carolina, Inc. ("CASC"). Mt. Holly has an annual production capacity of approximately 230,000 tonnes of primary aluminum. In December 2020, we began a multi-year project to restore previously curtailed capacity at Mt. Holly. The initial phase was completed in 2022 and returned annual active production capacity to approximately 172,500 MT per annum (75% of capacity). In August 2025, we began a project to restore the remaining curtailed capacity at Mt. Holly. We expect to achieve full production by end of June 2026. Mt. Holly produces standard-grade aluminum that is cast into sow as well as several value-added products, including billet and foundry products. These value-added primary aluminum products are sold at a premium to standard-grade aluminum.
2
Table of Contents
Primary Aluminum Shipment Volume
The following table shows our primary aluminum shipment volumes since 2021.
Carbon Anode Production Facility
Vlissingen
In addition to our primary aluminum assets, we own and operate a carbon anode production facility in Vlissingen, Netherlands, through our wholly-owned subsidiary, Century Aluminum Vlissingen B.V. The Vlissingen facility has an annual production capacity of approximately 161,000 tonnes of carbon anodes. It primarily supplies our Grundartangi smelter, fulfilling between 93% and 98% of Grundartangi’s carbon anode requirements at current production levels.
Bauxite Mining and Alumina Refining Facility
Jamalco
In May 2023, our wholly-owned subsidiary, Century Aluminum Jamaica Holdings, Inc., completed the acquisition of all the outstanding share capital of General Alumina Holdings Limited, the holder of a 55% interest in Jamalco, an unincorporated joint venture with the Government of Jamaica through its controlled entity Clarendon Alumina Production Limited ("CAP"). Jamalco is engaged in bauxite mining and alumina refining in Jamaica. The Company's wholly-owned subsidiary, General Alumina Jamaica Limited, is the managing partner of the Jamalco joint venture. Jamalco has alumina production capacity of approximately 1.4 million tonnes, and produced approximately 1.0 million tonnes of alumina in 2025 and approximately 1.1 million tonnes of alumina in 2024. Refer to Note 1. Summary of Significant Accounting Policies, Note 2. Acquisition of Jamalco, Note 22. Restatement of Previously Issued Financial Statements, and Note 23. Quarterly Financial Data (Unaudited and Restated) for further information.
3
Table of Contents
New Smelter Project
On January 26, 2026, we announced that we had entered into a joint development agreement with EGA to build the first new primary aluminum smelter in the United States since our Mt. Holly facility came online in 1980. Under the joint development agreement, EGA will own 60 percent of the joint venture, with Century Aluminum owning the remaining 40 percent. The new plant, to be built in Inola, Oklahoma, is expected to produce 750,000 tonnes of aluminum per year, more than doubling current U.S. production of primary aluminum. Construction of the project is expected to start by the end of 2026, subject to the completion of detailed engineering work and completion of negotiations with Public Service Company of Oklahoma on a competitive long-term power supply agreement.
Sale of Hawesville
On February 2, 2026, we completed the sale of our Hawesville, Kentucky facility to an affiliate of Terawulf, Inc. for $200.0 million in cash and a 6.8% non-dilutive minority equity interest in the Terawulf affiliate that intends to develop and own a high-performance computing/artificial intelligence data center on the site (the “Data Center Minority Interest”). A large portion of the proceeds is intended to be deployed to expand our domestic primary aluminum production capacity through the restart of the last potline at our Mt. Holly facility and investments in our new smelter project.
Pricing
Pricing for primary aluminum products is typically comprised of three components: (i) the base commodity price, which is based on quoted prices on the LME, plus (ii) any regional premium (i.e., the Midwest premium for metal sold in the United States and the European Duty Paid premium for metal sold into Europe) plus (iii) any value-added product premium. Our operating results are highly sensitive to changes in the LME price of primary aluminum and the amount of regional premiums and value-added product premiums. As a result, from time to time, we assess the appropriateness of mitigating the effects of fluctuations in the aluminum price through the use of fixed-price commitments, LME-linked supply contracts and other financial instruments. See Item 7A. Quantitative and Qualitative Disclosures about Market Risk for further discussion of how we manage our exposure to market risk.
Customer Base
We have historically derived substantially all of our consolidated net sales of primary aluminum from a small number of customers. For the year ended December 31, 2025, we derived approximately 54.0% of our consolidated sales from Glencore plc and its affiliates (together, "Glencore"). Glencore purchased aluminum produced at our U.S. smelters at prices based on the LME price for primary aluminum plus the Midwest premium plus any additional market-based product premiums. Glencore also purchased aluminum produced at our Grundartangi, Iceland smelter at prices based on the LME plus the European Duty Paid premium plus any additional market-based product premiums. We have also entered into agreements with Glencore pursuant to which we sell certain amounts of alumina at market-based prices.
Glencore beneficially owns 36.4% of our outstanding common stock. See Note 4. Related Party Transactions to the consolidated financial statements included herein for additional information concerning our relationship with Glencore. We currently have agreements in place to sell a substantial portion of our 2026 production to Glencore. We expect that the rest of our 2026 customer base will remain fairly concentrated among a small number of customers under short-term contracts.
Key Production Costs
Alumina, electrical power, carbon products, labor, and other controllable costs are the principal components of our cost of production. These components together represented over 84% of our Cost of goods sold for the year ended December 31, 2025. For a description of certain risks related to our raw materials, electrical power, labor and other key supplies, see Item 1A. Risk Factors in this Annual Report on Form 10-K.
4
Table of Contents
Alumina Supply Agreements
For the year ended December 31, 2025, approximately 320,000 tonnes, or 31% of Jamalco's alumina production, was sold to our aluminum smelters. While Century may enter into other purchases of alumina as market conditions change, a summary of our principal alumina supply agreements is provided below:
Supplier | Quantity | Term | Pricing (1) | |||||||||||||||||
| Glencore | 500,000 tpy | Through December 2028 | LME-linked | |||||||||||||||||
Concord Resources Ltd. | Approximately 540,000 tpy | Through December 2029 | Fixed, LME-linked, and API-linked components | |||||||||||||||||
(1) "API" refers to a published alumina price index.
Electrical Power Supply Agreements
The table below summarizes our long-term power supply agreements:
| Facility | Supplier | Term | Pricing | |||||||||||||||||
| Grundartangi | Landsvirkjun, Orkuveita Reykjavíkur ("OR"), HS Orka hf ("HS") | Through 2026 - 2036 | Variable rate based on (i) the LME price for primary aluminum (~70%) or (ii) a fixed rate plus an LME-linked component from 2026 - 2036 | |||||||||||||||||
| Sebree | Kenergy | Through May 31, 2028 | Variable rate based on market prices | |||||||||||||||||
| Mt. Holly | South Carolina Public Service Authority (“Santee Cooper”) | Through December 31, 2031 | Service-based rates | |||||||||||||||||
Electrical power represents one of the largest components of our Cost of goods sold. From time to time, we may enter into forward contracts or other hedging arrangements to mitigate our electrical power or natural gas price risk. See Note 17. Commitments and Contingencies to the consolidated financial statements included herein for additional information concerning our power arrangements.
Employees and Human Capital Resources
We believe our employees are key to achieving our business goals and growth strategy. As of December 31, 2025, we had 2,906 employees. Of these, 1,324 were domiciled in the United States, 857 in Jamaica, 636 in Iceland and 89 in the Netherlands.
Health, Safety and Wellness. Nothing is more important than the health and safety of our employees and the members of the communities in which we operate. We continuously assess the risks our employees face at our facilities and we work to mitigate those risks through frequent training and other preventative safety and health programs and on the job training. We strive for zero injuries and accidents, to foster systems and processes aimed to continuously improve our health and safety performance and to integrate risk management relating to health and safety into all aspects of our operations. We emphasize the importance of safety and seek to create a safety conscious culture by, among other things, including safety performance metrics and KPIs in our annual incentive awards to our executives.
Compensation and Benefits. The Company's non-union employees are all eligible to participate in the Company paid health, vision, dental, life, prescription and long-term disability insurance plans. The Company also provides employees with paid supplemental life and accident insurance plan. The Company offers employees the opportunity to contribute to a Flexible Spending Account and a Health Savings Account. The Company also offers employees a 401(k) retirement plan with a Company match. As part of our Century Well-being program, and in an effort to encourage employees to participate, Century provides financial incentives to its employees who choose to participate. Our Century Well-being program is specifically designed for Century employees and includes health benefits at no cost to our employees centered around diabetes management, mental health and substance abuse and counseling, and musculoskeletal conditions.
Talent Development. We continue to make progress in enhancing our internal performance management and talent management systems in an effort to continue to recognize and promote outstanding employees. We have worked to streamline
5
Table of Contents
the process for our employees and ensure they have the opportunity to provide input as part of the review process. We attend recruiting events at local colleges and institutes in our communities and offer educational opportunities to our employees to help them develop additional skills and knowledge and continue the process of developing leaders within Century's ranks.
Labor Agreements
The bargaining unit employees at our Grundartangi, Vlissingen, Sebree and Jamalco facilities are represented by labor unions, representing 55% of our total workforce. Our employees at Mt. Holly are not represented by a labor union.
A summary of our key labor agreements is provided below:
| Facility | Organization | Term | ||||||||||||
| Grundartangi | Icelandic labor unions | Through December 31, 2029 | ||||||||||||
| Hawesville | United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union (“USW”) | Through April 1, 2026 (terminated February 13, 2026) | ||||||||||||
| Sebree | USW | Through October 28, 2028 | ||||||||||||
| Vlissingen | Federation for the Metal and Electrical Industry (“FME”) | Through December 31, 2026 | ||||||||||||
| Jamalco | Union of Technical, Administrative, and Supervisory Personnel ("UTASP") | Through December 31, 2023(1) | ||||||||||||
(1)Jamalco is currently in the process of negotiating new contracts with both the salaried and hourly employee groups. Until new contracts are reached, employees will continue to operate under the current agreements.
See Note 17. Commitments and Contingencies to the consolidated financial statements included herein for additional information concerning our labor agreements.
Competition
The market for primary aluminum is global, and demand for aluminum varies widely from region to region. We compete with aluminum producers domestically and internationally, as well as with producers of alternative materials such as steel, copper, carbon fiber, composites, plastic and glass, each of which may be substituted for aluminum in certain applications. Our competitive position depends, in part, on the availability at competitive prices of electricity, alumina and other raw materials key to our operations. We face global competition from companies who may have access to these key production costs at lower prices, and they may also receive various subsidies from local, state and federal governments. Many of our competitors are also larger than we are and have vertically integrated operations with superior cost positions. As a result, these companies may be better able to withstand reductions in price or other adverse industry or economic conditions.
Competitive Advantages
While we face significant competition, we also have several competitive advantages. We believe our key competitive advantages are:
Focus on Primary Aluminum Business. We operate principally in the production of primary aluminum. By concentrating our activities in primary aluminum production, we are able to focus our resources on optimizing the cost effectiveness of our existing operations, minimizing overhead costs and maintaining a market position where our products are ultimately targeted toward a broad range of end uses.
Strong Internal Growth Opportunities. Over the past several years, we have undertaken various expansion programs at all of our operating facilities and continue to pursue additional internal growth opportunities. In 2022, we completed a project to restart approximately 172,000 tonnes of production capacity at Mt. Holly (bringing its operations to 75% of Mt. Holly's maximum production capacity). In August 2025, we began a project to restore the remaining curtailed capacity at Mt. Holly. We expect to achieve full production by June 2026.
6
Table of Contents
Since our purchase of the Vlissingen facility, we have completed a variety of expansion projects and efficiency programs in order to more than double its production capacity. Vlissingen supplies anodes primarily to our Grundartangi smelter, meeting 93% to 98% of Grundartangi’s carbon anodes requirements at current production levels. We continue to pursue additional internal growth opportunities to maximize efficiencies and improve overall performance.
Additionally, with our acquisition of a 55% interest in Jamalco, we secured a long-term supply of alumina, our most critical raw material, and achieved increased transparency and control of our supply chain. Our vertical integration with Jamalco allows us to integrate our aluminum smelting operations with this critical upstream supply of bauxite and alumina to create a more balanced and robust operational footprint, resulting in an organization that is better positioned to deliver strong performance through industry cycles.
Sustainability. Our Natur-Al™ aluminum produced at our Grundartangi facility has one of the lowest carbon footprints in the industry due to Grundartangi’s access to hydroelectric and geothermal power sources. Our Grundartangi facility (along with our corporate headquarters in Chicago, Illinois) have also been certified by the Aluminum Stewardship Initiative (ASI) for responsible production, sourcing and stewardship of aluminum. In addition to providing additional value to our customers, our low carbon footprint in Iceland mitigates our exposure to current or future carbon regulations. Century is committed to exploring additional opportunities to reduce our carbon footprint across our global operations, including by continuing to improve our operational efficiencies, investigating new and alternative power sources, and reprocessing and reusing scrap aluminum in our operations.
Duty Free Access to our Major Customer Markets. Our facilities benefit from international and national trade laws and regulations. For example, the European Union imposes import tariffs on primary aluminum from producers outside the European Economic Area (the "EEA"), which includes Iceland, and the U.S. currently imposes a 50% tariff on certain primary aluminum imports into the United States. Our U.S. and Icelandic businesses currently access these respective markets duty-free which provides us with an advantage over our competitors who sell into these markets under these tariff regimes.
Close Proximity to our Major Customers in the Two Shortest Aluminum Markets in the World. The U.S. and the E.U. are the second and third largest aluminum consuming regions in the world but do not produce enough aluminum domestically to satisfy their own demand. Our production locations within these markets provide us with a significant competitive advantage over our foreign competitors by providing our customers with short, reliable supply chains, better technical service and opportunities for value added collaboration. Our U.S. facilities benefit from the proximity to our U.S. customer base, allowing us to capture the Midwest premium and providing a competitive advantage in freight costs over our foreign competitors. In Iceland, our proximity to European markets provides a competitive advantage for Grundartangi, allowing us to capture the European Duty Paid Premium and other logistical benefits compared to our competitors outside the EEA.
Diverse Value Added Product and Secondary Market Portfolio. We have the ability across our operations to cast a variety of aluminum products, both in terms of shapes and alloys. These value-added primary aluminum products are sold at a premium to standard-grade aluminum. Each of our smelters have value-added casthouses that have the ability to produce large volumes of billet, slab and other value-added products.
Access to Market Power. Our Kentucky operations benefit from market-based power contracts that have historically provided electricity to these operations at competitive prices.
Experienced Management Team. Our management team includes executives and managers with significant experience in the aluminum industry, the broader metals and mining sector, the development of large and complex projects and the functional disciplines we require to manage and grow our business. In addition, the managers of our production facilities have substantial backgrounds and expertise in the technical and operational aspects of these plants.
For additional information, see Item 1A. Risk Factors. We may be unable to continue to compete successfully in the highly competitive markets in which we operate.
Government Regulations
Our facilities and operations are subject to various laws and regulations in the countries in which we operate, including, but not limited to, environmental laws and regulations. We have spent, and expect to continue to spend, significant amounts for compliance with those various laws and regulations, including environmental laws and regulations. In addition, some of our past manufacturing activities or those of our predecessors have resulted in environmental consequences that require remedial measures. Under certain environmental laws, which may impose liability regardless of fault, we may be liable for the costs of remediation of contaminated property, including our current and formerly owned or operated properties or adjacent areas, or for
7
Table of Contents
the amelioration of damage to natural resources. We believe, based on currently available information, that compliance with existing laws and regulations has not had a material adverse effect upon our capital expenditures, earnings and our competitive position. Furthermore, we believe, based on currently available information, that our current liabilities are not likely to have a material adverse effect on Century. However, we cannot predict the requirements of future laws and future requirements at current or formerly owned or operated properties or adjacent areas or the outcome of certain existing litigation to which we are a party. Such future requirements or events may result in unanticipated costs or liabilities that may have a material adverse effect on our financial condition, results of operations or liquidity. More information concerning our contingencies can be found in Note 17. Commitments and Contingencies to the consolidated financial statements included herein.
There is also increasing focus and scrutiny from both the United States government, foreign governments and other regulatory authorities on greenhouse gas ("GHG") emissions and potential impacts relating to climate change. We continuously review our own GHG and other emissions streams and seek to limit the impact of our operations on the communities in which we operate. Future laws, regulations, or policies that are enacted in response to concerns over GHG emissions and climate change, such as mandatory reporting and disclosure obligations, carbon tax, any "cap and trade" programs or similar regulatory measures, could significantly increase our operational and compliance burdens and costs. We continuously review and monitor climate change related proposed legislation for potential impacts on Century and our operations. For more information on the risk of climate change related legislation, laws and regulations, see Item 1A. Risk Factors.
Intellectual Property
We own or have rights to use a number of intellectual property rights relating to various aspects of our operations. We do not consider our business to be materially dependent on any of these intellectual property rights.
Available Information
Additional information about Century may be obtained from our website, which is located at www.centuryaluminum.com. Our website provides access to periodic filings we have made through the EDGAR filing system of the SEC, including our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports. We also make available on our website a copy of our code of ethics that applies to all employees and ownership reports filed on Forms 3, 4 and 5 by our directors, executive officers and beneficial owners of more than 10% of our outstanding common stock. Reports that we have filed with the SEC are also available on the SEC website at www.sec.gov. In addition, we will make available free of charge copies of our Forms 10-K, Forms 10-Q and Forms 8-K upon request. Requests for these documents can be made by contacting our Investor Relations Department by mail at: One South Wacker Drive, Suite 1000, Chicago, IL 60606, or by phone at: (312) 696-3101. Information contained in our website is not incorporated by reference in, and should not be considered a part of, this Annual Report on Form 10-K.
8
Table of Contents
Item 1A. Risk Factors
The following describes certain of the risks and uncertainties we face that could materially and adversely affect our business, financial condition and results of operation, and cause our future results to differ materially from our current results and from those anticipated in our forward-looking statements. These risk factors should be considered together with the other risks and uncertainties described in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and elsewhere herein. This list of material risk factors is not all-inclusive or necessarily in order of importance.
Risk Factor Summary
Risks Related to our Industry and Business
•Declines in the market price (including premiums) for primary aluminum
•Excess capacity and overproduction of aluminum
•Increases in energy costs and loss or disruption of our supply of power
•Inability to compete
•Curtailment of our production capacities and/or aluminum reduction facilities
•Risks related to the restart of curtailed capacity at Mt. Holly and idled capacity at Grundartangi
•Increases in raw material costs and supply disruptions
•Inability to realize benefits from capital projects
•The formation of a joint venture project with EGA and the construction of the associated new smelter
•"Take-or-pay" obligations under our raw material and services contracts
•Small customer base
•Requirement to maintain substantial resources for operations
•Exposure to political, economic, regulatory, currency and other risks related to our domestic and international operations
•Unpredictable events affecting operations
•Impact of our hedging transactions
•Complexity of Jamalco business
•Risks of Jamalco Joint Venture structure
•Risks related to material weaknesses and ineffective internal controls over financial reporting
Risks Related to Labor and Employees
•Failure to maintain stable and productive labor relations
Risks Related to Indebtedness and Financing
•Deterioration in our credit rating or financial condition
•Failure to generate sufficient cash flow for debt service requirements
•Levels of indebtedness and/or any future indebtedness
•Interest rate risk
•Covenants and restrictions in debt instruments
•Dependence on intercompany transfers
•Potential dilution of ownership interests upon conversion of the Convertible Notes
•Impact of accounting method for settlement of Convertible Notes
•Effect of the capped call transactions on Century stock and value of notes and related counterparty risk
Risks Related to Cybersecurity
•Failure of IT systems, network disruptions, cyber-attacks, and other security data breaches
Risks Related to Legal, Regulatory and Compliance Matters
•Effects of climate change, climate change legislation and/or environmental regulations
•Effects of environmental, health and safety laws and regulations
•Effects of trade laws or regulations
•Effects of litigation and legal proceedings
•Realization of benefits under Inflation Reduction Act Section 45X
•Availability of our $500 million DOE funding to support the new aluminum smelter
•Ability to use certain NOLs to offset future taxable income
Risks Related to Acquisition
•Effect of any future acquisitions or joint ventures on the Company and its operations
Risks Related to Stock Ownership
•Impact and influence from Glencore's ownership interests in Century
9
Table of Contents
Risk Related to our Industry and Business
Declines in overall aluminum prices could have a material adverse effect on our business, financial condition, results of operations and cash flows.
Our operating results depend on the market for primary aluminum which can be volatile and subject to many factors beyond our control. The overall price of primary aluminum consists of three components: (i) the base commodity price, which is based on quoted prices on the LME; plus (ii) any regional premium (e.g., the Midwest premium for metal sold in the United States and the European Duty Paid premium for metal sold into Europe); plus (iii) any value-added product premium. Each of these three components has its own drivers of variability.
The price of aluminum is influenced by a number of factors, including global supply-demand balance, inventory levels, speculative activities by market participants, production activities by global producers, political and economic conditions including the implementation and modifications of tariff regimes, as well as raw material and other production costs in major production regions. These factors can be highly speculative and difficult to predict which can lead to significant volatility in the price of aluminum. A deterioration in global economic conditions or a regional or worldwide financial downturn may also adversely affect future demand and prices for aluminum. Geopolitical uncertainty of any kind (including an outbreak or escalation of a regional conflict, such as the current situation in Ukraine or the hostilities in the Middle East), major public health issues (such as an outbreak of a pandemic or epidemic like COVID-19) or other unexpected events have the potential to negatively impact business confidence, potentially resulting in reduced global or regional demand for aluminum and increased price volatility. Such events may also impact prices by causing disruptions in our operations, supply chain, or workforce.
Declines in aluminum prices could cause us to curtail production at our operations or take other actions to reduce our cost of production, including deferring certain capital expenditures and maintenance costs and implementing workforce reductions. For example, as a result of aluminum price declines in 2015, we curtailed production at our Mt. Holly smelter by 50%, restarting half of the curtailed capacity in 2021 and have only recently taken steps to return Mt. Holly to 100% production capacity as a result of current tariff policies. Any deferred costs achieved through such curtailments and other cost cutting measures could ultimately result in higher capital expenditures and maintenance costs than would have been incurred had such costs not been deferred and increase the costs to restore production capacity if market forces warrant. Declines in aluminum prices also negatively impact our liquidity by lowering our borrowing availability under our asset-based revolving credit facilities (due to a lower market value of our inventory and accounts receivable). These factors may have a material adverse effect on our liquidity, the amount of cash flow we have available for our capital expenditures and other operating expenses, our ability to access the credit and capital markets and our results of operations.
Excess capacity and overproduction of aluminum may materially disrupt global aluminum markets causing price deterioration which, in turn, could adversely impact our operating results, sales, margins and profitability.
Prior to 2021, global aluminum prices had been significantly depressed primarily due to large amounts of excess capacity and overproduction in China and other regions. Significant portions of global aluminum production would not be possible during such times without financial and other support and incentives from governments and state-owned entities. This oversupply caused global aluminum prices to be adversely impacted. Supply and demand in the aluminum market began to balance in 2021, however there is a risk that the market could again be saturated with excess capacity and overproduction. Overproduction and the export of heavily subsidized aluminum products may result in depressed prices and, in turn, have a material adverse impact on our operating results, sales, margins and profitability.
Increases in energy costs may adversely affect our business, financial position, results of operations and liquidity.
Electrical power represents one of the largest components of our cost of goods sold. As a result, the availability of electricity at competitive prices is critical to the profitability of our operations.
In the U.S., our Sebree plant receives all of its electricity requirements under a market-based electricity contract. This market-based contract exposes us to price volatility and fluctuations due to factors beyond our control and without any direct relationship to the price of primary aluminum. For example, extreme weather events throughout 2022 across the United States resulted in increases to power prices for our Kentucky plants, which resulted in the full curtailment of the Hawesville smelter in the third quarter of 2022. More recently, market disruptions in global energy markets related to the war in Ukraine caused significant increases in market-based power prices. Market-based electricity contracts expose us to market price volatility and fluctuations driven by, among other things, coal and natural gas prices, renewable energy production, regulatory changes and weather events, in each case, without any direct relationship to the price of primary aluminum. There can be no assurance that our market-based power supply arrangements will result in favorable electricity costs. Any increase in our electricity and
10
Table of Contents
energy prices not tied to corresponding increases in the LME price could have a material adverse effect on our business, financial position, results of operations and liquidity.
Loss or disruptions in our supply of power and other power-related events could adversely affect our business, financial condition or results of operations.
We use large amounts of electricity to produce primary aluminum. Any loss or disruption of the power supply which reduces the amperage to our equipment or causes an equipment shutdown would result in a reduction in the volume of molten aluminum produced, and prolonged losses of power may result in the hardening or "freezing" of molten aluminum in the pots where it is produced, which could require an expensive and time consuming restart process, if a restart is possible at all.
Disruptions in the supply of electrical power to our facilities can be caused by a number of circumstances, including, but not limited to, unusually high demand, blackouts, equipment or transformer failure, human error, malicious acts including cyber-attacks or domestic terrorism, natural disasters, weather events or other catastrophic events. Our market-based power supply arrangements further increase the risk that disruptions in the supply of electrical power to our domestic operations could occur. Under these arrangements, we have greater exposure to transmission line outages, problems with grid stability and limitations on energy import capability. An alternative supply of power in the event of a disruption may not be feasible. If events such as the above occur, it could have a material adverse effect on our business, financial condition or results of operation.
Power disruptions have had a material negative impact on our results of operations in the past. For example, in October 2025, we experienced an electrical equipment failure at our Grundartangi facility, resulting in the reduction of that facility’s production by approximately two thirds until the equipment failure is remediated. See “We experienced an electrical equipment failure in October 2025 that reduced production at our Grundartangi smelter’s operations by about two-thirds, and there can be no assurance that we will be able to restore Grundartangi to full and normal operations on the time frame we currently expect.” We operate our smelters at close to peak amperage. Accordingly, even partial failures of high voltage equipment could affect our production. Disruptions in the supply of electrical power that do not result in production curtailment could cause us to experience pot instability that could decrease levels of productivity and incur losses.
We maintain property and business interruption insurance to mitigate losses resulting from catastrophic events, but are required to pay significant amounts under the deductible and self-insured retention provisions of those insurance policies. In addition, the coverage under those policies may not be sufficient to cover all losses, or may not cover certain events. Certain of our insurance policies do not cover any losses that may be incurred if our suppliers are unable to provide power under certain circumstances. Certain losses or prolonged interruptions in our operations may trigger a default under certain of our outstanding indebtedness and could have a material adverse effect on our business, financial position, results of operations and liquidity.
We may be unable to continue to compete successfully in the markets in which we operate.
The global primary aluminum industry in which we operate is highly competitive. Aluminum also competes with other materials, such as steel, copper, plastics, composite materials and glass, among others, for various applications and uses. Many of our competitors are larger than we are and have greater financial and technical resources than we do. These larger competitors may be better able to withstand reductions in price or other adverse industry or economic conditions. Similarly, many of our competitors may receive various subsidies from local, state and federal governments and have vertically integrated upstream operations with resulting superior cost positions to ours and may be better able to withstand reductions in price or other adverse industry or economic conditions, including inflationary impacts. If we are not able to compete successfully, our business, financial position, results of operations and cash flows could be materially and adversely affected.
Curtailment of aluminum production at our facilities could have a material adverse effect on our business, financial position, results of operations and liquidity.
The continued operation of our smelters depends on the market for primary aluminum and our underlying costs of production. There can be no assurance that future deterioration in the price of aluminum or increases in our costs of production, including power, will not result in additional production curtailments at our smelters.
Curtailing production requires us to incur substantial expenses, both at the time of the curtailment and on an ongoing basis. Our facilities are subject to contractual and other fixed costs that continue even if we curtail operations at these facilities. These costs reduce the cost saving advantages of curtailing unprofitable aluminum production. If we are unable to realize the intended cost saving effects of any production curtailment, we may have to seek bankruptcy protection or be forced to divest some or all of our assets. The process of restarting production following curtailment is also expensive, time consuming and
11
Table of Contents
labor-intensive and there is no guarantee that once a curtailment has occurred that the plant will ever return to operation. As a result, any decision to restart production would likely require market conditions significantly better than the market conditions at the time the decision to curtail was made. Any curtailments of our operations, or actions taken to seek bankruptcy protection or divest some or all of our assets, could have a material adverse effect on our business, financial position, results of operations and liquidity.
The restart of curtailed capacity at our Mt. Holly smelter is subject to certain risks and uncertainties.
In August 2025 we announced plans to return Mt. Holly to 100% of its production capacity, and in October 2025, we finalized an extended power service agreement with Santee Cooper at our Mt. Holly smelter through 2031. The extended agreement provides access to sufficient energy to allow Mt. Holly to return to 100% of its production capacity. The decision to return Mt. Holly to 100% of its production capacity is based on certain market assumptions that are subject to risks outside of our control, specifically the LME price of aluminum, raw materials and premiums. Changes in these inputs may result in actual costs and returns that materially differ from the estimated costs and returns and our financial position and results of operations may be negatively affected as a result. Changes in these inputs may also affect the economic viability of restarting the remaining curtailed capacity at Mt. Holly, and we may decide at any time to discontinue the restart project.
There can be no assurance that we will be able to return Mt. Holly to 100% production within a projected budget and schedule. In addition to changes in market assumptions, other unforeseen difficulties could increase the cost of a restart, delay a restart or render a restart not feasible. Our ability to finance a restart could also be impacted by our cash position and results of operations. Any delay in the completion of such a project, unexpected or increased costs or inability to fund a restart could have a material adverse effect on our business, financial position, results of operations and liquidity.
We experienced an electrical equipment failure in October 2025 that reduced production at our Grundartangi smelter by about two-thirds, and there can be no assurance that we will be able to restore Grundartangi to full and normal operations on the time frame we currently expect.
Our Grundartangi facility experienced the failure of two of its electrical transformers over a seven-week period in September and October 2025. As a result, production at the smelter has been temporarily reduced by approximately two-thirds. There can be no assurance that we will be able to restore Grundartangi to full production within a projected budget and schedule. Any delay in the completion of the repairs at Grundartangi and restoration of the facility to full and normal operations could have a material adverse effect on our business, financial position, results of operations and liquidity.
Increases in our raw material costs and disruptions in our supply of raw materials could adversely affect our business.
Our business depends upon the adequate supply of alumina, aluminum fluoride, calcined petroleum coke, pitch, carbon anodes, cathodes, alloys, caustic soda, natural gas, heavy fuel oil, and other raw materials. For some of these production inputs, such as coke, pitch and cathodes, we do not have any internal production and rely on a limited number of suppliers for all of our requirements. Many of our supply agreements are short term or expire in the next few years. There is no assurance that we will be able to renew such agreements on commercially favorable terms, if at all. Certain of our principal raw materials are commodities for which, at times, availability and pricing can be volatile due to a number of factors beyond our control, including general economic conditions, inflationary impacts, domestic and worldwide demand, labor costs, competition, weather conditions and other transportation delays, major force majeure events, pandemics, tariffs, sanctions and currency exchange rates. Because we rely on a limited number of suppliers, if our suppliers cannot meet their contracted volume commitments or other contractual requirements, it may be difficult for us to source our raw materials from alternative suppliers at commercially reasonable prices or within the time periods required by our operations, if at all. If we are unable to source from alternative suppliers, we could be forced to curtail production or use raw materials that do not meet our requirements, which could cause inefficiencies in our operations, increase costs or impact our production capabilities, any of which could have a material adverse effect on our business, financial position, results of operations and liquidity.
We are also exposed to price risk for each of these raw material commodities. For example, from time to time we may enter into alumina supply contracts that are based on a published alumina index. As a result, our cost structure may be exposed to market fluctuations and price volatility. During 2024, for example, external events in the alumina markets, including the export ban in Guinea, caused significant price volatility. As a result of these events, the alumina index price reached a high of $805 per tonne in December 2024 compared to an average price of $343 per tonne in 2023 and $362 per tonne for 2022. From time to time, we manage our exposure to fluctuations in our alumina costs by purchasing certain of our alumina requirements under supply contracts with prices tied to the LME price of aluminum.
12
Table of Contents
Because we sell our products based on published market prices, we are not able to pass on to our customers any increased cost of raw materials that are not linked to such prices. The availability of our raw materials at competitive prices is critical to the profitability of our operations and increases in pricing and/or disruptions in our supply could have a material adverse effect on our business, financial position, results of operations and liquidity.
We may be unable to realize expected benefits of our capital projects.
From time to time, we undertake strategic capital projects in order to enhance, expand and/or upgrade our facilities and operational capabilities. For instance, within the past several years, we have undertaken expansion projects at each of our Jamalco, Sebree, Grundartangi, Mt. Holly and Vlissingen facilities. Our ability to complete these projects and the timing and costs of doing so are subject to various risks, many of which are beyond our control. Additionally, the start-up of operations after such projects have been completed is also subject to risk. Our ability to achieve the anticipated increased revenues or otherwise realize acceptable returns on these investments is subject to a variety of market, operational, regulatory and labor-related factors. For example, we were unable to realize the anticipated benefits from our prior investments in Hawesville because of the curtailment of that facility in the third quarter of 2022 (and it's eventual sale in February 2026) due to historically high energy costs and declining LME prices. Any failure to complete these projects, or any delays or failure or interruption in our ability to achieve the anticipated results from the implementation of any such projects, could have a material adverse effect on our business, financial condition, results of operations and liquidity.
There is no assurance that we and EGA will make a final investment decision to proceed with the new smelter project, and if we do, we may not realize the anticipated benefits from the joint venture.
There is no assurance that we and EGA will make a final investment decision to proceed with the joint venture. Whether we and EGA make such a decision to proceed will be influenced by external factors outside our control, including the global economy and energy and financial markets, actions by regulators, achieving necessary internal and external approvals, and many of the other factors described below. If we do proceed with the joint venture, we do not expect to have full control over governance, financial reporting, and operations of the joint venture. As a result, we will face certain operating, financial, and other risks relating to the joint venture, including risks related to the willingness of our joint venture partner to provide adequate funding for the joint venture if we are willing and able to provide our share of funding, having differing objectives from our joint venture partner, the inability to implement some actions with respect to the joint venture's activities that we may believe are favorable if the joint venture partner does not agree, compliance risks relating to actions of the joint venture or our partner, and the risk that we will be unable to effectively work with or resolve disputes with the joint venture partner.
The construction and operation of the new smelter joint venture project with EGA is subject to numerous risks and uncertainties.
The construction of the new smelter project is subject to many risks and uncertainties, and there can be no assurance that we will be able to complete the project on the time schedule and budget currently anticipated. Successful development and commercial operation of the project is subject to numerous risks, including, without limitations:
•our financial condition and cash flows and other factors that impact our ability to invest sufficient funds in the project, including for preliminary activities conducted before we determine whether the project is feasible or economically attractive;
•negotiation of satisfactory engineering, procurement, and construction agreements and renegotiation in the event of delays in final investment decisions or failures to meet other specified deadlines;
•identification of suitable partners, customers, contractors, suppliers and other necessary counterparties;
•negotiation and maintenance of satisfactory equity, purchase, sale, supply, transportation and other appropriate commercial agreements, and satisfaction of any conditions to effectiveness of such agreements, including reaching a positive final investment decision within agreed timelines;
•timely receipt and maintenance of required governmental permits, licenses and other authorizations under terms we find reasonable;
•timely, satisfactory and on-budget completion of construction, which could be negatively affected by engineering problems, work stoppages, unavailability or increased costs of materials, equipment, labor and commodities due to inflation or supply chain or other issues, and a variety of other factors;
•implementation of new or changes to existing laws or regulations that impact our infrastructure or the aluminum sector generally;
13
Table of Contents
•obtaining satisfactory financing for the project, particularly when inflation and interest rates are volatile;
•the absence of hidden defects on or inherited environmental liabilities for the site of the project; and
•timely and cost-effective resolution of any litigation or unsettled property rights affecting the project.
Any failures with respect to the above factors or other factors material to the project could involve additional costs, otherwise negatively affect our ability to successfully complete the project and force us to impair or write off amounts we have invested in the project. If we are unable to complete the project, if we experience delays, or if construction, financing or other project costs exceed our estimated budgets and we are required to make additional capital contributions, we may not receive an adequate or any return on our investment and other resources expended on the project and our results of operations, financial condition, cash flows and/or prospects could be materially adversely affected. The operation of a new facility involves many risks, including the potential for unforeseen design flaws, engineering challenges, or the breakdown for other reasons of facilities, equipment or processes; labor disputes or shortages; energy interruption; environmental contamination; increasing regulatory requirements, and the other operational risks Any of these events could lead to the project being idle or operating below expected levels, which may result in lost revenues or increased expenses. Any such occurrence could materially adversely affect our results of operations, financial condition, cash flows and/or prospects.
Certain of our raw material and services contracts contain "take-or-pay" obligations.
We have obligations under certain contracts to take-or-pay for specified raw materials or services over the term of those contracts regardless of our operating requirements. To the extent that we curtail production at any of our operations, we may continue to be obligated to take or pay for goods or services under these contracts as if we were operating at full production, which reduces the cost savings advantages of curtailing production. Our financial position and results of operations may also be adversely affected by the market price for such materials or services as we will continue to incur costs under these contracts to meet or settle our contractual take-or-pay obligations. If we were unable to use such materials or services in our operations or sell them at prices consistent with or greater than our contract costs, we could incur significant losses under these contracts. In addition, these commitments may also limit our ability to take advantage of favorable changes in the market prices for such materials and may have a material adverse effect on our business, financial position, results of operations and liquidity.
We have historically derived substantially all of our revenue from a small number of customers, and we could be adversely affected by the loss of a major customer or changes in the business or financial condition of our major customers.
We have historically derived substantially all of our consolidated net sales from a small number of customers. For the year ended December 31, 2025, we derived approximately 54.0% of our consolidated net sales from Glencore and we currently have agreements in place to sell a substantial portion of our 2026 production to Glencore. We expect that the rest of our 2026 customer base will remain fairly concentrated among a small number of customers under short-term contracts. See Item 1. Business - Customer Base.
Any material non-payment or non-performance by one of our principal customers, a significant dispute with one of these customers, a significant downturn or deterioration in the business or financial condition of any of these customers, early termination of our sales agreement with any of these customers, or any other event significantly negatively impacting the contractual relationship with one of these customers could adversely affect our financial condition and results of operations. If, in such an event, we are unable to sell the affected production volume to another customer, or we sell the affected production to another customer on terms that are materially less advantageous to us, our revenues could be negatively impacted.
We require substantial resources to pay our operating expenses and fund our capital expenditures.
We require substantial resources to pay our operating expenses and fund our capital expenditures. If we are unable to generate funds from our operations to pay our operating expenses and fund our capital expenditures and other obligations, our ability to continue to meet our cash requirements in the future could require substantial liquidity and access to sources of funds, including from financial, capital and/or credit markets.
If funding is not available when needed, or is available only on unacceptable terms, we may be unable to respond to competitive pressures, take advantage of market opportunities or fund operations, capital expenditures or other obligations, any of which could have a material adverse effect on our business, financial position, results of operations and liquidity.
14
Table of Contents
International operations expose us to political, economic, regulatory, currency and other related risks which may materially adversely impact our business.
We receive a significant portion of our revenues and cash flow from our operations in Iceland, we have significant operations in the Netherlands and we own a 55% interest in and operate a bauxite mining and alumina refining business in Jamaica, which we consolidate. These international operations expose us to risks, including unexpected changes in foreign laws and regulations, political and economic instability and unrest, challenges in managing foreign operations, increased costs to adapt our systems and practices to those used in foreign countries, taxes, export duties, currency restrictions and exchange, tariffs and other trade barriers, and the burdens of complying with and monitoring a wide variety of foreign laws and regulations. Changes in foreign laws and regulations are generally beyond our ability to control, influence or predict and future changes in these laws and regulations could have a material adverse effect on our business, financial position, results of operations and liquidity.
