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Century Aluminum Co (CENX) maintains this comprehensive news hub for tracking official announcements and market developments. Access verified press releases and financial updates from the integrated aluminum producer with facilities across North America and Europe.
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Key coverage areas include smelting operations optimization, low-carbon production advancements, raw material supply chain updates, and leadership announcements. Users can monitor both domestic US operations and international projects through this centralized platform.
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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.
