Century Aluminum Issues Statement of Support for New Biden Administration Tariffs on Russian Aluminum

Rhea-AI Summary

Century Aluminum Company (NASDAQ: CENX) expressed support for the Biden administration's decision to impose a 200% tariff on Russian aluminum imports. CEO Jesse Gary emphasized that this move aims to protect the domestic aluminum market from excess production by Russian producers, which has undercut U.S. competitors. The tariffs are framed as critical for national security, economic independence, and sustainability, contributing to a more robust domestic supply chain and a greener future for the U.S.

Positive

• Support for the 200% tariff on Russian aluminum may enhance competitive position against foreign producers.
• Strengthening of the U.S. domestic aluminum market may lead to increased market share and stability.

Negative

• None.

CHICAGO, Feb. 24, 2023 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today released the following statement from President and Chief Executive Officer Jesse Gary in support of the Biden administration’s decision to implement a 200% tariff on Russian aluminum imports into the United States:

“Century Aluminum fully supports the Biden administration’s decision to impose significant tariffs on the import of Russian aluminum and Russian aluminum embedded in downstream articles. For too long, Russian aluminum producers have flooded the market with excess production, undercutting U.S. competitors without consequence.

“A thriving domestic aluminum market is essential to today’s U.S. national security, economic, and climate objectives. These tariffs make our country safer, more economically independent, and more sustainable, and will strengthen our domestic supply chain, make the U.S. less reliant on those who wish us harm, and put our country on a steadier path to a green future.”

About Century Aluminum Company

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 and the session will contain "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" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," "might," or "may."

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 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, 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.

Contact
Peter Trpkovski
(Investors and media)
312-696-3132

Source: Century Aluminum Company

 

FAQ

What is the significance of the 200% tariff on Russian aluminum imports for CENX?

The 200% tariff is seen as a measure to level the playing field for Century Aluminum by reducing competition from Russian producers.

How does the tariff impact Century Aluminum's business strategy?

The tariff aligns with Century's strategy to bolster the domestic aluminum market and reduce reliance on foreign imports.

When was the tariff on Russian aluminum imports announced?

The tariff was announced on February 24, 2023.

What are the expected benefits of the tariff for U.S. aluminum producers?

The tariff is expected to decrease foreign competition, improve market conditions, and support national security and sustainability goals.

How does Century Aluminum plan to adjust to the new tariffs?

While specific plans were not outlined, the company aims to leverage the tariffs to strengthen its market position and operations.