In addition, we may be exposed to global inflation and fluctuations in currency exchange rates. As a result, an increase in the value of foreign currencies relative to the U.S. dollar could increase the U.S. dollar cost of our operating expenses which are denominated and payable in those currencies. To the extent we explore additional opportunities outside the U.S., our currency risk with respect to foreign currencies may increase. See Item 7A. Quantitative and Qualitative Disclosures about Market Risk – Foreign Currency.
Unpredictable events may interrupt our operations, which may adversely affect our business.
Our operations may be susceptible to unpredictable events, including accidents, transportation and supply interruptions, labor disputes, equipment failure, information system breakdowns, natural disasters, dangerous weather conditions, river conditions, political unrest, global pandemics, cyberattacks and other events. Operational malfunctions or interruptions at one or more of our facilities could result in substantial losses in our production capacity, personal injury or death, damage to our properties or the properties of others, monetary losses and potential legal liability.
Our market-based power supply arrangements further increase the risk that unpredictable events could lead to changes in the price and/or availability of market power which could significantly impact the profitability and viability of our operations. For example, extreme weather events throughout 2022 across the United States resulted in increases to power prices for our Kentucky plants, which resulted in the curtailment of the Hawesville smelter in the third quarter of 2022. Power generation curtailments, transmission line outages, malicious attacks on energy infrastructure or limitations on energy import capability that arise from such unpredictable events could also increase power prices, disrupt production or force a curtailment of all or part of the production at our facilities. In addition, unpredictable events that lead to power cost increases may adversely affect our financial condition, results of operations and liquidity.
Iceland, for example, has recently suffered several natural disasters and extreme weather events, including significant volcanic eruptions and earthquakes which can lead to disruption in power transmission or other impacts to our operations. Insufficient rain in Iceland has and could in the future lead to low water levels in the reservoirs which has resulted and may again result in curtailments in power which is provided to our Grundartangi smelter from hydroelectric and geothermal sources.
In early July 2024, Hurricane Beryl temporarily impacted our operations in Jamaica. We suffered a disruption in our shipments of alumina as the port facility was impacted by the natural disaster, where a portion of the alumina conveyor was damaged. Jamalco secured alternative port arrangements to allow for alumina shipments to its customers while the repairs to the conveyor were ongoing. More recently, while Hurricane Melissa did not cause material damage to Jamalco's operations, we have experienced delays in restoring Jamalco to full production.
We accept delivery of necessary raw materials to our operations using public infrastructure such as river systems and seaports. Deterioration of such infrastructure and/or other adverse conditions could result in transportation delays or interruptions and increased costs, as occurred during the third quarter of 2017 when lock closures on the Ohio River impacted our alumina supply and forced us to find alternative means to transport alumina to our Kentucky operations at increased cost. Any delay in the delivery of raw materials necessary for our production could impact our ability to operate our plants and have a material adverse effect on our business, financial condition or results of operation.
Future unpredictable events may adversely affect our ability to conduct business and may require substantial capital expenditures and operating expenses to remediate damage and restore operations at our production facilities. Although we maintain insurance to mitigate losses resulting from such events, our coverage may not be sufficient to cover all losses, may have high deductibles or may not cover certain events at all. To the extent these losses are not covered by insurance, our financial condition, results of operations and cash flows could be materially and adversely affected.
15
Table of Contents
We engage in hedging transactions which involve risks that could have a material adverse effect on our business, financial position and liquidity.
As a global producer of primary aluminum, our business is subject to risk of fluctuations in the market prices of primary aluminum, power and foreign currencies, among other things. Therefore, from time to time, we may seek to manage our exposure to these risks through entering into different types of hedging arrangements designed to reduce such risk exposure. However, there can be no assurance that our hedging activities will successfully reduce our risk exposure to these factors. In addition, there may be unforeseen events affecting our business that could lead us to be long in positions that we did not anticipate when such hedging transactions were put into place which in turn could lead to adverse effects on our financial position. Further, we may be required to use a significant amount of liquidity to satisfy collateral margin calls required by our hedging counterparties. Utilizing liquidity to satisfy collateral margin calls may have an impact on the liquidity we have available for our operations and lead to adverse impacts on our financial position. See Item 7A. Quantitative and Qualitative Disclosure about Market Risk and Note 20. Derivatives to the consolidated financial statements included herein.
Jamalco’s operations are complex and we may experience substantial risks, delays and/or disruptions in connection with integration activities, a failure of which may result in a material adverse effect on Jamalco’s and Century’s business, financial condition and results of operations.
Our acquisition of a 55% interest in Jamalco in May 2023 substantially expanded the scope and size of our business by adding Jamalco’s bauxite mining and alumina refining operations to our existing primary aluminum production.
The integration of Jamalco’s operations may place strain on our administrative and operational infrastructure and the Jamalco business may not perform as expected following the acquisition. Our senior management’s attention may be diverted from the management of daily operations to the integration of Jamalco’s business operations and the assets acquired in the acquisition. Our ability to manage our business and growth will require us to apply our operational, financial and management controls, reporting systems and procedures to the Jamalco business. The failure to do so, may have a material adverse effect on our business, financial condition and results of operations.
We may also encounter risks, costs and expenses associated with undisclosed or unanticipated liabilities, and use more cash and other financial resources on integration and implementation activities than we anticipate. We may not be able to successfully integrate Jamalco’s operations into our existing operations, assimilate and retain key employees, successfully manage this new line of business or realize the expected economic benefits of the Jamalco acquisition, which may have a material adverse effect on our business, financial condition and results of operations. See “Risks Related to Acquisitions - Acquisitions could disrupt our operations and harm our operating results” below.
Jamalco is operated as an unincorporated joint venture, which may pose unique risks to its operations.
Joint ventures inherently involve unique and special risks as joint venture partners may have business goals and may take (or fail to take) certain actions and positions, or experience difficulties, that may negatively impact the partnership. While Century is the operating partner at Jamalco through its wholly owned subsidiary General Alumina Jamaica Limited (“GAJL”), our joint venture partner, Clarendon Alumina Production Limited (“CAP”), retains certain review and participation rights that, if exercised in a manner to counter Century's interest, could impact the partners effectiveness and the efficiency of the decision making process. Furthermore, due to the structure of the Jamalco joint venture, each partner may from time to time be requested to fund capital contributions necessary for Jamalco’s business. If Century and its joint venture partner were to have material disagreements about the operation of Jamalco’s business or if our joint venture partner were to fail to make capital contributions when requested, it could have a material adverse impact on our business, financial condition and results of operations.
Additionally, the unincorporated nature of Jamalco’s joint venture structure is highly complex and atypical when compared to commonly observed legal entity structures across many jurisdictions. This atypical structure may drive unique and special legal, accounting, tax, and/or compliance outcomes, which are complex and difficult to ascertain and analyze. For example, we have determined it was necessary to restate certain of our historical financial statements to reflect full consolidation of Jamalco’s assets rather than Jamalco’s legacy accounting of proportional consolidation. See “Explanatory Note,” Note 1. Summary of Significant Accounting Policies, Note 22. Restatement of Previously Issued Financial Statements and Note 23. Quarterly Financial Data (Unaudited and Restated) to the consolidated financial statements, included in Part II, Item 8 of this Form 10-K, for additional information on the restatement and the related consolidated financial statement effects. We had also previously identified material weaknesses in the design and implementation of our internal control over information technology general controls (ITGCs) and business process level controls related to Jamalco. For additional information on the foregoing, see Item 9A, "Controls and procedures" and "If we fail to maintain proper and effective internal controls over financial reporting, our financial results may not be accurately reported" below.
16
Table of Contents
If we fail to maintain proper and effective internal controls over financial reporting, our financial results may not be accurately reported.
As disclosed in Item 9A, "Controls and Procedures," of this Annual Report, in fiscal 2024, we identified material weaknesses in our internal control over financial reporting related to information technology general controls and business process controls at Jamalco. The material weakness related to Jamalco's information technology general controls was remediated in fiscal 2025. We identified deficiencies in the design and operating effectiveness of (1) business process level controls at our Jamalco joint venture, including reconciliation controls and insufficient review controls related to inventories, accounts payable, accrued expenses, cost of goods sold and property, plant, and equipment, and (2) financial reporting controls over the consolidation of the Jamalco joint venture. These deficiencies constitute a material weakness in internal control over financial reporting which remains unremediated at December 31, 2025. The material weakness as of December 31, 2025 led to errors in previously issued consolidated financial statements and financial results related to a change in accounting for our consolidation of Jamalco. We are actively developing remediation plans designed to address the material weakness; however, we cannot guarantee that these steps will be sufficient or that we will not have a material weakness in the future. Any material weakness, or difficulties encountered in implementing new or improved controls or remediation, could prevent us from accurately reporting our financial results, resulting in material misstatements in our financial statements, as occurred with respect to the existing material weakness, or cause us to fail to meet our reporting obligations, which in turn could negatively affect our business, financial condition and results of operations.
Risks Related to Labor and Employees
Any failure to maintain satisfactory labor relations with our employees could adversely affect our business.
The bargaining unit employees at our Grundartangi, Sebree, Vlissingen and Jamalco facilities are represented by labor unions, representing approximately 55% of our total workforce as of December 31, 2025. Our Grundartangi labor agreement is effective through December 31, 2029. Our Vlissingen labor agreement is effective through December 31, 2026. Our Hawesville labor agreement was scheduled to expire April 1, 2026, but on February 13, 2026, we terminated our labor agreement with United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union ("USW") for former employees at our Hawesville facility. Our Sebree labor agreement is scheduled to expire October 28, 2028. Jamalco’s work force is represented through separately negotiated labor agreements for hourly and salaried employee groups. Both contracts were effective through December 31, 2023, and Jamalco is currently in the process of negotiating new contracts with both the salaried and hourly employee groups. Although the Jamalco contracts expired more than two years ago, this timing gap between the expiration of an old contract and the implementation of a new contract is consistent with past practice and local expectations.
While we are hopeful to reach agreement with each of the labor unions to renew these agreements on acceptable terms as and when such agreements expire, there can be no assurance that we will be successful in doing so. If we fail to maintain satisfactory relations with any labor union representing our employees, our labor contracts may not prevent a strike or work stoppage at any of these facilities in the future. As part of any negotiation with a labor union, we may reach agreements with respect to future wages and benefits that may have a material adverse effect on our future business, financial condition, results of operations and liquidity. In addition, negotiations could divert management attention or result in strikes, lock-outs or other work stoppages. Any threatened or actual work stoppage in the future or inability to renegotiate our collective bargaining agreements could prevent or significantly impair our production capabilities subject to these collective bargaining agreements, which could have a material adverse effect on our business, financial position, results of operations and liquidity.
Risks Related to Indebtedness and Financing
A deterioration in our financial condition or credit rating could limit our ability to access the credit and capital markets on acceptable terms or to enter into hedging and financial transactions, lead to our inability to access liquidity facilities, and could adversely affect our financial condition and our business relationships.
Our credit rating has previously been adversely affected by unfavorable market and financial conditions. A deterioration in our financial condition, our existing credit rating, or any future negative actions the credit agencies may take affecting our credit rating, could expose us to significant borrowing costs and less favorable credit terms, limiting our ability to access the credit and capital markets, and have an adverse effect on our relationships with customers, suppliers and hedging counterparties. An inability to access the credit and capital markets when needed in order to refinance our existing debt or raise new debt or equity could have a material adverse effect on our business, financial position, results of operations and liquidity.
17
Table of Contents
We may be unable to generate sufficient cash flow to meet our debt service requirements which may have a material adverse effect on our business, financial position, results of operations and liquidity.
As of December 31, 2025, we had an aggregate of approximately $548.3 million of outstanding debt (including $400.0 million aggregate principal amount of our 6.875% senior secured notes due 2032 (the "2032 Notes") and $86.3 million aggregate principal amount of our convertible senior notes due 2028 (the "Convertible Notes")). Our ability to pay interest on and to repay or refinance our debt will depend upon our access to additional sources of liquidity and future operating performance, which is subject to general economic, financial, competitive, legislative, regulatory, business and other factors, including market prices for primary aluminum, that are beyond our control. The occurrence of unexpected and extraordinary events, such as an outbreak of a pandemic or epidemic like COVID-19, can also create substantial uncertainty and volatility in the financial markets which may impact our ability to access capital to refinance our existing indebtedness. Accordingly, there can be no assurance that our business will generate sufficient cash flow from operations or that future borrowings will be available to us in an amount sufficient to enable us to pay debt service obligations, refinance our existing debt or to fund our other liquidity needs. If we are unable to meet our debt service obligations or fund our other liquidity needs, we could attempt to restructure or refinance our debt or seek additional equity or debt capital. There can be no assurance that we would be able to accomplish those actions on satisfactory terms, or at all. If we are unable to ultimately meet our debt service obligations and fund our other liquidity needs, it may have a material adverse effect on our business, financial position, results of operations and liquidity.
Our substantial indebtedness or any future additional indebtedness could adversely affect our business, results of operations or financial condition.
Our substantial indebtedness and the significant cash flow required to service such debt increases our vulnerability to adverse economic and industry conditions, reduces cash available for other purposes and limits our operational flexibility. Despite our substantial indebtedness, we may incur substantial additional debt in the future. Although the agreements governing our existing debt limit our ability and the ability of certain of our subsidiaries to incur additional debt, these restrictions are subject to a number of qualifications and exceptions and, under certain circumstances, debt incurred in compliance with these restrictions could be substantial. In addition, these agreements may also allow us to incur certain obligations that do not constitute debt as defined in these agreements. To the extent that we incur additional debt or such other obligations, the risks associated with our substantial debt described above, including our possible inability to service and meet our debt or other obligations, would increase.
We are subject to interest rate risk, which could adversely affect our borrowing costs, financial condition and results of operations.
Our borrowings on our U.S. and Iceland revolving credit facilities as well as the Vlissingen Facility are currently at variable interest rates, and future borrowings required to fund working capital at our businesses, capital expenditures, acquisitions, or other strategic opportunities may be at variable rates, which exposes us to interest rate risk. An increase in interest rates would increase our debt service obligations under our existing debt instruments and potentially any future debt instruments, further limiting cash flow available for other uses. Any increase in interest rates could adversely affect our borrowing costs, financial condition and results of operations.
Our debt instruments subject us to covenants and restrictions.
Our existing debt instruments contain various covenants that restrict the way we conduct our business and limit our ability to incur debt, pay dividends and engage in transactions such as acquisitions and investments, among other things, which may impair our ability to obtain additional liquidity and grow our business. Any failure to comply with those covenants would likely constitute a breach under such debt instruments which may result in the acceleration of all or a substantial portion of our outstanding indebtedness and termination of commitments under our U.S. and Iceland revolving credit facilities. If our indebtedness is accelerated, we may be unable to repay the required amounts and our secured lenders could foreclose on any collateral securing our secured debt. Any of the foregoing actions could have a material adverse effect on our business, financial condition, results of operations and liquidity.
We depend upon intercompany transfers from our subsidiaries to meet our debt service obligations.
We are a holding company and conduct all of our operations through our subsidiaries. As a holding company, our results of operations depend on the results of operations of our subsidiaries. Moreover, our ability to meet our debt service obligations depends upon the receipt of intercompany transfers from our subsidiaries. The ability of our subsidiaries to pay dividends or make other payments or advances to us will depend on their operating results and will be subject to applicable laws and any
18
Table of Contents
restrictions or prohibitions on intercompany transfers by those subsidiaries contained in agreements governing the debt or other obligations of such subsidiaries.
Conversion of the Convertible Notes may dilute the ownership interest of our stockholders or may otherwise depress the price of our common stock.
The conversion of some or all of the Convertible Notes may dilute the ownership interests of our stockholders. Upon conversion of the Convertible Notes, we have the option to pay or deliver, as the case may be, cash, shares of our common stock, or a combination of cash and shares of our common stock. If we elect to settle our conversion obligation in shares of our common stock or a combination of cash and shares of our common stock, any sales in the public market of our common stock issuable upon such conversion could adversely affect prevailing market prices of our common stock. In addition, the existence of the Convertible Notes may encourage short selling by market participants because the conversion of the notes could be used to satisfy short positions, or anticipated conversion of the Convertible Notes into shares of our common stock could depress the price of our common stock.
The accounting method for convertible debt securities that may be settled in cash, such as the Convertible Notes, could have a material effect on our reported financial results.
We account for the Convertible Notes in accordance with U.S. Generally Accepted Accounting Principles, including ASC 470-20, Debt with Conversion and Other Options. The ultimate accounting treatment may have a material effect on our net income, earnings per share (EPS) and working capital. Volatility in these measures could adversely affect the trading price of our common stock. If any of the conditions to the convertibility of the Convertible Notes are satisfied, then we may be required under applicable accounting standards to reclassify the liability carrying value of the Convertible Notes as a current, rather than a long-term, liability. This reclassification could be required even if no noteholders convert their Convertible Notes and could materially reduce our reported working capital. We are required to report diluted earnings per share using an “if-converted” method. Under that method, diluted earnings per share would generally be calculated assuming that all the Convertible Notes were converted solely into shares of common stock at the beginning of the reporting period, unless the result would be anti-dilutive. The application of the if-converted method may reduce our reported diluted earnings per share.
The capped call transactions may affect the value of our common stock.
In connection with the issuance of our Convertible Notes, we entered into capped call transactions with various option counterparties. The capped call transactions are expected generally to reduce the potential dilution to our common stock upon any conversion of Convertible Notes and/or offset any cash payments we are required to make in excess of the principal amount of converted Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap.
From time to time, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to our common stock and/or purchasing or selling our common stock or other securities of ours in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so on each exercise date for the capped call transactions, which are expected to occur on each trading day during the 20 trading day period beginning on the 21st scheduled trading day prior to the maturity date of the notes, or following any termination of any portion of the capped call transactions in connection with any repurchase, redemption or early conversion of the notes). This activity could also cause or avoid an increase or a decrease in the market price of our common stock or the notes.
The potential effect, if any, of these transactions and activities on the market price of our common stock will depend in part on market conditions and cannot be ascertained at this time. We do not make any representation or prediction as to the direction or magnitude of any potential effect that the transactions described above may have on the price of our common stock. In addition, we do not make any representation that the option counterparties or their respective affiliates will engage in these transactions or that these transactions, once commenced, will not be discontinued without notice.
We are subject to counterparty risk with respect to the capped call transactions.
The option counterparties are financial institutions or affiliates of financial institutions, and we will be subject to the risk that one or more of such option counterparties may default under the capped call transactions. Our exposure to the credit risk of the option counterparties will not be secured by any collateral. If any option counterparty becomes subject to bankruptcy or other insolvency proceedings, with respect to such option counterparty’s obligations under the relevant capped call transaction, we will become an unsecured creditor in those proceedings with a claim equal to our exposure at that time under such transaction. Our exposure will depend on many factors but, generally, an increase in our exposure will be positively correlated
19
Table of Contents
to an increase in our common stock market price and in the volatility of the market price of our common stock. In addition, upon a default by any of the option counterparties, we may suffer adverse tax consequences and dilution with respect to our common stock. We can provide no assurance as to the financial stability or viability of any of the option counterparties.
Risks Related to Cybersecurity
The failure of our information technology systems, network disruptions, cyber-attacks or other breaches in data security could have a material adverse effect on our business, results of operations and financial position.
We depend on our information technology systems to manage significant aspects of our business including, without limitation, production process control, metal inventory management, shipping and receiving, and reporting financial and operational results. Any disruptions, delays, or deficiencies in our information systems or network connectivity could result in increased costs, disruptions in our business, and/or adversely affect our ability to timely report our financial results.
Our information technology systems are vulnerable to damage or interruption from circumstances largely beyond our control, including, without limitation, fire, natural disasters, power outages, systems failure, security breaches, and cyber- attacks, which include viruses, malware, and ransomware attacks. While we have disaster recovery plans in place, if our information technology systems are damaged or interrupted for any reason, and, if the disaster recovery plans do not effectively resolve such issues on a timely basis, we may be unable to manage or conduct our business operations, suffer reputational harm, and may be subject to governmental investigations and litigation, any of which may adversely impact our business, results of operations, and financial condition.
Cybersecurity incidents, in particular, are increasing in frequency and continue to evolve and become more sophisticated. Cyber security incidents may include, but are not limited to, attempts to gain unauthorized system access to install malicious software such as ransomware or malware, direct fraudulent payments to fictitious vendors, disrupt production process control and financial systems, and release of confidential or otherwise protected information and data.
Due to the evolving nature and scope of cybersecurity threats, the scope and impact of any incident, cannot be predicted, including the scope of any potential impacts on our business, financial position and results of operations. While the Company continually works to safeguard and strengthen our information technology systems and invest in our information technology infrastructure to mitigate potential risks, there is no assurance that such actions will be sufficient to prevent cyber-attacks or security breaches that damage or interrupt access to information systems or networks, compromise confidential or otherwise protected information, destroy or corrupt data, or otherwise disrupt our operations. In addition, we may not be able to contain a targeted cybersecurity incident to any one particular operating location. Furthermore, although the Company does maintain insurance in its operations, such insurance may not cover all liabilities and losses associated with any sort of cyber incident or security breach. The occurrence of such events could negatively impact our reputation and our competitive position and could result in litigation with third parties, regulatory action, loss of business, potential liability and increased remediation costs, any of which could have a material adverse effect on our financial condition and results of operations. Such security breaches could also result in a violation of applicable U.S. and international privacy and other laws and could have a material adverse effect on our business, results of operations and financial position.
Risks Related to Legal, Regulatory and Compliance Matters
Climate change, climate change legislation or environmental regulations may adversely impact our operations.
Governmental regulatory bodies in the United States and other countries where we operate have adopted, or may in the future adopt, laws or enact other regulatory changes in response to the potential impacts of climate change. Such laws and regulations could have a variety of adverse effects on our business. There is an increasing global regulatory focus and scrutiny on GHG emission and their potential impacts on climate change.
For example, as a member of the EEA and a signatory to the Kyoto Protocol, Iceland has implemented legislation to abide by the Kyoto Protocol and Directive 2003/87/EC of the European Parliament (the "Directive") which establishes a "cap and trade" scheme for greenhouse gas emission allowance trading. Iceland is complying with the Directive by participating in the European Union ("EU") Emission Trading System which requires us to purchase carbon dioxide allowances for our Grundartangi smelter. We currently receive approximately 80% of needed emission allowances for the Grundartangi smelter free of charge, although changes to these regulations, or the implementation of new regulations, could cause our cost of allowances to rise or impose other costs.
20
Table of Contents
The future impact of these or other potential regulatory changes is uncertain and may be either voluntary or legislated and may impact our operations directly or indirectly through our customers or our supply chain. We may incur increased capital expenditures resulting from compliance with such regulatory changes, increased energy costs, costs associated with a "cap and trade" system, increased insurance premiums and deductibles, carbon taxes, increased efficiency standards, incentives or mandates for use of particular types of energy, a change in competitive position relative to industry peers and changes to profit or loss arising from increased or decreased demand for goods produced by us and indirectly, from changes in cost of goods sold. For example, "cap and trade" legislation may impose significant additional costs to our power suppliers that could lead to significant increases in our energy costs. Any adverse regulatory and physical changes may have a material adverse effect on our business, financial position, results of operations and liquidity.
We are subject to a variety of environmental laws and regulations that may have a material adverse effect on our business, financial position, results of operations and liquidity.
Our operations may impact the environment and our properties may have environmental contamination, which could result in material liabilities for us. We are obligated to comply with various foreign, federal, state and other environmental laws and regulations, including the environmental laws and regulations of the United States, Iceland and the EU. Environmental laws and regulations may expose us to costs or liabilities relating to our manufacturing operations or property ownership. We incur operating costs and capital expenditures on an ongoing basis to comply with applicable environmental laws and regulations. We also were previously, and may in the future be, responsible for the cleanup of contamination at some of our current and former facilities or for the amelioration of damage to natural resources. Environmental laws may impose cleanup liability on owners and occupiers of contaminated property, including past or divested properties, regardless of whether the owners or occupiers caused the contamination or whether the activity that resulted in the contamination was lawful at the time it was conducted. Liability may also be imposed on a joint and several basis, such that we may be held responsible for more than our share of the contamination or other damages.
If more stringent compliance or cleanup standards under environmental laws or regulations are imposed, previously unknown environmental conditions or damages to natural resources are discovered or alleged, or if contributions from other responsible parties with respect to sites for which we have cleanup responsibilities are not available, we may be subject to additional liability, which may have a material adverse effect on our business, financial condition, results of operations and liquidity. Further, additional environmental matters for which we may be liable may arise in the future at our present sites where no problem is currently known, with respect to sites previously owned or operated by us, by related corporate entities or by our predecessors, or at sites that we may acquire or operate in the future. In addition, overall production costs may become prohibitively expensive and prevent us from effectively competing in price sensitive markets if future capital expenditures and costs for environmental compliance or cleanup are significantly greater than expected.
Application of existing and new environmental laws and regulations to us may have a material adverse effect on our business, financial position, results of operations and liquidity.
Our operations are subject to a variety of laws that regulate the protection of the health and safety of our employees, and changes in health and safety laws and regulations could result in significant costs, which could have a material adverse effect on our business, financial position, results of operations and liquidity.
We are subject to various foreign, federal and state laws and regulations that regulate the protection of the health and safety of our workers. Changes in existing laws, possible future laws and regulations or more restrictive interpretations of current laws and regulations by governmental authorities, could cause additional expense, capital expenditures or impose restrictions on our operations. Failure to comply with applicable laws and regulations that regulate the protection of the health and safety of our workers, including the beryllium standard, may result in enforcement actions, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, which may require corrective measures including capital expenditures, installation of additional equipment or remedial actions. Any such penalties, fines, sanctions or shutdowns could have a material adverse effect on our business and results of operations.
Changes in trade laws or regulations may have an adverse effect on our sales margins and profitability.
Our businesses compete in a global marketplace and are subject to international and domestic trade laws and regulations. The breadth of these laws and regulations continues to expand and evolve. For example, both the European Union and the U.S. impose import tariffs and/or quotas on primary aluminum from certain foreign producers. Our Icelandic and U.S. businesses are currently able to access these respective markets duty-free. The United States currently imposes tariffs on the importation of aluminum pursuant to Section 232 of the Trade Expansion Act of 1962. While the Section 232 tariffs were not directly
21
Table of Contents
impacted by the U.S. Supreme Court's February 20, 2026, decision holding that the President does not have authority under the International Emergency Economic Powers Act (IEEPA) to impose tariffs, any change in U.S. tariff policy directly or indirectly impacting the Section 232 tariffs, or any other change to import duties in the United States, European Union or European Economic Area, including the granting of exemptions, a reduction in the tariff rate or a full repeal of the tariff scheme, could lessen or potentially eliminate the benefit we currently realize from these tariffs and could negatively impact our profitability. These or other changes in trade laws and regulations could affect the ultimate price we receive for our products, the prices and availability of our raw materials or our ability to access certain markets and could have a material adverse effect on our business, financial position, results of operations and liquidity.
We are subject to litigation and legal proceedings and may be subject to additional litigation, arbitration or legal proceedings in the future.
We are currently, and may in the future become, subject to litigation, arbitration or other legal proceedings with other parties. The outcome of such matters is often difficult to assess or quantify and the cost to defend future legal proceedings may be significant. If decided adversely to us, these legal proceedings, or others that could be brought against us in the future, could have a material adverse effect on our financial position, cash flows and results of operations. Furthermore, to the extent we sell or reduce our interest in certain assets, we may give representations and warranties and indemnities for such transactions and we may agree to retain responsibility for certain liabilities related to the period prior to the sale. As a result, we may incur liabilities in the future associated with assets we no longer own or in which we have a reduced interest. For a more detailed discussion of pending litigation, see Item 3. Legal Proceedings and Note 17. Commitments and Contingencies to the consolidated financial statements included herein.
In the event of a dispute arising at our foreign operations, we may be subject to the exclusive jurisdiction of foreign courts or arbitral panels, or may not be successful in subjecting foreign persons to the jurisdiction of courts or arbitral panels in the United States. Our inability to enforce our rights and the enforcement of rights on a prejudicial basis by foreign courts or arbitral panels could have an adverse effect on our results of operations and financial position.
The Inflation Reduction Act of 2022 ("IRA") contains production tax credits for certain critical minerals, including aluminum. The Company's ability to benefit from Section 45X production tax credits is not guaranteed and is dependent upon the federal government's ongoing implementation, guidance, regulations, and/or rulemakings that have been the subject of substantial public interest and debate.
The IRA provides for substantial tax credits and incentives for the development of critical minerals (including aluminum), among other provisions. Section 45X of the IRA contains a production tax credit equal to 10% of certain eligible production costs, including, without limitation, labor, energy, depreciation and amortization and overhead expenses. On October 24, 2024, the U.S. Department of the Treasury and the Internal Revenue Service released final rules to provide guidance on the production tax credit requirements under Internal Revenue Code Section 45X (the “Final Regulations”). The Final Regulations provide guidance on rules that taxpayers must satisfy to qualify for the Section 45X tax credit.
While Section 45X of the IRA provides for substantial tax benefits for Century, there is some uncertainty as to how certain provisions under the IRA will be interpreted and implemented. Furthermore, future legislative enactments or administrative actions could limit, amend, repeal, or terminate IRA policies or other incentives that the Company currently hopes to benefit from. Any reduction, elimination, or discriminatory application or expiration of the IRA may materially adversely affect the Company’s future operating results and liquidity.
Our $500 million funding from the U.S. Department of Energy (“DOE”) is subject to review and will be subject to negotiation of specific terms and contingent on our compliance with the requirements negotiated with the DOE.
On January 10, 2025, the Company entered into a Cooperative Agreement with the DOE’s Office of Clean Energy Demonstrations for up to $500 million in Bipartisan Infrastructure Law and Inflation Reduction Act (“Inflation Reduction Act”) funding to build a new aluminum smelter in the United States. If the DOE proceeds with our funding as planned, such funding will additionally remain subject to certain compliance obligations and other terms and conditions.
We currently intend that the DOE funding will support the construction of the new aluminum smelter that we intend to construct, own and operate together with EGA in Inola, Oklahoma. However, to complete this project, we will need to obtain substantial additional financing, and there can be no assurance that such financing will be available on acceptable terms or at all. We may also seek additional government grants and incentive awards to support construction of the new aluminum smelter and our ability to obtain such additional grants or incentives in the future is subject to the availability of funds under applicable government programs and approval of our applications to participate in such programs. The application process for these grants
22
Table of Contents
and other incentives is highly competitive and we may not be successful in obtaining any additional grants, loans or other incentives.
Our ability to utilize certain net operating loss carryforwards to offset future taxable income may be significantly limited if we experience an "ownership change" under the Internal Revenue Code.
As of December 31, 2025, we had federal net operating loss carryforwards of approximately $1,544.9 million which could offset future taxable income. Our ability to utilize our deferred tax assets to offset future federal taxable income may be significantly limited if we experience an "ownership change" as defined in Section 382 of the Internal Revenue Code of 1986, as amended (the "Code"). In general, an ownership change would occur if our "five-percent shareholders," as defined under the Code, collectively increase their ownership in us by more than fifty percentage points over a rolling three-year period. Future transactions in our stock that may not be in our control may cause us to experience such an ownership change and thus limit our ability to utilize net operating losses, tax credits and other tax assets to offset future taxable income.
Risks Related to Acquisitions
Acquisitions could disrupt our operations and harm our operating results.
We have a history of making acquisitions and we expect to opportunistically seek to make acquisitions in the future. We are subject to numerous risks as a result of our acquisition strategy, including the following:
•we may spend time and money pursuing acquisitions that do not close;
•acquired companies may have contingent or unidentified liabilities;
•it may be challenging for us to manage our existing business as we integrate acquired operations; and
•we may not achieve the anticipated benefits or synergies from our acquisitions.
We are subject to numerous risks following the consummation of any acquisition, including, for example, that we may incur costs and expenses associated with any unidentified or potential liabilities, we may not achieve anticipated revenue and cost benefits from the acquisitions and unforeseen difficulties may arise in integrating the acquired operations into our existing operations. Accordingly, our past or future acquisitions might not ultimately improve our competitive position and business prospects as anticipated and may subject us to additional liabilities that could have a material adverse effect on our business, financial position, results of operations and liquidity.
Risks Related to Stock Ownership in the Company
Glencore may exercise substantial influence over us, and they may have interests that differ from those of our other stockholders.
Glencore beneficially owns approximately 36.4% of our outstanding common stock. In addition, one of our seven directors is a Glencore employee. During the year ended December 31, 2025, we derived approximately 54.0% of our consolidated sales from Glencore and we expect to sell a significant portion of our production to Glencore in 2026. Century and Glencore enter into various transactions from time to time such as the purchase and sale of primary aluminum, purchase and sale of alumina and other raw materials, tolling agreements as well as forward financial contracts and borrowing and other debt transactions. Because of the interests described above, Glencore may have substantial influence over our business, and, to the extent of their ownership of our common stock, on the outcome of any matters submitted to our stockholders for approval.
In addition, certain decisions concerning our operations or financial structure may present conflicts of interest between Glencore and our other stockholders. For example, Glencore may in the future engage in a wide variety of activities in our industry that may result in conflicts of interest with respect to matters affecting us. Glencore may also make investments in businesses that directly or indirectly compete with us, or may pursue acquisition opportunities that may be complementary to our business and, as a result, those acquisition opportunities may not be available to us.
Item 1B. Unresolved Staff Comments
Not applicable.
23
Table of Contents
Item 1C. Cybersecurity
Risk Management and Strategy
As one of the critical elements of the Company’s overall ERM approach, the Company’s cybersecurity program is focused on the following key areas:
•Governance: As discussed in more detail under the heading “Governance,” the Board’s oversight of cybersecurity risk management is supported by the Company’s Chief Information Officer, other members of Management and a dedicated Cybersecurity team.
•Collaborative Approach: The Company has implemented a comprehensive approach to identifying, preventing and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that provide for the prompt escalation of certain cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by management in a timely manner.
•Technical Safeguards: The Company deploys technical safeguards that are designed to protect the Company’s information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, logical access controls, and endpoint protection, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence.
•Incident Response and Recovery Planning: The Company has established and maintains incident response and recovery plans that address the Company’s response to a cybersecurity incident.
•Third-Party Risk Management : The Company maintains a risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers and other external users of the Company’s systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems.
•Network Penetration Testing: The Company performs an internal and external network penetration test led by its Internal Audit team and addresses any findings in a timely manner.
Cybersecurity incidents have the potential to have a material adverse effect on our business strategy, results of operations and financial condition, including by damaging or interrupting access to our information systems or networks, compromising confidential or otherwise protected information, destroying or corrupting data, or otherwise disrupting our operations. Such events could also damage our reputation and our competitive position and could result in litigation with third parties, regulatory action, loss of business, potential liability and increased remediation costs, any of which could have a material adverse effect on our financial condition and results of operations. Such security breaches could also result in a violation of applicable U.S. and international privacy and other laws and could have a material adverse effect on our business, results of operations and financial position. See “Risk Factors - Risks Related to Cybersecurity - The failure of our information technology systems, network disruptions, cyber-attacks or other breaches in data security could have a material adverse effect on our business, results of operations and financial position.”
24
Table of Contents
Governance
Board of Directors Oversight
The Board as a whole also oversees the Company’s cybersecurity risks. Our Chief Information Officer updates the Board periodically regarding the actions management is taking to mitigate the Company’s cybersecurity risks and enhance the Company’s cybersecurity protection. Management routinely evaluates the Company’s existing security processes, procedures and systems in order to determine whether additional enhancements are needed to further reduce the likelihood and impact of a future cybersecurity event. Some of the Company’s current safeguards include multi-factor authentication for remote access to systems; performing email phishing test campaigns; email spam filtering; restricted internet firewall rules; limiting memory stick and external hard drive use; requiring timely application of security and software patches on servers; antivirus endpoint protection; performing 24-hour/7-day a week network monitoring; and improving our backup and recovery strategy, among others.
Management’s Role Managing Risk
•Current cybersecurity landscape and emerging threats;
•Status of ongoing cybersecurity initiatives and strategies;
•Overall security posture and layers of defense;
•Incident reports and learnings from any cybersecurity events; and
•Compliance with regulatory requirements and industry standards.
Risk Management Personnel
Primary responsibility for assessing, monitoring and managing our cybersecurity risks rests with the Chief Information Officer. The Chief Information Officer has extensive experience working in and leading the Company's information systems. In addition, a dedicated Cybersecurity team, including the Chief Technology Officer and Cybersecurity Manager, provide regular updates to the Chief Information Officer.
Monitor Cybersecurity Incidents
The Chief Information Officer is continually informed about the latest developments in cybersecurity, including potential threats and innovative risk management techniques. This ongoing knowledge acquisition is crucial for the effective prevention, detection, mitigation, and remediation of cybersecurity incidents. The Chief Information Officer implements and oversees processes for the regular monitoring of our information systems. This includes the deployment of advanced security measures and regular system audits to identify potential vulnerabilities. In the event of a cybersecurity incident, the CIO is equipped with a well-defined incident response plan. This plan includes immediate actions to mitigate the impact and long-term strategies for remediation and prevention of future incidents.
Reporting to Board of Directors
The Chief Information Officer, in his capacity, regularly informs the Chief Financial Officer (CFO) and Chief Executive Officer (CEO) of all aspects related to cybersecurity risks and incidents. This ensures that the highest levels of management are kept abreast of the cybersecurity posture and potential risks facing the Company. Furthermore, significant cybersecurity matters, and strategic risk management decisions are escalated to the Board of Directors , ensuring that they have comprehensive oversight and can provide guidance on critical cybersecurity issues.
25
Table of Contents
Item 2. Properties
Our principal executive office is located at 1 South Wacker Drive, Suite 1000, Chicago, Illinois 60606. We own and operate aluminum smelters in the United States and Iceland. We also own a carbon anode production facility located in the Netherlands and hold a 55% interest in a bauxite mining and alumina refining facility in Jamaica. We lease certain of our facilities under long-term operating leases, however, we do not believe that this fact materially affects the continued use of these properties. We believe all of our facilities are suitable and adequate for our current operations. Our significant properties are listed below. Additional information about the location and productive capacity of our facilities is available in the "Overview" section of Item 1. Business.
| Facility | Ownership | |||||||
| Sebree | 100% Owned | |||||||
| Mt. Holly | 100% Owned | |||||||
| Grundartangi | Facility 100% owned; long-term ground lease | |||||||
| Vlissingen | Facility 100% owned; long-term ground lease | |||||||
| Jamalco | 55% Joint venture interest; long-term ground lease | |||||||
| Chicago Corporate Office | Long-term office lease | |||||||
Bauxite Mining Properties
Century has access to large bauxite deposit areas with mining rights that extend through 2031. The Company obtains bauxite from these resources in Jamaica. Tonnes of bauxite are reported on a zero-moisture basis in millions of dry metric tonnes (mdmt) unless otherwise stated.
As used in this Form 10-K, the terms “mineral resource,” “measured mineral resource,” “indicated mineral resource,” “inferred mineral resource” and “mineral reserve” are defined and used in accordance with subpart 1300 of Regulation S-K. Under subpart 1300 of Regulation S-K, mineral resources may not be classified as “mineral reserves” unless the determination has been made by a qualified person (as defined under subpart 1300 of Regulation S-K) that the mineral resources can be the basis of an economically viable project. The approach to mining at Jamalco is such that, in the qualified person's opinion, the documented mineral reserves are too small to merit reporting and as such, mineral reserves are not included in the discussion below. Refer to “Property History and Condition” below for more information on why reportable reserves are not available.
