Welcome to our dedicated page for Century Aluminum Co news (Ticker: CENX), a resource for investors and traders seeking the latest updates and insights on Century Aluminum Co stock.
Century Aluminum Co. (NASDAQ: CENX) is a leading primary aluminum producer supplying standard-grade, high-purity, and value-added primary aluminum products. Headquartered in Chicago, Illinois, the company operates smelter facilities in the United States, including Hawesville and Sebree in Kentucky, and Mt. Holly in South Carolina, as well as in Grundartangi, Iceland. With approximately 1,300 employees, Century Aluminum is committed to being an equal opportunity employer.
The company's strategic objective is to maximize financial returns for its stockholders through various initiatives, such as optimizing safety and environmental performance, improving cost structures, managing costs, and enhancing productivity and efficiency. Century Aluminum also aims to expand its primary aluminum business by improving and investing in its existing facilities.
Century's product portfolio includes high-purity aluminum, standard-grade aluminum sow and tee bars, and value-added billet and foundry products. In addition to its primary aluminum assets, the company operates a carbon anode and cathode manufacturing facility in Vlissingen, the Netherlands.
A significant portion of Century's revenue is generated from Glencore, which has agreed to purchase nearly all of Century Aluminum's North American production. Century Aluminum itself sources nearly all of its alumina from Glencore.
Recently, Century Aluminum has entered into a partnership with MX Holdings to establish a new joint venture focusing on the manufacture and marketing of low-carbon secondary billet. The venture aims to produce high-quality alloys with a significant amount of recycled content using low-carbon processes. Initial production is expected to begin in 2026, eventually scaling to 250 million pounds per year.
Financially, Century Aluminum is committed to improving its cost structure and productivity. The company continues to pursue upstream investment opportunities in bauxite mining, alumina refining, and the production of other key operating supplies.
In a recent development, Century Aluminum's president and CEO, Jesse Gary, praised the Biden Administration's decision to triple tariffs on Chinese aluminum imports, emphasizing that it is a critical move for the U.S. aluminum industry. The company plans to build a new greenfield facility, which will double its existing domestic capacity and be among the
Century Aluminum Company (NASDAQ: CENX) reported strong Q3 2024 financial results with net sales of $539.1 million and net income of $47.3 million. The company achieved adjusted EBITDA of $103.7 million, a $69.5 million increase from Q2. Performance was boosted by higher LME aluminum prices at $2,451/MT and recognition of $34.9 million in Section 45X tax credits. Aluminum shipments reached 168,755 tonnes. The company maintains strong liquidity of $278.9 million. For Q4 2024, Century expects adjusted EBITDA between $70-80 million, anticipating lower LME and premium prices offset by reduced power costs.
Century Aluminum (NASDAQ: CENX) welcomes the Biden Administration's final guidance for the Advanced Manufacturing Production Tax Credit (section 45X) under the Inflation Reduction Act. The rules now include certain raw materials in production cost calculations for the tax credit, supporting domestic manufacturing of primary aluminum and critical minerals. CEO Jesse Gary expressed satisfaction with the inclusion of raw materials in the tax credit calculation. The company will provide more details about the impact during its Q3 earnings call on November 4, 2024.
Century Aluminum Company (NASDAQ: CENX) has announced its schedule for reporting third quarter 2024 earnings. The company will release its earnings report on Monday, November 4, 2024, after market close through GlobeNewswire. Following the release, Century Aluminum will host a conference call at 5:00 p.m. Eastern time on the same day.
Investors and interested parties can access the earnings call via a live webcast on the company's official website, www.centuryaluminum.com. Participants are advised to begin the registration process at least 10 minutes before the call's scheduled start time. For those unable to attend the live event, a replay of the webcast will be made available approximately two hours after the call concludes.
Century Aluminum (CENX) has announced the resumption of normal shipping operations at Jamalco's Rocky Point port following Hurricane Beryl-related repairs. CEO Jesse Gary praised the Jamalco team for their safe and focused execution of the repairs. In Iceland, local geothermal energy companies have issued partial power curtailment orders for maintenance activities, affecting Century's Grundartangi smelter. These curtailments are expected to reduce Grundartangi's production by approximately 2,500 MT in the third quarter.
Century Aluminum Company (NASDAQ: CENX) reported its Q2 2024 results, showing net sales of $560.8 million, up $71.3 million from Q1. The company reported a net loss of $2.5 million, a significant decrease from Q1's $246.8 million profit, primarily due to a one-time bargain purchase gain in Q1. Adjusted EBITDA rose to $34.2 million, up $9.2 million from Q1, driven by favorable LME and regional price premiums.
Key highlights include:
- Realized LME aluminum price of $2,288/MT, up $98/MT from Q1
- Strong liquidity of $342.6 million as of June 30, 2024
- Adjusted net income of $0.7 million, compared to a $3.0 million loss in Q1
The company expects Q3 2024 Adjusted EBITDA to range between $65 to $75 million, based on higher LME and regional premium prices, partially offset by increased power costs.
Century Aluminum Company (NASDAQ: CENX) has announced its schedule for reporting second quarter 2024 earnings. The company will release its financial results on Thursday, August 8, 2024, after market close. Following the earnings release, Century Aluminum will host a conference call at 5:00 p.m. Eastern time on the same day. Investors and interested parties can access the live webcast of the earnings call on the company's official website, www.centuryaluminum.com. It is advised to start the registration process at least 10 minutes before the call begins. For those unable to attend the live event, a replay of the webcast will be available approximately two hours after the call concludes.
Century Aluminum has announced that its Jamalco bauxite mining and alumina production joint venture is back to full production following Hurricane Beryl in Jamaica. The refinery facilities suffered no significant damage, and no employees were injured. Although the port facility's alumina conveyor was damaged, repairs are expected to take a few weeks. Alternative port arrangements have been secured to ensure continued alumina shipments. The company does not anticipate this event to materially affect its financial results.
Century Aluminum commends the Biden Administration for tightening rules on aluminum imports from Mexico. The new 'smelted and cast' provision aims to curb aluminum transshipments and unfair trade from third-party countries like Russia, China, Iran, and Belarus. Aluminum products originating from these countries and converted in Mexico will now face a 10% Section 232 duty. CEO Jesse Gary praised the decision for its potential to protect the domestic aluminum industry and American workers. Despite this measure, Century Aluminum noted that Mexico still receives primary metal imports from other non-tariffed third-party countries.
On May 14, 2024, President Biden announced a significant increase in tariffs on Chinese aluminum imports under Section 301 of the Trade Act of 1974. This move aims to counter China's unfair trade practices and overcapacity issues. Jesse Gary, CEO of Century Aluminum (NASDAQ: CENX), commended the decision, highlighting its importance for the U.S. aluminum industry. Century plans to build a new facility that will double U.S. aluminum capacity and utilize cutting-edge renewable technologies. The administration has also announced a $500 million grant to support this initiative.
Century Aluminum Company reported strong first quarter 2024 results with net sales of $489.5 million and a net income of $246.8 million. The company announced a joint venture with MX Holdings and was selected to receive a $500 million investment from the U.S. Department of Energy to build a new green aluminum smelter. However, there was a decrease in net sales compared to the prior quarter due to lower regional and value-added product premiums. Adjusted EBITDA for the quarter was $25.0 million.
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