Century Aluminum Company Applauds Trump Administration Action to Restore Effectiveness of 232 Tariff Program

Rhea-AI Summary

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

Positive

• Reinstatement of Section 232 tariffs may protect U.S. aluminum market.
• CEO praises tariffs as a means to support American jobs and production.
• Century Aluminum is positioned as the leading U.S. primary aluminum producer.

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• None.

CHICAGO, Aug. 06, 2020 (GLOBE NEWSWIRE) -- President Donald J. Trump today announced the reinstatement of Section 232 aluminum tariffs on Canada in order to stop an unprecedented surge of imports from Canada.  Over the past twelve months, Canada’s imports of unalloyed primary aluminum to the U.S. have increased by over 95%.

Michael Bless, Century Aluminum Company’s (NASDAQ: CENX) President and Chief Executive Officer, praised the President’s action: “President Trump’s action demonstrates this administration’s continued dedication to restoring the U.S. aluminum industry and American jobs.  As policymakers focus on shoring up our manufacturing base and enhancing supply chain resiliency, the President’s leadership helps to secure continued domestic production of this vital strategic material and level the playing field for thousands of American aluminum workers.”

Century Aluminum is the largest producer of primary aluminum in the United States.  The Company’s Hawesville, Ky. smelter is the last U.S. smelter capable of producing high purity aluminum necessary for defense and military applications.   

“The Section 232 program has been instrumental in driving the resurgence of aluminum production in this country,” Mr. Bless continued.  “I am privileged, on behalf of our employees and the communities they support, to thank President Trump for his strong leadership and for supporting American workers.”

About Century Aluminum

Century Aluminum Company owns primary aluminum capacity in the United States and Iceland.  Century's corporate offices are located in Chicago, IL.  Visit www.centuryaluminum.com for more information.

Cautionary Statement

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  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," “ensures” or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," "might," or "may."  Our forward-looking statements include, without limitation, statements with respect to: future global and local financial and economic conditions; the potential outcome or effect of any trade actions to address excess capacity, trade flows or unfair trade practices; the future effectiveness or enforcement of governmental programs and actions, including the Section 232 program; and our assessment of the aluminum market and aluminum prices.

Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis.  However, our forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from future results expressed, projected or implied by those forward-looking statements.  Important factors that could cause actual results and events to differ from those described in such forward-looking statements can be found in the risk factors and forward-looking statements cautionary language contained in our Annual Report on Form 10-K, quarterly reports on Form 10-Q and in other filings made with the Securities and Exchange Commission.  Although we have attempted to identify those material factors that could cause actual results or events to differ from those described in such forward-looking statements, there may be other factors that could cause 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, investors are 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.

Contacts
Peter Trpkovski
(Investors and media)
312-696-3112

Source: Century Aluminum Company

FAQ

What are the implications of the Section 232 tariffs reinstated on CENX?

The reinstatement of Section 232 tariffs may protect Century Aluminum's market position by reducing competition from Canadian imports.

How much did Canadian aluminum imports increase before the tariffs?

Canadian imports of unalloyed primary aluminum to the U.S. increased by over 95% in the year leading up to the tariffs.

Why did Century Aluminum's CEO praise the tariffs?

Michael Bless emphasized that the tariffs support U.S. aluminum production and American jobs.

What is Century Aluminum's significance in the U.S. market?

Century Aluminum is the largest producer of primary aluminum in the United States, crucial for high purity aluminum needed in defense applications.