Part or all of the mineral deposits (including any mineral resources) in these categories may never be converted into mineral reserves. Further, except for the portion of mineral resources reclassified as mineral reserves, mineral resources do not have demonstrated economic value. Estimates of inferred mineral resources have too high of a degree of uncertainty as to their existence and may not be converted to a mineral reserve. Therefore, it should not be assumed that all or any part of an inferred mineral resource exists, that it can be the basis of an economically viable project, or that it will ever be upgraded to a higher category. Likewise, it should not be assumed that all or any part of measured or indicated mineral resources will ever be converted to mineral reserves. Management relies on estimates of our recoverable mineral reserves, which estimation is complex due to geological characteristics of the properties and the number of assumptions made and variable factors, some of which are beyond our control.
The information that follows is derived from the technical report summary relating to the property prepared in compliance with Item 601(b)(96) and subpart 1300 of Regulation S-K by Aluminium Industry Professionals Inc. (“Aluminpro”), which we engaged as a qualified person as defined under subpart 1300 of Regulation S-K. No employee of Aluminpro is an employee of the Company, and Aluminpro is not affiliated with the Company or with any other entity that has an ownership, royalty, or other interest in Jamalco or the mining properties. The scientific and technical information concerning our mineral resources in this Form 10-K have been reviewed and approved by Aluminpro. Portions of the following information are based on assumptions, qualifications, and procedures that are not fully described herein. Reference should be made to the full text of the Technical Report Summary dated February 27, 2025, with an effective date of December 31, 2024, incorporated by reference as Exhibit 96.1 to this Form 10-K (the “Jamalco TRS”).
Property Location and Description
Jamalco holds two Special Mining Leases, Special Mining Lease 130 ("SML 130") and Special Mining Lease 169 ("SML 169") in the southwestern region of Jamaica within the Parishes of Clarendon and Manchester and one Special Exclusive Prospecting License 580 ("SEPL 580") is in the St. Catherine Parish in the southeastern region of Jamaica.
26
Table of Contents
On October 7, 1991, under SML 130, the Government of Jamaica granted Jamalco the rights to explore and mine the bauxite in the leased area for a period of 40 years, expiring in 2031. The center of SML 130 is located at 18°02’N and 77°25’W and covers 137.3mi2. The lease guarantees that no other company will be allowed to mine for bauxite in the leased area. Jamalco may surrender lands to the Government of Jamaica that it has mined out and restored or lands it no longer wishes to retain free of charge. Conversely, the Government of Jamaica may rescind lands under the mining lease that it deems necessary in the national interest of Jamaica: such lands will not be made available to other bauxite users.
On January 1, 2003, the Government of Jamaica granted Jamalco under SML 169 the rights to explore and mine the bauxite in the lease area for a period of 40 years, expiring in 2043. The center of SML 169 is at 18°10’24’’N and 77°33’15’’W and covers 46.0mi2. The conditions of the lease are the same as the conditions for SML 130.
On June 7, 2016, the Government of Jamaica granted Jamalco under SEPL 580 the right to explore exclusively for bauxite in the license area. The license is renewable annually and currently valid until June 2026. The center of SEPL 580 is at approximately 18°04’N and 77°25’W and covers 59.7mi2.
Jamalco’s refinery is located at 17°54’N and 77°14’30’’W and the dedicated port is located at Rocky Point on Jamaica’s south coast at 17°49’N and 77°10’W approximately 8.7mi to the southeast of the refinery.
Mining by Jamalco is subject to the Mining Act of 1947 ("the Mining Act") and its subsequent amendments and the lease agreements. It provides the holder of a mining lease with full access to land granted with the exclusive right to explore and mine bauxite. Many lands are held by private owners and, prior to prospecting or mining, Jamalco is required to give notice to the owner and provide compensation.
Refer to the Jamalco TRS in Sections 2 through 5 for more information on the Jamalco property location, history and topography.
Infrastructure
Jamalco has three office locations, a refinery, a rope conveyor and a railway. Jamalco’s mining and refinery operations may be reached by an approximately one hour drive west via toll road from the center of Kingston, the administrative capital
27
Table of Contents
and main business center of the island. Jamaica has multiple daily air and sea connections to the United States, Canada, and United Kingdom.
The bauxite deposits are distributed throughout the region in communities of local residents, served by an extensive road system and infrastructure providing services to these communities.
The deposits are connected to the central stockpile at St. Jago by internal private haul roads. Access to the deposits is also available through public roads, but these roads are generally not used for transporting bauxite. Jamalco haul roads occasionally cross public roads. The crossings are controlled by contractors directly employed by Jamalco.
Many deposits occur on the higher Manchester plateau which is connected to the stockpile at St. Jago via an aerial ropeway cable conveyor over the face of a steep, rugged limestone escarpment. The conveyor is 3.4 km in length with a capacity up to 1,000 tonnes of bauxite per hour from the load station at Mount Oliphant, at an elevation 1750 ft or 533m, to the rail head at St. Jago, elevation 150 ft or 46 m.
From St. Jago, the bauxite is transported to the alumina refinery by a dedicated 18.0 km rail system, controlled and operated by Jamalco 24 hours per day, 6 days per week and approximately 9 rail trips are made each day transporting bauxite. At the refinery the bauxite is processed through the Bayer Process resulting in red mud residue which is disposed of within the residue lakes near the refinery. Alumina is transported from the refinery by the rail line to the Rocky Point Port on the southern coast, again a distance of 18.0 km.
Approximately 900 employees work in the refinery and related facilities such as the laboratory and port. Jamalco has employed three mining contractors to carry out the following tasks: road development, pit preparation, mining and stockpiling, train loading and rehabilitation of mined pits. The combined workforce for operations and maintenance is 328 contractor employees.
Refer to the Jamalco TRS in Sections 14 and 15 for more information on infrastructure.
Property History and Condition
Studies and exploration for bauxite first began in Jamaica in 1944, with bauxite mining beginning in 1952. Alcoa was first granted mining concessions for the property in Clarendon, creating a mining joint venture in 1959 and beginning bauxite mining and exporting in 1963. The Company also built an alumina refinery in Clarendon that commenced operations in 1972 at an annual capacity of 0.5mdmt drawing on bauxites from the Mocho Mountain region upper Clarendon. Jamalco was formed in 1988 when the Government of Jamaica acquired a 50% interest in Alcoa’s mining and refining operations, with Alcoa remaining the managing partner. In December 2014, Alcoa sold its stake in Jamalco to the Noble Group. In May 2023 the Company purchased the interest from the Noble Group. General Alumina Jamaica Limited is the managing partner of the Jamalco joint venture.
Jamalco's bauxite consists of many deposits that occur as infilling within depressions on an eroded limestone surface. Referred to as a karst topography, these depressions result from the solution of the limestone over time. The shape of a typical deposit crudely resembles an inverted, flattened cone whose surface may cover many hectares. Exploration for bauxite continues to be conducted on a regular basis to maintain sufficient mineral resources and reserves to meet refinery supply.
At the start of mining, most identified deposits were on public land where the Company had ready access for drilling and mining within the constraints of restrictions imposed by the Mining Act. Currently, most of the remaining bauxite deposits are on private land parcels, which may have multiple owners. This situation of multiple ownership of deposits, typical of Jamaica, calls for a unique approach to detailed exploration, mine planning and bauxite extraction which has resulted in a lack of reportable mineral reserves. Specifically, Jamalco has a policy that once a consolidated land position is attained, then production in-fill drilling and mining is immediately initiated in order to minimize the outlay of capital. As such, it is Aluminpro’s opinion that the reserves are too small to merit reporting. This practice has been the basis for mine planning, extraction, blending and processing of bauxites in this area over the last 50 years and has supported a technically and economically viable operation. Despite our operations, under subpart 1300 of Regulation S-K, we are considered an “exploration stage” company because we do not have mineral reserves to disclose.
The Jamalco facilities, including equipment, are in a maintained condition. The gross book value of these facilities and equipment as of December 31, 2025 of $488.7 million is included in Property, plant and equipment, net on the Consolidated Balance Sheets. Jamalco has prepared capital projects to increase the proportion SML 169 bauxite to 55 % of the refinery feed.
28
Table of Contents
Refer to the Jamalco TRS in Section 5 for more information on the property history and condition.
Mining Method and Processing Operations
Jamalco’s resources are based on exploration done by Jamaican Bauxite Institute (“JBI”).
Once Jamalco's production drilling is completed with assays and merged with JBI data, AutoCAD plans are prepared with grades and thicknesses that are passed on to the mine operators. Production drilling is essentially quality control in-fill drilling. Parcel maps are created for the production crew, showing color-coded grade information which enables selection of mining for stockpiling and subsequent drilling.
Experienced local mining contractors are engaged in the mine production process from topsoil stripping to train loading.
Bauxite does not require blasting. Excavators load directly into 30 tonne highway trucks for a short haul to the stockpile areas at low operating costs for South Manchester. The bauxite in North Manchester requires the same method but besides poorer quality, the long hauling distance makes the bauxite more expensive per tonne.
Once mined, the bauxite is hauled by train to Jamalco's refinery where the Bayer Process is used to extract alumina from bauxite.
Refer to the Jamalco TRS in Sections 12 and 14 for more information on the mining method and processing operations.
Bauxite Mineral Resources
The resources stated below were prepared by Jamalco with the results and procedures validated and tabulated by Aluminpro. As stated above, Jamalco has no reportable mineral reserves.
As such, there is an insufficient time to maintain a significant inventory of reserves prior to processing, that merit reporting by Aluminpro. Refer to “Property History and Condition” above for more information on why reportable reserves are not declared.
The Indicated mineral resources reported below are based on a scenario where all the available SML 130 bauxites have been consumed by blending with SML 169 bauxites to meet refinery specifications. This mix of Indicated resources forms the basis to the production schedule and the Initial Assessment discussed below. It should not be assumed that all the Indicated mineral resources are economic or will be converted to ore reserves as discussed more fully below.
29
Table of Contents
Summary of Attributable Bauxite Mineral Resources Exclusive of Mineral Reserves at December 31, 2025 and 2024, expressed in millions of dry metric tonnes (mdmt) and subdivided by SML:
mdmt(1) | AvAl2O3(2) (%) | ReSiO2(3) (%) | P2O5(4) (%) | |||||||||||||||||||||||
At December 31, 2025 | ||||||||||||||||||||||||||
| SML 130 | ||||||||||||||||||||||||||
| Measured mineral resources | — | — | % | — | % | — | % | |||||||||||||||||||
| Indicated mineral resources | 8.6 | 37.53 | % | 4.31 | % | 0.19 | % | |||||||||||||||||||
| Measured + Indicated mineral resources | — | 37.53 | % | 4.31 | % | 0.19 | % | |||||||||||||||||||
| Inferred mineral resources | — | — | % | — | % | — | % | |||||||||||||||||||
| SML 169 | ||||||||||||||||||||||||||
| Measured mineral resources | — | — | % | — | % | — | % | |||||||||||||||||||
| Indicated mineral resources | 7.7 | 38.96 | % | 1.16 | % | 1.91 | % | |||||||||||||||||||
| Measured + Indicated mineral resources | — | 38.96 | % | 1.16 | % | 1.91 | % | |||||||||||||||||||
| Inferred mineral resources | — | — | % | — | % | — | % | |||||||||||||||||||
At December 31, 2024 | ||||||||||||||||||||||||||
| SML 130 | ||||||||||||||||||||||||||
| Measured mineral resources | — | — | % | — | % | — | % | |||||||||||||||||||
| Indicated mineral resources | 13.5 | 37.49 | % | 4.89 | % | 0.21 | % | |||||||||||||||||||
| Measured + Indicated mineral resources | 13.5 | 37.49 | % | 4.89 | % | 0.21 | % | |||||||||||||||||||
| Inferred mineral resources | — | — | % | — | % | — | % | |||||||||||||||||||
| SML 169 | ||||||||||||||||||||||||||
| Measured mineral resources | — | — | % | — | % | — | % | |||||||||||||||||||
| Indicated mineral resources | 13.5 | 38.96 | % | 1.16 | % | 1.91 | % | |||||||||||||||||||
| Measured + Indicated mineral resources | 13.5 | 38.96 | % | 1.16 | % | 1.91 | % | |||||||||||||||||||
| Inferred mineral resources | — | — | % | — | % | — | % | |||||||||||||||||||
(1)Represents the Company's 55% interest
(2)Available Alumina at Low Temperature
(3)Reactive Silica
(4)Phosphorous
Cut-offs are based on a 35% AvAl2O3 grade for the overall pit. The exception is Porus Victoria Township location where the value of this bauxite for blending allows for a cut-off of 30% AvAl2O3 to be applied. ReSiO2 grades should not exceed 6% on a pit basis; where high silica zones are encountered in mining such bauxites are flagged and are to be avoided in the extraction process. P2O5 and goethite-hematite ratios are monitored for blending purposes, however no specific cut-offs are applied to constrain the resources.
No call factors are applied to the above resource tonnages and grades. Metallurgical recovery is approximately 84% but has not been applied to these tonnages. The bauxite transfer price to the refinery is $14.43 per tonne and tonnage is reported on a bone-dry basis. All resource estimation is based on an in-situ density of 1.44 tonnes/m3.
The overall Resources of SML 130 and SML 169 have required significant tonnage reduction, due to the 2-year delay in implementing Project Restore at the refinery which would allow for treatment of the more complex bauxites from North Manchester (SML 169). The latter resource is the tonnage that can be blended with the residual SML 130 tonnage in line with the required future refinery bauxite quality. High silica pits on SML 130 require low silica SML 169 bauxites to meet future quality needs.
30
Table of Contents
The delay in implementing Project Restore to address the processing constraints has required a revised production schedule, to determine the diminished amount of North Manchester resource available for disclosure. During 2025, 10% of the bauxite mined was from SML 169 with only 13% of production planned from SML 169 in 2026, thus accelerating the depletion of SML 130 blendable bauxites.
Refer to the Jamalco TRS in Section 11 for more information on the mineral resource estimates, including key assumptions used.
Exploration Activity
Exploration at the property is completed using auger drilling. Exploration in 2025 has been focused on drilling pits within the Mocho mining area of SML 130 where 79 deposits are identified. Drilling has been carried out on five pits for which Jamalco has prepared estimates deemed Indicated Resources totaling 0.5kt. A total of 391 holes were drilled in 2025 at 15m centers resulting in 2,748 assays. These pits require further drilling at depth, and final deposit modelling.
Internal Controls
We have internal controls and procedures designed for quality assurance and quality control on the Company’s production activities and associated information for the estimation of mineral resources and reserves. These internal controls include surveying of drillhole collar location, drill sampling, collection and security, database verification and security and quality assurance and quality control programs. Internal controls used by the Company are informed by internal reviews and by reviews, audits, and studies performed by third-party mining consultants. We recognize the risks inherent in exploration, such as the geological complexity, interpretation and extrapolation of data, changes in operations, ongoing mine planning, or permitting requirements, macroeconomic conditions and new data, among others. See Item 1A. Risk Factors of this Form 10-K for more information on risks.
Item 3. Legal Proceedings
We are a party from time to time in various legal actions arising in the normal course of business, the outcomes of which, in the opinion of management, neither individually nor in the aggregate are likely to result in a material adverse effect on our financial position, operating results and cash flows. For information regarding material legal proceedings pending against us at December 31, 2025, refer to Note 17. Commitments and Contingencies to the consolidated financial statements included herein.
Item 4. Mine Safety Disclosures
Not applicable.
31
Table of Contents
PART II
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Our common stock trades on the NASDAQ Global Market under the symbol: CENX.
Holders
As of February 24, 2026, there were 79 holders of record of our common stock, which does not include the number of beneficial owners whose common stock was held in street name or through fiduciaries.
Dividend Information
We did not declare dividends on our common stock in 2025 or 2024. We do not plan to declare cash dividends in the foreseeable future. Any declaration of dividends is at the discretion of our Board of Directors.
Our agreements governing our existing debt contain restrictions which limit our ability to pay dividends. Additional information about the terms of our long-term borrowing agreements is available at Note 8. Debt to the consolidated financial statements included herein.
32
Table of Contents
Stock Performance Graph
The following line graph compares Century Aluminum Company’s cumulative total return to stockholders with the cumulative total return of the S&P 500 Index and the Dow Jones U.S. Aluminum Total Return Index. These comparisons assume the investment of $100 on December 31, 2020 and the reinvestment of dividends.
Comparison of Cumulative Total Return to Stockholders from December 31, 2020 through December 31, 2025
| As of December 31, | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |||||||||||||||||||||||||||||
| Century Aluminum Company | $ | 100 | $ | 150 | $ | 74 | $ | 110 | $ | 165 | $ | 355 | |||||||||||||||||||||||
Dow Jones U.S. Aluminum Total Return Index | 100 | 129 | 105 | 133 | 166 | 196 | |||||||||||||||||||||||||||||
| S&P 500 Index | 100 | 259 | 199 | 151 | 169 | 241 | |||||||||||||||||||||||||||||
Issuer Purchases of Equity Securities during the three months ended December 31, 2025
There were no issuer purchases of equity securities during the three months ended December 31, 2025. See Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources Other Items for a discussion of the current stock repurchase authorization.
Item 6. [Reserved]
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
This Management’s Discussion and Analysis (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Century Aluminum Company and its subsidiaries (collectively, “Century,” the “Company,” “our” and “we”) and should be read in conjunction with the accompanying consolidated financial statements and related notes thereto in Item 8. Financial Statements and Supplementary Data and in Item 1A. Risk Factors. This MD&A contains “forward-looking statements” - See “Forward-Looking Statements” above. The following discussion and analysis are for the year ended December 31, 2025, compared with the same period in 2024 unless otherwise stated. For discussion and analysis of the year ended December 31, 2024, compared with the same period in 2023, please refer to "Management’s Discussion and Analysis of Financial Condition and Results of Operations" included in Part II, Item 7. of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the "SEC") on March 3, 2025.
33
Table of Contents
Overview
We are a global producer of alumina and primary aluminum with production facilities in the United States. Iceland and Jamaica. Our primary aluminum smelters are concentrated in the U.S. and Iceland, while in Jamaica we maintain a 55% joint venture interest in the Jamalco alumina refinery, from which we off-take a commensurate amount of alumina production. We intend for the majority of our Jamalco off-take to be consumed internally at our primary aluminum smelters in a vertical integration model. We also own a carbon anode production facility located in the Netherlands. Carbon anodes are consumed in the production of primary aluminum. Vlissingen supplies carbon anodes to our aluminum smelter in Iceland. Each of our aluminum smelters in the United States produces anodes at on-site facilities.
The key determinants of our results of operations and cash flow from operations are as follows:
•the price of primary aluminum, which is based on the London Metal Exchange ("LME") and other exchanges, plus any regional premiums and value-added product premiums;
•the cost of goods sold, the principal components of which are electrical power, alumina, carbon products, labor and other controllable costs, which in aggregate represent more than 84% of our cost of goods sold; and
•our production volume and product mix.
Recent Developments
New Smelter Project
On January 26, 2026, we announced that we had entered into a joint development agreement with EGA to build the first new primary aluminum smelter in the United States since our Mt. Holly facility came online in 1980. Under the joint development agreement, EGA will own 60 percent of the joint venture, with Century Aluminum owning the remaining 40 percent. The new plant, to be built in Inola, Oklahoma, is expected to produce 750,000 tonnes of aluminum per year, more than doubling current U.S. production. Construction of the project is expected to start by the end of 2026, subject to the completion of detailed engineering work, completion of negotiations with Public Service Company of Oklahoma on a competitive long-term power supply agreement and the negotiation of a definitive joint venture agreement with EGA.
Sale of Hawesville
On February 2, 2026, we completed the sale of our Hawesville, Kentucky facility to an affiliate of Terawulf, Inc. for $200.0 million in cash and a 6.8% non-dilutive minority equity interest in the Terawulf affiliate that intends to develop and own a high-performance computing/artificial intelligence data center on the site (the “Data Center Minority Interest”). A large portion of the proceeds are intended to be deployed to expand our domestic primary aluminum production capacity through the restart of the last potline at our Mt. Holly facility and investments in our new smelter project. See “Risk Factors – The new smelter joint venture project with EGA is subject to numerous risks and uncertainties.”
Grundartangi Equipment Failure
In October 2025, our Grundartangi smelter was forced to temporarily idle production on one of its two potlines due to the failure of two transformers over a seven week period in September and October 2025. As a result, production at the smelter has been temporarily reduced by approximately two-thirds. Grundartangi’s other potline remains unaffected and in full production. We expect that losses arising from this event, less applicable deductibles, will be covered under our insurance policies. We currently estimate that we will begin resumption of production of the idled potline by the end of April 2026.
Section 232 Aluminum Tariff
In March 2018, the U.S. implemented a 10% tariff on imported primary aluminum products into the U.S. These tariffs are intended to protect U.S. national security and incentivize primary aluminum production in the U.S., reducing reliance on imports and ensuring that domestic producers, like Century, can supply all the aluminum necessary for critical industries and national defense. In addition to primary aluminum products, the tariffs also cover certain other semi-finished products. All imports that directly compete with our products are covered by the tariff.
In February 2025, President Trump issued a new Presidential Proclamation directing the tariff rate on imported primary aluminum to be increased from 10% to 25% and for all existing country exemptions or product exclusion to be ended, in each case effective March 12, 2025. Then, in May 2025, President Trump again increased tariffs on primary aluminum from 25% to
34
Table of Contents
50%, effective June 4, 2025. Since the implementation of these changes to the Section 232 tariff program, the Midwest Premium has increased, which has had a material positive impact on our financial position and results of operations.
U.S. Department of Energy Award
On January 10, 2025, the Company entered into a Cooperative Agreement with the U.S. Department of Energy's ("DOE") Office of Clean Energy Demonstrations for up to $500 million in Bipartisan Infrastructure Law and Inflation Reduction Act funding to build a new aluminum smelter as part of the Industrial Demonstrations Program. With the help of this funding, we intend to construct, own and operate together with EGA in Inola, Oklahoma.
Section 45X of the Inflation Reduction Act
On October 24, 2024, the U.S. Treasury Department and the Internal Revenue Service issued final regulations implementing Section 45X of the Inflation Reduction Act (the "IRA"), which provide guidance on rules taxpayers must satisfy to qualify for the advanced manufacturing production tax credit provided by the IRA. The government has incentivized the production of aluminum by offering a tax credit equal to 10% of eligible domestic production costs. Based on the final regulations, we have recognized a receivable and corresponding offset to cost of goods sold and selling, general and administrative expenses. Any changes to the final regulations could result in a subsequent adjustment to the estimated credit as of December 31, 2025.
President Trump signed Public Law No: 119-21, the One Big Beautiful Bill Act (the "Act") into law on July 4, 2025, which marks the date of enactment for the tax provisions included in the Act. The Act removed the exemption for critical minerals related to the phase out of the advanced manufacturing production tax credit under Internal Revenue Code Section 45X of the Inflation Reduction Act of 2022 and final regulations issued in October of 2024. Under the Act, beginning in 2031, the amount of the tax credit will be reduced by 25% each year and reduced to 0% in 2034. Additionally, the Act made changes to, but not limited to, permanently extending bonus depreciation that permits full expensing of qualified property, and changes to limitations on the deductibility of interest expense. The Act did not have a material impact on our financial results for the year ended December 31, 2025. We will continue to evaluate the effects of the Act on our results as further guidance is issued.
Acquisition of 55% interest in Jamalco
On May 2, 2023, our wholly-owned subsidiary, Century Aluminum Jamaica Holdings, Inc., completed the acquisition of all the outstanding share capital of General Alumina Holdings Limited, the holder of a 55% interest in Jamalco, an unincorporated joint venture with the Government of Jamaica through its controlled entity Clarendon Alumina Production Limited. Jamalco is engaged in bauxite mining and alumina refining in Jamaica. The Company's wholly-owned subsidiary, General Alumina Jamaica Limited, is the managing partner of the Jamalco joint venture. Jamalco has alumina production capacity of approximately 1.4 million tonnes. We recognized a bargain purchase gain of $245.9 million in connection to the acquisition within the Consolidated Statements of Operations for the year ended December 31, 2024. Refer to Note 2. Acquisition of Jamalco for further information.
Jamalco Equipment Failure
In June 2023, Jamalco experienced a power disruption caused by damage to its power generation unit. The equipment failure resulted in a loss of production at Jamalco of approximately 84,000 tonnes for the year ended December 31, 2023. The impact of the equipment failure on gross margin was approximately $30.4 million. Despite returning the equipment to full capacity as of the end of October 2023, we continued to see some inefficiencies into the first quarter of 2024. We are engaged with our insurance carriers in connection with the equipment failure to determine the specific amount of coverage available to us, including any applicable deductibles.
Pricing of Aluminum
The overall price of primary aluminum consists of three components: (i) the base commodity price, which is based on quoted prices on the LME and other exchanges; plus (ii) any regional premium (e.g., the Midwest premium for metal sold in the United States ("MWP") and the European Duty Paid premium for metal sold into Europe); plus (iii) any value-added product premium. Each of these price components has its own drivers and variability.
The price of aluminum is influenced by a number of factors, including global supply-demand balance, inventory levels, speculative activities by market participants, production activities by producers, geopolitical and economic conditions, as well
35
Table of Contents
as production costs in major production regions. These factors can be highly variable and difficult to predict which can lead to significant volatility in the price of aluminum. Increases or decreases in primary aluminum prices result in variability in our revenues (assuming all other factors are unchanged). From time to time, we may seek to manage our exposure to fluctuations in the LME price of primary aluminum and/or associated regional premiums through financial instruments designed to limit our downside price risk. Information regarding financial contracts is included in Note 20. Derivatives and risks affiliated with such financial contracts are disclosed specifically in Item 1A. Risk Factors.
The historic volatility of the price of aluminum is reflected in the chart below:
During 2025, global, macroeconomic trends continued to impact global LME inventory levels which remain near all-time lows. Low inventory levels, challenged aluminum supply growth and improving global demand for aluminum all led to a supportive pricing environment for aluminum in 2025. The following table summarizes the average price for primary aluminum per tonne for the years ended December 31, 2025, 2024 and 2023.
| December 31, | ||||||||||||||||||||
| ($ per tonne) | 2025 | 2024 | 2023 | |||||||||||||||||
| Average LME | $ | 2,630 | $ | 2,419 | $ | 2,252 | ||||||||||||||
| Average MWP | $ | 1,295 | $ | 427 | $ | 512 | ||||||||||||||
| Average EDPP | $ | 252 | $ | 314 | $ | 277 | ||||||||||||||
Restatement of Prior Period Results
Subsequent to the issuance of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, the Company identified an error in its historical financial statements related to its accounting for the consolidation of its Jamalco joint venture whereby the Company previously used the proportionate method of consolidation for certain of Jamalco's net assets versus the full consolidation method. The Company determined that corrections to the financial statements for the impacts of this error were required for all impacted prior periods presented in this Annual Report on Form 10-K. Therefore, the Company has
36
Table of Contents
reflected these corrections in the consolidated financial statements for the periods presented in this Annual Report on Form 10-K and in the discussion under "- Results of Operations" and "- Liquidity and Capital Resources" below. See Explanatory Note, Note 22. Restatement of Previously Issued Financial Statements and Note 23. Quarterly Financial Information (Unaudited and Restated) for additional information.
Results of Operations
The following discussion for the year ended December 31, 2025 reflects no change in production capacities as compared to the year ended December 31, 2024.
Our net sales are impacted primarily by the LME price for aluminum, regional and value-added premiums, and the volume and product mix of aluminum we ship during the period. In general, our results reflect the LME and regional premium pricing on an approximately one to three month lag basis reflecting contractual terms with our customers.
Our operating costs are significantly impacted by changes in the prices of the materials used in the production of aluminum, including alumina, electrical power and carbon products. These costs may be subject to increasing inflationary pressures, which could adversely affect our business, financial condition and results of operations. Because we sell our products based principally on the LME price for primary aluminum, regional premiums and value-added product premiums, we are unable to pass increased production costs on to our customers. Although we attempt to mitigate the effects of price fluctuations from time to time through the use of various fixed-price commitments, financial instruments and also by negotiating LME-based pricing in some of our raw materials and electrical power contracts, these efforts also limit our ability to take advantage of favorable changes in the market prices for primary aluminum or raw materials and may affect our financial position, results of operations and cash flows.
Alumina and electrical power represent the two largest components of our cost of goods sold. As a result, the availability of these cost components at competitive prices is critical to the profitability of our operations. The pricing under our alumina supply contracts varies from contract to contract. A major portion of our alumina requirements is indexed to the price of primary aluminum, which provides a natural hedge to one of our largest production costs. We also purchase alumina based on a published alumina index and at fixed prices. The alumina price is influenced by a number of factors, including global supply-demand balance, natural disasters and weather events, and other factors outside of our control. Additionally, with our acquisition of a 55% interest in Jamalco, we secured a long-term supply of alumina and achieved increased transparency and control of our supply chain. The average market alumina index price as a percentage of market LME price per tonne was 15% for 2025, 21% for 2024 and 15% for 2023.
Electrical power is our other largest operating cost. Currently, our Sebree plant receives all of its electricity requirements under a market-based power agreement. Market-based energy prices are driven in large part by the price of coal, natural gas, and other fuel sources, weather influenced reservoir or generation levels for wind, solar and hydro production and weather-influenced electric loads. Extreme weather events, such as that experienced in mid-February 2021 throughout the United States, the low rain levels experienced in Nordic regions during winter 2021, 2022 and 2024, can result in low generation, power outages and/or significant increases in demand, which may result in significant increased power costs incurred in our operations. In December 2023 and August 2024, and again a year later, continued dry and cold conditions led the largest hydro energy company to issue partial curtailment orders across their industrial customers, including our Grundartangi smelter. The end of these curtailments remain subject to weather patterns and reservoir levels in Iceland and other factors. Additionally, extreme geopolitical events, such as the on-going Russia-Ukraine conflict, which led to the cut-off of natural gas supply to Western Europe and increased exports of U.S natural gas as result, may result in significant power costs globally.
Century Aluminum of South Carolina, Inc. ("CASC") has a power supply agreement with Santee Cooper that has an effective term through December 2031. Under this power supply agreement, 100% of Mt. Holly’s electrical power requirements are supplied from Santee Cooper’s generation at cost of service based rates. The contract provides sufficient energy to allow Mt. Holly to operate at full production capacity.
In Iceland, approximately 70% of the power requirements for our Grundartangi plant are fully-indexed to the price of primary aluminum, which provides a natural hedge of one of our largest production costs. Approximately 30% of the power is priced at a fixed price with an additional LME-linked component.
Shipment volume is another key determinant of our financial results. Fluctuations in production and shipment volumes, other than through acquisitions or expansions, are generally small period over period. Any adverse changes in the conditions that affect shipment volumes could have a material adverse effect on our results of operations and cash flows.
37
Table of Contents
SHIPMENTS - PRIMARY ALUMINUM(1) | |||||||||||||||||||||||||||||||||||
| United States | Iceland | Total | |||||||||||||||||||||||||||||||||
| Tonnes | Revenue | Tonnes | Revenue | Tonnes | Revenue | ||||||||||||||||||||||||||||||
| (dollars in millions) | |||||||||||||||||||||||||||||||||||
| 2025 | 371,708 | $ | 1,411.7 | 275,404 | $ | 785.6 | 647,112 | $ | 2,197.3 | ||||||||||||||||||||||||||
| 2024 | 378,193 | $ | 1,076.6 | 299,774 | $ | 793.3 | 677,967 | $ | 1,867.9 | ||||||||||||||||||||||||||
| 2023 | 389,331 | $ | 1,139.0 | 311,349 | $ | 827.0 | 700,680 | $ | 1,966.0 | ||||||||||||||||||||||||||
(1)Excludes scrap aluminum, purchased aluminum and alumina sales
| Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| (As Restated) | ||||||||||||||
| Net sales | ||||||||||||||
| Related parties | $ | 1,365.5 | $ | 1,312.1 | ||||||||||
| Other customers | 1,162.4 | 908.2 | ||||||||||||
| Total net sales | 2,527.9 | 2,220.3 | ||||||||||||
| Gross profit | 256.4 | 172.0 | ||||||||||||
| Selling, general and administrative expenses | 79.9 | 56.8 | ||||||||||||
| Net (loss) gain on forward and derivative contracts - nonaffiliates | (94.7) | 2.5 | ||||||||||||
| Net gain (loss) on forward and derivative contracts - affiliates | — | (0.5) | ||||||||||||
| Loss on early extinguishment of debt | (7.7) | — | ||||||||||||
| Bargain purchase gain | — | 245.9 | ||||||||||||
| Income tax benefit (expense) | 13.1 | (3.2) | ||||||||||||
| Net income | 15.8 | 306.7 | ||||||||||||
| Net loss attributable to noncontrolling interests | (26.0) | (30.1) | ||||||||||||
| Net income attributable to Century stockholders | 41.8 | 336.8 | ||||||||||||
Net sales
Net sales increased by $307.6 million for the twelve months ended December 31, 2025, compared to the same period in 2024, primarily due to favorable realized LME and regional price premiums of $415.9 million, partially offset by decreased third party alumina sales of $54.6 million and unfavorable volume and sales mix of $107.4 million.
Gross profit
Gross profit increased by $84.4 million for the twelve months ended December 31, 2025, compared to the same period in 2024, primarily due to favorable realized LME and regional price premiums of $415.9 million, partially offset by unfavorable raw material price realization of $115.7 million, higher power price realization of $93.0 million, higher other costs of $72.5 million including increased maintenance costs for non-recurring engineering projects, labor expenses associated with the Mt. Holly restart project and ramp up expenses related to the completed Grundartangi casthouse, and unfavorable volume and sales mix of $42.1 million.
Selling, general and administrative expenses
Selling, general and administrative expenses increased by $23.1 million for the twelve months ended December 31, 2025 2025 compared to the same period in 2024, primarily due to increases in share-based compensation due to the increase in the Company's stock price year over year. See Note 14. Share-based compensation to the consolidated financial statements included herein for additional information.
38
Table of Contents
Net (loss) gain on forward and derivative contracts - nonaffiliates
Net loss on forward and derivative contracts - nonaffiliates changed by $97.2 million for the twelve months ended December 31, 2025 compared to the same period in 2024, primarily due to an increase in volumes and fluctuations in forward prices related to MWP and LME hedges. See Note 20. Derivatives to the Consolidated Financial Statements included herein for additional information.
Net (loss) gain on forward and derivative contracts - affiliates
Net loss on forward and derivative contracts - affiliates was zero for the twelve months ended December 31, 2025, as there were no related party contracts executed during the period. We realized a net loss of $0.5 million for the twelve months ended December 31, 2024 attributable to LME hedges.
Loss on early extinguishment of debt
Loss on early extinguishment of debt was $7.7 million for the twelve months ended December 31, 2025 due to the redemption of our Senior Secured Notes due 2028 (the "2028 Notes") and the payoff of our Grundartangi Casthouse Facility. There was no loss on early extinguishment of debt in 2024.
Bargain purchase gain
We finalized the purchase accounting as of March 31, 2024 related to the acquisition of General Alumina Holdings Limited and subsidiaries, which was acquired on May 2, 2023, and recognized $245.9 million for the year ended December 31, 2024.
Income tax benefit (expense)
We have a valuation allowance recorded against our net U.S. and Jamaican deferred tax assets, and a portion of our Icelandic deferred tax assets as of December 31, 2025. Income tax expense decreased by $16.3 million for the twelve months ended December 31, 2025 compared to the same period in 2024, primarily driven by changes in the jurisdictional mix of earnings on a year-over-year basis. See Note 16. Income Taxes to the Consolidated Financial Statements included herein for additional information.
Liquidity and Capital Resources
Liquidity
Our principal sources of liquidity are available cash and cash flow from operations. We also have access to our existing U.S. and Iceland revolving credit facilities (collectively, the "revolving credit facilities") and have raised capital in the past through public equity and debt markets. We regularly explore various other financing alternatives. Our principal uses of cash include the funding of operating costs (including post-retirement benefits), debt service requirements, capital expenditures, investments in our growth activities and in related businesses, working capital and other general corporate requirements.
We believe that cash provided from operations and financing activities will be adequate to cover our operations and business needs over the next 12 months. As of December 31, 2025, we had unrestricted cash and cash equivalents of approximately $134.2 million and unused availability under our credit facilities of $283.8 million. Our cash and cash equivalents and unused availability under our revolving credit facilities comprise our liquidity position, which was $418.0 million as of December 31, 2025. Our liquidity position at December 31, 2025 does not reflect the receipt of $200.0 million in cash and restricted cash proceeds from the sale of Hawesville or the termination of the $8.1 million letter of credit under our U.S. revolving credit facility on February 2, 2026. We may borrow and make repayments under our revolving credit facilities in the ordinary course based on a number of factors, including the timing of payments from our customers and payments to our suppliers.
The availability of funds under our credit facilities is limited by a specified borrowing base consisting of certain accounts receivable, inventory and qualified cash deposits which meet the lenders' eligibility criteria. Increases in the price of aluminum and/or restarts of previously curtailed operations, for example, increase our borrowing base by increasing our accounts receivable and inventory balances; decreases in the price of aluminum and/or curtailments of production capacity would decrease our borrowing base by reducing our accounts receivable and inventory balances.
39
Table of Contents
Our credit facilities contain customary covenants, including restrictions on mergers and acquisitions, indebtedness, affiliate transactions, liens, dividends and distributions, dispositions of collateral, investments and prepayments of indebtedness, including in the U.S. revolving credit facility, a springing financial covenant that requires us to maintain a fixed charge coverage ratio of at least 1.0 to 1.0 any time availability under the U.S. revolving credit facility is less than or equal to $25.0 million, or 10% of the borrowing base but not less than $17.9 million. We intend to maintain availability to comply with these levels any time we would not meet the ratio, which could limit our ability to access the full amount of our availability under our U.S revolving credit facility. Our Iceland revolving credit facility contains covenants that require Grundartangi to maintain a minimum equity ratio. The dividend and distribution limitations are applicable to certain of our subsidiaries only in the case of an event of default or failure to comply with certain financial covenants. As of December 31, 2025, we and our subsidiaries were in compliance with all such covenants or maintained availability above such covenant triggers.
On July 22, 2025, we completed the issuance of $400 million of Senior Secured Notes due 2032 (the "2032 Notes"). We also amended our U.S. Credit Facility to, among other things, extend the maturity date to July 22, 2030. With proceeds of the 2032 Notes, we redeemed the 2028 Notes at a redemption price of 101.875% for a total redemption price, including accrued and unpaid interest, of approximately $261.1 million. We applied the remaining net proceeds from the 2032 Notes offering to pay down our existing credit facilities including the repayment of all $116.4 million in outstanding borrowings and $1.9 million in interest under the Grundartangi Casthouse Facility, which was repaid on October 27, 2025.
In connection with our sale of the Hawesville facility, on February 2, 2026, we terminated the letter of credit in the amount of $8.1 million under our U.S. Credit Facility, effectively prepaying the IRBs.
See Note 8. Debt to the consolidated financial statements included herein for additional information on our debt.
Available Cash
Our available cash and cash equivalents balance at December 31, 2025 was $134.2 million compared to $32.9 million at December 31, 2024.
Sources and Uses of Cash
Our cash flows from operating, investing and financing activities as reflected in the Consolidated Statements of Cash Flows for the twelve months ended December 31, 2025, 2024 and 2023 are summarized below:
| Twelve months ended December 31, | |||||||||||||||||
| (in millions) | 2025 | 2024 | 2023 | ||||||||||||||
| (As Restated) | (As Restated) | ||||||||||||||||
| Net cash provided by (used in) operating activities | $ | 185.0 | $ | (24.6) | $ | 105.6 | |||||||||||
| Net cash used in investing activities | (100.2) | (80.0) | (57.8) | ||||||||||||||
| Net cash provided by (used in) financing activities | 15.1 | 50.0 | (13.0) | ||||||||||||||
| Change in cash, cash equivalents and restricted cash | $ | 99.9 | $ | (54.6) | $ | 34.8 | |||||||||||
Year Ended December 31, 2025 Compared to Year Ended December 31, 2024
The change in net cash provided by operating activities for the year ended December 31, 2025 compared to cash used in operating activities for the year ended December 31, 2024 was driven by a an increase in net income adjusted for noncash items attributable to improved LME and regional premiums, partially offset by an increase in net working capital.
The increase in net cash used in investing activities during 2025 was primarily due to higher capital expenditures associated with the project to restore the remaining curtailed capacity at Mt. Holly and the transformer failure at Grundartangi.
The decrease in net cash provided by financing activities in 2025 compared to net cash provided by financing activities in 2024 was primarily due the early redemption of the 2028 Notes, the extinguishment of the Grundartangi casthouse facility, lower net borrowings on our revolving credit facilities, payment of taxes withheld for share-based compensation and repayment on our Vlissingen Credit facility, mostly offset by proceeds from the issuance of the 2032 Notes.
40
Table of Contents
Share Repurchase Program
In 2011, our Board of Directors approved a $60.0 million common stock repurchase program and subsequently increased this program by $70.0 million in the first quarter of 2015. Under the program, Century is authorized to repurchase up to $130.0 million of our outstanding shares of common stock, from time to time, on the open market at prevailing market prices, in block trades or otherwise. The timing and amount of any shares repurchased will be determined by our management based on its evaluation of market conditions, the trading price of our common stock and other factors. We made no repurchases during the years ended 2025, 2024, and 2023. As of December 31, 2025, we had $43.7 million remaining under the repurchase program authorization. The repurchase program may be expanded, suspended or discontinued by our Board, in its sole discretion, at any time.
Capital Resources and Commitments
We intend to finance our future capital expenditures from available cash, cash flow from operations and if necessary, borrowings under our existing revolving credit facilities. For major investment projects, we would likely seek financing from various capital and loan markets and may potentially pursue the formation of strategic alliances. We may be unable, however, to issue additional debt or equity securities, or enter into other financing arrangements on attractive terms, or at all, due to a number of factors including a lack of demand, unfavorable pricing, poor economic conditions, unfavorable interest rates, or our financial condition or credit rating at the time. Future uncertainty in the U.S. and international markets and economies may adversely affect our liquidity, our ability to access the debt or capital markets and our financial condition.
On January 10, 2025, the Company entered into a Cooperative Agreement with the DOE’s Office of Clean Energy Demonstrations for up to $500 million in Bipartisan Infrastructure Law and Inflation Reduction Act (“Inflation Reduction Act”) funding. With the help of this funding, we intend to construct, own and operate together with EGA in Inola, Oklahoma. See Item 1A. Risk Factors in this Annual Report on Form 10-K for a description of certain risks related to the Cooperative Agreement.
Capital expenditures incurred for the year ended December 31, 2025 were $100.2 million. We estimate our total capital spending in 2026 will be approximately $170 to $180 million related to our ongoing investment and sustainability projects at our plants. This amount includes $60 to $70 million related to repairs at Grundartangi that we expect to be reimbursed by insurance, approximately $45 million representing investments related to the restart of operations at Mt. Holly and approximately $25 million representing investments in our Jamalco facility.
Our material contractual obligations consist of purchase obligations under long-term alumina and power contracts, debt and related interest payments and operating leases. See Note 18. Asset Retirement Obligations, Note 17. Commitments and Contingencies, Note 8. Debt and Note 6. Leases and to the accompanying consolidated financial statements for additional information regarding future maturities of debt and operating leases and obligations under power contracts.
We have certain legal commitments, including obligations related to retiree medical benefits, pension contributions, power supply contracts, and labor agreements. These include a settlement agreement for retiree medical benefits requiring annual payments and power supply arrangements with terms extending through 2036. Our legal commitments also include an immaterial amount due to retirees and the plan administrator related to the termination of our labor contract agreement at Hawesville. We are also a defendant in several actions relating to various aspects of our business. While it is impossible to predict the ultimate disposition of any litigation, we do not believe that any of these lawsuits, either individually or in the aggregate, will have a material adverse effect on our financial condition, results of operations or liquidity. See Note 17. Commitments and Contingencies to the consolidated financial statements included herein for additional information.
Supplemental Guarantor Financial Information
The Company has filed a Registration Statement on Form S-3 (the "Universal Shelf Registration Statement") with the SEC pursuant to which the Company may, from time to time, offer an indeterminate amount of securities, which may include securities that are guaranteed by certain of the Company's subsidiaries. As of December 31, 2025, we have not issued any debt securities pursuant to the Universal Shelf Registration Statement. However, any securities that we may issue in the future may limit our ability, and the ability of certain of our subsidiaries, to pay dividends or make distributions in respect of capital stock.
"Guarantor Subsidiaries" refers to all of our material domestic subsidiaries except for Nordural US LLC, Century Aluminum Development LLC, Century Aluminum of West Virginia, Inc. and Century Aluminum Jamaica Holdings, Inc. The Guarantor Subsidiaries are 100% owned by Century. All guarantees will be full and unconditional; all guarantees will be joint
41
Table of Contents
and several. Our foreign subsidiaries, together with Nordural US LLC, Century Aluminum Development LLC, Century Aluminum of West Virginia, Inc. and Century Aluminum Jamaica Holdings, Inc. are collectively referred to as the "Non-Guarantor Subsidiaries." We allocate corporate expenses or income to our subsidiaries and charge interest on certain intercompany balances.
The following summarized financial information of both the Company and the Guarantor Subsidiaries ("Guarantors") is presented on a combined basis. Intercompany balances and transactions between the Company and the Guarantors have been eliminated and the summarized financial information does not reflect investments of the Company or the Guarantors in the Non-Guarantor Subsidiaries. The Company’s or Guarantors’ amounts due from, amounts due to, and transactions with the Non-Guarantor Subsidiaries are disclosed below:
| December 31, 2025 | December 31, 2024 | ||||||||||
| Current assets | $ | 646.0 | $ | 414.0 | |||||||
| Non-current assets | 833.7 | 698.4 | |||||||||
| Current liabilities | 268.2 | 247.1 | |||||||||
| Non-current liabilities | 607.6 | 490.4 | |||||||||
| Twelve months ended December 31, 2025 | |||||
| Net sales | $ | 2,063.6 | |||
| Gross profit (loss) | 334.7 | ||||
| Income (loss) before income taxes | 160.2 | ||||
| Net income (loss) | 41.8 | ||||
As of December 31, 2025 and December 31, 2024, an intercompany receivable due to the Company and Guarantors from the Non-Guarantor Subsidiaries totaled $72.9 million and $40.4 million, respectively, and an intercompany non-current loan due to the Company from the Non-Guarantor Subsidiaries totaled $509.4 million and $358.1 million, respectively. As of December 31, 2024 and December 31, 2025, there was no intercompany current loan.
Critical Accounting Estimates
Our significant accounting policies are described in Note 1. Summary of Significant Accounting Policies to the consolidated financial statements. The preparation of the financial statements requires that management make judgments, assumptions and estimates in applying these accounting policies. Those judgments are normally based on knowledge and experience about past and current events and on assumptions about future events. Critical accounting estimates require management to make assumptions about matters that are highly uncertain at the time of the estimate and a change in these estimates may have a material impact on our financial position or results of operations. Significant judgments and estimates made by our management include expenses and liabilities related to inventories, pensions and other postretirement benefits ("OPEB"), deferred tax assets and property, plant and equipment. Our management has discussed the development and selection of these critical accounting estimates with the audit committee of our Board of Directors and the Audit Committee has reviewed our disclosure.
Inventories
Our inventories are stated at lower of cost or net realizable value ("NRV").
Our estimate of the market value of our inventories involves establishing a net realizable value for both finished goods and the components of inventory that will be converted to finished goods, raw materials and work in process. This requires management to use its judgment when making assumptions about future selling prices and the costs to complete our inventory during the period in which it will be sold.
Our assumptions are subject to inherent uncertainties given the volatility surrounding the market price for primary aluminum sales and the market price for our major inputs, alumina and electrical power.
42
Table of Contents
Although we believe that the assumptions used to estimate the market value of our inventory are reasonable, actual market conditions at the time our inventory is sold may be more or less favorable than management’s current estimates.
Pension and Other Postretirement Benefit Liabilities
We sponsor several pension and OPEB plans. Our liabilities under these defined benefit plans are determined using methodologies that involve several actuarial assumptions, the most significant of which are the discount rate and the long-term rate of return on plan assets. We review our actuarial assumptions on an annual basis and make modifications to the assumptions when appropriate.
Discount Rate Selection
We select a discount rate for purposes of measuring obligations under defined benefit plans by matching cash flows separately for each plan to the yields on high-quality zero coupon bonds. We use the Ryan Above Median Yield Curve (the "Ryan Curve"). We believe the projected cash flows used to determine the Ryan Curve rate provide a good approximation of the timing and amounts of our defined benefit payments under our plans and no adjustment to the Ryan Curve rate has been made.
| Weighted Average Discount Rate Assumption for: | 2025 | 2024 | |||||||||
| Pension plans | 6.00% | 5.99% | |||||||||
| OPEB plans | 5.39% | 5.62% | |||||||||
A change of a half percentage point in the discount rate for our defined benefit plans would have the following effects on our obligations under these plans as of December 31, 2025:
| Effect of changes in the discount rates on the Projected Benefit Obligations for: | 50 basis point increase | 50 basis point decrease | |||||||||
| (dollars in millions) | |||||||||||
| Pension plans | $ | (13.3) | $ | 14.7 | |||||||
| OPEB plans | (2.9) | 3.1 | |||||||||
Long-term Rate of Return on Plan Assets Assumption
Our expected long-term rate of return on plan assets is derived from our asset allocation strategies and anticipated future long-term performance of individual asset classes. Our analysis gives consideration to recent plan performance and historical returns; however, the assumptions are primarily based on long-term, prospective rates of return. The weighted average long-term rate of return on plan assets for our defined benefit pension plans is 7.40% for 2025.
Based on information provided by independent actuaries and other relevant sources, the Company believes that the assumptions used to estimate expenses, assets and liabilities of pensions and other postretirement benefits are reasonable; however, changes in these assumptions could impact the Company’s financial position, results of operations or cash flows.
Deferred Income Tax Assets
We regularly assess the likelihood that deferred tax assets will be recovered from future taxable income. To the extent we believe that it is more likely than not that a deferred tax asset will not be realized, a valuation allowance is established. The amount of a valuation allowance is based upon our best estimate of our ability to realize the net deferred tax assets. We have a valuation allowance of $471.0 million recorded against our net U.S. and Jamaican deferred tax assets and a portion of our Icelandic deferred tax assets as of December 31, 2025.
Property, Plant and Equipment Impairment
We review our property, plant and equipment for impairment whenever events or circumstances indicate that the carrying amount of these assets (or asset group) may not be recoverable. The carrying amount of the assets (or asset group) is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the assets (or asset group). In that case, an impairment loss would be recognized for the amount by which the carrying amount
43
Table of Contents
exceeds the fair value of the assets (or asset group), with the fair value determined using a discounted cash flow calculation. These estimates of future cash flows include management’s assumptions about the expected use of the assets (or asset group), the remaining useful life, expenditures to maintain the service potential, market and cost assumptions.
Determination as to whether and how much an asset is impaired involves significant management judgment involving highly uncertain matters, including estimating the future sales volumes, future selling prices and estimated raw material and conversion costs, alternative uses for the asset, and estimated proceeds from the disposal of the asset.
Inflation Reduction Act Manufacturing Production Credit
Our estimate of the Section 45X advanced manufacturing production tax credit is based on Final Regulations released by the U.S. Department of the Treasury and the Internal Revenue Service on October 24, 2024. Based on the final regulations, we have recognized a receivable and corresponding offset to cost of goods sold and selling, general and administrative expenses. A change in eligible costs of $10 million would impact our estimate by $1 million.
President Trump signed Public Law No: 119-21, the One Big Beautiful Bill Act (the "Act") into law on July 4, 2025, which marks the date of enactment for the tax provisions included in the Act. The Act removed the exemption for critical minerals related to the phase out of the advanced manufacturing production tax credit under Internal Revenue Code Section 45X of the Inflation Reduction Act of 2022 and final regulations issued in October of 2024. Under the Act, beginning in 2031, the amount of the tax credit will be reduced by 25% each year and reduced to 0% in 2034. Additionally, the Act made changes to, but not limited to, permanently extending bonus depreciation that permits full expensing of qualified property, and changes to limitations on the deductibility of interest expense. The Act did not have a material impact on our financial results for the year ended December 31, 2025. We will continue to evaluate the effects of the Act on our results as further guidance is issued.
Recently Issued Accounting Standards Updates
Information regarding recently issued accounting pronouncements is included in Note 1. Summary of Significant Accounting Policies to the consolidated financial statements included herein.
Item 7A. Quantitative and Qualitative Disclosures about Market Risk
Commodity Price and Raw Material Costs Sensitivities
Aluminum is an internationally traded commodity, and its price is effectively determined on the LME plus any regional premium (e.g. the Midwest premium for aluminum sold in the United States and the European Duty Paid premium for metal sold into Europe) and any value-added product premiums. From time to time, we may manage our exposure to fluctuations in the LME price of primary aluminum and/or associated regional premiums through financial instruments designed to protect our downside price risk exposure. From time to time, we also enter into financial contracts to offset fixed price sales arrangements with certain of our customers (the "fixed for floating swaps").
We are also exposed to price risk for our raw materials which are the largest components of our cost of goods sold. Certain of our raw materials are purchased based on published market prices. As a result, our cost structure is exposed to market fluctuations and price volatility. Because we sell our products based principally on the LME price for primary aluminum, regional premiums and value-added product premiums, we are not able to directly pass on increased production costs to our customers. From time to time, we may manage our exposure to fluctuations in our alumina costs by purchasing certain of our alumina requirements under supply contracts with prices tied to the same indices as our aluminum sales contracts (the LME price of primary aluminum).
Market-Based Power Price Sensitivity
Market-Based Electrical Power Agreements
Sebree has a market-based electrical power agreement with Kenergy and Century Marketer LLC ("Century Marketer"), Century's wholly-owned subsidiary that acts as a MISO market participant. Under this agreement, Century Marketer purchases electrical power on the open market for resale to Kenergy, which then resells the power to Sebree at MISO energy pricing, plus transmission and other costs incurred by them. See Item 1. Business - Key Production Costs - Electrical Power Supply Agreements for additional information about these market-based power agreements.
44
Table of Contents
Power is supplied to Grundartangi from hydroelectric and geothermal sources under long-term power purchase agreements with three separate suppliers - HS, Landsvirkjun and OR. These power purchase agreements, which expire on various dates from 2026 through 2036 (subject to extension). The power purchase agreements with each of HS and OR provide power at LME-based variable rates for the duration of these agreements. The larger Landsvirkjun agreement provides for fixed rate with an additional variable rate linked to the LME.
From time to time, we may manage our exposure to fluctuations in the market price of power through financial instruments designed to protect our downside risk exposure.
Electrical Power Price Sensitivity
Given our market-based power supply agreements, we have electrical power price risk for our operations, whether due to fluctuations in the price of power available on the MISO power market or the price of natural gas or other inputs. Power represents one of our largest operating costs, so changes in the price and/or availability of market power could significantly impact the profitability and viability of our operations. Transmission line outages, problems with grid stability or limitations on energy import capability could also increase power prices, disrupt production through pot instability or force a curtailment of all or part of the production at these facilities. In addition, indirect factors that lead to power cost increases, such as any increasing prices for natural gas or coal, fluctuations in or extremes in weather patterns or new or more stringent environmental regulations may severely impact our financial condition, results of operations and liquidity.
The consumption shown in the table below reflects each operation at 100% production capacity and does not reflect production curtailments.
| Electrical power price sensitivity by location: | |||||||||||||||||||||||
| Sebree | Mt. Holly | Grundartangi | Total | ||||||||||||||||||||
Expected average load (in megawatts ("MW")) | 385 | 400 | 543 | 1,328 | |||||||||||||||||||
| Annual expected electrical power usage (in megawatt hours ("MWh")) | 3,372,600 | 3,504,000 | 4,756,680 | 11,633,280 | |||||||||||||||||||
| Annual cost impact of an increase or decrease of $1 per MWh (in millions) | $ | 3.4 | $ | 3.5 | $ | 4.8 | $ | 15.9 | |||||||||||||||
Foreign Currency
We are exposed to foreign currency risk due to fluctuations in the value of the U.S. dollar as compared to the Iceland krona ("ISK"), the Euro, the Chinese renminbi, the Jamaican dollar and other currencies. Grundartangi’s labor costs, part of its maintenance costs and other local services are denominated in ISK and a portion of its anode costs are denominated in Euros and Chinese renminbi. We also have deposits denominated in ISK in Icelandic banks, and our estimated payments of Icelandic income taxes and any associated refunds are denominated in ISK. Vlissingen's labor costs, maintenance costs and other local services are denominated in Euros. Further, Jamalco's labor costs, maintenance costs, and other local services are denominated in Jamaican dollars. We also have deposits denominated in Jamaican dollars in Jamaican banks and our estimated payments of Jamaican income taxes and any associated refunds are denominated in Jamaican dollars. As a result, an increase or decrease in the value of those currencies relative to the U.S. dollar would affect Grundartangi’s, Vlissingen's and Jamalco's operating margins.
We may manage our exposure by entering into foreign currency forward contracts or option contracts for forecasted transactions and projected cash flows for foreign currencies in future periods.
Natural Economic Hedges
Any analysis of our exposure to the commodity price of aluminum should consider the impact of natural hedges provided by certain contracts that contain pricing indexed to the LME price for primary aluminum. Certain of our alumina contracts and a substantial portion of Grundartangi’s electrical power requirements are indexed to the LME price for primary aluminum and provide a natural hedge for a portion of our production.
45
Table of Contents
Risk Management
Any metals, power, natural gas and foreign currency risk management activities are subject to the control and direction of senior management within guidelines established by Century’s Board of Directors. These activities are regularly reported to and reviewed by Century’s Board of Directors.
Fair Values and Sensitivity Analysis
The following tables present the fair values of our derivative assets and liabilities as of year-end 2025 and 2024 and the effect on the fair value of a hypothetical ten percent (10%) adverse change in the market prices in effect at December 31, 2025 and 2024. Our risk management activities do not include any trading or speculative transactions.
| Asset Fair Value | Asset Fair Value with 10% Adverse Price Change | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Commodity contracts (1) | $ | 1.9 | $ | 4.5 | $ | 1.6 | $ | (3.7) | |||||||||||||||
Foreign exchange contracts (2) | — | — | — | — | |||||||||||||||||||
| Total | $ | 1.9 | $ | 4.5 | $ | 1.6 | $ | (3.7) | |||||||||||||||
| Liability Fair Value | Liability Fair Value with 10% Adverse Price Change | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Commodity contracts (1) | $ | 66.0 | $ | 4.4 | $ | 92.0 | $ | (0.2) | |||||||||||||||
Foreign exchange contracts (2) | — | — | — | — | |||||||||||||||||||
| Total | $ | 66.0 | $ | 4.4 | $ | 92.0 | $ | (0.2) | |||||||||||||||
(1)Commodity contracts reflect our outstanding LME and MWP forward financial sales contracts, fixed for floating swaps, HFO price swaps and Indiana Hub power price swaps.
(2)Foreign exchange contracts reflect our outstanding FX swaps and the casthouse currency hedges.
46
Table of Contents
Item 8. Financial Statements and Supplementary Data
INDEX TO FINANCIAL STATEMENTS
| Page | |||||
Reports of Independent Registered Public Accounting Firm (PCAOB ID No. | 48 | ||||
Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023 | 52 | ||||
Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2025, 2024 and 2023 | 53 | ||||
Consolidated Balance Sheets at December 31, 2025 and 2024 | 54 | ||||
Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023 | 55 | ||||
Consolidated Statements of Shareholders’ Equity for the Years Ended December 31, 2025, 2024 and 2023 | 57 | ||||
| Notes to the Consolidated Financial Statements | 58 | ||||
47
Table of Contents
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the shareholders and the Board of Directors of Century Aluminum Company
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Century Aluminum Company and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive (loss) income, shareholders' equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 2, 2026, expressed an adverse opinion on the Company's internal control over financial reporting because of a material weakness.
Restatement of the Financial Statements
As discussed in Notes 1 and 22 to the financial statements, the accompanying 2024 and 2023 financial statements have been restated for the correction of a misstatement.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Income Taxes - Refer to Note 1 and Note 16 to the financial statements
Critical Audit Matter Description
The Company regularly assesses the likelihood that deferred tax assets will be recovered from future taxable income. To the extent the Company believes that it is more likely than not that a deferred tax asset will not be realized, a valuation allowance is established. When a valuation allowance is established or increased, an income tax charge is included in the Consolidated Statements of Operations and net deferred tax assets are adjusted accordingly. Future changes in tax laws, statutory tax rates and taxable income levels could result in actual realization of the deferred tax assets being materially different from the amounts provided for in the consolidated financial statements. If the actual recovery amount of the deferred tax asset is less than anticipated, the Company would be required to write-off the remaining deferred tax asset and increase the tax provision.
We identified management’s determination that it is more likely than not that the U.S. deferred tax assets will not be realized as
48
Table of Contents
a critical audit matter because of the significant judgments and estimates management makes in evaluating the positive and negative evidence, including future taxable income. This required a high degree of auditor judgment and an increased extent of effort, including the need to involve our income tax specialists, when performing audit procedures to evaluate the reasonableness of management’s significant judgments and estimates.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to the assessment of the U.S. valuation allowance included the following, among others:
•We tested the effectiveness of internal controls over deferred tax assets, including controls related to management’s determination of whether or not it is more likely than not that the deferred tax assets may not be recoverable.
•Obtained an understanding of management’s process to assess the U.S. deferred tax assets for realizability including how management analyzed its significant assumptions’ sensitivity to change.
•Evaluated the reasonableness of the methods, assumptions, and judgments used by management to determine whether a valuation allowance was necessary.
•With the assistance of our income tax specialists, we evaluated the positive and negative evidence used in management’s assessment including but not limited to the following:
◦Considering industry conditions, commodity price trends and the impact of macroeconomic factors, such as adverse changes in the regulatory environment, legislation, historical fluctuations in market prices of the revenue-generating commodity, future market prices, or other factors that may impact the realizability of the deferred tax assets.
◦Considering management’s history of carrying out its stated plans.
◦Evaluating whether management’s judgments and estimates were consistent with evidence obtained in other areas of the audit.
◦Inspecting minutes of the board of directors and committees of executive management to understand if there were factors that would indicate management’s assumptions are not reasonable.
/s/ Deloitte & Touche LLP
March 3, 2026
We have served as the Company's auditor since 1992.
49
Table of Contents
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the shareholders and the Board of Directors of Century Aluminum Company
Opinion on Internal Control over Financial Reporting
We have audited the internal control over financial reporting of Century Aluminum Company and subsidiaries (the “Company”) as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, because of the effect of the material weakness identified below on the achievement of the objectives of the control criteria, the Company has not maintained effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2025, of the Company and our report dated March 2, 2026, expressed an unqualified opinion on those financial statements.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying management report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Material Weakness
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. The following material weakness has been identified and included in management's assessment:
Management identified deficiencies in the design and operating effectiveness of (1) business process level controls at its Jamalco joint venture, including reconciliation controls and insufficient review controls related to inventories, accounts payable, accrued expenses, cost of goods sold and property, plant, and equipment, and (2) financial reporting controls over the consolidation of the Jamalco joint venture. These deficiencies constitute a material weakness in internal control over financial reporting.
50
Table of Contents
This material weakness was considered in determining the nature, timing, and extent of audit tests applied in our audit of the consolidated financial statements as of and for the year ended December 31, 2025, of the Company, and this report does not affect our report on such financial statements.
/s/ Deloitte & Touche LLP
Chicago, Illinois
March 3, 2026
51
Table of Contents
| CENTURY ALUMINUM COMPANY | |||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
| (in millions, except per share amounts) | |||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (As Restated) | (As Restated) | ||||||||||||||||
| Net sales | |||||||||||||||||
| Related parties | $ | $ | $ | ||||||||||||||
| Other customers | |||||||||||||||||
| Total net sales | |||||||||||||||||
Cost of goods sold(1) | |||||||||||||||||
| Gross profit | |||||||||||||||||
| Selling, general and administrative expenses | |||||||||||||||||
Other operating expenses - net | |||||||||||||||||
| Operating income | |||||||||||||||||
Interest expense - nonaffiliates | ( | ( | ( | ||||||||||||||
| Interest expense - affiliates | ( | ( | ( | ||||||||||||||
| Interest income | |||||||||||||||||
| Net (loss) gain on forward and derivative contracts - nonaffiliates | ( | ( | |||||||||||||||
| Net gain (loss) on forward and derivative contracts - affiliates | ( | ||||||||||||||||
| Loss on early extinguishment of debt | ( | ||||||||||||||||
| Bargain purchase gain | |||||||||||||||||
| Other expense - net | ( | ( | ( | ||||||||||||||
| Income (loss) before income taxes | ( | ||||||||||||||||
| Income tax benefit (expense) | ( | ||||||||||||||||
| Income (loss) before equity in earnings of joint ventures | ( | ||||||||||||||||
| Equity in earnings (losses) of joint ventures | ( | ||||||||||||||||
| Net income (loss) | ( | ||||||||||||||||
| Net loss attributable to noncontrolling interests | ( | ( | ( | ||||||||||||||
| Net income (loss) attributable to Century stockholders | ( | ||||||||||||||||
| Less: Net income allocated to participating securities | |||||||||||||||||
| Net income (loss) allocated to common stockholders | $ | $ | $ | ( | |||||||||||||
(1) Including purchases from related party of $ | |||||||||||||||||
| Net income (loss) attributable to Century stockholders per common share: | |||||||||||||||||
| Basic | $ | $ | $ | ( | |||||||||||||
| Diluted | $ | $ | $ | ( | |||||||||||||
| Weighted-average common shares outstanding: | |||||||||||||||||
| Basic | |||||||||||||||||
| Diluted | |||||||||||||||||
See notes to consolidated financial statements.
52
Table of Contents
| CENTURY ALUMINUM COMPANY | |||||||||||||||||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||
| (in millions) | |||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (As Restated) | (As Restated) | ||||||||||||||||
| Comprehensive income (loss): | |||||||||||||||||
| Net income (loss) | $ | $ | $ | ( | |||||||||||||
| Other comprehensive income (loss) before income tax effect: | |||||||||||||||||
| Net gain on foreign currency cash flow hedges reclassified as income | ( | ( | ( | ||||||||||||||
| Defined benefit plans and other postretirement benefits: | |||||||||||||||||
| Net gain (loss) arising during the period | ( | ( | |||||||||||||||
| Amortization of prior service benefit during the period | |||||||||||||||||
| Amortization of net gain (loss) during the period | |||||||||||||||||
| Other comprehensive income (loss) before income tax effect | ( | ( | |||||||||||||||
| Income tax effect | |||||||||||||||||
| Other comprehensive income (loss) | ( | ( | |||||||||||||||
| Comprehensive income (loss) | ( | ||||||||||||||||
| Comprehensive loss attributable to noncontrolling interests | ( | ( | ( | ||||||||||||||
| Comprehensive income (loss) attributable to Century stockholders | $ | $ | $ | ( | |||||||||||||
See notes to consolidated financial statements.
53
Table of Contents
| CENTURY ALUMINUM COMPANY | |||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||
| (in millions) | |||||||||||
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (As Restated) | |||||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Restricted cash | |||||||||||
| Accounts receivable - net | |||||||||||
| Non-trade receivables | |||||||||||
| Due from affiliates | |||||||||||
| Manufacturing credit receivable | |||||||||||
| Inventories | |||||||||||
| Derivative assets | |||||||||||
| Prepaid and other current assets | |||||||||||
| Total current assets | |||||||||||
| Property, plant and equipment - net | |||||||||||
| Manufacturing credit receivable - less current portion | |||||||||||
| Other assets | |||||||||||
| TOTAL | $ | $ | |||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
| LIABILITIES: | |||||||||||
| Accounts payable, trade | $ | $ | |||||||||
| Accrued compensation and benefits | |||||||||||
| Due to affiliates | |||||||||||
| Accrued and other current liabilities | |||||||||||
| Derivative liabilities | |||||||||||
| Carbon credit repurchase liability | |||||||||||
| Current maturities of long-term debt | |||||||||||
| Total current liabilities | |||||||||||
| Long-term debt | |||||||||||
| Long-term debt due to affiliates | |||||||||||
| Accrued benefits costs - less current portion | |||||||||||
| Other liabilities | |||||||||||
| Deferred taxes | |||||||||||
| Asset retirement obligations - less current portion | |||||||||||
| Total noncurrent liabilities | |||||||||||
COMMITMENTS AND CONTINGENCIES (Note 17) | |||||||||||
| SHAREHOLDERS’ EQUITY: | |||||||||||
Preferred stock (Note 9) | |||||||||||
Common stock (Note 9) | |||||||||||
| Additional paid-in capital | |||||||||||
| Treasury stock, at cost | ( | ( | |||||||||
| Accumulated other comprehensive loss | ( | ( | |||||||||
| Accumulated deficit | ( | ( | |||||||||
| Total Century shareholders’ equity | |||||||||||
| Noncontrolling interest | |||||||||||
| Total equity | |||||||||||
| TOTAL | $ | $ | |||||||||
See notes to consolidated financial statements.
54
Table of Contents
| CENTURY ALUMINUM COMPANY | |||||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||
| (in millions) | |||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (As Restated) | (As Restated) | ||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||
| Net income (loss) | $ | $ | $ | ( | |||||||||||||
| Adjustments to reconcile Net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||
| Unrealized loss (gain) on derivative instruments | ( | ||||||||||||||||
| Depreciation, depletion and amortization | |||||||||||||||||
| Share-based compensation | |||||||||||||||||
| Loss on early extinguishment of debt | |||||||||||||||||
| Change in deferred tax provision | ( | ( | ( | ||||||||||||||
| Gain on sale of assets | ( | ||||||||||||||||
| Bargain purchase gain | ( | ||||||||||||||||
| Force majeure settlement | ( | ||||||||||||||||
| Lower of cost or NRV inventory adjustment | |||||||||||||||||
| Net periodic benefit cost | |||||||||||||||||
| Other non-cash items - net | ( | ( | |||||||||||||||
| Change in operating assets and liabilities, net of acquisition: | |||||||||||||||||
| Accounts receivable - net | ( | ( | |||||||||||||||
| Non-trade receivables | ( | ||||||||||||||||
| Manufacturing credit receivable | ( | ( | ( | ||||||||||||||
| Due from affiliates | ( | ( | ( | ||||||||||||||
| Inventories | ( | ||||||||||||||||
| Prepaid and other current assets | |||||||||||||||||
| Accounts payable, trade | ( | ( | |||||||||||||||
| Due to affiliates | ( | ||||||||||||||||
| Accrued and other current liabilities | |||||||||||||||||
| Ravenswood retiree medical settlement | ( | ( | ( | ||||||||||||||
| PBGC settlement | ( | ( | ( | ||||||||||||||
| Other - net | ( | ( | |||||||||||||||
| Net cash provided by (used in) operating activities | ( | ||||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||
| Capital expenditures | ( | ( | ( | ||||||||||||||
| Proceeds from sale of property, plant and equipment | |||||||||||||||||
| Acquisition of subsidiary net of cash acquired | |||||||||||||||||
| Net cash used in investing activities | ( | ( | ( | ||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||
| Repayment of Senior Notes due 2028 | ( | ||||||||||||||||
| Early redemption premiums paid | ( | ||||||||||||||||
| Proceeds from issuance of Senior Notes due 2032 | |||||||||||||||||
| Payment of deferred financing fees | ( | ||||||||||||||||
| Borrowings under revolving credit facilities | |||||||||||||||||
| Repayments under revolving credit facilities | ( | ( | ( | ||||||||||||||
| Repayments under Iceland term facility | ( | ( | |||||||||||||||
| Borrowings under Grundartangi casthouse debt facility | |||||||||||||||||
| Repayments under Grundartangi casthouse debt facility | ( | ( | |||||||||||||||
| Borrowings under Vlissingen facility agreement | |||||||||||||||||
| Repayments under Vlissingen facility agreement | ( | ||||||||||||||||
| Contributions from joint venture partner | |||||||||||||||||
| Payments related to tax withholding for share-based compensation | ( | ||||||||||||||||
| Carbon credit proceeds | |||||||||||||||||
| Carbon credit repayments | ( | ( | |||||||||||||||
| Net cash provided by (used in) financing activities | ( | ||||||||||||||||
| CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | ( | ||||||||||||||||
| Cash, cash equivalents and restricted cash, beginning of year | |||||||||||||||||
| Cash, cash equivalents and restricted cash, end of year | $ | $ | $ | ||||||||||||||
55
Table of Contents
| CENTURY ALUMINUM COMPANY | |||||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||
| (in millions) | |||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (As Restated) | (As Restated) | ||||||||||||||||
| Supplemental Cash Flow Information: | |||||||||||||||||
| Cash paid for: | |||||||||||||||||
| Interest | $ | $ | $ | ||||||||||||||
| Income taxes, net of refunds | |||||||||||||||||
| Non-cash investing activities: | |||||||||||||||||
| Capital expenditures | |||||||||||||||||
| Capitalized interest | |||||||||||||||||
See notes to consolidated financial statements.
56
Table of Contents
| CENTURY ALUMINUM COMPANY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions, except shares) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred stock | Common stock | Additional paid-in capital | Treasury stock, at cost | Accumulated other comprehensive loss | Accumulated deficit | Total Century equity | Noncontrolling interest | Total equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance, December 31, 2022 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss | — | — | — | — | — | — | — | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | — | — | — | ( | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Conversion of preferred stock to common stock | ( | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest of business acquired1 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance, December 31, 2023 (As Restated) | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | — | — | — | ( | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Conversion of preferred stock to common stock | ( | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest of business acquired1 | — | — | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance, December 31, 2024 (As Restated) | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Conversion of preferred stock to common stock | ( | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contributions from noncontrolling interest | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance, December 31, 2025 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 In 2023 the Company acquired a | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
See notes to consolidated financial statements.
57
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
1. Summary of Significant Accounting Policies
Organization — Century Aluminum Company ("Century Aluminum," "Century," the "Company", "we", "us", "our" or "ours") is a holding company, whose principal subsidiaries are Nordural ehf (together with its subsidiaries, "Nordural"), Century Aluminum Sebree LLC ("Century Sebree"), Century Aluminum of South Carolina, Inc. ("CASC") and Century Kentucky, Inc. ("CAKY"). Nordural Grundartangi ehf, a subsidiary of Nordural, operates a primary aluminum smelter in Grundartangi, Iceland ("Grundartangi"). Century Sebree operates a primary aluminum smelter in Robards, Kentucky ("Sebree"). CASC operates a primary aluminum smelter in Goose Creek, South Carolina ("Mt. Holly"). CAKY owned a primary aluminum smelter in Hawesville, Kentucky ("Hawesville"), which was sold on February 2, 2026. See Note 24. Subsequent Events for additional information on the sale.
In addition to our primary aluminum assets, we have a 55 % joint venture interest in the Jamalco bauxite mining operation and alumina refinery in Jamaica ("Jamalco"). The Jamalco refinery supplies a substantial amount of the alumina used for production of primary aluminum at our aluminum smelter in Grundartangi, Iceland. Additionally, our subsidiary, Century Aluminum Vlissingen B.V., owns and operates a carbon anode production facility located in Vlissingen, the Netherlands ("Vlissingen"). Carbon anodes are used in the production of primary aluminum, and Vlissingen currently supplies carbon anodes to Grundartangi.
As of December 31, 2025, Glencore owns 36.4 % of Century’s outstanding common stock. Century and Glencore enter into various transactions from time to time such as the purchase and sale of primary aluminum, purchase and sale of alumina and raw materials, tolling agreements as well as forward financial contracts and borrowing and other debt transactions. See Note 4. Related Party Transactions.
The consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Our consolidated financial statements include the consolidated results of the Jamalco joint venture, an unincorporated joint venture between General Alumina Jamaica Limited ("GAJL"), an indirect, wholly-owned subsidiary of the Company, and Clarendon Alumina Production Limited ("CAP"). CAP's interest in the joint venture is reflected as noncontrolling interest on the accompanying Consolidated Balance Sheet.
Variable Interest Entities - We evaluate arrangements and contracts with other entities to determine if they are VIEs and if we are the primary beneficiary. U.S. GAAP provides a framework for identifying VIEs and determining when a company should include the assets, liabilities, non-controlling interest, and results of activities of a VIE in its consolidated financial statements.
A VIE should be consolidated if a party with an ownership, contractual or other financial interest in the VIE (a variable interest holder) has the power to direct the VIE’s most significant activities and the obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. A variable interest holder that consolidates the VIE is called the primary beneficiary. Upon consolidation, the primary beneficiary generally must initially record all of the VIE’s assets, liabilities, and non-controlling interests at fair value and subsequently account for the VIE as if it were consolidated.
Our evaluation of whether our interest qualifies as the primary beneficiary of a VIE involves significant judgments, estimates and assumptions and includes a qualitative analysis of the activities that most significantly impact the VIE’s economic performance and whether the Company has the power to direct those activities, the design of the entity, the rights of the parties and the purpose of the arrangement. Jamalco is a VIE. See Note 21. Variable Interest Entity.
58
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
Cash and Cash Equivalents — Cash and cash equivalents are comprised of cash, money market funds and short-term investments having original maturities of three months or less. The carrying amount of cash equivalents approximates fair value.
Accounts Receivable and Due from Affiliates — These amounts are net of an immaterial allowance for expected losses.
Inventories — Our inventories are stated at the lower of cost or net realizable value, using the first-in, first-out ("FIFO") and the weighted average cost method. Due to the nature of our business, our inventory values are subject to market price changes and these changes can have a significant impact on Cost of goods sold and Gross profit in any period. Reductions in net realizable value below cost basis at the end of a period will have an impact on our Cost of goods sold as this inventory is sold in subsequent periods.
Property, Plant and Equipment — Property, plant and equipment is stated at cost. Additions and improvements are capitalized when each asset is placed into service. Asset and accumulated depreciation accounts are relieved for dispositions with resulting gains or losses included in Other expense - net. Maintenance and repairs are expensed as incurred. Depreciation of plant and equipment is provided for by the straight-line method over the following estimated useful lives:
Building and improvements 10 to 45 years
Machinery and equipment 5 to 35 years
Technology and software 3 to 7 years
The Company incurs deferred costs during the development stage of a mine life cycle. Such costs include the construction of access and haul roads, detailed drilling and geological analysis to further define the grade and quality of the known bauxite, and overburden removal costs. These costs relate to sections of the related mines where the Company is currently extracting bauxite or preparing for production in the near term. These sections are outlined and planned incrementally and generally are mined over periods outlined in the Company's mine plans. The amount of geological drilling and testing necessary to determine the economic viability of the bauxite deposit being mined is such that the resources are considered to be proved mineral reserves. Mineral reserves are amortized on a units-of-production basis.
Impairment of long-lived assets — The Company reviews property, plant and equipment and right of use assets ("long-lived assets") for impairment whenever events or changes in circumstances, known as triggering events, indicate that the carrying amount of a long-lived asset or an asset group may not be recoverable. Management considers various factors when determining if long-lived assets should be evaluated for impairment, including a significant adverse change in the business climate or industry conditions (such as sustained decreases in commodity prices, volatility in energy costs, and the global economy), a current period operating or cash flow loss combined with a history of losses, a significant adverse change in the extent or manner in which an asset is used or a current expectation that the asset will be sold or otherwise disposed of before the end of its useful life. If a triggering event is identified, the Company determines if the long-lived asset or asset group is recoverable. Recoverability is measured by comparison of the carrying amount of a long-lived asset or asset group held and used to estimate undiscounted future net cash flows expected to be generated by the long-lived asset or asset group. Impairment evaluation and fair value is based on estimates and assumptions that take into account our business plans and a long-term investment horizon, including consideration of commodity pricing, energy costs and other global economic conditions which may have an adverse effect on recoverability. If deemed unrecoverable, an impairment loss would be recognized for the amount by which the carrying amount exceeds the estimated fair value of the long-lived asset or asset group.
Leases — We enter into operating lease contracts, as assessed at the inception of the arrangement, for real estate, automobiles, and mobile equipment. We use our incremental borrowing rate as the basis for the discount rate used to calculate the right of use asset ("ROUA") and lease liability. The incremental borrowing rate is determined on a lease-by-lease basis. The terms of our leases vary, including the lease term and the ability to renew or extend certain leases. As part of determining the lease term and potential extensions for purposes of calculating the ROUA and lease liability, we consider our historical practices related to renewal of certain leases. We have made a policy election not to separate lease and non-lease components within contracts. We have also elected not to recognize the impact of short term leases in the ROUA and lease liability balances. Short term leases are leases that have a lease term less than one year and do not include a purchase option.
Income Taxes — We account for income taxes using the asset and liability method, whereby deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. In evaluating our ability to realize deferred tax assets, we use judgment to
59
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
determine if it is more likely than not that some portion or all of a deferred tax asset will not be realized, and if a corresponding valuation allowance is required.
Defined Benefit Pension and Other Postretirement Benefits — We sponsor defined benefit pension and Other Postretirement Benefit ("OPEB") plans for certain of our domestic hourly and salaried employees and a supplemental executive retirement benefit plan for certain current and former executive officers. Plan assets and obligations are measured annually or more frequently if there is a re-measurement event, based on the Company’s measurement date utilizing various actuarial assumptions. We attribute the service costs for the plans over the working lives of plan participants. The effects of actual results differing from our assumptions and the effects of changing assumptions are considered actuarial gains or losses. Actuarial gains or losses are recorded in Accumulated other comprehensive income (loss). Net periodic benefit cost is a component of Cost of goods sold; Selling, general and administrative expenses and Other expense - net.
We contribute to our defined benefit pension plans based upon actuarial and economic assumptions designed to achieve adequate funding of the projected benefit obligations and to meet the minimum funding requirements.
Postemployment Benefits — We provide certain postemployment benefits to certain former and inactive employees and their dependents during the period following employment but before retirement. These benefits include salary continuance, supplemental unemployment and disability health care. We recognize the estimated future cost of providing postemployment benefits on an accrual basis over the active service life of the employee. Net periodic benefit cost is a component of Cost of goods sold; Selling, general and administrative expenses and Other expense - net.
Derivatives and Hedging — As a global producer of primary aluminum, our operating results and cash flows from operations are subject to risk of fluctuations in the market prices of primary aluminum. We may from time to time enter into financial contracts to manage our exposure to such risk. Derivative instruments may consist of variable to fixed financial contracts and back-to-back fixed to floating arrangements for a portion of our sale of primary aluminum, where we receive fixed and pay floating prices from our customers and to counterparties, respectively.
From time to time, we may manage our exposure to fluctuations in the market price of power through financial instruments designed to protect our downside risk exposure. We are also exposed to foreign currency risk, and we may manage our exposure by entering into foreign currency forward contracts or option contracts for forecasted transactions and projected cash flows for foreign currencies in future periods.
Our derivatives are not designated as cash flow hedges.
Derivative and hedging instruments are recorded in Derivative assets, Other assets, Derivative liabilities and Derivative liabilities - less current portion in the Consolidated Balance Sheets at fair value. We value our derivative and hedging instruments using quoted market prices and other significant unobservable inputs.
We recognize changes in fair value and settlements of derivative instruments in Net (loss) gain on forward and derivative contracts - nonaffiliates and Net gain (loss) on forward and derivative contracts - affiliates in the Consolidated Statements of Operations as they occur.
Unrealized gains on forward and derivative contracts are reported as part of cash flows from operations in the Consolidated Statements of Cash Flows.
Financial Instruments — Receivables, certain life insurance policies, payables, borrowings under revolving credit facilities and debt related to industrial revenue bonds ("IRBs") are carried at amounts that approximate fair value.
Earnings per share — Basic earnings (loss) per share ("EPS") amounts are calculated by dividing Net income (loss) allocated to common stockholders by the weighted average number of common shares outstanding using the two-class method.
60
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
Diluted EPS is calculated by dividing Net income (loss) allocated to common stockholders by the weighted average number of common and dilutive common equivalent shares outstanding during the period. Dilutive common equivalent shares are calculated using the more dilutive of either the if-converted or two-class methods.
Our Series A Convertible Preferred Stock is a non-cumulative perpetual participating convertible preferred stock with no set dividend preferences. In periods where we report net losses, we do not allocate these losses to the Convertible Preferred Stock for the computation of basic or diluted EPS.
Asset Retirement Obligations — We are subject to environmental regulations which create certain legal obligations related to the normal operations of our bauxite mine and alumina refinery and our domestic primary aluminum smelter operations. Our asset retirement obligations ("AROs") consist primarily of costs associated with mine reclamation obligations, closure of bauxite residue areas, landfill closure, and the disposal of spent potliner used in the reduction cells of our domestic smelters. AROs are recorded on a discounted basis at the time the obligation is incurred (when the potliner is put in service or upon disturbance of lands to be mined) and accreted over time for the change in the present value of the liability. We capitalize the asset retirement costs by increasing the carrying amount of the related long-lived assets and depreciating these assets over their remaining useful lives.
Certain conditional asset retirement obligations ("CAROs") related to the remediation of our primary aluminum facilities for hazardous material, such as landfill materials and asbestos, have not been recorded because they have an indeterminate settlement date. CAROs are a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may or may not be within our control.
Concentrations of Credit Risk — Financial instruments, which potentially expose us to concentrations of credit risk, consist principally of trade receivables. Our limited customer base increases our concentrations of credit risk with respect to trade receivables. We routinely assess the financial strength of our customers and collectability of our trade receivables and recognize an allowance based on our estimate of lifetime expected credit losses in accordance with the current expected credit loss model.
Share-Based Compensation — We measure the cost of employee services received in exchange for an award of equity instruments based on the fair value of the award on the grant date. We recognize the cost over the period during which an employee is required to provide service in exchange for the award. We issue shares to satisfy the requirements of our share-based compensation plans. At this time, we do not plan to issue treasury shares to support our share-based compensation plans, but we may in the future. We award performance units to certain officers and employees. The performance units may be settled in cash or common stock at the discretion of the Board. We have not issued any stock options since 2009.
Reclassification — Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. These immaterial reclassifications had no effect on the previously reported net income or net cash flows.
Restatement of Financial Statements
Subsequent to the issuance of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, the Company identified an error in its historical financial statements related to its accounting for the consolidation of its Jamalco joint venture whereby the Company previously used the proportionate method of consolidation for certain of Jamalco's net assets versus the full consolidation method. The Company determined that corrections to the financial statements for the impacts of this change were required for all impacted prior periods presented in this Form 10-K. Therefore, the Company has reflected these corrections in the consolidated financial statements for the periods presented in this Form 10-K and the consolidated financial statements previously included in each of the Company's Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2025, June 30, 2025 and September 30, 2025. Additionally, current and prior period amounts in the applicable notes to the consolidated financial statements have been corrected. See Note 22. Restatement of Previously Issued Financial Statements and Note 23. Quarterly Financial Information (Unaudited and Restated).
Recent accounting pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, that requires presentation of specific categories of reconciling items, as well as reconciling items that meet a quantitative threshold, in the reconciliation between the income tax provision and the income tax provision using statutory tax
61
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
rates. The standard also requires disclosure of income taxes paid disaggregated by jurisdiction with separate disclosure of income taxes paid to individual jurisdictions that meet a quantitative threshold. The amendments in this accounting standard are effective for fiscal years beginning after December 15, 2024. The Company adopted this guidance for the 2025 annual reporting period on a prospective basis, resulting in additional disclosures within Note 16. Income Taxes.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40m as amended by ASU 2025-01): Disaggregation of Income Statement Expenses, that requires disclosure of the amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense line item on the income statement. The standard also requires a qualitative description of other amounts included in each relevant expense line item on the income statement that are not separately disclosed. In addition, entities are required to disclose the nature and amount of selling expenses. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. We do not expect any impact to the consolidated financial statements, but the standard will require certain additional disclosures in the notes to the consolidated financial statements and the Company plans to adopt this guidance for the annual period ending December 31, 2027.
In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which adds guidance on the recognition, measurement and presentation of government grants. The new standard is effective for fiscal years beginning after December 15, 2028. Early adoption is permitted. The Company has previously analogized to IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, to account for refundable tax credits as an income grant. The Company's policy on income grants under IAS 20 aligns with the updated guidance, and the Company does not expect a material effect on its consolidated financial statements upon adoption.
2. Acquisition of Jamalco
On May 2, 2023, our wholly-owned subsidiary, Century Aluminum Jamaica Holdings, Inc., completed the acquisition of all the outstanding share capital of General Alumina Holdings Limited, the holder of a 55 % interest in Jamalco JV ("Jamalco"), an unincorporated joint venture engaged in bauxite mining and alumina production in Jamaica. The remaining 45 % interest in Jamalco is owned by Clarendon Alumina Production Limited ("CAP"), which in turn is owned by the Government of Jamaica. The purchase price for the acquisition was $1.00 . The acquisition resulted in a bargain purchase gain in part due to the seller experiencing financial distress following curtailment of Jamalco's operations in the second half of 2021 due to a facility fire, with operations restarting in the second half of 2022.
The acquisition was accounted for as a business combination under the acquisition method of accounting in accordance with ASC 805 - Business Combinations, resulting in the Company recognizing the assets and liabilities at fair value with the excess over fair value of consideration transferred to the seller presented as a bargain purchase gain of $245.9 million recognized within the Consolidated Statements of Operations for the year ended December 31, 2024. During the first quarter of 2024, the Company finalized the Jamalco purchase price allocation and recognized measurement period adjustments, which primarily resulted from third-party valuation adjustments to risk premiums, reducing the value of property, plant and equipment by $29.0 million. This reduction in value of property plant and equipment resulted in a corresponding reduction to the bargain purchase gain of $29.0 million decreasing the value of the previously deferred bargain purchase gain of $273.4 million as of December 31, 2023. The Company finalized its purchase accounting as of March 31, 2024.
62
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
The following table summarizes the estimated fair value of identified assets acquired, liabilities assumed and noncontrolling interest at the date of acquisition:
| Purchase price allocation | Amount | |||||||
| Identifiable assets acquired and liabilities assumed | ||||||||
| Cash and cash equivalents | $ | |||||||
| Restricted cash | ||||||||
| Accounts receivable - net | ||||||||
| Non-trade receivables | ||||||||
| Inventories | ||||||||
| Prepaid and other current assets | ||||||||
| Property, plant and equipment | ||||||||
| Other assets | ||||||||
| Accounts payable, trade | ( | |||||||
| Accrued and other current liabilities | ( | |||||||
| Other liabilities | ( | |||||||
| Asset retirement obligations | ( | |||||||
| Total identifiable assets acquired and liabilities assumed | ||||||||
| Less: noncontrolling interest | ||||||||
| Bargain purchase gain | $ | |||||||
For the twelve months ended December 31, 2023, Jamalco contributed $150.3 million to our total revenues and a loss of $45.4 million to our total earnings. In connection with the acquisition, the Company incurred approximately $1.4 million of transaction costs for the twelve months ended December 31, 2023, which are included in Selling, general and administrative expenses on the Consolidated Statements of Operations.
The following unaudited pro forma financial information reflects the results of operations of the Company for the twelve months ended December 31, 2023 and 2022, respectively, as if the acquisition of Jamalco had been completed on January 1, 2022. This unaudited pro forma financial information has been prepared for informational purposes and is not necessarily indicative of the actual consolidated results of operations had the acquisition been completed on January 1, 2022, nor is the information indicative of future results of operations of the combined companies.
Year Ended December 31, | ||||||||||||||
| 2023 | 2022 | |||||||||||||
Revenue | $ | $ | ||||||||||||
Earnings | $ | ( | $ | ( | ||||||||||
3. Curtailment of Operations - Hawesville
In August 2022, we fully curtailed production at the Hawesville facility.
For the year ended December 31, 2024, we incurred curtailment charges of $6.8 million. These charges were partially offset by income related to scrap and materials sales of $0.5 million. Comparatively, for the year ended December 31, 2023, we incurred curtailment charges of $16.6 million, including $9.0 million related to demand capacity charges for power. These charges were partially offset by income related to scrap and material sales of $1.7 million. For the year ended December 31, 2025, we incurred no additional curtailment charges or income.
On February 2, 2026, we completed the sale of Hawesville. See Note 24. Subsequent Events for additional information on sales to the sale.
63
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
4. Related Party Transactions
The significant related party transactions occurring during the years ended December 31, 2025, 2024 and 2023 are described below. All of our related party transactions are subject to the Company's Related Party Transaction Policy and are required to be made on an arm's length basis and on terms that are fair and reasonable to the Company and substantially the same as would apply if the other party was not a related party. We believe all of our transactions with related parties are at prices that approximate market.
Glencore ownership
As of December 31, 2025, Glencore plc and its affiliates (together "Glencore") beneficially owned 36.4 % of Century’s outstanding common stock. In November 2025, Glencore sold 9,000,000 shares of Century's common stock. Due to the sale and in accordance with automatic conversion features of the Series A Convertible Preferred Stock, the remaining Series A Convertible Preferred Stock held by Glencore was converted into common stock. Century and Glencore enter into various transactions from time to time such as the purchase and sale of primary aluminum, purchase and sale of alumina and other raw materials, tolling agreements as well as forward financial contracts and borrowing and other debt transactions.
Sales to Glencore
For the years ended December 31, 2025, 2024 and 2023 we derived approximately 54.0 %, 59.1 % and 73.8 % of our consolidated sales from Glencore, respectively.
Glencore purchases aluminum produced at our U.S. smelters at prices based on the LME plus the Midwest regional delivery premium plus any additional market-based product premiums. Glencore purchases aluminum produced at our Grundartangi, Iceland smelter at prices based on the LME plus the European Duty Paid premium plus any additional market-based product premiums.
We have entered into agreements with Glencore pursuant to which we sell certain amounts of alumina at market-based prices. For the years ended December 31, 2025, 2024 and 2023 we recorded $206.6 million, $191.3 million, and $191.7 million of revenue related to alumina sales to Glencore, respectively.
Purchases from Glencore
We purchase a portion of our alumina and certain other raw material requirements from Glencore. Alumina purchases from Glencore during 2025 were priced based on published alumina and aluminum indices as well as fixed prices.
Financial contracts with Glencore
From time to time, we enter into certain financial contracts with Glencore. See Note 20. Derivatives regarding these forward financial sales contracts.
Summary
A summary of the aforementioned significant related party sales and purchases for the years ended December 31, 2025, 2024 and 2023 is as follows:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Net sales to Glencore | $ | $ | $ | ||||||||||||||
Purchases from Glencore (1) | |||||||||||||||||
(1)Includes settlements of financial contract positions.
64
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
Vlissingen Credit Facility
On December 9, 2022, Vlissingen entered into a Facility Agreement with Glencore International AG which was amended and extended on October 1, 2024 (as amended, the "Vlissingen Credit Facility"). The availability period for borrowings under the Vlissingen Credit Facility was extended by two years and now ends on December 2, 2026. Pursuant to the terms of the Vlissingen Credit Facility, Vlissingen may borrow from time to time up to $90 million in one or more loans at either (i) a fixed interest rate equal to 8.75 % per annum (the "Fixed rate"), or (ii) a variable interest rate equal to the 1-month SOFR rate plus 3.687 percentage points, subject to an absolute maximum level of 9.00 % and an absolute minimum level of 7.00 % (the "Variable Rate"). The Fixed Rate is only applicable to borrowings made on or before December 1, 2024, after which the Variable Rate shall apply to all borrowings under the Vlissingen Credit Facility. See Note 8. Debt for additional information. Borrowings under the Facility Agreement are expected to be used for general corporate and working capital purposes of Century and its subsidiaries.
Carbon Credit Repurchase Agreement
In September 2023, our wholly owned subsidiary Nordural Grundartangi ehf ("Grundartangi"), entered into a structured repurchase arrangement with Glencore and sold 390,000 European Union Allowances ("Carbon Credits") at a price of €82.18 per Carbon Credit, for an aggregate amount of €32.1 million (the "Original Carbon Credit Agreement"). Pursuant to the terms of the Original Carbon Credit Agreement, Grundartangi would repurchase the same number of Carbon Credits at a price of €83.72 per Carbon Credit, for an aggregate amount of €32.7 million. The Original Carbon Credit Agreement was amended in December 2023, March 2024, August 2024 and December 2024, in each case to extend the repurchase window and increase the repurchase price (collectively, the "Amended Carbon Credit Agreement"). The Amended Carbon Credit Agreement (i) settled 19,300 Carbon Credits, (ii) extended the repurchase window from December 2024 to August 2025 for the remaining 370,700 Carbon Credits and (iii) revised the repurchase price to €69.16 per Carbon Credit, for an aggregate amount of €25.6 million. In August 2025, all 370,700 Carbon Credits subject to the Amended Carbon Credit Agreement were settled in full.
On December 2023, Grundartangi also entered into a second structured repurchase agreement with Glencore pursuant to which it sold 40,000 Carbon Credits at a price of €69.30 per Carbon Credit and agreed to repurchase the same number of Carbon Credits at a price of €70.71 per Carbon Credit for an aggregate amount of €2.8 million (the "Second Carbon Credit Agreement"). In March 2024 and August 2024, the Second Carbon Credit Agreement was amended to (i) increase the number of Carbon Credits subject to the Second Carbon Agreement by 19,300 credits, (ii) extend the repurchase window from March 2024 to August 2024 with respect to all 59,300 Carbon Credits and (iii) revise the purchase price to €186.74 per Carbon Credit, for an aggregate amount of €11.1 million. In August 2024, all 59,300 Carbon Credits subject to the Second Carbon Credit Agreement were settled in full.
Due to the repurchase element of these transactions, the Company retained substantially all of the remaining benefits of the assets and has accounted for the transaction as a financing arrangement in accordance with Revenue from Contracts with Customers Topic of the FASB ASC 606.
5. Revenue
We enter into contracts to sell mainly primary aluminum to our customers. Revenue is recognized when our performance obligations with our customers are satisfied. Our obligations under the contracts are satisfied when we transfer control of our primary aluminum or alumina to our customers which is generally upon shipment or delivery to customer directed locations. The amount of consideration we receive, thus the revenue we recognize, is a function of volume delivered, market price of primary aluminum, which is based on the LME, plus regional premiums and any value-added product premiums or alumina which is based on the alumina pricing index, plus Atlantic differential.
The payment terms and conditions in our contracts vary and are not significant to our revenue. We complete an appropriate credit evaluation for each customer at contract inception. Customer payments are due in arrears and are recognized as Accounts receivable - net and due from affiliates in our Consolidated Balance Sheets.
In connection with our sales agreements with certain customers, including Glencore, we invoice the customer prior to physical shipment of goods for a majority of production generated from each of our U.S. domestic smelters. For those sales, revenue is recognized only when the customer has specifically requested such treatment and has made a commitment to purchase the product. The goods must be complete, ready for shipment and separated from other inventory with control over the goods passing to the customer. We must retain no further performance obligations.
65
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
Contract liabilities are recorded when cash payments are received or due in advance of performance. As of December 31, 2025, and 2024, amounts recorded in Due to affiliates were $31.2 million and $41.2 million, respectively.
We disaggregate our revenue by geographical region as follows:
| Year ended December 31, | ||||||||||||||||||||
| Net Sales | 2025 | 2024 | 2023 | |||||||||||||||||
| United States | $ | $ | $ | |||||||||||||||||
| Iceland | ||||||||||||||||||||
| Total | $ | $ | $ | |||||||||||||||||
The table below shows the amount of net sales to external customers for each of the Company's product categories which accounted for 10% or more of consolidated net sales in either period for the years ended December 31, 2025, 2024 and 2023.
| Year ended December 31, | ||||||||||||||||||||
| Net Sales | 2025 | 2024 | 2023 | |||||||||||||||||
| Aluminum | $ | $ | $ | |||||||||||||||||
| Alumina | ||||||||||||||||||||
| Total | $ | $ | $ | |||||||||||||||||
6. Leases
We are a lessee in various agreements for the lease of office space, land, automobiles, and mobile equipment. All of our leases are considered operating leases. The weighted average remaining lease term for our operating leases was 9.2 years as of December 31, 2025 and 10.1 years as of December 31, 2024. Certain lease payment amounts are variable in nature and change periodically based on the local market consumer price index. The weighted average discount rate for our operating leases was 7.4 % as of December 31, 2025 and 7.5 % as of December 31, 2024.
Our ROUA and lease liability balances for the years ended December 31, 2025 and December 31, 2024 were as follows:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| $ | $ | ||||||||||
Total lease liability | $ | $ | |||||||||
(1)ROUA was recorded as part of Other Assets within non-current assets at December 31, 2025 and 2024.
(2)Lease liability - current was recorded as part of Accrued and other current liabilities within current liabilities at December 31, 2025 and 2024.
(3)Lease liability - non-current was recorded as part of Other liabilities within non-current liabilities at December 31, 2025 and 2024.
66
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
The undiscounted maturities of our operating lease liability balances as of December 31, 2025 are as follows:
| Year | |||||
| 2026 | $ | ||||
| 2027 | |||||
| 2028 | |||||
| 2029 | |||||
| 2030 | |||||
| Thereafter | |||||
| Total | |||||
| Less: Interest | ( | ||||
Lease liability | $ | ||||
During 2025 and 2024, we entered into new lease obligations, which resulted in $3.7 million and $2.0 million of additional right of use assets, respectively.
Total operating expense includes the following:
| December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Operating leases expense | $ | $ | $ | ||||||||||||||
| Short term lease expense | |||||||||||||||||
Total(1) | $ | $ | $ | ||||||||||||||
(1)Total lease expense is included in Cost of goods sold and Selling, general, and administrative expenses on the Consolidated Statements of Operations.
We had cash outflows of $5.3 million, $5.0 million and $4.6 million for amounts included in the lease liability balance at the beginning of the year related to our operating leases for the years ended December 31, 2025, 2024 and 2023, respectively.
7. Fair Value Measurements
We measure certain of our assets and liabilities at fair value. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
In general, reporting entities should apply valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs. Observable inputs are developed using market data and reflect assumptions that market participants would use when pricing the asset or liability. Unobservable inputs are developed using the best information available about the assumptions and estimates that market participants would use when pricing the asset or liability.
The fair value hierarchy provides transparency regarding the inputs we use to measure fair value. We categorize each fair value measurement in its entirety into the following three levels, based on the lowest level input that is significant to the entire measurement:
•Level 1 Inputs – quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
•Level 2 Inputs – inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
•Level 3 Inputs – unobservable inputs for the asset or liability.
67
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
| Recurring Fair Value Measurements | As of December 31, 2025 | |||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
| ASSETS: | ||||||||||||||||||||||||||
| Cash equivalents | $ | $ | $ | $ | ||||||||||||||||||||||
Trust assets(1) | ||||||||||||||||||||||||||
| Derivative instruments | ||||||||||||||||||||||||||
| TOTAL | $ | $ | $ | $ | ||||||||||||||||||||||
| LIABILITIES: | ||||||||||||||||||||||||||
| Derivative instruments | ||||||||||||||||||||||||||
| TOTAL | $ | $ | $ | $ | ||||||||||||||||||||||
| Recurring Fair Value Measurements | As of December 31, 2024 | |||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
| ASSETS: | ||||||||||||||||||||||||||
| Cash equivalents | $ | $ | $ | $ | ||||||||||||||||||||||
Trust assets(1) | ||||||||||||||||||||||||||
| Derivative instruments | ||||||||||||||||||||||||||
| TOTAL | $ | $ | $ | $ | ||||||||||||||||||||||
| LIABILITIES: | ||||||||||||||||||||||||||
| Derivative instruments | ||||||||||||||||||||||||||
| TOTAL | $ | $ | $ | $ | ||||||||||||||||||||||
(1)Trust assets are currently invested in money market funds. These trust assets are held to fund the non-qualified supplemental executive pension benefit obligations for certain of our officers.
The following section describes the valuation techniques and inputs used for fair value measurements categorized within Level 2 of the fair value hierarchy:
| Level 2 Fair Value Measurements: | ||||||||||||||
| Asset / Liability | Valuation Techniques | Inputs | ||||||||||||
| LME forward financial sales contracts | Discounted cash flows | Quoted LME forward market, Secured Overnight Financing Rate ("SOFR") discount rate | ||||||||||||
| Midwest Premium ("MWP") forward financial sales contracts | Discounted cash flows | Quoted MWP forward market, SOFR discount rate | ||||||||||||
| Fixed for floating swaps | Discounted cash flows | Quoted LME forward market, quoted MWP forward market | ||||||||||||
| Indiana Hub power price swaps | Discounted cash flows | Quoted Indiana Hub forward market, SOFR discount rate | ||||||||||||
| FX swaps | Discounted cash flows | Euro/USD forward exchange rate | ||||||||||||
| Casthouse currency hedges | Discounted cash flows | Euro/USD forward exchange rate; ISK/USD forward exchange rate | ||||||||||||
| Heavy Fuel Oil ("HFO") price swaps | Discounted cash flows | Quoted HFO forward market | ||||||||||||
When valuing Level 3 assets and liabilities, we use certain significant unobservable inputs. Management incorporates various inputs and assumptions including forward commodity prices, commodity price volatility and macroeconomic conditions, including interest rates and discount rates. Our estimates of significant unobservable inputs are ultimately based on our estimates of risks that market participants would consider when valuing our assets and liabilities.
As of the years ending December 31, 2025, and December 31, 2024, there were no
68
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
8. Debt
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Debt classified as current liabilities: | |||||||||||
Hancock County industrial revenue bonds ("IRBs") due April 2028, interest payable quarterly (variable interest rates (not to exceed | $ | $ | |||||||||
U.S. Revolving Credit Facility(2) | |||||||||||
Iceland Revolving Credit Facility(3) | |||||||||||
| Grundartangi Casthouse Facility | |||||||||||
| Debt classified as non-current liabilities: | |||||||||||
| Grundartangi Casthouse Facility | |||||||||||
Vlissingen Facility Agreement(4) | |||||||||||
| Total | $ | $ | |||||||||
(1)The IRBs are classified as current liabilities because they are remarketed weekly and could be required to be repaid upon demand if there is a failed remarketing. The interest rate at December 31, 2025 was 3.45 %.
(2)We incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at December 31, 2025 was 7.25 %.
(3)We incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at December 31, 2025 was 7.23 %.
(4)We incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at December 31, 2025 was 7.56 %
General. On July 22, 2025, we issued $400.0 million in aggregate principal amount of 6.875 % senior secured notes due 2032 (the "Notes"). We received proceeds of $393.7 million, after payment of certain financing fees and related expenses.
Interest Rate. The 2032 Notes bear interest semi-annually in arrears on February 1 and August 1 of each year, beginning on February 1, 2026, at a rate of 6.875 % per annum in cash.
Maturity. The 2032 Notes mature on August 1, 2032.
Seniority. The 2032 Notes are senior secured obligations of Century, ranking equally in right of payment with all existing and future senior indebtedness of Century, but effectively senior to unsecured debt to the extent of the value of collateral.
Guaranty. Our obligations under the 2032 Notes are guaranteed by all of our existing and future domestic restricted subsidiaries (the “Guarantor Subsidiaries”), except for foreign owned holding companies, any domestic restricted subsidiary that owns no assets other than equity interests or other investments in foreign subsidiaries and certain immaterial subsidiaries, which guaranty shall in each case be a senior secured obligation of such Guarantor Subsidiaries, ranking equally in right of payment with all existing and future senior indebtedness of such Guarantor Subsidiaries but effectively senior to unsecured debt to the extent of the value of collateral.
Collateral. Our obligations under the 2032 Notes and the Guarantor Subsidiaries' obligations under the guarantees are secured by a pledge of and lien on (subject to certain exceptions):
(i) all of our and the Guarantor Subsidiaries' property, plant and equipment (other than certain excluded property);
(ii) all equity interests in subsidiaries directly owned by Century or any Guarantor Subsidiaries; and
(iii) proceeds of the foregoing.
69
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
Under certain circumstances, the indenture and the security documents governing the 2032 Notes will permit us and the Guarantors to incur additional debt that also may be secured by liens on the collateral that are equal to or have priority over the liens securing the 2032 Notes. The collateral agent for the 2032 Notes will agree with the collateral agent for the other debt holders and us under such circumstances to enter into an intercreditor agreement that will cause the liens securing the 2032 Notes to be contractually subordinated to the liens securing such additional debt.
Redemption Rights. Prior to August 1, 2028, we may redeem the 2032 Notes, in whole or in part, at a redemption price equal to 100.00 % of the principal amount plus a make-whole premium and accrued and unpaid interest, and if redeemed during the twelve-month period beginning on August 1 of the years indicated below, at the following redemption prices plus accrued and unpaid interest:
| Year | Percentage | ||||
| 2028 | |||||
| 2029 | |||||
| 2030 and Thereafter | |||||
Upon a change of control (as defined in the indenture governing the 2032 Notes), we will be required to make an offer to purchase the 2032 Notes at a purchase price equal to 101 % of the outstanding principal amount of the 2032 Notes on the date of the purchase, plus accrued and unpaid interest to, but not including, the date of purchase.
Covenants. The indenture governing the 2032 Notes contains customary covenants which may limit our ability, and the ability of certain of our subsidiaries, to: (i) incur additional debt; (ii) incur additional liens; (iii) pay dividends or make distributions in respect of capital stock; (iv) purchase or redeem capital stock; (v) make investments or certain other restricted payments; (vi) sell assets; (vii) issue or sell stock of certain subsidiaries; (viii) enter into transactions with shareholders or affiliates; and (ix) effect a consolidation or merger.
Fair Value. As of December 31, 2025, the total estimated fair value of the 2032 Notes was $412.5 million. Although we use quoted market prices for identical debt instruments, the markets on which they trade are not considered to be active and are therefore considered Level 2 fair value measurements.
On July 22, 2025, we determined that all conditions precedent to the redemption (the “Redemption”) of our 2028 Notes pursuant to its Conditional Notice of Full Redemption issued on July 21, 2025 had been satisfied. Accordingly, the 2028 Notes were redeemed on August 5, 2025, at an aggregate redemption price of $261.1 million, consisting of 101.875 % of the principal due and payable on the 2028 Notes plus accrued and unpaid interest to but excluding the August 5, 2025, redemption date. In connection with the Redemption, effective July 22, 2025, the Company satisfied and discharged all its obligations under and in accordance with the terms of the indenture governing the 2028 Notes.
Based on the characteristics of the 2028 Notes and the 2032 Notes that were issued, the redemption of the 2028 Notes were accounted for as an extinguishment. Accordingly, we have recorded a $6.2 million loss on early extinguishment of debt, consisting of early redemption premiums of $4.7 million and a write-off of deferred financing costs associated with the 2028 Notes of $1.5 million.
General. On April 9, 2021, we completed a private offering of $86.3 million aggregate principal amount of convertible senior notes due 2028 (the "Convertible Notes"). The Convertible Notes were issued at a price of 100 % of their aggregate principal amount. We received proceeds of $83.7 million, after payment of certain financing fees and related expenses.
The initial conversion rate for the Convertible Notes is 53.3547 shares of the Company's common stock per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of approximately $18.74 per share of the Company's common stock. The conversion rate and conversion price are subject to customary adjustments under certain circumstances in accordance with the terms of the indenture.
70
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
Interest Rate. The Convertible Notes will bear interest semi-annually in arrears on May 1 and November 1 of each year, beginning on November 1, 2021, at a rate of 2.75 % per annum in cash.
Maturity. The Convertible Notes will mature on May 1, 2028, unless earlier converted, repurchased, or redeemed.
Seniority. The Convertible Notes are the Company’s senior unsecured obligations and rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the Convertible Notes; equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s senior secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries.
Redemption rights. On or after May 6, 2025, we may redeem for cash all or part of the Convertible Notes at our option if the last reported sale price of our common stock has been at least 130 % of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading-day period (including the last trading day of such period) ending on and including the trading day immediately preceding the date on which we provide notice of redemption, at a redemption price equal to 100 % of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest.
Upon conversion, we may satisfy our conversion obligation by paying or delivering, as applicable, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election, based on the applicable conversion rate. In addition, if certain corporate events that constitute a make-whole fundamental change (as defined in the indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time. Additionally, in the event of a corporate event constituting a fundamental change (as defined in the indenture), holders of the Convertible Notes may require us to repurchase all or a portion of their Convertible Notes at a repurchase price equal to 100 % of the principal amount of the Convertible Notes being repurchased, plus accrued and unpaid interest to, but excluding, the date of the fundamental change repurchase.
As of December 31, 2025, the if-converted value of the Convertible Notes exceeded the outstanding principal amount.
Fair Value. As of December 31, 2025, the total estimated fair value of the Convertible Notes was $181.9 million. Although we use quoted market prices for identical debt instruments, the markets on which they trade are not considered to be active and are therefore considered Level 2 fair value measurements.
U.S. Revolving Credit Facility
General. We and certain of our direct and indirect domestic subsidiaries (the "Borrowers") have a senior secured revolving credit facility with a syndicate of lenders (the "U.S. revolving credit facility"). On June 14, 2022 we amended our U.S. revolving credit facility, increasing our borrowing capacity to $250.0 million, including up to $150.0 million under a letter of credit sub-facility. On July 22, 2025, we further amended the U.S. revolving credit facility to, among other items, extend the maturity date of the facility to July 22, 2030 and revise the calculation of Term SOFR Adjustment to 0.10 % per annum for all interest periods.
Any letters of credit issued and outstanding under the U.S. revolving credit facility reduce our borrowing availability on a dollar-for-dollar basis. At December 31, 2025, there were no outstanding borrowings and $50.5 million of outstanding letters of credit issued under our U.S. revolving credit facility. Principal payments, if any, are due upon maturity of the U.S. revolving credit facility and may be prepaid without penalty.
Status of our U.S. revolving credit facility: | December 31, 2025 | ||||
| Credit facility maximum amount | $ | ||||
| Borrowing availability | |||||
| Outstanding letters of credit issued | |||||
| Outstanding borrowings | |||||
| Borrowing availability, net of outstanding letters of credit and borrowings | |||||
Borrowing Base. The availability of funds under the U.S. revolving credit facility is limited by a specified borrowing base consisting of the Borrower's accounts receivable and inventory which meet the eligibility criteria.
71
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
Guaranty. The Borrowers' obligations under the U.S. revolving credit facility are guaranteed by certain of our domestic subsidiaries and secured by a continuing lien upon and a security interest in all of the Borrowers' accounts receivable, inventory and certain bank accounts. Each Borrower is liable for any and all obligations under the U.S. revolving credit facility on a joint and several basis.
Interest Rates and Fees. Any amounts outstanding under the U.S. revolving credit facility will bear interest at our option of either the secured overnight financing rate ("SOFR") or a base rate, plus, in each case, an applicable interest margin. The applicable interest margin is determined based on the average daily availability for the immediately preceding quarter. In addition, we pay an unused line fee on undrawn amounts, less the amount of our letters of credit exposure. For standby letters of credit, we are required to pay a fee on the face amount of such letters of credit that varies depending on whether the letter of credit exposure is cash collateralized.
Prepayments. We can make prepayments of amounts outstanding under the U.S. revolving credit facility, in whole or in part, without premium or penalty, subject to standard breakage costs, if applicable. We may be required to apply the proceeds from sales of collateral accounts, other than sales of inventory in the ordinary course of business, to repay amounts outstanding under the revolving credit facility and correspondingly reduce the commitments there under.
Covenants. The U.S. revolving credit facility contains customary covenants, including restrictions on mergers and acquisitions, indebtedness, affiliate transactions, liens, dividends and distributions, dispositions of collateral, investments, and prepayments of indebtedness, as well as a covenant that requires the Borrowers to maintain certain minimum liquidity or availability requirements.
Events of Default. The U.S. revolving credit facility also includes customary events of default, including nonpayment, misrepresentation, breach of covenant, bankruptcy, change of ownership, certain judgments and certain cross defaults. Upon the occurrence of an event of default, commitments under the U.S. revolving credit facility may be terminated and amounts outstanding may be accelerated and declared immediately due and payable.
Iceland Revolving Credit Facility
General. Our wholly-owned subsidiary, Nordural Grundartangi ehf ("Grundartangi"), entered into a revolving credit facility agreement with Landsbankinn hf., as amended (the "Iceland revolving credit facility") which provides for borrowings of up to $100.0 million in the aggregate. Under the terms of the Iceland revolving credit facility, when Grundartangi borrows funds it will designate a repayment date, which may be any date prior to the maturity of the Iceland revolving credit facility. At December 31, 2025, there was $61.0 million in outstanding borrowings under our Iceland revolving credit facility. The Iceland revolving credit facility has a term through December 2026.
Status of our Iceland revolving credit facility: | December 31, 2025 | ||||
| Credit facility maximum amount | $ | ||||
| Borrowing availability | |||||
| Outstanding letters of credit issued | |||||
| Outstanding borrowings | |||||
| Borrowing availability, net of outstanding letters of credit and borrowings | |||||
Borrowing Base. The availability of funds under the Iceland revolving credit facility is limited by a specified borrowing base consisting of inventory and accounts receivable of Grundartangi.
Security. Grundartangi's obligations under the Iceland revolving credit facility are secured by a general bond under which Grundartangi's inventory and accounts receivable are pledged to secure full payment of the loan.
Interest Rates and Fees. Any amounts outstanding under the Iceland revolving credit facility will bear interest at SOFR plus a margin per annum.
Prepayments. Any outstanding borrowings may be prepaid without penalty or premium in whole or in part.
72
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
Covenants. The Iceland revolving credit facility contains customary covenants, including restrictions on mergers and acquisitions, dispositions of assets, compliance with permits, laws and payment of taxes, as well as a covenant that requires Grundartangi to maintain a certain minimum equity ratio.
Events of Default. The Iceland revolving credit facility also includes customary events of default, including nonpayment, loss of license, cessation of operations, unlawfulness, breach of covenant, bankruptcy, change of ownership, certain judgments and certain cross defaults. Upon the occurrence of an event of default, commitments under the Iceland revolving credit facility may be terminated and amounts outstanding may be accelerated and declared immediately due and payable.
Grundartangi Casthouse Facility
In October 2025, we fully repaid all outstanding borrowings under the Casthouse Facility, which totaled $116.4 million in outstanding borrowings and $1.9 million in interest. As a result, the Casthouse Facility has been extinguished, and we recorded a $1.5 million loss on early extinguishment of debt, consisting of a write-off of deferred financing costs.
Vlissingen Credit Facility
On December 9, 2022, Vlissingen entered into a Facility Agreement with Glencore International AG, which was amended and extended on October 1, 2024 (as amended, the "Vlissingen Credit Facility"). The availability period for borrowings under the Vlissingen Credit Facility was extended by two years and now ends on December 2, 2026. Pursuant to the terms of the Vlissingen Credit Facility, Vlissingen may borrow from time to time up to $90 million in one or more loans. As of December 31, 2025, there was no outstanding borrowings under the Vlissingen Facility Agreement.
Security. Vlissingen’s obligations under the Vlissingen Credit Facility are secured by liens on the ground lease on which Vlissingen’s facilities are located, Vlissingen’s moveable assets, financial assets, receivables and other assets, and Vlissingen’s shares.
Interest Rates and Fees. Amounts outstanding under the Vlissingen Credit Facility will bear interest at either (i) a fixed interest rate equal to 8.75 % per annum (the "Fixed Rate"), or (ii) a variable interest rate equal to the 1-month SOFR rate plus 3.687 percentage points, subject to an absolute maximum level of 9.00 % and an absolute minimum level of 7.00 % (the "Variable Rate"). The Fixed Rate is only applicable to borrowings made on or before December 1, 2024, after which the Variable Rate shall apply to all borrowings under the Vlissingen Credit Facility.
Prepayments. Any outstanding borrowings may be prepaid without penalty or premium in whole or in part without any charge, fee premium or penalty.
Covenants. The Vlissingen Credit Facility contains customary covenants including with respect to mergers, guarantees and preservation and dispositions of assets.
Events of Default. The Vlissingen Credit Facility also includes customary events of default, including nonpayment, breach of any provision or representation under the agreement, and certain cross-default and insolvency events. Upon the occurrence of an event of default, commitments under the Vlissingen Credit Facility may be terminated and amounts outstanding may be accelerated and declared immediately due and payable.
Covenant Compliance
As of December 31, 2025, we and our subsidiaries were in compliance with all financial covenants or maintained availability above applicable covenant triggers.
Hancock County Industrial Revenue Bonds
As part of the purchase price for our acquisition of the Hawesville facility, we assumed IRBs which were issued in connection with the financing of certain solid waste disposal facilities constructed at the Hawesville facility. The IRBs bear interest at a variable rate not to exceed 12 % per annum determined weekly based upon prevailing rates for similar bonds in the industrial revenue bond market and interest on the IRBs is paid quarterly. The IRBs are secured by a letter of credit issued under our U.S revolving credit facility and mature in April 2028.
73
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
Surety Bond Facility
As part of our normal business operations, we are required to provide surety bonds or issue letters of credit in certain states in which we do business as collateral for certain workers' compensation obligations. In June 2022, we entered into a surety bond facility with an insurance company to provide such bonds when applicable. As of December 31, 2025, we had issued surety bonds totaling $6.6 million. As we had previously guaranteed our workers' compensation obligations through issuance of letters of credit against our revolving credit facility, the surety bond issuance increases credit facility availability.
9. Shareholders' Equity
Common Stock
As of December 31, 2025 and 2024, we had 195,000,000 0.01 106,155,528 shares were issued and 98,969,007 shares were outstanding at December 31, 2025; 100,475,086 shares were issued and 93,288,565 shares were outstanding at December 31, 2024.
The rights, preferences and privileges of holders of our common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of our preferred stock which are currently outstanding, including our Series A Convertible Preferred Stock, or which we may designate and issue in the future.
Preferred Stock
As of December 31, 2025 and 2024, we had 5,000,000 0.01
Series A Convertible Preferred Stock
Shares Authorized and Outstanding. In 2008, we issued 160,000 shares of our Series A Convertible Preferred Stock. Glencore held all of the issued and outstanding Series A Convertible Preferred Stock. At December 31, 2024, 49,715 shares were outstanding. In November 2025, Glencore sold 9,000,000 shares of our common stock. Due to the sale, and in accordance with automatic conversion features of the Series A Convertible Preferred Stock, the remaining Series A Convertible Preferred Stock held by Glencore were converted into common stock. As of December 31, 2025, there were no shares outstanding. The conversion of preferred to common shares was 100 shares of common for each share of preferred stock. Our Series A Convertible Preferred Stock had a par value of $0.01 per share.
Stock Repurchase Program
In 2011, our Board of Directors authorized a $60.0 million stock repurchase program and during the first quarter of 2015, our Board of Directors increased the size of the program by $70.0 million. Under the program, Century is authorized to repurchase up to $130.0 million of our outstanding shares of common stock, from time to time, on the open market at prevailing market prices, in block trades or otherwise. The timing and amount of any shares repurchased will be determined by our management based on its evaluation of market conditions, the trading price of our common stock and other factors. The stock repurchase program may be suspended or discontinued at any time.
Shares of common stock repurchased are recorded at cost as treasury stock and result in a reduction of shareholders’ equity in the Consolidated Balance Sheets. From time to time, treasury shares may be reissued as contributions to our employee benefit plans and for the conversion of preferred stock. When shares are reissued, we use an average cost method for determining cost. The difference between the cost of the shares and the reissuance price is added to or deducted from additional paid-in capital.
74
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
10. Inventories
Inventories, at December 31, consist of the following:
| 2025 | 2024 | ||||||||||
| Raw materials | $ | $ | |||||||||
| Work-in-process | |||||||||||
| Finished goods | |||||||||||
| Operating and other supplies | |||||||||||
| Inventories | $ | $ | |||||||||
For the year ended December 31, 2025, we recorded an inventory markdown of $8.4 million within Other operating expenses - net related to inventory at Hawesville that was sold during the first quarter of 2026 at a price below its carrying value.
11. Property, Plant and Equipment
Property, plant and equipment, at December 31, consist of the following:
| 2025 | 2024 | ||||||||||
| Land and improvements | $ | $ | |||||||||
| Mineral Reserves | |||||||||||
| Buildings and improvements | |||||||||||
| Machinery and equipment | |||||||||||
| Asset Retirement Obligation | |||||||||||
| Construction in progress | |||||||||||
| Less accumulated depreciation, amortization and depletion | ( | ( | |||||||||
| Property, plant and equipment - net | $ | $ | |||||||||
For the years ended December 31, 2025, 2024 and 2023, we recorded depreciation, amortization and depletion expense of $91.8 million, $86.7 million, and $79.0 million, respectively.
12. Accumulated Other Comprehensive Loss ("AOCL")
| Components of AOCL | 2025 | 2024 | |||||||||
| Defined benefit plan liabilities | $ | ( | $ | ( | |||||||
| Unrealized gain on financial instruments | |||||||||||
| Other comprehensive loss before income tax effect | ( | ( | |||||||||
Income tax effect(1) | |||||||||||
| Accumulated other comprehensive loss | $ | ( | $ | ( | |||||||
(1)The allocation of the income tax effect to the components of other comprehensive loss is as follows:
| 2025 | 2024 | ||||||||||
| Defined benefit plan liabilities | $ | $ | |||||||||
| Unrealized loss on financial instruments | ( | ( | |||||||||
75
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
The following table summarizes the changes in the accumulated balances for each component of AOCL:
| Defined benefit plan and other postretirement liabilities | Unrealized gain (loss) on financial instruments | Total, net of tax | |||||||||||||||
Balance, December 31, 2022 | $ | ( | $ | $ | ( | ||||||||||||
Other comprehensive loss before reclassifications | ( | ( | |||||||||||||||
| Net amount reclassified to Net loss | ( | ||||||||||||||||
Balance, December 31, 2023 | ( | ( | |||||||||||||||
Other comprehensive loss before reclassifications | ( | ( | |||||||||||||||
| Net amount reclassified to Net income | ( | ||||||||||||||||
Balance, December 31, 2024 | ( | ( | |||||||||||||||
| Other comprehensive income before reclassifications | |||||||||||||||||
| Net amount reclassified to Net income | ( | ||||||||||||||||
Balance, December 31, 2025 | $ | ( | $ | $ | ( | ||||||||||||
76
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
Reclassifications out of AOCL were included in the Consolidated Statements of Operations as follows:
| Year Ended December 31, | ||||||||||||||||||||||||||
| AOCL Components | Location | 2025 | 2024 | 2023 | ||||||||||||||||||||||
| Defined benefit plan and other postretirement liabilities | Cost of goods sold | $ | $ | ( | $ | ( | ||||||||||||||||||||
| Other income, net | ||||||||||||||||||||||||||
| Selling, general and administrative expenses | ( | |||||||||||||||||||||||||
| Other operating expense (income), net | ( | |||||||||||||||||||||||||
| Income tax expense | ||||||||||||||||||||||||||
| Net of tax | $ | $ | ( | $ | ( | |||||||||||||||||||||
| Gain (loss) on financial instruments | Cost of goods sold | $ | ( | $ | ( | $ | ( | |||||||||||||||||||
| Income tax effect | ||||||||||||||||||||||||||
| Net of tax | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
13. Pension and Other Postretirement Benefits
Pension Benefits
We maintain noncontributory defined benefit pension plans for certain foreign and domestic hourly and salaried employees. For the eligible domestic salaried employees, plan benefits are based primarily on years of service and average compensation during the later years of employment. For hourly employees, plan benefits are based primarily on a formula that provides a specific benefit for each year of service. Plan benefits are available to all permanent foreign employees. Our funding policy is to contribute amounts based upon actuarial and economic assumptions designed to achieve adequate funding of the projected benefit obligations and to meet the minimum funding requirements of the Employee Retirement Income Security Act of 1974 ("ERISA"). In addition, we maintain the supplemental executive retirement benefit ("SERB") plan for certain current and former executive officers, which is frozen to future accruals.
Other Postretirement Benefits ("OPEB")
In addition to providing pension benefits, we provide certain healthcare and life insurance benefits for certain foreign and domestic retired employees. We accrue the estimated cost of providing postretirement benefits during the working careers of those employees who could become eligible for such benefits when they retire. We fund these benefits as the retirees submit claims.
Retiree medical welfare changes
Under the current Hawesville labor agreement, employees who retire during the term of the labor agreement have been divided into sub-groups based on attributes such as Medicare eligibility, hire date, age and years of service. Levels of benefits are defined for the sub-groups and range from no substantive change from the benefits provided under the previous labor agreement to replacement of the defined retiree medical benefit program with individual health reimbursement accounts for each eligible participant. The health reimbursement accounts are funded based on established rates per hour worked by each eligible participant. Eligible participants will be able to withdraw from their health reimbursement accounts to fund their own retiree medical coverage. On February 13, 2026, we terminated our labor agreement with United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union ("USW") for former employees at our Hawesville facility. See "Participation in Multi-employer Pension Plans" below for additional information.
During 2017, the Company amended its non-union retiree medical and life insurance benefits to align the Company’s benefits with the market and achieve a uniform retiree medical benefit design across the Company’s U.S. locations. Effective January 1, 2018, non-union retiree medical and life insurance benefits are restricted to current participants who meet the eligibility criteria as of January 1, 2018. Additionally, effective January 1, 2019, Century no longer administers non-union retiree medical, prescription drug, dental, or vision benefits and instead makes fixed health reimbursement account contributions.
77
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
Obligation and Funded Status
The change in benefit obligation and change in plan assets as of December 31 are as follows:
| Pension | OPEB | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Change in benefit obligation: | |||||||||||||||||||||||
| Benefit obligation at beginning of year | $ | $ | $ | $ | |||||||||||||||||||
| Service cost | |||||||||||||||||||||||
| Interest cost | |||||||||||||||||||||||
| Actuarial (gain) loss | ( | ||||||||||||||||||||||
| Medicare Part D | |||||||||||||||||||||||
| Benefits paid | ( | ( | ( | ( | |||||||||||||||||||
| Exchange rates | ( | ||||||||||||||||||||||
| Plan participants' contributions | |||||||||||||||||||||||
| Benefit obligation at end of year | $ | $ | $ | $ | |||||||||||||||||||
The increase in the defined benefit plans' benefit obligation was mainly driven by actuarial gains in 2025, which were primarily attributable to the changes in the discount rates from fiscal year 2024 to 2025. The decrease in OPEB plans' benefit obligation was mainly driven by a change in the post-65-years-of-age participant insurance coverage for post-65-years-of-age participants from fiscal year 2024 to 2025.
| Pension | OPEB | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Change in plan assets: | |||||||||||||||||||||||
| Fair value of plan assets at beginning of year | $ | $ | $ | $ | |||||||||||||||||||
| Actual return on plan assets | |||||||||||||||||||||||
| Acquisition | |||||||||||||||||||||||
| Employer contributions | |||||||||||||||||||||||
| Medicare Part D subsidy received | |||||||||||||||||||||||
| Benefits paid | ( | ( | ( | ( | |||||||||||||||||||
| Exchange rates | ( | ||||||||||||||||||||||
| Plan participants' contributions | |||||||||||||||||||||||
| Fair value of assets at end of year | $ | $ | $ | $ | |||||||||||||||||||
78
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
The change in actual return on plan assets in 2025 was primarily attributable to fluctuations in market prices during the year.
| Pension | OPEB | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Funded status of plans: | |||||||||||||||||||||||
| Funded status | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Amounts recognized in the Consolidated Balance Sheets: | |||||||||||||||||||||||
| Current liabilities | ( | ( | ( | ( | |||||||||||||||||||
| Non-current liabilities | ( | ( | ( | ( | |||||||||||||||||||
| Net amount recognized | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
| Amounts recognized in accumulated other comprehensive loss (pre-tax): | |||||||||||||||||||||||
| Net loss (gain) | $ | $ | $ | ( | $ | ||||||||||||||||||
| Prior service cost (benefit) | |||||||||||||||||||||||
| Total | $ | $ | $ | ( | $ | ||||||||||||||||||
Pension Plans That Are Not Fully Funded
At December 31, 2025, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of plan assets were $347.4 million, $318.0 million, and $288.7 million, respectively.
At December 31, 2024, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of plan assets were $342.5 million, $303.4 million and $272.2 million, respectively.
79
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
Components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss):
Net Periodic Benefit Cost:
| Year Ended December 31, | |||||||||||||||||||||||||||||||||||
| Pension | OPEB | ||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||
| Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| Interest cost | |||||||||||||||||||||||||||||||||||
| Expected return on plan assets | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Amortization of prior service costs | |||||||||||||||||||||||||||||||||||
| Amortization of net loss | |||||||||||||||||||||||||||||||||||
| Total net periodic benefit cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Other changes in Plan Assets and Benefit Obligations Recognized in Accumulated Other Comprehensive Income (Loss) (pre-tax):
| Year Ended December 31, | |||||||||||||||||||||||
| Pension | OPEB | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net (gain) loss | $ | ( | $ | $ | ( | $ | |||||||||||||||||
| Amortization of net loss, including recognition due to settlement | ( | ( | ( | ( | |||||||||||||||||||
| Amortization of prior service (cost) benefit, including curtailment | ( | ( | |||||||||||||||||||||
| Exchange rates | ( | ||||||||||||||||||||||
Total amount recognized in other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||
| Net periodic benefit cost | |||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Weighted average assumptions used to determine benefit obligations at December 31:
| Pension | OPEB | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Discount rate(1) | |||||||||||||||||||||||
| Rate of compensation increase without Jamaica | |||||||||||||||||||||||
| Rate of compensation increase Jamaica | |||||||||||||||||||||||
| Measurement date | |||||||||||||||||||||||
80
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31:
| Pension | OPEB | ||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||
| Measurement date | |||||||||||||||||||||||||||||||||||
| Fiscal year end | |||||||||||||||||||||||||||||||||||
Discount rate(1) | |||||||||||||||||||||||||||||||||||
Rate of compensation increase without Jamaica(2) | |||||||||||||||||||||||||||||||||||
| Rate of compensation increase Jamaica | n/a | n/a | |||||||||||||||||||||||||||||||||
Expected return on plan assets(3) | |||||||||||||||||||||||||||||||||||
(1)We use the Ryan Above Median Yield Curve to determine the discount rate.
(2)For 2025, the rate of compensation increase is 3.2 %. For 2024, the rate of compensation increase was 3.5 %. For 2023, the rate of compensation increase was 4 3.5
(3)The rate for each of our defined benefit plans was selected by taking into account our expected asset mix and is based on historical performance as well as expected future rates of return on plan assets.
For measurement purposes, medical cost inflation for locations other than Jamaica is initially estimated to be 8.5 4.5 8.0
Benefit Plan Assets
Pension Plan Investment Strategy and Policy
The Pension Plans’ assets are invested in a prudent manner for the exclusive purpose of providing benefits to participants.
Other objectives are to:
•Provide a total return that, over the long term, provides sufficient assets to fund the pension plan liabilities subject to a level of risk, contributions and pension expense deemed appropriate by the company.
•Minimize, where possible, pension expense volatility, and inclusion of liability driven investing as an investment strategy when appropriate. As the funding ratio improves, the objectives will evolve to minimize the funded status volatility.
•Diversify investments within asset classes to reduce the impact of losses in single investments.
The assets of the Pension Plans are invested in compliance with ERISA, as amended, and any subsequent applicable regulations and laws.
Performance
Our performance objective is to outperform the return of weighing passive investment alternatives by the policy target allocations after fees at a comparable level of risk. This investment objective is expected to be achieved over the long term and is measured over rolling multi-year periods. Peer-relative performance comparisons will also be considered especially when performance deviates meaningfully from market indexes. Investment objectives for each asset class are included below.
81
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
Asset Allocation Policy
Asset allocation policy is the principal method for achieving the Pension Plans' investment objectives stated above. The Pension Plans’ weighted average long-term strategic asset allocation policy targets are as follows:
| Pension Plan Asset Allocation | |||||||||||||||||
2025 Target | December 31, 2025 | December 31, 2024 | |||||||||||||||
| Return seeking assets: | |||||||||||||||||
| Global equity | |||||||||||||||||
| Diversified credit | |||||||||||||||||
| Real assets | |||||||||||||||||
| Liability hedging assets | |||||||||||||||||
| Cash | |||||||||||||||||
Global equities are held for their long-term expected return premium over fixed income investments and inflation. Fixed income is held for diversification relative to equities, and as a hedging instrument to interest rate volatility for the pension obligation. Diversified Credit and Real Assets are held for diversification relative to equities and for income generation.
The strategic role of global equities is to:
•Provide higher expected returns of the major asset classes.
•Maintain a diversified exposure within global stock markets through the use of multi-manager portfolio strategies.
The strategic role of fixed income is to:
•Diversify the Pension Plans’ equity exposure by investing in fixed income securities that exhibit a low correlation to equities, thereby lowering the overall return volatility of the entire investment portfolio.
•Maintain a diversified exposure within the U.S. fixed income market through the use of portfolio strategies targeting treasury bond exposures.
•Hedge the interest rate risk of the pension obligation by investing in securities that target a similar duration to the pension obligation cash flows.
The strategic role of diversified credit is to:
•Diversify the Pension Plans’ equity exposure by investing in alternative credit securities that exhibit a low correlation to equities, thereby lowering the overall return volatility of the entire investment portfolio.
•Maintain a diversified exposure within the alternative credit markets through the use of multi-manager portfolio strategies targeting, but not limited to, securitized credit, high yield securities, and emerging market debt.
•Achieve returns in excess of passive indexes through the use of active investment managers and strategies.
The strategic role of real assets is to:
•Diversify the Pension Plans’ equity exposure by investing in real assets that exhibit a low correlation to equities, thereby lowering the overall return volatility of the entire investment portfolio.
•Maintain a diversified exposure within the real asset markets through the use of multi-manager portfolio strategies targeting listed and unlisted exposures.
•Achieve returns in excess of passive indexes through the use of active investment managers and strategies.
The long-term strategic asset allocation policy is reviewed regularly or whenever significant changes occur to Century’s or the Pension Plans' financial position and liabilities.
Fair Value Measurements of Pension Plan assets
The following table sets forth by level the fair value hierarchy our Pension Plans' assets. These assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and the placement within the fair value hierarchy levels.
82
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
As more fully described within Note 7. Fair Value Measurements, the Company uses a three-level fair value hierarchy that prioritizes the inputs used to measure fair values. The fair value hierarchy provides transparency regarding the inputs we use to measure fair value. We categorize each fair value measurement in its entirety into the following three levels, based on the lowest level input that is significant to the entire measurement:
•Level 1 Inputs – quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
•Level 2 Inputs – inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
•Level 3 Inputs – unobservable inputs for the asset or liability.
The following summarizes the Company’s Pension Plans' assets fair value by asset category:
As of December 31, 2025 | Level 1 | Level 2 | Level 3 | Assets measured at NAV | Total | |||||||||||||||||||||||||||
| Cash and cash equivalents | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
| Global Equity | ||||||||||||||||||||||||||||||||
| Diversified Credit | ||||||||||||||||||||||||||||||||
| Real Assets | ||||||||||||||||||||||||||||||||
| Liability hedging assets | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
| Total plan assets fair value | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
As of December 31, 2024 | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
| Global Equity | ||||||||||||||||||||||||||||||||
| Diversified Credit | ||||||||||||||||||||||||||||||||
| Real Assets | ||||||||||||||||||||||||||||||||
| Liability hedging assets | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
| Total plan assets fair value | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Our domestic Pension Plans’ assets are held in certain commingled funds and group trusts which do not have publicly quoted prices. The fair value of the commingled funds and group trusts is based on NAV of the underlying investments. The fair value of the underlying investments held by the commingled funds, separate accounts and common collective trusts is generally based on quoted prices in active markets. Though the Company believes the methods used to estimate fair value are consistent with those used by other market participants, the use of other methods or assumptions could result in a different estimate of fair value. Our foreign plan assets are held in bonds and equity securities which have publicly quoted prices.
Our other postretirement benefit plans are unfunded. We fund these benefits as the retirees submit claims.
Pension and OPEB Cash Flows
During 2025 and 2024, we made contributions of approximately $9.2 million and $2.5 million, respectively, to the qualified defined benefit and SERB plans we sponsor and $5.0 million and $5.5 million, respectively, to the other postretirement benefit plans.
We expect to make the following contributions for 2026:
| 2026 | |||||
| Expected pension plan contributions | $ | ||||
| Expected OPEB benefits payments | |||||
83
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
Estimated Future Benefit Payments
The following table provides the estimated future benefit payments for the pension and other postretirement benefit plans:
| Pension Benefits | OPEB Benefits | ||||||||||
| 2026 | $ | $ | |||||||||
| 2027 | |||||||||||
| 2028 | |||||||||||
| 2029 | |||||||||||
| 2030 | |||||||||||
| 2031 – 2035 | |||||||||||
Participation in Multi-employer Pension Plans
The union-represented employees at Hawesville are part of a United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union ("USW") sponsored multi-employer plan. Our contributions to the plan are determined at a fixed rate per hour worked. The risks of participating in a multi-employer plan are different from single employer plans in the following respects:
•Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers.
•If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.
•If a participating employer chooses to stop participating in a multi-employer plan, the employer may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability.
Century’s participation in the plan for the year ended December 31, 2025, is outlined in the table below.
| Fund | Steelworkers Pension Trust | |||||||
EIN / PN(1) | 23-6648508 / 499 | |||||||
Pension Protection Act Zone Status 2024(2) | | |||||||
Pension Protection Act Zone Status 2025(2) | | |||||||
Subject to Financial Improvement/Rehabilitation Plan(3) | | |||||||
| Contributions of Century Aluminum 2025 | $ | |||||||
| Contributions of Century Aluminum 2024 | $ | |||||||
| Contributions of Century Aluminum 2023 | $ | |||||||
| Withdrawal from Plan Probable | ||||||||
| Surcharge Imposed | | |||||||
Expiration Date of Collective Bargaining Agreement(3) | ||||||||
(1)The "EIN/Pension Plan Number" column provides the Employee Identification Number (EIN) and the three-digit plan number, if applicable.
(2)The most recent Pension Protection Act zone status available in 2025 and 2024 is for the plan's year-end December 31, 2024 and December 31, 2023, respectively. The zone status is based on information that Century received from the plan as well as publicly available information per the Department of Labor and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded.
(3)The “Subject to Financial Improvement / Rehabilitation Plan” column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. The last column lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject. On February 13, 2026, we terminated our labor agreement with USW for former employees at our Hawesville facility.
Century's contributions to the above plan is not 5% or more of the total contributions to the plan.
84
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
Century 401(k) Plans
We sponsor a tax-deferred savings plan under which eligible domestic employees may elect to contribute specified percentages of their compensation with Century. We match a portion of participants' contributions to the savings plan. Employee and matching contributions are considered fully vested immediately upon participation in the plan. Concurrent with the 2014 amendment to the Salaried Pension Plan that eliminated future accruals for participants who are under age 50 as of January 1, 2015 and closed the plan to new entrants, the Company increased the proportional match of contributions made to those affected by the amendment. The expense related to the plan was $6.7 million, $6.3 million, and $5.8 million for 2025, 2024, and 2023, respectively.
14. Share-based Compensation
Amended and Restated Stock Incentive Plan. Under our Amended and Restated Stock Incentive Plan (the "Stock Incentive Plan") we award service-based and performance-based share awards and nonqualified stock options to our salaried officers, non-employee directors, and other key employees. Our service-based and performance-based share awards typically vest over a period of three years from the date of grant, provided that the recipient is still our employee at the time of vesting. Our independent non-employee directors receive annual grants of service-based share awards that typically vest following 12 months of service. The Stock Incentive Plan has 12,900,000 shares authorized for issuance with approximately 1,899,785 shares remaining at December 31, 2025.
Long-Term Incentive Plan. We also grant annual long-term incentive awards under our Amended and Restated Long-Term Incentive Plan (the "LTIP"). The LTIP is designed to provide senior-level employees the opportunity to earn long-term incentive awards through the achievement of performance goals and to align compensation with the interests of our stockholders. This is achieved by linking compensation to share price appreciation and total stockholder return over a multi-year period. Awards made under the LTIP are granted subject to the Stock Incentive Plan to the extent the award is deliverable in stock. We provide two types of LTIP awards: restricted stock units ("RSU") and performance stock units ("PSU").
RSUs are stock-settled awards which do not contain any performance-based vesting requirements. PSUs can be settled in cash or stock and vest based on the achievement of pre-determined performance metrics at the discretion of the Board. Our PSU liability, a component of both Accrued other current liabilities Other liabilities on the Consolidated Balance Sheets, was approximately $11.8 million and $7.1 million as of December 31, 2025 and 2024, respectively. Both the PSUs and RSUs vest, in their entirety, after three years .
| Service-based share awards | Number | Weighted-Average Grant Date Fair Value | ||||||||||||
Outstanding at January 1, 2025 | $ | |||||||||||||
| Granted | ||||||||||||||
| Vested | ( | |||||||||||||
| Forfeited | ( | |||||||||||||
Outstanding at December 31, 2025 | ||||||||||||||
| Performance-based share awards | Number | Weighted-Average Grant Date Fair Value | ||||||||||||
Outstanding at January 1, 2025 | $ | |||||||||||||
| Granted | ||||||||||||||
| Vested | ( | |||||||||||||
| Forfeited | ( | |||||||||||||
Outstanding at December 31, 2025 | ||||||||||||||
85
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
| Year ended December 31, | |||||||||||||||||
| Service-based share awards | 2025 | 2024 | 2023 | ||||||||||||||
| Weighted average per share fair value of service-based share grants | $ | $ | $ | ||||||||||||||
Fair Value Measurement of Share-Based Compensation Awards. For our service-based awards, fair value is equal to the closing stock price on the date of grant. For our performance-based awards, fair value is equal to the closing stock price at each reporting period end.
The following table summarizes the compensation cost recognized for the years ended December 31, 2025, 2024 and 2023 for all service-based and performance-based share awards. The compensation cost is included as part of Selling, general and administrative expenses and Cost of goods sold in our Consolidated Statements of Operations.
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Share-based compensation expense reported: | |||||||||||||||||
| Performance-based share expense | $ | $ | $ | ||||||||||||||
| Service-based share expense | |||||||||||||||||
| Total share-based compensation expense before income tax | |||||||||||||||||
| Income tax | |||||||||||||||||
| Total share-based compensation expense, net of income tax | $ | $ | $ | ||||||||||||||
15. Earnings Per Share
The following table shows the basic and diluted EPS for 2025, 2024, and 2023:
For the year ended December 31, 2025 | |||||||||||||||||
Net Income | Shares (in millions) | Per Share | |||||||||||||||
Net income attributable to Century stockholders | $ | ||||||||||||||||
| Less: net income allocated to participating securities | |||||||||||||||||
| Basic EPS: | |||||||||||||||||
| Net income allocated to common stockholders | $ | $ | |||||||||||||||
Effect of Dilutive Securities(1): | |||||||||||||||||
| Share-based compensation | |||||||||||||||||
| Diluted EPS: | |||||||||||||||||
Net income allocated to common stockholders | $ | $ | |||||||||||||||
86
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
For the year ended December 31, 2024 | |||||||||||||||||
| Net Income | Shares (in millions) | Per Share | |||||||||||||||
| Net income attributable to Century stockholders | $ | ||||||||||||||||
| Less: net income allocated to participating securities | |||||||||||||||||
| Basic EPS: | |||||||||||||||||
| Net income allocated to common stockholders | $ | $ | |||||||||||||||
| Effect of dilutive securities: | |||||||||||||||||
| Share-based compensation | |||||||||||||||||
| Convertible senior notes | |||||||||||||||||
| Diluted EPS: | |||||||||||||||||
| Net income allocated to common stockholders | $ | $ | |||||||||||||||
For the year ended December 31, 2023 | |||||||||||||||||
| Net Loss | Shares (in millions) | Per Share | |||||||||||||||
| Net loss attributable to Century stockholders | $ | ( | |||||||||||||||
| Amount allocated to common stockholders | % | ||||||||||||||||
Basic and Diluted EPS:(1) | $ | ( | $ | ( | |||||||||||||
Securities excluded from the calculation of diluted EPS (in millions)(1): | 2025 | 2024 | 2023 | ||||||||||||||
Share-based compensation | |||||||||||||||||
| Convertible preferred shares | |||||||||||||||||
| Convertible senior notes | |||||||||||||||||
(1)In periods when we report a net loss, all share-based compensation awards, convertible preferred shares and convertible senior notes are excluded from the calculation of diluted weighted average shares outstanding because of their anti-dilutive effect on earnings (loss) per share.
16. Income Taxes
In 2025, the Company adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, on a prospective basis. This guidance requires disaggregated information about the effective tax rate reconciliation, additional disaggregated data on income taxes paid by jurisdiction, and certain other amendments to improve the effectiveness of income tax disclosures. The adoption did not impact the Company’s consolidated financial position, results of operations, or cash flows but enhanced the income tax footnote disclosures for the year ended December 31, 2025.
The components of pre-tax book income (loss) consist of the following:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| U.S. | $ | $ | $ | ||||||||||||||
| Foreign | ( | ( | ( | ||||||||||||||
| Total | $ | $ | $ | ( | |||||||||||||
87
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
Significant components of income tax expense consist of the following:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Current: | |||||||||||||||||
| U.S. federal current expense (benefit) | $ | ( | $ | $ | |||||||||||||
| State current expense (benefit) | |||||||||||||||||
| Foreign current expense (benefit) | |||||||||||||||||
| Total current expense (benefit) | |||||||||||||||||
| Deferred: | |||||||||||||||||
| U.S. federal deferred benefit | ( | ||||||||||||||||
| State deferred benefit | ( | ||||||||||||||||
| Foreign deferred tax (benefit) expense | ( | ( | ( | ||||||||||||||
| Total deferred (benefit) expense | ( | ( | ( | ||||||||||||||
| Total income tax (benefit) expense | $ | ( | $ | $ | ( | ||||||||||||
88
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
A reconciliation of the statutory U.S. Federal income tax rate to the effective income tax rate on income (loss) is as follows:
| Year Ended December 31, | ||||||||||||||
| 2025 | ||||||||||||||
| Statutory U.S. federal income tax rate | $ | % | ||||||||||||
State income taxes, net of related federal income tax benefit(1) | ||||||||||||||
| Foreign tax effects | ||||||||||||||
| Iceland | ||||||||||||||
| Valuation allowance | ( | ( | ||||||||||||
| Net operating loss expiration and remeasurement | ||||||||||||||
| Nondeductible interest | ||||||||||||||
| Nondeductible items | ||||||||||||||
| Fixed asset remeasurement | ||||||||||||||
| Other | ||||||||||||||
| Netherlands | ||||||||||||||
| Nontaxable items | ( | ( | ||||||||||||
| Other | ( | ( | ||||||||||||
| Jamaica | ||||||||||||||
| Minority interest | ||||||||||||||
| Valuation allowance | ||||||||||||||
| Nondeductible items | ||||||||||||||
| Federal statutory rate difference between Jamaica and the United States | ( | ( | ||||||||||||
| Effect of cross border tax laws | ( | ( | ||||||||||||
| Effect of changes in tax laws or rates enacted in the period | ||||||||||||||
| Changes in valuation allowances | ( | ( | ||||||||||||
| Nontaxable or nondeductible Items | ||||||||||||||
| Nontaxable advanced manufacturing production credit income | ( | ( | ||||||||||||
| Executive compensation | ||||||||||||||
| Stock compensation excess tax benefits | ( | ( | ||||||||||||
| Nontaxable interest | ( | ( | ||||||||||||
| Changes in unrecognized tax benefits | ||||||||||||||
| Other adjustments | ( | ( | ||||||||||||
| Effective income tax rates | $ | ( | ( | % | ||||||||||
(1)State taxes in Tennessee and Kentucky comprise the majority (greater than 50 percent) of the tax effect in this category.
The effective tax rate for the year ending December 31, 2025 was (482.7 )% compared to the statutory US tax rate of 21%. This lower effective rate is primarily due to the non-taxable benefit of the Advanced Manufacturing Production Credit under Section 45X, which is discussed below and favorable changes in the current year regarding our US valuation allowance.
89
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Federal Statutory Rate | % | % | |||||||||
| Permanent differences | ( | ||||||||||
| State taxes, net of Federal benefit | ( | ||||||||||
| Rate change | ( | ( | |||||||||
| Foreign earnings taxed at different rates than U.S. | |||||||||||
| Valuation allowance | ( | ||||||||||
| Foreign dividends and inclusions | ( | ||||||||||
| Net operating loss expiration and remeasurement | ( | ||||||||||
| Filing differences | |||||||||||
| Changes in uncertain tax reserves | ( | ||||||||||
| Advanced Manufacturing Production Credit | ( | ||||||||||
Bargain Purchase gain | ( | ||||||||||
| Other | ( | ||||||||||
| Effective tax rate | % | % | |||||||||
The following table presents the amounts paid for income taxes, net of refunds:
| Year Ended December 31, 2025 | ||||||||
| Federal | $ | |||||||
| State | ||||||||
| Foreign | ||||||||
| Iceland | ||||||||
| Netherlands | ||||||||
| Total | $ | |||||||
Section 45X of the Inflation Reduction Act of 2022 ("IRA") contains a production tax credit equal to 10% of certain eligible production costs, including, without limitation, labor, energy, depreciation and amortization and overhead expenses. On October 24, 2024, the U.S. Department of the Treasury and the Internal Revenue Service issued final regulations on the production tax credit requirements under Internal Revenue Code Section 45X (the "IRA Regulations"). The IRA Regulations provide guidance on rules that taxpayers must satisfy to qualify for the IRA Section 45X tax credit. For the year ended December 31, 2025 and December 31, 2024, we recognized $89.1 million and $89.7 million as a reduction in Cost of goods sold, and $3.8 million and $2.9 million as a reduction in selling, general and administrative expenses, respectively, within the Consolidated Statements of Operations.
In July 2025, the One Big Beautiful Bill Act (the "Act") became law. The Act removed the exemption for critical minerals related to the phase out of the advanced manufacturing production tax credit under Internal Revenue Code Section 45X of the Inflation Reduction Act of 2022 and final regulations issued in October of 2024. Under the Act, beginning in 2031, the amount of the tax credit will be reduced by 25% each year and reduced to 0% in 2034. Additionally, the Act made changes to, but not limited to, permanently extending bonus depreciation that permits full expensing of qualified property, and changes to limitations on the deductibility of interest expense. The Act did not have a material impact on our financial results for the year ending December 31, 2025. We will continue to evaluate the effects of the Act on our results as further guidance is issued.
The Company’s accounting policy with respect to releasing income tax effects from accumulated other comprehensive income is to apply a security by security approach whereby the tax effects are measured based on the change in the unrealized gains or losses reflected in Other comprehensive income (loss).
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.
90
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
The significant components of our deferred tax assets and liabilities as of December 31 are as follows:
| 2025 | 2024 | ||||||||||
| Deferred tax assets: | |||||||||||
| Accrued postretirement benefit cost | $ | $ | |||||||||
| Net operating losses | |||||||||||
| Disallowed interest expense | |||||||||||
| Derivative and hedging contracts | |||||||||||
| Other | |||||||||||
| Total deferred tax assets | |||||||||||
| Valuation allowance | ( | ( | |||||||||
| Net deferred tax assets | $ | $ | |||||||||
| Deferred tax liabilities: | |||||||||||
| Fixed asset book over tax basis | ( | ( | |||||||||
| Foreign basis differences | |||||||||||
| Other | ( | ( | |||||||||
| Total deferred tax liabilities | ( | ( | |||||||||
| Net deferred tax liability | $ | ( | $ | ( | |||||||
We regularly assess the likelihood that deferred tax assets will be recovered from future taxable income. To the extent we believe that it is more likely than not that a deferred tax asset will not be realized, a valuation allowance is established. When a valuation allowance is established or increased, an income tax charge is included in the Consolidated Statements of Operations and net deferred tax assets are adjusted accordingly. Future changes in tax laws, statutory tax rates and taxable income levels could result in actual realization of the deferred tax assets being materially different from the amounts provided for in the consolidated financial statements. If the actual recovery amount of the deferred tax asset is less than anticipated, we would be required to write-off the remaining deferred tax asset and increase the tax provision.
We have a valuation allowance of $471.0 million recorded against our net U.S. and Jamaican deferred tax assets, and a portion of our Icelandic deferred tax assets as of December 31, 2025. The Company is subject to the provisions of ASC 740-10, Income Taxes, which requires that the effect on deferred tax assets and liabilities of a change in tax rates be recognized in the period the tax rate change was enacted.
The changes in the valuation allowance are as follows:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Beginning balance, valuation allowance | $ | $ | $ | ||||||||||||||
| Expiration of net operating losses | ( | ( | ( | ||||||||||||||
| Other change in valuation allowance | ( | ( | |||||||||||||||
| Ending balance, valuation allowance | $ | $ | $ | ||||||||||||||
91
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
The significant components of our NOLs are as follows:
| 2025 | 2024 | ||||||||||
Federal (1) | $ | $ | |||||||||
State (2) | |||||||||||
Foreign (3)(4) | |||||||||||
(1)US federal NOLs begin to expire in 2028.
(2)US state NOLs begin to expire in 2027.
(3)NOLs in Iceland expire in 2026 and 2035.
(4)NOLs in Jamaica do not expire.
Our ability to utilize our deferred tax assets to offset future federal taxable income may be significantly limited if we experience an "ownership change" as defined in the Code. In general, an ownership change would occur if our "five-percent shareholders," as defined under the Code, collectively increase their ownership in us by more than 50 percentage points over a rolling three-year period. Future transactions in our stock that may not be in our control may cause us to experience such an ownership change and thus limit our ability to utilize net operating losses, tax credits and other tax assets to offset future taxable income.
A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits (excluding interest) is as follows:
| 2025 | 2024 | 2023 | |||||||||||||||
| Balance as of January 1, | $ | $ | $ | ||||||||||||||
| Additions based on tax positions related to the current year | |||||||||||||||||
| Decreases due to lapse of applicable statute of limitations | ( | ( | |||||||||||||||
| Balance as of December 31, | $ | $ | $ | ||||||||||||||
As of December 31, 2025, the Company’s gross unrecognized tax benefits totaled $3.6 million. Included in the above balances are tax positions relating to temporary differences where there is uncertainty about the timing of tax return inclusion, but not that the amounts will ultimately be tax deductible. Because of the impact of deferred tax accounting, other than interest and penalties, the timing would not impact the annual effective tax rate but could accelerate the payment of cash to the taxing authority to an earlier period. It is our policy to recognize potential accrued interest and penalties related to unrecognized tax benefits in income tax expense.
The Company considers the undistributed earnings of its foreign subsidiaries and joint ventures to be permanently reinvested and has not provided for U.S. federal income taxes on these unremitted earnings. No deferred tax liability has been recorded for the related outside basis differences in these entities. Determination of the amount of any unrecognized deferred tax liability on this outside basis difference is not practicable as such determination involves material uncertainties about the potential extent and timing of any reversals.
Century and its subsidiaries file income tax returns in the U.S. federal jurisdiction, various state and local jurisdictions, and several foreign jurisdictions.
Our federal income tax returns have been reviewed by the IRS through 2010. However, we have NOLs beginning in 2008 that are available for carryforward to future years. Under U.S. tax law, NOLs may be adjusted by the IRS until the statute of limitations expires for the year in which the NOL is used. Accordingly, our 2008 and later NOLs may be reviewed until they are used or expire.
We are subject to examination by tax authorities according to statutory periods defined in each jurisdiction. The earliest statutory period open is beginning in 2020.
92
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
17. Commitments and Contingencies
We have pending against us or may be subject to various lawsuits, claims and proceedings related primarily to employment, commercial, stockholder, environmental, safety and health matters and are involved in other matters that may give rise to contingent liabilities. While the results of such matters and claims cannot be predicted with certainty, we believe that the ultimate outcome of any such matters and claims will not have a material adverse impact on our financial condition, results of operations or liquidity. However, because of the nature and inherent uncertainties of litigation and estimating liabilities, should the resolution or outcome of these actions be unfavorable, our business, financial condition, results of operations and liquidity could be materially and adversely affected.
In evaluating whether to accrue for losses associated with legal or environmental contingencies, it is our policy to take into consideration factors such as the facts and circumstances asserted, our historical experience with contingencies of a similar nature, the likelihood of our prevailing and the severity of any potential loss. For some matters, no accrual is established because we have assessed our risk of loss to be remote. Where the risk of loss is probable and the amount of the loss can be reasonably estimated, we record an accrual, either on an individual basis or with respect to a group of matters involving similar claims, based on the factors set forth above. While we regularly review the status of, and our estimates of potential liability associated with, contingencies to determine the adequacy of any associated accruals and related disclosures, the ultimate amount of loss may differ from our estimates.
Legal Contingencies
Ravenswood Retiree Medical Benefits changes
In November 2009, Century Aluminum of West Virginia ("CAWV") filed a class action complaint for declaratory judgment against the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union ("USW"), the USW’s local and certain CAWV retirees, individually and as class representatives ("CAWV Retirees"), seeking a declaration of CAWV’s rights to modify/terminate retiree medical benefits. Later in November 2009, the USW and representatives of a retiree class filed a separate suit against CAWV, Century Aluminum Company, Century Aluminum Master Welfare Benefit Plan, and various John Does with respect to the foregoing. On August 18, 2017, the District Court for the Southern District of West Virginia approved a settlement agreement in respect of these actions, pursuant to the agreement, CAWV agreed to make payments into a trust for the benefit of the CAWV Retirees in the aggregate amount of $23.0 million over the course of 10 years. Upon approval of the settlement, we paid $5.0 million to the aforementioned trust in September 2017 and recognized a gain of $5.5 million to arrive at the-then net present value of $12.5 million. CAWV has agreed to pay the remaining amounts under the settlement agreement in annual increments of $2.0 million for nine years . As of December 31, 2025, $1.9 million was recorded in other current liabilities, representing the current accrual of the final payment.
PBGC Settlement
In 2013, we entered into a settlement agreement with the Pension Benefit Guarantee Corporation ("the PBGC") regarding an alleged "cessation of operations" at our Ravenswood facility (the "PBGC Settlement Agreement"). Pursuant to the terms of the PBGC Settlement Agreement, we agreed to make additional contributions (above any minimum required contributions) to our defined benefit pension plans totaling approximately $17.4 million. Under certain circumstances, in periods of lower primary aluminum prices relative to our cost of operations, we were able to defer one or more of these payments, provided that we provide the PBGC with acceptable security for such deferred payments. We historically elected to defer certain payments under the PBGC Settlement Agreement and provided the PBGC with the appropriate security. On October 1, 2021, we amended the PBGC Settlement Agreement (the "Amended PBGC Settlement Agreement") such that we removed the deferral mechanism and agreed to contribute approximately $2.4 million per year to our defined benefit pension plans for a total of approximately $9.6 million, over four years beginning on November 30, 2022 and ending on November 30, 2025, subject to acceleration if certain terms and conditions are met in such amendment. As of December 31, 2025, we have made all contributions under the Amended PBGC Settlement Agreement.
Sebree
Sebree has a power supply arrangement with Kenergy and Century Marketer LLC (“Century Marketer"), Century's wholly-owned subsidiary that acts as a Midcontinent Independent System Operator ("MISO") market participant. Under this arrangement, Sebree gets access to power at MISO pricing plus transmission and other costs. As the MISO Market Participant, Century Marketer purchases power from MISO for resale to Kenergy, which then resells the power to Sebree. Century Marketer's power supply arrangement with Kenergy has an effective term through May 31, 2028, with automatic one-year
93
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
extensions unless either party provides one-year notice of termination prior to the May 31 anniversary date. Similarly, Kenergy's power supply contract with Sebree has a term through December 31, 2026, with automatic one-year extensions unless either party provides one-year notice of termination prior to the December 31 anniversary date.
Mt. Holly
Century Aluminum of South Carolina, Inc. ("CASC") has a power supply agreement with South Carolina Public Service Authority (“Santee Cooper”) that has an effective term through December 2031. Under this power supply agreement, 100 % of Mt. Holly’s electrical power requirements are supplied from Santee Cooper’s generation at cost of service based rates.
Grundartangi
Grundartangi has power purchase agreements for approximately 545 MW with HS Orka hf ("HS"), Landsvirkjun and Orkuveita Reykjavikur ("OR"). These power purchase agreements expire on various dates from 2026 through 2036 (subject to extension). The power purchase agreements with each of HS and OR provide power at LME-based variable rates for the duration of these agreements. The larger Landsvirkjun agreement provides for fixed rate with an additional variable rate linked to the LME. Grundartangi also has a separate 25 MW power purchase agreement with Landsvirkjun at an LME-based variable rate.
Other Commitments and Contingencies
Labor Commitments
The bargaining unit employees at our Grundartangi, Vlissingen, Hawesville, Sebree and Jamalco facilities are represented by labor unions, representing approximately 55 % of our total workforce.
Approximately 84 % of Grundartangi’s work force is represented by five labor unions, governed by a labor agreement that establishes wages and work rules for covered employees. This agreement is effective through December 31, 2029.
Approximately 36 % of our U.S. based work force is represented by the Allied Industrial and Service Workers International Union ("USW") through separately negotiated labor agreements for each facility. The labor agreement for Hawesville employees was effective through April 1, 2026, but was terminated early on February 13, 2026. Mt. Holly employees are not represented by a labor union. Century Sebree's labor agreement with the USW for its employees is effective through October 28, 2028.
Approximately 62 % of Jamalco's work force is represented by the Union of Technical, Administrative, and Supervisory Personnel ("UTASP") through separately labor agreements for hourly and salaried employee groups. Both contracts were effective through December 31, 2023. Jamalco is currently in the process of negotiating new contracts with both the salaried and hourly employee groups. Until new contracts are reached, employees will continue to operate under the current agreements.
Contingent Obligation
We have a contingent obligation in connection with the “unwind” of a contractual arrangement between CAKY, Big Rivers Electric Corporation ("Big Rivers") and a third party and the execution of a long-term cost-based power contract with Kenergy, a member of a cooperative of Big Rivers, in July 2009. This contingent obligation consists of the aggregate payments made to Big Rivers by the third party on CAKY’s behalf in excess of the agreed upon base amount under the long-term cost-based power contract with Kenergy. As of December 31, 2025, the principal and accrued interest for the contingent obligation was $33.7 million, which was fully offset by a derivative asset. We may be required to make installment payments for the contingent obligation in the future. These payments are contingent based on the LME price of primary aluminum and the level of Hawesville’s operations. Interest accrues at an annual rate equal to 10.94 %. As of December 31, 2025, the LME forward market prices exceed the threshold for payment. In addition, based on the fact that we recently sold the Hawesville property, which is to be developed into a data center, we believe that we will not be required to make payments on the contingent
94
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
obligation during the term of the agreement, which expires in 2028. There can be no assurance that circumstances will not change thus accelerating the timing of such payments.
18. Asset Retirement Obligations
The reconciliation of the changes in our AROs is presented below:
| Year ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Beginning balance | $ | $ | |||||||||
| Additional ARO liabilities incurred | |||||||||||
| ARO liabilities settled | ( | ( | |||||||||
| Accretion expense | |||||||||||
| Acquired ARO liabilities | |||||||||||
| Revisions in estimated cash flows | ( | ||||||||||
| Ending balance | |||||||||||
Current portion of asset retirement obligations(1) | |||||||||||
| Asset retirement obligations - less current portion | $ | $ | |||||||||
(1) Current portion of asset retirement obligations is recorded in Accrued and other current liabilities.
19. Business Segments
The Company is a producer of primary aluminum and alumina. The Company has organized itself, including management personnel and systems, financial processes, operational execution, governance and risk oversight, regulatory compliance, and every other aspect of the Company’s operations, to assess and manage the business on a holistic basis, from mine to metal, which tracks the upstream manufacturing process for aluminum. To better reflect this operational and organizational approach, and to further enhance the reporting of its financial and operating results, beginning with the quarter ended March 31, 2025, the Company’s Chief Executive Officer and Chief Operating Decision Maker ("CODM") regularly receives and reviews financial information at the consolidated level to evaluate business performance and make operating decisions. The CODM uses the U.S. GAAP measure of consolidated Net Income to develop forecasting, to evaluate the Company’s overall profitability and financial performance and to make key operating decisions, such as the allocation of resources.
Given the change described above, the Company has determined that neither its three smelters nor Jamalco’s mining and refining operations meet the definition of operating segments. As a result, the Company has determined that the Company has only one operating and only one reportable segment, and it is managed on a consolidated basis. In accordance with ASC 280-10-50-34, the corresponding information for earlier periods is recast in the tables below to conform with the updated presentation.
Segment assets are reported on our Consolidated Balance Sheets as Total assets. Our Consolidated Statements of Cash Flows presents Depreciation, depletion and amortization expense and includes the measure of Capital expenditures.
95
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
The following table presents information about the Company's single segment for the years ended December 31, .
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Net sales | $ | $ | $ | ||||||||||||||
Segment Cost of goods sold(1),(2) | ( | ( | ( | ||||||||||||||
IRA Credit(1),(3) | |||||||||||||||||
Lower of cost or NRV inventory adjustment(1),(4) | ( | ||||||||||||||||
Property and equipment expense(1),(5) | ( | ( | ( | ||||||||||||||
| Selling, general and administrative expenses | ( | ( | ( | ||||||||||||||
| Other operating expenses - net | ( | ( | ( | ||||||||||||||
| Interest expense - nonaffiliates | ( | ( | ( | ||||||||||||||
| Interest expense - affiliates | ( | ( | ( | ||||||||||||||
| Interest income | |||||||||||||||||
| Net (loss) gain on forward and derivative contracts - nonaffiliates | ( | ( | |||||||||||||||
| Net gain (loss) on forward and derivative contracts - affiliates | ( | ||||||||||||||||
| Loss on early extinguishment of debt | ( | ||||||||||||||||
| Bargain purchase gain | |||||||||||||||||
| Other expense - net | ( | ( | ( | ||||||||||||||
| Income tax benefit (expense) | ( | ||||||||||||||||
| Equity in earnings (losses) of joint ventures | ( | ||||||||||||||||
| Net income (loss) | $ | $ | $ | ( | |||||||||||||
(1)A component of Cost of goods sold.
(2)Includes raw materials, labor, energy, freight costs, FIFO inventory adjustments and other direct cost of goods sold.
(3)Advanced production credit related to Section 45X of the IRA.
(4)Includes inventory revaluation to lower of cost or net realizable value and changes in inventory reserve.
(5)Represents the depreciation expenses and expenses related to leased assets that are directly related to the cost of goods sold.
Long-lived Assets
| As of December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Long-lived assets:(1) | |||||||||||||||||
| United States | $ | $ | $ | ||||||||||||||
| Iceland | |||||||||||||||||
| Jamaica | |||||||||||||||||
| Other | |||||||||||||||||
(1)Includes long-lived assets other than financial instruments and deferred taxes.
Major customer information
Revenues from Glencore in 2025, 2024 and 2023 exceeded 10
20. Derivatives
As of December 31, 2025, we had an open position of 48,400 tonnes related to LME forward financial sales contracts to fix the forward LME aluminum price. These contracts are expected to settle monthly through June 2027. We had an open position of 89,800 tonnes related to MWP forward financial sales contracts to fix the forward MWP price. These contracts are expected
96
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
to settle monthly through December 2027. We also enter into financial contracts with various counterparties to offset fixed price sales arrangements with certain of our customers ("fixed for floating swaps") to remain exposed to the LME and MWP aluminum prices. As of December 31, 2025, we had no open fixed for floating swaps.
We have entered into financial contracts to hedge a portion of our Jamalco fuel cost exposure ("HFO price swaps"). The volume of heavy fuel oil ("HFO") consumed at Jamalco is measured per barrel and as of December 31, 2025, we had an open position of 225,000 barrels. The HFO price swaps are expected to settle monthly through October 2026.
We have entered into financial contracts to fix a portion of our exposure to the Indiana Hub power market at our Sebree plant ("Indiana Hub power price swaps"). As of December 31, 2025, we had an open position of 884,712 MWh. The Indiana Hub power price swaps are expected to settle monthly through June 2027.
Our agreements with derivative counterparties contain certain provisions requiring collateral to be posted in the event the market value of our position exceeds the margin threshold limit of our master agreement with the counterparty. As of December 31, 2025 and December 31, 2024, the Company had no
The following table sets forth the Company's derivative assets and liabilities that were accounted for at fair value and not designated as cash flow hedges as of December 31, 2025 and 2024, respectively:
| Asset Fair Value | |||||||||||
| 2025 | 2024 | ||||||||||
Commodity contracts(1) | $ | $ | |||||||||
| Liability Fair Value | |||||||||||
| 2025 | 2024 | ||||||||||
Commodity contracts(1) | $ | $ | |||||||||
(1)Commodity contracts reflect our outstanding LME and MWP forward financial sales contracts, fixed for floating swaps, HFO price swaps and Indiana Hub power price swaps. At December 31, 2025 and December 31, 2024, there were no
(2)Foreign exchange contracts reflect our outstanding FX swaps and casthouse currency hedges.
The following table summarizes the net gain (loss) on forward and derivative contracts for the years ended December 31, 2025, 2024, and 2023:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Net gain (loss) on forward and derivative contracts - nonaffiliates | |||||||||||||||||
| Commodity contracts | $ | ( | $ | $ | |||||||||||||
| Foreign exchange contracts | ( | ( | |||||||||||||||
| ( | |||||||||||||||||
Net gain (loss) on forward and derivative contracts - affiliates | |||||||||||||||||
| Commodity contracts | |||||||||||||||||
| Foreign exchange contracts | |||||||||||||||||
| Total | $ | ( | $ | $ | |||||||||||||
21. Variable Interest Entity
The Company consolidates Jamalco, a bauxite mining and alumina refinery in Jamaica, under the variable interest entity ("VIE") model. Jamalco lacks sufficient equity investment at risk in accordance with relevant guidance. Based on its purpose
97
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
and design, Jamalco is expected to require additional subordinated financial support, such as those in the form of equity contributions or other forms of subordinated financing, which the Company expects would require parent guarantees.
The Company owns a 55 % ownership interest in Jamalco through its wholly-owned subsidiary, GAJL, which serves as the managing partner. The Company is responsible for funding 55 % of Jamalco's operating costs and capital requirements and is not obligated to provide additional financial support beyond its equity interest. Upon acquisition, the Company made an immediate equity contribution to Jamalco and has provided subsequent financing of costs for Jamalco to perform its activities in the ordinary course of business.
The Company obtains direct ownership of our 55 % share of Jamalco’s outputs and purchases the remaining 45 % of the output from the Government of Jamaica. Through direct ownership and purchase, 100 % of Jamalco’s output is either retained and utilized in the Company’s business operations or sold by the Company. The Company’s consolidated statement of cash flows reflects 100 % of cash flows related to the Jamalco operations. The Company receives cash proceeds from the Government of Jamaica for its 45 % interest of the Jamalco operating costs and capital requirements.
Although our partner has certain participating rights over some decisions of the entity, the Company has power over the majority of key activities at Jamalco that significantly affect its economic performance over which the counterparty does not have such participating rights; therefore, the Company is the primary beneficiary of the VIE.
The table below shows the carrying amounts and classification of the consolidated VIE's assets and liabilities included in the Consolidated Balance Sheets as of December 31, 2025 and 2024.
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Accounts receivable - net | |||||||||||
| Inventories | |||||||||||
| Prepaid and other current assets | |||||||||||
| Total current assets | |||||||||||
| Property, plant and equipment - net | |||||||||||
| Other assets | |||||||||||
| TOTAL | $ | $ | |||||||||
LIABILITIES | |||||||||||
| Accounts payable, trade | $ | $ | |||||||||
| Accrued compensation and benefits | |||||||||||
| Due to affiliates | |||||||||||
| Accrued and other current liabilities | |||||||||||
| Total current liabilities | |||||||||||
| Accrued benefits costs - less current portion | |||||||||||
| Other liabilities | |||||||||||
| Asset retirement obligations - less current portion | |||||||||||
| Total noncurrent liabilities | |||||||||||
TOTAL | $ | $ | |||||||||
22. Restatement of Previously Issued Financial Statements
Subsequent to the issuance of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, the Company identified an error in accounting in its historical financial statements related to the consolidation of its Jamalco joint venture
98
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
whereby the Company previously used the proportionate method of consolidation for certain of Jamalco's net assets versus the full consolidation method.
The Company has corrected the error in the Consolidated Financial Statements as of and for the periods ended December 31, 2024 and December 31, 2023 presented herein. Revisions to the Company’s previously reported disclosures have been reflected in Note 1. Summary of Significant Accounting Policies; Note 2. Acquisition of Jamalco; Note 11. Property, Plant and Equipment; Note 13. Pension and Other Postretirement Benefits; Note 18. Asset Retirement Obligations; Note 19. Business Segments; and Note 21. Variable Interest Entity. A summary of the revisions to the Company’s previously reported financial statements is provided in this Note 22. Restatement of Previously Issued Financial Statements and Note 23. Revisions to Prior Period Quarterly Consolidated Financial Statements (unaudited).
The effects of the corrections described above on the Company’s Consolidated Statements of Operations were as follows:
| Year Ended December 31, 2024 | |||||||||||||||||
| As Previously Reported | Restatement Impacts | As Restated | |||||||||||||||
| Net sales | |||||||||||||||||
| Related parties | $ | $ | $ | ||||||||||||||
| Other customers | |||||||||||||||||
| Total net sales | |||||||||||||||||
| Cost of goods sold | |||||||||||||||||
| Gross profit | ( | ||||||||||||||||
| Selling, general and administrative expenses | |||||||||||||||||
| Other operating expenses - net | |||||||||||||||||
| Operating income | ( | ||||||||||||||||
| Interest expense - affiliates | ( | ( | |||||||||||||||
| Interest expenses - nonaffiliates | ( | ( | |||||||||||||||
| Interest income | |||||||||||||||||
| Net gain on forward and derivative contracts - nonaffiliates | |||||||||||||||||
| Net loss on forward and derivative contracts - affiliates | ( | ( | |||||||||||||||
| Bargain purchase gain | |||||||||||||||||
| Other expense - net | ( | ( | ( | ||||||||||||||
| Income before income taxes | ( | ||||||||||||||||
| Income tax expense | ( | ( | |||||||||||||||
| Income before equity in earnings of joint ventures | ( | ||||||||||||||||
| Equity in earnings of joint ventures | |||||||||||||||||
| Net income | ( | ||||||||||||||||
| Net loss attributable to noncontrolling interests | ( | ( | ( | ||||||||||||||
| Net income attributable to Century stockholders | |||||||||||||||||
| Less: Net income allocated to participating securities | |||||||||||||||||
| Net income allocated to common stockholders | $ | $ | $ | ||||||||||||||
99
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
| Year Ended December 31, 2023 | |||||||||||||||||
| As Previously Reported | Restatement Impacts | As Restated | |||||||||||||||
| Net sales | |||||||||||||||||
| Related parties | $ | $ | $ | ||||||||||||||
| Other customers | |||||||||||||||||
| Total net sales | |||||||||||||||||
| Cost of goods sold | |||||||||||||||||
| Gross profit | ( | ||||||||||||||||
| Selling, general and administrative expenses | |||||||||||||||||
| Other operating expenses - net | |||||||||||||||||
| Operating income | ( | ||||||||||||||||
| Interest expense - affiliates | ( | ( | |||||||||||||||
| Interest expenses - nonaffiliates | ( | ( | |||||||||||||||
| Interest income | |||||||||||||||||
| Net loss on forward and derivative contracts - nonaffiliates | ( | ( | |||||||||||||||
| Net gain on forward and derivative contracts - affiliates | |||||||||||||||||
| Bargain purchase gain | |||||||||||||||||
| Other expense - net | ( | ( | |||||||||||||||
| Loss before income taxes | ( | ( | ( | ||||||||||||||
| Income tax benefit | |||||||||||||||||
| Loss before equity in earnings of joint ventures | ( | ( | ( | ||||||||||||||
| Equity in losses of joint ventures | ( | ( | |||||||||||||||
| Net loss | ( | ( | ( | ||||||||||||||
| Net loss attributable to noncontrolling interests | ( | ( | ( | ||||||||||||||
| Net loss attributable to Century stockholders | ( | ( | |||||||||||||||
| Less: Net income allocated to participating securities | |||||||||||||||||
| Net loss allocated to common stockholders | $ | ( | $ | $ | ( | ||||||||||||
100
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
The effects of the corrections described above on the Company's Consolidated Statements of Comprehensive Income (Loss) were as follows:
| Year Ended December 31, 2024 | |||||||||||||||||
| As Previously Reported | Restatement Impacts | As Restated | |||||||||||||||
| Comprehensive income: | |||||||||||||||||
| Net income | $ | $ | ( | $ | |||||||||||||
| Other comprehensive loss before income tax effect: | |||||||||||||||||
| Net loss on foreign currency cash flow hedges reclassified as income | ( | ( | |||||||||||||||
| Defined benefit plans and other postretirement benefits: | |||||||||||||||||
| Net loss arising during the period | ( | ( | ( | ||||||||||||||
| Amortization of prior service benefit during the period | |||||||||||||||||
| Amortization of net loss during the period | |||||||||||||||||
| Other comprehensive loss before income tax effect: | ( | ( | ( | ||||||||||||||
| Income tax effect | |||||||||||||||||
| Other comprehensive loss | ( | ( | ( | ||||||||||||||
| Comprehensive income | ( | ||||||||||||||||
| Comprehensive loss attributable to noncontrolling interests | ( | ( | ( | ||||||||||||||
| Comprehensive income attributable to Century Stockholders | $ | $ | $ | ||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||
| As Previously Reported | Restatement Impacts | As Restated | |||||||||||||||
| Comprehensive loss: | |||||||||||||||||
| Net loss | $ | ( | $ | ( | $ | ( | |||||||||||
| Other comprehensive loss before income tax effect: | |||||||||||||||||
| Net loss on foreign currency cash flow hedges reclassified as income | ( | ( | |||||||||||||||
| Defined benefit plans and other postretirement benefits: | |||||||||||||||||
| Net loss arising during the period | ( | ( | ( | ||||||||||||||
| Amortization of prior service benefit during the period | |||||||||||||||||
| Amortization of net loss during the period | |||||||||||||||||
| Other comprehensive loss before income tax effect: | ( | ( | ( | ||||||||||||||
| Income tax effect | |||||||||||||||||
| Other comprehensive loss | ( | ( | ( | ||||||||||||||
| Comprehensive loss | ( | ( | ( | ||||||||||||||
| Comprehensive loss attributable to noncontrolling interests | ( | ( | ( | ||||||||||||||
| Comprehensive loss attributable to Century Stockholders | $ | ( | $ | $ | ( | ||||||||||||
101
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
The effects of the corrections described above on the Company's Consolidated Balance Sheets were as follows:
| Year Ended December 31, 2024 | |||||||||||||||||
| As Previously Reported | Restatement Impacts | As Restated | |||||||||||||||
| ASSETS | |||||||||||||||||
| Cash and cash equivalents | $ | $ | $ | ||||||||||||||
| Restricted cash | |||||||||||||||||
| Accounts receivable - net | |||||||||||||||||
| Non-trade receivables | |||||||||||||||||
| Due from affiliates | |||||||||||||||||
| Manufacturing credit receivable | |||||||||||||||||
| Inventories | |||||||||||||||||
| Derivative assets | |||||||||||||||||
| Prepaid and other current assets | |||||||||||||||||
| Total current assets | |||||||||||||||||
| Property, plant and equipment - net | |||||||||||||||||
| Manufacturing credit receivable - less current portion | |||||||||||||||||
| Other assets | |||||||||||||||||
| TOTAL | $ | $ | $ | ||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
| LIABILITIES: | |||||||||||||||||
| Accounts payable, trade | $ | $ | $ | ||||||||||||||
| Accrued compensation and benefits | |||||||||||||||||
| Due to affiliates | |||||||||||||||||
| Accrued and other current liabilities | |||||||||||||||||
| Derivative liabilities | |||||||||||||||||
| Current maturities of long-term debt | |||||||||||||||||
| Total current liabilities | |||||||||||||||||
| Long-term debt | |||||||||||||||||
| Long-term debt due to affiliates | |||||||||||||||||
| Accrued benefits costs - less current portion | |||||||||||||||||
| Other liabilities | |||||||||||||||||
| Deferred taxes | |||||||||||||||||
| Asset retirement obligations - less current portion | |||||||||||||||||
| Total noncurrent liabilities | |||||||||||||||||
| COMMITMENTS AND CONTINGENCIES | |||||||||||||||||
| SHAREHOLDERS’ EQUITY: | |||||||||||||||||
| Preferred stock | |||||||||||||||||
| Common stock | |||||||||||||||||
| Additional paid-in capital | |||||||||||||||||
| Treasury stock, at cost | ( | ( | |||||||||||||||
| Accumulated other comprehensive loss | ( | ( | |||||||||||||||
| Accumulated deficit | ( | ( | |||||||||||||||
| Total Century shareholders’ equity | |||||||||||||||||
| Noncontrolling interests | ( | ||||||||||||||||
| Total equity | |||||||||||||||||
| TOTAL | $ | $ | $ | ||||||||||||||
102
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
| Year Ended December 31, 2023 | |||||||||||||||||
| As Previously Reported | Restatement Impacts | As Restated | |||||||||||||||
| ASSETS | |||||||||||||||||
| Cash and cash equivalents | $ | $ | $ | ||||||||||||||
| Restricted cash | |||||||||||||||||
| Accounts receivable - net | |||||||||||||||||
| Non-trade receivables | |||||||||||||||||
| Due from affiliates | |||||||||||||||||
| Manufacturing credit receivable | |||||||||||||||||
| Inventories | |||||||||||||||||
| Derivative assets | |||||||||||||||||
| Prepaid and other current assets | |||||||||||||||||
| Total current assets | 767.1 | ||||||||||||||||
| Property, plant and equipment - net | |||||||||||||||||
| Manufacturing credit receivable - less current portion | |||||||||||||||||
| Other assets | |||||||||||||||||
| TOTAL | $ | $ | $ | ||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
| LIABILITIES: | |||||||||||||||||
| Accounts payable, trade | $ | $ | $ | ||||||||||||||
| Accrued compensation and benefits | |||||||||||||||||
| Due to affiliates | |||||||||||||||||
| Accrued and other current liabilities | |||||||||||||||||
| Derivative liabilities | |||||||||||||||||
| Deferred credit - preliminary bargain purchase gain | |||||||||||||||||
| Current debt due to affiliates | |||||||||||||||||
| Current maturities of long-term debt | |||||||||||||||||
| Total current liabilities | |||||||||||||||||
| Long-term debt | |||||||||||||||||
| Accrued benefits costs - less current portion | |||||||||||||||||
| Other liabilities | |||||||||||||||||
| Deferred taxes | |||||||||||||||||
| Asset retirement obligations - less current portion | |||||||||||||||||
| Total noncurrent liabilities | |||||||||||||||||
| COMMITMENTS AND CONTINGENCIES | |||||||||||||||||
| SHAREHOLDERS’ EQUITY: | |||||||||||||||||
| Preferred stock | |||||||||||||||||
| Common stock | |||||||||||||||||
| Additional paid-in capital | |||||||||||||||||
| Treasury stock, at cost | ( | ( | |||||||||||||||
| Accumulated other comprehensive loss | ( | ( | |||||||||||||||
| Accumulated deficit | ( | ( | |||||||||||||||
| Total Century shareholders’ equity | |||||||||||||||||
| Noncontrolling interests | ( | ||||||||||||||||
| Total equity | |||||||||||||||||
| TOTAL | $ | $ | $ | ||||||||||||||
The effects of the corrections described above on the Company’s Consolidated Statements of Cash Flows were as follows:
103
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
| Consolidated Statements of Cash Flows | |||||||||||||||||
| (in millions) | |||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||
| As Previously Reported | Restatement Impacts | As Restated | |||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||
| Net income | $ | $ | ( | $ | |||||||||||||
| Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||||||||
| Unrealized gain on derivative instruments | ( | ( | |||||||||||||||
| Depreciation, depletion and amortization | |||||||||||||||||
| Change in deferred tax benefit | ( | ( | |||||||||||||||
| Gain on sale of assets | ( | ( | |||||||||||||||
| Bargain purchase gain | ( | ( | |||||||||||||||
| Force majure settlement | ( | ( | |||||||||||||||
| Lower of cost or NRV inventory adjustment | |||||||||||||||||
| Other non-cash items - net | |||||||||||||||||
| Change in operating assets and liabilities, net of acquisition: | |||||||||||||||||
| Accounts receivable - net | ( | ( | |||||||||||||||
| Non-trade receivables | ( | ||||||||||||||||
| Manufacturing credit receivable | ( | ( | |||||||||||||||
| Due from affiliates | ( | ( | |||||||||||||||
| Inventories | ( | ( | |||||||||||||||
| Prepaid and other current assets | |||||||||||||||||
| Accounts payable, trade | ( | ( | |||||||||||||||
| Due to affiliates | |||||||||||||||||
| Accrued and other current liabilities | ( | ||||||||||||||||
| Ravenswood retiree legal settlement | ( | ( | |||||||||||||||
| PBGC Settlement | ( | ( | |||||||||||||||
| Other - net | ( | ( | |||||||||||||||
| Net cash used in operating activities | ( | ( | |||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||
| Purchase of property, plant and equipment | ( | ( | |||||||||||||||
| Proceeds from co-tenancy assets at Jamalco JV | ( | ||||||||||||||||
| Proceeds from sale of property, plant and equipment | |||||||||||||||||
| Net cash used in investing activities | ( | ( | ( | ||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||
| Borrowing under revolving credit facilities | |||||||||||||||||
| Repayments under revolving credit facilities | ( | ( | |||||||||||||||
| Borrowings under Grundartangi casthouse debt facility | |||||||||||||||||
| Repayments on casthouse facility | ( | ( | |||||||||||||||
| Repayments under Iceland term facility | ( | ( | |||||||||||||||
| Contributions from JV partner | |||||||||||||||||
| Carbon credit repayments | ( | ( | |||||||||||||||
| Net cash provided by financing activities | |||||||||||||||||
| CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | ( | ( | |||||||||||||||
| Cash, cash equivalents and restricted cash, beginning of year | |||||||||||||||||
| Cash, cash equivalents and restricted cash, end of year | $ | $ | $ | ||||||||||||||
| Supplemental Cash Flow Information | |||||||||||||||||
| Cash paid for: | |||||||||||||||||
| Interest | $ | $ | $ | ||||||||||||||
| Taxes, net of refunds | $ | $ | $ | ||||||||||||||
| Non-cash investing activities: | |||||||||||||||||
| Capital expenditures | $ | $ | $ | ||||||||||||||
| Capitalized interest | |||||||||||||||||
| Distribution of fixed assets to NCI | ( | ||||||||||||||||
104
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
| Year Ended December 31, 2023 | |||||||||||||||||
| As Previously Reported | Restatement Impacts | As Restated | |||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||
| Net loss | $ | ( | $ | ( | $ | ( | |||||||||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||||||
| Unrealized loss on derivative instruments | |||||||||||||||||
| Depreciation, depletion and amortization | |||||||||||||||||
| Change in deferred tax benefit | ( | ( | |||||||||||||||
| Other non-cash items - net | |||||||||||||||||
| Change in operating assets and liabilities, net of acquisition: | |||||||||||||||||
| Accounts receivable - net | |||||||||||||||||
| Non-trade receivables | |||||||||||||||||
| Manufacturing credit receivable | ( | ( | |||||||||||||||
| Due from affiliates | ( | ( | |||||||||||||||
| Inventories | |||||||||||||||||
| Prepaid and other current assets | |||||||||||||||||
| Accounts payable, trade | ( | ( | |||||||||||||||
| Due to affiliates | |||||||||||||||||
| Ravenswood retiree legal settlement | ( | ( | |||||||||||||||
| PBGC Settlement | ( | ( | |||||||||||||||
| Other - net | |||||||||||||||||
| Net cash provided by operating activities | |||||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||
| Purchase of property, plant and equipment | ( | ( | |||||||||||||||
| Proceeds from sale of property, plant and equipment | |||||||||||||||||
| Acquisition of subsidiary net of cash acquired | |||||||||||||||||
| Net cash used in investing activities | ( | ( | |||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||
| Borrowing under revolving credit facilities | |||||||||||||||||
| Repayments under revolving credit facilities | ( | ( | |||||||||||||||
| Borrowings under Grundartangi casthouse debt facility | |||||||||||||||||
| Repayments under Iceland term facility | ( | ( | |||||||||||||||
| Borrowings under Vlissingen facility agreement | |||||||||||||||||
| Carbon credit proceeds | |||||||||||||||||
| Net cash used in financing activities | ( | ( | |||||||||||||||
| CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | |||||||||||||||||
| Cash, cash equivalents and restricted cash, beginning of year | |||||||||||||||||
| Cash, cash equivalents and restricted cash, end of year | $ | $ | $ | ||||||||||||||
105
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
The effects of the corrections described above on the Company's Consolidated Statements of Shareholder's Equity were as follows:
| As Previously Reported | Restatement Impacts | As Restated | |||||||||||||||
| Noncontrolling Interest | |||||||||||||||||
| Balance as of December 31, 2022 | $ | $ | $ | ||||||||||||||
| Net loss | ( | ( | ( | ||||||||||||||
| Other comprehensive loss | ( | ( | |||||||||||||||
| Noncontrolling Interest of business acquired | ( | ||||||||||||||||
| Balance as of December 31, 2023 | $ | ( | $ | $ | |||||||||||||
| Net loss | ( | ( | ( | ||||||||||||||
| Other comprehensive loss | ( | ( | |||||||||||||||
| Noncontrolling Interest of business acquired | ( | ( | ( | ||||||||||||||
| Balance as of December 31, 2024 | $ | ( | $ | $ | |||||||||||||
| As Previously Reported | Restatement Impacts | As Restated | |||||||||||||||
| Total equity | |||||||||||||||||
| Balance as of December 31, 2022 | $ | $ | |||||||||||||||
| Net loss | ( | ( | ( | ||||||||||||||
| Other comprehensive income (loss) | ( | ( | ( | ||||||||||||||
| Share based compensation | |||||||||||||||||
| Conversion of preferred stock to common stock | — | — | — | ||||||||||||||
| Noncontrolling Interest of business acquired | ( | ||||||||||||||||
| Balance as of December 31, 2023 | $ | $ | $ | ||||||||||||||
| Net loss | ( | ||||||||||||||||
| Other comprehensive income (loss) | ( | ( | ( | ||||||||||||||
| Share-based compensation | |||||||||||||||||
| Conversion of preferred stock to common stock | — | — | — | ||||||||||||||
| Noncontrolling Interest of business acquired | ( | ( | ( | ||||||||||||||
| Balance as of December 31, 2024 | $ | $ | $ | ||||||||||||||
The Company has also restated impacted amounts within the accompanying footnotes to the Consolidated Financial Statements.
23. Quarterly Financial Information (Unaudited and Restated)
As further discussed in Note 1. Summary of Significant Accounting Policies and Note 22. Restatement of Previously Issued Financial Statements, the Company determined that corrections to the unaudited condensed consolidated financial statements were required for all impacted periods previously included in each of the Company's Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2025, June 30, 2025, September 30, 2025, March 31, 2024, June 30, 2024, and September 30, 2024. Restated amounts are computed independently for each quarter presented; therefore, the sum of the quarterly amounts may not equal the total amount for the year due to rounding.
106
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
The restatement impacts to the Company's consolidated statements of operations were as shown below.
| For the Three Months Ended March 31, 2024 | For the Three Months Ended March 31, 2025 | ||||||||||||||||||||||||||||||||||
| As Previously Reported | Restatement Impacts | As Restated | As Previously Reported | Restatement Impacts | As Restated | ||||||||||||||||||||||||||||||
| Cost of Goods Sold | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| Gross profit | ( | ( | |||||||||||||||||||||||||||||||||
| Operating income (loss) | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Income before income taxes | ( | ( | |||||||||||||||||||||||||||||||||
| Net income | ( | ( | |||||||||||||||||||||||||||||||||
| Net loss attributable to noncontrolling interests | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
| Net income attributable to Century stockholders | |||||||||||||||||||||||||||||||||||
| Less: Net income allocated to participating securities | |||||||||||||||||||||||||||||||||||
| Net income allocated to common stockholders | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| For the Three Months Ended June 30, 2024 | For the Three Months Ended June 30, 2025 | ||||||||||||||||||||||||||||||||||
| As Previously Reported | Restatement Impacts | As Restated | As Previously Reported | Restatement Impacts | As Restated | ||||||||||||||||||||||||||||||
| Cost of Goods Sold | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| Gross profit | ( | ( | |||||||||||||||||||||||||||||||||
| Operating income | ( | ( | |||||||||||||||||||||||||||||||||
| Loss before income taxes | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
| Net loss | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
| Net loss attributable to noncontrolling interests | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
| Net loss attributable to Century stockholders | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Less: Net income allocated to participating securities | |||||||||||||||||||||||||||||||||||
| Net loss allocated to common stockholders | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
| For the Three Months Ended September 30, 2024 | For the Three Months Ended September 30, 2025 | ||||||||||||||||||||||||||||||||||
| As Previously Reported | Restatement Impacts | As Restated | As Previously Reported | Restatement Impacts | As Restated | ||||||||||||||||||||||||||||||
| Cost of Goods Sold | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| Gross profit | ( | ( | |||||||||||||||||||||||||||||||||
| Operating income | ( | ( | |||||||||||||||||||||||||||||||||
| Income before income taxes | ( | ( | |||||||||||||||||||||||||||||||||
| Net income | ( | ( | |||||||||||||||||||||||||||||||||
| Net loss attributable to noncontrolling interests | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
| Net income attributable to Century stockholders | |||||||||||||||||||||||||||||||||||
| Less: Net income allocated to participating securities | |||||||||||||||||||||||||||||||||||
| Net income allocated to common stockholders | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
107
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
The restatement impacts to the Company's consolidated balance statements were as shown below (dollars in millions).
| March 31, 2024 | |||||||||||||||||
| As Previously Reported | Restatement Impacts | As Restated | |||||||||||||||
| ASSETS | |||||||||||||||||
| Non-trade receivables | |||||||||||||||||
| Total current assets | |||||||||||||||||
| Property, plant and equipment - net | |||||||||||||||||
| Other assets | |||||||||||||||||
| TOTAL | $ | $ | $ | ||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
| LIABILITIES: | |||||||||||||||||
| Accrued benefits costs - less current portion | |||||||||||||||||
| Asset retirement obligations - less current portion | |||||||||||||||||
| Total noncurrent liabilities | |||||||||||||||||
| SHAREHOLDERS’ EQUITY: | |||||||||||||||||
| Noncontrolling interests | ( | ||||||||||||||||
| Total equity | |||||||||||||||||
| TOTAL | $ | $ | $ | ||||||||||||||
| June 30, 2024 | |||||||||||||||||
| As Previously Reported | Restatement Impacts | As Restated | |||||||||||||||
| ASSETS | |||||||||||||||||
| Non-trade receivables | ( | ||||||||||||||||
| Total current assets | ( | ||||||||||||||||
| Property, plant and equipment - net | |||||||||||||||||
| Other assets | |||||||||||||||||
| TOTAL | $ | $ | $ | ||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
| LIABILITIES: | |||||||||||||||||
| Accrued benefits costs - less current portion | |||||||||||||||||
| Asset retirement obligations - less current portion | |||||||||||||||||
| Total noncurrent liabilities | |||||||||||||||||
| SHAREHOLDERS’ EQUITY: | |||||||||||||||||
| Noncontrolling interests | ( | ||||||||||||||||
| Total equity | |||||||||||||||||
| TOTAL | $ | $ | $ | ||||||||||||||
108
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
| September 30, 2024 | |||||||||||||||||
| As Previously Reported | Restatement Impacts | As Restated | |||||||||||||||
| ASSETS | |||||||||||||||||
| Non-trade receivables | ( | ||||||||||||||||
| Total current assets | ( | ||||||||||||||||
| Property, plant and equipment - net | |||||||||||||||||
| Other assets | |||||||||||||||||
| TOTAL | $ | $ | $ | ||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
| LIABILITIES: | |||||||||||||||||
| Accrued benefits costs - less current portion | |||||||||||||||||
| Asset retirement obligations - less current portion | |||||||||||||||||
| Total noncurrent liabilities | |||||||||||||||||
| SHAREHOLDERS’ EQUITY: | |||||||||||||||||
| Noncontrolling interests | ( | ||||||||||||||||
| Total equity | |||||||||||||||||
| TOTAL | $ | $ | $ | ||||||||||||||
| March 31, 2025 | |||||||||||||||||
| As Previously Reported | Restatement Impacts | As Restated | |||||||||||||||
| ASSETS | |||||||||||||||||
| Non-trade receivables | |||||||||||||||||
| Total current assets | |||||||||||||||||
| Property, plant and equipment - net | |||||||||||||||||
| Other assets | |||||||||||||||||
| TOTAL | $ | $ | $ | ||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
| LIABILITIES: | |||||||||||||||||
| Accrued compensation and benefits | |||||||||||||||||
| Nontrade payables | ( | ||||||||||||||||
| Accrued and other current liabilities | |||||||||||||||||
| Total current liabilities | ( | ||||||||||||||||
| Accrued benefits costs - less current portion | |||||||||||||||||
| Asset retirement obligations - less current portion | |||||||||||||||||
| Total noncurrent liabilities | |||||||||||||||||
| SHAREHOLDERS’ EQUITY: | |||||||||||||||||
| Noncontrolling interests | ( | ||||||||||||||||
| Total equity | |||||||||||||||||
| TOTAL | $ | $ | $ | ||||||||||||||
109
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
| June 30, 2025 | |||||||||||||||||
| As Previously Reported | Restatement Impacts | As Restated | |||||||||||||||
| ASSETS | |||||||||||||||||
| Non-trade receivables | |||||||||||||||||
| Total current assets | |||||||||||||||||
| Property, plant and equipment - net | |||||||||||||||||
| Other assets | |||||||||||||||||
| TOTAL | $ | $ | $ | ||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
| LIABILITIES: | |||||||||||||||||
| Accrued compensation and benefits | |||||||||||||||||
| Nontrade payables | ( | ||||||||||||||||
| Accrued and other current liabilities | |||||||||||||||||
| Total current liabilities | ( | ||||||||||||||||
| Accrued benefits costs - less current portion | |||||||||||||||||
| Asset retirement obligations - less current portion | |||||||||||||||||
| Total noncurrent liabilities | |||||||||||||||||
| SHAREHOLDERS’ EQUITY: | |||||||||||||||||
| Noncontrolling interests | ( | ||||||||||||||||
| Total equity | |||||||||||||||||
| TOTAL | $ | $ | $ | ||||||||||||||
| September 30, 2025 | |||||||||||||||||
| As Previously Reported | Restatement Impacts | As Restated | |||||||||||||||
| ASSETS | |||||||||||||||||
| Non-trade receivables | |||||||||||||||||
| Total current assets | |||||||||||||||||
| Property, plant and equipment - net | |||||||||||||||||
| Other assets | |||||||||||||||||
| TOTAL | $ | $ | $ | ||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
| LIABILITIES: | |||||||||||||||||
| Accrued compensation and benefits | |||||||||||||||||
| Nontrade payables | ( | ||||||||||||||||
| Accrued and other current liabilities | |||||||||||||||||
| Total current liabilities | ( | ||||||||||||||||
| Accrued benefits costs - less current portion | |||||||||||||||||
| Asset retirement obligations - less current portion | |||||||||||||||||
| Total noncurrent liabilities | |||||||||||||||||
| SHAREHOLDERS’ EQUITY: | |||||||||||||||||
| Noncontrolling interests | ( | ||||||||||||||||
| Total equity | |||||||||||||||||
| TOTAL | $ | $ | $ | ||||||||||||||
110
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
The restatement impacts to the Company's consolidated statements of shareholders' equity as shown below (dollars in millions).
| Three Months Ended March 31, 2024 | Three Months Ended March 31, 2025 | |||||||||||||||||||||||||
| (As Previously Reported) | Noncontrolling interest | Total equity | (As Previously Reported) | Noncontrolling interest | Total equity | |||||||||||||||||||||
| Balance, December 31, 2023 | $ | ( | $ | Balance, December 31, 2024 | $ | ( | $ | |||||||||||||||||||
| Net income (loss) | ( | Net income (loss) | ( | |||||||||||||||||||||||
| Other comprehensive income (loss) | ( | Other comprehensive income (loss) | ||||||||||||||||||||||||
| Share-based compensation | Share-based compensation | |||||||||||||||||||||||||
| Noncontrolling interest of business acquired | ( | ( | Noncontrolling interest of business acquired | |||||||||||||||||||||||
| Balance, March 31, 2024 | $ | ( | $ | Balance, March 31, 2025 | $ | ( | $ | |||||||||||||||||||
| (Restatement Impacts) | (Restatement Impacts) | |||||||||||||||||||||||||
| Net income (loss) | $ | ( | $ | ( | Net income (loss) | $ | ( | $ | ( | |||||||||||||||||
| Noncontrolling interest of business acquired | ( | ( | Noncontrolling interest of business acquired | |||||||||||||||||||||||
| (As Restated) | (As Restated) | |||||||||||||||||||||||||
| Balance, December 31, 2023 | Balance, December 31, 2024 | |||||||||||||||||||||||||
| Net income (loss) | ( | Net income (loss) | ( | |||||||||||||||||||||||
| Other comprehensive income (loss) | ( | Other comprehensive income (loss) | ||||||||||||||||||||||||
| Share-based compensation | Share-based compensation | |||||||||||||||||||||||||
| Noncontrolling interest of business acquired | ( | ( | Noncontrolling interest of business acquired | |||||||||||||||||||||||
| Balance, March 31, 2024 | $ | $ | Balance, March 31, 2025 | $ | $ | |||||||||||||||||||||
111
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
| Three Months Ended June 30, 2024 | Three Months Ended June 30, 2025 | |||||||||||||||||||||||||
| (As Previously Reported) | Noncontrolling interest | Total equity | (As Previously Reported) | Noncontrolling interest | Total equity | |||||||||||||||||||||
| Balance, March 31, 2024 | $ | ( | $ | Balance, March 31, 2025 | $ | ( | $ | |||||||||||||||||||
| Net loss | ( | ( | Net loss | ( | $ | ( | ||||||||||||||||||||
| Other comprehensive income | Other comprehensive income | $ | ||||||||||||||||||||||||
| Share-based compensation | Share-based compensation | $ | ||||||||||||||||||||||||
| Noncontrolling interest of business acquired | Noncontrolling interest of business acquired | $ | ||||||||||||||||||||||||
| Balance, June 30, 2024 | $ | ( | $ | Balance, June 30, 2025 | $ | ( | $ | |||||||||||||||||||
| (Restatement Impacts) | (Restatement Impacts) | |||||||||||||||||||||||||
| Net income (loss) | $ | ( | $ | ( | Net income (loss) | $ | ( | $ | ( | |||||||||||||||||
| Noncontrolling interest of business acquired | Noncontrolling interest of business acquired | |||||||||||||||||||||||||
| (As Restated) | (As Restated) | |||||||||||||||||||||||||
| Balance, March 31, 2024 | $ | $ | Balance, March 31, 2025 | $ | $ | |||||||||||||||||||||
| Net loss | ( | ( | Net loss | ( | ( | |||||||||||||||||||||
| Other comprehensive income (loss) | Other comprehensive income (loss) | |||||||||||||||||||||||||
| Share-based compensation | Share-based compensation | |||||||||||||||||||||||||
| Noncontrolling interest of business acquired | Noncontrolling interest of business acquired | |||||||||||||||||||||||||
| Balance, June 30, 2024 | $ | $ | Balance, June 30, 2025 | $ | $ | |||||||||||||||||||||
| Three Months Ended September 30, 2024 | Three Months Ended September 30, 2025 | |||||||||||||||||||||||||
| (As Previously Reported) | Noncontrolling interest | Total equity | (As Previously Reported) | Noncontrolling interest | Total equity | |||||||||||||||||||||
| Balance, June 30, 2024 | $ | ( | $ | Balance, June 30, 2025 | $ | ( | $ | |||||||||||||||||||
| Net income (loss) | ( | Net loss | ( | |||||||||||||||||||||||
| Other comprehensive income | Other comprehensive income | |||||||||||||||||||||||||
| Share-based compensation | Share-based compensation | |||||||||||||||||||||||||
| Noncontrolling interest of business acquired | Noncontrolling interest of business acquired | |||||||||||||||||||||||||
| Balance, September 30, 2024 | $ | ( | $ | Balance, September 30, 2025 | $ | ( | $ | |||||||||||||||||||
| (Restatement Impacts) | (Restatement Impacts) | |||||||||||||||||||||||||
| Net income (loss) | $ | ( | $ | ( | Net income (loss) | $ | ( | $ | ( | |||||||||||||||||
| Noncontrolling interest of business acquired | Noncontrolling interest of business acquired | |||||||||||||||||||||||||
| (As Restated) | (As Restated) | |||||||||||||||||||||||||
| Balance, June 30, 2024 | $ | $ | Balance, June 30, 2025 | $ | $ | |||||||||||||||||||||
| Net loss | ( | Net loss | ( | |||||||||||||||||||||||
| Other comprehensive income | Other comprehensive income | |||||||||||||||||||||||||
| Share-based compensation | Share-based compensation | |||||||||||||||||||||||||
| Noncontrolling interest of business acquired | Noncontrolling interest of business acquired | |||||||||||||||||||||||||
| Balance, September 30, 2024 | $ | $ | Balance, September 30, 2025 | $ | $ | |||||||||||||||||||||
112
Table of Contents CENTURY ALUMINUM COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions, except share and per share amounts)
24. Subsequent Events
New Smelter Project
On January 26, 2026, we announced that we had entered into a joint development agreement with Emirates Global Aluminium (“EGA”) to build the first new primary aluminum smelter in the United States since our Mt. Holly facility came online in 1980. Under the joint development agreement, EGA will own 60 percent of the joint venture, with Century Aluminum owning the remaining 40 percent. The new plant, to be built in Inola, Oklahoma, is expected to produce 750,000 tonnes of aluminum per year, more than doubling current U.S. production. Construction of the project is expected to start by the end of 2026, with detailed engineering work already and negotiations with Public Service Company of Oklahoma and the state of Oklahoma on a competitive long-term power supply underway.
Sale of Hawesville
On February 2, 2026, we completed the sale of our Hawesville, Kentucky facility to an affiliate of Terawulf, Inc. for $200.0 million in cash and a 6.8 % non-dilutive minority equity interest in the Terawulf affiliate that intends to develop and own a high-performance computing/artificial intelligence data center on the site. A large portion of the proceeds are intended to be deployed to expand our domestic primary aluminum production capacity through the restart of the last potline at our Mt. Holly facility and investments in our new smelter project.
In connection with our sale of the Hawesville facility, on February 2, 2026, we terminated the letter of credit in the amount of $8.1 million under our U.S. Credit Facility, effectively prepaying the IRBs.
As noted throughout this Form 10-K, on February 13, 2026, we terminated our labor agreement with United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union ("USW") for former employees at our Hawesville facility, the impacts for which are disclosed herein.
113
Table of Contents
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Not applicable.
Item 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
As of December 31, 2025, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures. Based upon that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were ineffective as of December 31, 2025, because of a material weakness in internal controls over financial reporting described in Management’s Report on Internal Control Over Financial Reporting below.
Management's Report on Internal Control over Financial Reporting
Management is responsible for establishing and maintaining an adequate system of internal control over financial reporting for the Company. This system is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Because of its inherent limitations, a system of internal control over financial reporting can provide only reasonable assurance and may not prevent or detect misstatements. Further, because of changes in conditions, effectiveness of internal control over financial reporting may vary over time. Our system of internal control contains self-monitoring mechanisms, and actions are taken to correct deficiencies as they are identified.
As required by Section 404 of the Sarbanes-Oxley Act, management conducted an evaluation of the effectiveness of the system of internal control over financial reporting for the year ended December 31, 2025. Management’s evaluation was based on the framework in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission. Based on this evaluation, management concluded that our system of internal control over financial reporting was not effective as of December 31, 2025.
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.
We identified deficiencies in the design and operating effectiveness of (1) business process level controls at our Jamalco joint venture, including reconciliation controls and insufficient review controls related to inventories, accounts payable, accrued expenses, cost of goods sold and property, plant, and equipment, and (2) financial reporting controls over the consolidation of the Jamalco joint venture. These deficiencies constitute a material weakness in internal control over financial reporting which remains unremediated at December 31, 2025.
Notwithstanding the material weakness, management believes the consolidated financial statements included in this Annual Report on Form 10-K present fairly, in all material respects, the Company’s financial condition, results of operations and cash flows as of and for the periods presented in accordance with U.S. GAAP.
The effectiveness of our internal control over financial reporting has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report which appears in Part II, Item 8 of this Annual Report on Form 10-K.
114
Table of Contents
Remediation Plan for Material Weakness
Management, with the oversight of the Audit Committee of our Board, has dedicated resources and efforts to improve our internal controls over financial reporting and has taken the following actions towards remediating the material weakness:
•Designed and implemented controls over information technology general controls to enhance the reliability of information derived from information systems at Jamalco.
•Designed new and enhanced existing account reconciliation controls including controls to reconcile source data across accounts and additional review procedures within account reconciliations.
•The Company appointed new individuals in key roles including accounting and IT department heads.
•Enhanced training was provided to individuals responsible for account reconciliations and their review and those responsible for the consolidation of the Jamalco joint venture.
Management has implemented the remediation steps outlined above; however, management is unable to conclude the controls designed and implemented to address the material weakness are operating effectively until the applicable controls operate for a sufficient period of time. Management anticipates that remediation activities will be completed during fiscal year 2026.
Previously Reported Material Weakness
As of December 31, 2024, our management had identified a deficiency in the design of internal control over financial reporting related to information technology general controls in the areas of logical access controls including provisioning, deprovisioning, privileged access, user access review, application changes and monitoring related to Jamalco. In response to the identified material weakness, during the year ended December 31, 2025, management, with the oversight of the Audit Committee of the Board of Directors, took actions to remediate this material weakness in internal control over financial reporting.
Changes in Internal Control over Financial Reporting
Except for the remediation efforts related to the previous material weaknesses referred to above, during the three months ended December 31, 2025, there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Item 9B. Other Information
Disclosure Pursuant to Section 219 of the Iran Threat Reduction & Syria Human Rights Act
Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 (“ITRA”), effective August 10, 2012, added a new subsection (r) to Section 13 of the Exchange Act, which requires issuers that file periodic reports with the SEC to disclose in their annual and quarterly reports whether, during the reporting period, they or any of their “affiliates” (as defined in Rule 12b-2 under the Exchange Act) have knowingly engaged in specified activities or transactions relating to Iran, including activities not prohibited by U.S. law and conducted outside the U.S. by non-U.S. affiliates in compliance with applicable laws. Issuers must also file a notice with the SEC if any disclosable activity under ITRA has been included in an annual or quarterly report.
Because the SEC defines the term “affiliate” broadly, our largest stockholder may be considered an affiliate of the Company despite the fact that the Company has no control over its largest stockholder’s actions or the actions of its affiliates. As such, pursuant to Section 13(r)(1)(D)(iii) of the Exchange Act, the Company hereby discloses the following information provided by our largest stockholder regarding transactions or dealings with entities controlled by the Government of Iran (“the GOI”):
During the year ended December 31, 2025, non-U.S. affiliates of the largest stockholder of the Company (“the non-U.S. Stockholder Affiliates”) entered into sales contracts for agricultural products with, or for delivery to or from Iranian entities wholly or majority owned by the GOI. The non-U.S. Stockholder Affiliates performed their obligations under the contracts in compliance with applicable sanction laws and, where required, with the necessary prior approvals by the relevant governmental authorities.
115
Table of Contents
The gross revenue of the non-U.S. Stockholder Affiliates related to the contracts did not exceed the value of USD $252 million for the year ended December 31, 2025.
The non-U.S. Stockholder Affiliates do not allocate net profit on a country-by-country or activity-by-activity basis, but estimate that the net profit attributable to the contracts would not exceed a small fraction of the gross revenue from such contracts. It is not possible to determine accurately the precise net profit attributable to such contracts.
The contracts disclosed above do not violate applicable sanctions laws administered by the U.S. Department of the Treasury, Office of Foreign Assets Control, and are not the subject of any enforcement action under Iran sanction laws.
The non-U.S. Stockholder Affiliates expect to continue to engage in similar activities in the future in compliance with applicable economic sanctions and in conformity with U.S. secondary sanctions.
The Company and its global subsidiaries had no transactions or activities requiring disclosure under ITRA, nor were we involved in the transactions described in this section. As of the date of this report, the Company is not aware of any other activity, transaction or dealing by it or any of its affiliates during the year ended December 31, 2025 that requires disclosure in this report under Section 13(r) of the Exchange Act.
Rule 10b5-1 Trading Plans
During the fourth quarter of 2025, none of the Company’s directors or executive officers adopted terminated
Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections
Not applicable.
116
Table of Contents
PART III
Item 10. Directors, Executive Officers and Corporate Governance
This Item is incorporated by reference to our definitive proxy statement on Schedule 14A, which will be filed by April 30, 2026, or if our proxy statement is not filed by that date, will be included in an amendment to this Report on Form 10-K, which will be filed by April 30, 2026.
Item 11. Executive Compensation
This Item is incorporated by reference to our definitive proxy statement on Schedule 14A, which will be filed by April 30, 2026, or if our proxy statement is not filed by that date, will be included in an amendment to this Report on Form 10-K, which will be filed by April 30, 2026.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
This Item is incorporated by reference to our definitive proxy statement on Schedule 14A, which will be filed by April 30, 2026, or if our proxy statement is not filed by that date, will be included in an amendment to this Report on Form 10-K, which will be filed by April 30, 2026.
Item 13. Certain Relationships and Related Transactions and Director Independence
This Item is incorporated by reference to our definitive proxy statement on Schedule 14A, which will be filed by April 30, 2026, or if our proxy statement is not filed by that date, will be included in an amendment to this Report on Form 10-K, which will be filed by April 30, 2026.
Item 14. Principal Accountant Fees and Services
This Item is incorporated by reference to our definitive proxy statement on Schedule 14A, which will be filed by April 30, 2026, or if our proxy statement is not filed by that date, will be included in an amendment to this Report on Form 10-K, which will be filed by April 30, 2026.
117
Table of Contents
PART IV
Item 15. Exhibits and Financial Statement Schedules
(a) (1) List of Financial Statements
The following consolidated financial statements of Century Aluminum Company and the Independent Auditors’ Reports are included in Part II, Item 8 of this Form 10-K:
Reports of Independent Registered Public Accounting Firm
Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023
Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2025, 2024 and 2023
Consolidated Balance Sheets as of December 31, 2025 and 2024
Consolidated Statements of Shareholders’ Equity for the years ended December 31, 2025, 2024 and 2023
Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023
Notes to the consolidated financial statements
(a) (2) List of financial Statement Schedules
None. All required information has been included in the consolidated financial statements or notes thereto.
(a) (3) List of Exhibits
| Exhibit Index | |||||||||||||||||
| Incorporated by Reference | |||||||||||||||||
| Exhibit Number | Description of Exhibit | Form | File No. | Filing Date | Filed Herewith | ||||||||||||
| 3.1 | Amended and Restated Certificate of Incorporation of Century Aluminum Company. | 10-Q | 001-34474 | November 9, 2012 | |||||||||||||
| 3.2 | Amended and Restated Bylaws of Century Aluminum Company. | 8-K | 001-34474 | December 6, 2019 | |||||||||||||
| 4.1 | Form of Stock Certificate. | 10-K | 001-34474 | February 28, 2018 | |||||||||||||
| 4.2 | Certificate of Designation, Preferences and Rights of Series A Convertible Preferred Stock of Century Aluminum Company, dated July 7, 2008. | 8-K | 000-27918 | July 8, 2008 | |||||||||||||
| 4.3 | Indenture for Century Aluminum Company's 2.75% Convertible Senior Notes due 2028, dated as of April 9, 2021, by and among Century Aluminum Company, as issuer, and Wilmington Trust, National Association, as trustee. | 8-K | 001-34474 | April 12, 2021 | |||||||||||||
| 4.4 | Form of Note for the Indenture for Century Aluminum Company's 2.75% Convertible Senior Notes due 2028, dated as of April 9, 2021, between Century Aluminum Company, as issuer, and Wilmington Trust Company, as trustee. | 8-K | 001-34474 | April 12, 2021 | |||||||||||||
| 4.5 | Indenture for Century Aluminum Company's 6.875% Senior Secured Notes due 2032, dated as of July 22, 2025, by and among Century Aluminum Company, the guarantors party thereto and Wilmington Trust, National Association, as trustee and noteholder collateral agent. | 8-K | 001-34474 | July 24, 2025 | |||||||||||||
| 4.6 | Form of 6.875% Senior Secured Note due 2032 (included as Exhibit A to the Indenture filed as Exhibit 4.5). | 8-K | 001-34474 | July 24, 2025 | |||||||||||||
118
Table of Contents
| 4.7 | Description of Common Stock. | 10-K | 001-34474 | February 27, 2020 | |||||||||||||
| 10.1 | Share Sale and Purchase Agreement, dated as of May 2, 2023, by and among Century Aluminum Jamaica Holdings, Inc., Noble New Asset Intermediate Co Limited, Noble Group Holdings Limited and Noble Resources International Pte, Ltd. | 8-K | 001-34474 | May 5, 2023 | |||||||||||||
| 10.2 | Second Lien Pledge and Security Agreement, dated as of July 22, 2025, by and among Century Aluminum Company, the other Grantors (as defined therein) and Wilmington Trust, National Association, as collateral agent of the 6.875% Senior Secured Notes due 2032. | 8-K | 001-34474 | July 24, 2025 | |||||||||||||
| 10.3 | Collateral Agency Agreement, dated as of July 22, 2025, by and among Century Aluminum Company, the other Grantors party thereto and Wilmington Trust, National Association, as trustee and collateral agent. | 8-K | 001-34474 | July 24, 2025 | |||||||||||||
| 10.4 | Second Amended and Restated Loan and Security Agreement, dated as of May 16, 2018, among Century Aluminum Company, Century Aluminum of South Carolina, Inc., Century Aluminum of Kentucky General Partnership, NSA General Partnership and Century Aluminum Sebree LCC, as borrowers, and Wells Fargo Capital Finance, LLC, as agent and lender ("Second Amended and Restated Loan and Security Agreement"). | 10-Q | 001-34474 | November 2, 2018 | |||||||||||||
| 10.5 | Amendment No. 1, dated as of June 17, 2020 to the Second Amended and Restated Loan and Security Agreement. | 8-K | 001-34474 | June 18, 2020 | |||||||||||||
| 10.6 | Amendment No. 2, dated as of June 15, 2021 to the Second Amended and Restated Loan and Security Agreement. | 10-Q | 001-34474 | August 5, 2021 | |||||||||||||
| 10.7 | Amendment No. 3, dated as of December 23, 2021 to the Second Amended and Restated Loan and Security Agreement. | 8-K | 001-34474 | December 27, 2021 | |||||||||||||
| 10.8 | Amendment No. 4 dated June 14, 2022 to the Second Amended and Restated Loan and Security Agreement. | 8-K | 001-34474 | June 16, 2022 | |||||||||||||
| 10.9 | Amendment No. 5 dated July 22, 2025, to the Second Amended and Restated Loan and Security Agreement. | 8-K | 001-34474 | July 24, 2025 | |||||||||||||
| 10.1 | Facility Agreement dated 9 December 2022 among Century Aluminum Vlissingen B.V. as borrower and Glencore international AG as lender | 8-K | 001-34474 | December 12, 2022 | |||||||||||||
| 10.11 | Amendment to Facility Agreement dated October 1, 2024 among Century Aluminum Vlissingen B.V. as borrower and Glencore International AG as lender | 10-Q | 001-34474 | November 4, 2024 | |||||||||||||
| 10.12 | Revolving Credit Facility, dated November 27, 2013, between Nordural Grundartangi ehf, as borrower, and Landsbankinn hf. | 10-K | 001-34474 | March 14, 2014 | |||||||||||||
| 10.13 | Amendment to Revolving Credit Facility, dated April 14, 2016, between Nordural Grundartangi ehf, as borrower, and Landsbankinn hf. | 8-K | 001-34474 | April 15, 2016 | |||||||||||||
| 10.14 | Amendment to Revolving Credit Facility, dated December 15, 2017, between Nordural Grundartangi ehf, as borrower, and Landsbankinn hf | 10-K | 001-34474 | February 28, 2018 | |||||||||||||
| 10.15 | Amendment to Revolving Credit Facility, dated October 2, 2019, between Nordural Grundartangi ehf, as borrower, and Landsbankinn hf | 10-Q | 001-34474 | November 8, 2019 | |||||||||||||
| 10.16 | Amendment to Revolving Credit Facility, dated September 20, 2021, between Nordural Grundartangi ehf, as borrower, and Landsbankinn hf | 10-Q | 001-34474 | November 5, 2021 | |||||||||||||
| 10.17 | Amendment to Revolving Credit Facility, dated February 4, 2022, between Nordural Grundartangi ehf, as borrower and Landsbankinn hf | 8-K | 001-34474 | February 9, 2022 | |||||||||||||
119
Table of Contents
| 10.18 | Amendment Agreement to General Bond, dated as of November 27, 2013, by and between Nordural Grundartangi ehf and Landsbankinn hf. | 10-K | 001-34474 | March 14, 2014 | |||||||||||||
| 10.19 | Amendment to Revolving Credit Facility, dated September 28, 2022, between Nordural Grundartangi ehf, as borrower and Landsbankinn hf | 10-Q | 001-34474 | November 7, 2022 | |||||||||||||
| 10.20 | Amendment to Revolving Credit Facility, dated December 7, 2023, between Nordural Grundartangi ehf, as borrower and Landsbankinn hf | 10-K | 001-34474 | March 15, 2024 | |||||||||||||
| 10.21 | Term Facility Agreement, dated as of November 2, 2021, by and between Nordural Grundartangi ehf and Arion Bank hf. | 8-K | 001-34474 | November 3, 2021 | |||||||||||||
| 10.22 | Term Facility Agreement, dated as of September 29, 2022, by and between Nordural Grundartangi ehf, as borrower, and Arion Bank hf | 10-Q | 001-34474 | November 7, 2022 | |||||||||||||
| 10.23 | Form of Capped Call Confirmation | 8-K | 001-34474 | April 12, 2021 | |||||||||||||
| 10.24 | Stock Purchase Agreement, dated as of July 7, 2008, by and between Century Aluminum Company and Glencore Investment Pty Ltd. | 8-K | 000-27918 | July 8, 2008 | |||||||||||||
| 10.25 | Standstill and Governance Agreement, dated as of July 7, 2008, by and between Century Aluminum Company and Glencore AG. | 8-K | 000-27918 | July 8, 2008 | |||||||||||||
| 10.26 | Amendment to Standstill and Governance Agreement, dated January 27, 2009, by and between Century Aluminum Company and Glencore AG. | 10-K | 001-34474 | March 16, 2010 | |||||||||||||
| 10.27 | Registration Rights Agreement, dated as of July 7, 2008, by and between Century Aluminum Company and Glencore Investment Pty Ltd. | 8-K | 000-27918 | July 8, 2008 | |||||||||||||
| 10.28 | Century Aluminum Company Amended and Restated Executive Severance Plan, adopted June 23, 2014.* | 8-K | 001-34474 | June 27, 2014 | |||||||||||||
| 10.29 | Century Aluminum Company Amended and Restated Supplemental Retirement Income Benefit Plan.* | 10-Q | 000-27918 | August 10, 2009 | |||||||||||||
| 10.30 | First Amendment of the Century Aluminum Company Amended and Restated Supplemental Retirement Income Benefit Plan.* | 10-K | 001-34474 | March 16, 2010 | |||||||||||||
| 10.31 | Second Amendment of the Century Aluminum Company Amended and Restated Supplemental Retirement Income Benefit Plan, adopted June 23, 2014.* | 8-K | 001-34474 | June 27, 2014 | |||||||||||||
| 10.32 | Century Aluminum Company Annual Incentive Plan.* | 10-K | 001-34474 | March 2, 2015 | |||||||||||||
| 10.33 | Century Aluminum Company Amended and Restated Stock Incentive Plan, adopted June 23, 2014.* | 8-K | 001-34474 | June 27, 2014 | |||||||||||||
| 10.34 | Century Aluminum Company Amended and Restated Long-Term Incentive Plan, adopted March 22, 2016.* | 8-K | 001-34474 | March 24, 2016 | |||||||||||||
| 10.35 | Century Aluminum Company Amended and Restated Stock Incentive Plan, adopted June 3, 2019.* | 8-K | 001-34474 | June 6, 2019 | |||||||||||||
| 10.36 | Century Aluminum Company Restoration Plan, adopted December 8, 2015.* | 8-K | 001-34474 | December 14, 2015 | |||||||||||||
| 10.37 | Form of Time-Vesting Performance Share Unit Award Agreement for awards under the 2014 Amended and Restated Stock Incentive Plan.* | 8-K | 001-34474 | June 27, 2014 | |||||||||||||
| 10.38 | Form of Performance Unit Award Agreement for awards under the 2014 Amended and Restated Stock Incentive Plan.* | 8-K | 001-34474 | March 24, 2016 | |||||||||||||
| 10.39 | Form of Time-Vesting Share Unit Award Agreement for awards under the 2019 Amended and Restated Stock Incentive Plan.* | 10-K | 001-34474 | February 27, 2020 | |||||||||||||
| 10.4 | Form of Performance Unit Award Agreement for awards under the 2019 Amended and Restated Stock Incentive Plan.* | 10-K | 001-34474 | February 27, 2020 | |||||||||||||
120
Table of Contents
| 10.41 | Form of Independent Non-Employee Director Annual Equity-Grant Time-Vesting Share Unit Award Agreement.* | 10-K | 001-34474 | February 27, 2020 | |||||||||||||
| 10.42 | Form of Independent Non-Employee Director Annual Retainer Fee Payment Time-Vesting Share Unit Award Agreement.* | 10-K | 001-34474 | February 27, 2020 | |||||||||||||
| 10.43 | Form of Indemnification Agreement.* | 8-K | 001-34474 | December 5, 2014 | |||||||||||||
| 10.44 | Jesse E. Gary Offer Letter, dated May 17, 2021* | 8-K | 001-34474 | May 17, 2021 | |||||||||||||
| 10.45 | Retirement and Transition Agreement, dated May 17, 2021, between Century Aluminum Company and Michael A. Bless* | 8-K | 001-34474 | May 17, 2021 | |||||||||||||
| 19.1 | 10-K | 001-34474 | March 3, 2025 | ||||||||||||||
| 21.1 | List of Subsidiaries | X | |||||||||||||||
| 23.1 | Consent of Deloitte & Touche LLP | X | |||||||||||||||
| 23.2 | Consent of Aluminium Industry Professionals Inc. | X | |||||||||||||||
| 24.1 | Powers of Attorney | X | |||||||||||||||
| 31.1 | Rule 13a-14(a)/15d-14(a) Certification of the Principal Executive Officer | X | |||||||||||||||
| 31.2 | Rule 13a-14(a)/15d-14(a) Certification of the Principal Financial Officer | X | |||||||||||||||
| 32.1 | Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Executive Officer | X | |||||||||||||||
| 32.2 | Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Financial Officer | X | |||||||||||||||
| 96.1 | Technical Report Summary for Jamalco | 10-K | 001-34474 | March 3, 2025 | |||||||||||||
| 97.1 | Incentive Compensation Recoupment Policy | 10-K | 001-34474 | March 3, 2025 | |||||||||||||
| 101.INS | XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) | ||||||||||||||||
| 101.SCH | XBRL Taxonomy Extension Schema | X | |||||||||||||||
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase | X | |||||||||||||||
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase | X | |||||||||||||||
| 101.LAB | XBRL Taxonomy Extension Label Linkbase | X | |||||||||||||||
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase | X | |||||||||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||||||||||||||
| * | Management contract or compensatory plan. | ||||||||||||||||
121
Table of Contents
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Century Aluminum Company | ||||||||
| By: | /s/ JESSE E. GARY | |||||||
| Jesse E. Gary | ||||||||
| President and Chief Executive Officer (Principal Executive Officer) | ||||||||
| Dated: | March 3, 2026 | |||||||
122
Table of Contents
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated.
| Signature | Title | Date | ||||||||||||
| /s/ JESSE E. GARY | President and Chief Executive Officer and Director (Principal Executive Officer) | March 3, 2026 | ||||||||||||
| Jesse E. Gary | ||||||||||||||
| * | Chairman | March 3, 2026 | ||||||||||||
| Andrew Michelmore | ||||||||||||||
| * | Director | March 3, 2026 | ||||||||||||
| Jarl Berntzen | ||||||||||||||
| * | Director | March 3, 2026 | ||||||||||||
| Errol Glasser | ||||||||||||||
| * | Director | March 3, 2026 | ||||||||||||
| Wilhelm van Jaarsveld | ||||||||||||||
| * | Director | March 3, 2026 | ||||||||||||
| Jennifer Bush | ||||||||||||||
| * | Director | March 3, 2026 | ||||||||||||
| Tamla Olivier | ||||||||||||||
| /s/ PETER TRPKOVSKI | Executive Vice President and Chief Financial Officer (Principal Financial Officer) | March 3, 2026 | ||||||||||||
| Peter Trpkovski | ||||||||||||||
| /s/ ROBERT HOFFMAN | Vice President and Chief Accounting Officer (Principal Accounting Officer) | March 3, 2026 | ||||||||||||
| Robert Hoffman | ||||||||||||||
| *By: /s/ JOHN DEZEE | ||||||||||||||
| John DeZee, as Attorney-in-fact | ||||||||||||||
123
FAQ
Why did Century Aluminum (CENX) restate its prior financial statements?
Century Aluminum restated earlier financial statements after changing how it consolidates its 55% Jamalco joint venture, moving from proportionate consolidation of certain net assets to full consolidation. The company states this change did not affect net income attributable to Century stockholders for the restated periods.
What internal control issues did Century Aluminum (CENX) disclose for 2025?
Century Aluminum reports a material weakness in internal controls over financial reporting related to Jamalco business process and consolidation controls. Deloitte issued an adverse opinion on internal control over financial reporting, and the company is developing remediation plans to address these deficiencies going forward.
How was Century Aluminum’s 2025 aluminum production affected by operational issues?
Century produced about 638,000 tonnes of primary aluminum in 2025 versus 770,000 tonnes of capacity. An October 2025 electrical equipment failure at the Grundartangi smelter temporarily reduced its production by roughly two‑thirds, while other plants, including Sebree and Mt. Holly, continued operating.
What is Century Aluminum’s new smelter joint venture with Emirates Global Aluminium?
Century entered a joint development agreement with Emirates Global Aluminium to build a new primary aluminum smelter in Inola, Oklahoma. EGA will own 60% and Century 40%, with planned annual capacity of 750,000 tonnes, and construction expected to start by late 2026, subject to power and engineering milestones.
What did Century Aluminum receive from the sale of its Hawesville facility?
Century sold its fully curtailed Hawesville, Kentucky smelter site to a Terawulf affiliate for $200.0 million in cash plus a 6.8% non‑dilutive minority equity interest in a data center project planned for the location. The company intends to deploy much of the proceeds into Mt. Holly and the new smelter project.
How reliant is Century Aluminum (CENX) on Glencore for sales and ownership?
Century remains highly dependent on Glencore, which accounted for about 54.0% of 2025 consolidated sales through long‑term sales and alumina agreements. Glencore also beneficially owns 36.4% of Century’s outstanding common stock, giving it significant influence and concentrating both commercial and ownership exposure.
Century Alum Co
NASDAQ:CENX
CENX Rankings
CENX Latest News
CENX Latest SEC Filings
Mar 4, 2026
[144] CENTURY ALUMINUM CO SEC Filing
Mar 3, 2026
[IRANNOTICE] CENTURY ALUMINUM CO SEC Filing