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
Mike Bless to Retire; Jesse Gary Named Next President and CEO of Century Aluminum, Effective July 1, 2021
Century Aluminum Company (NASDAQ: CENX) announced Mike Bless's retirement as President and CEO effective July 1, 2021, following 15 years with the company. Jesse Gary, currently COO and General Counsel, will take over as CEO and join the Board. The leadership transition aims to continue the company's growth, capitalizing on Bless's established foundation. Gary has a strong background in the aluminum industry and is expected to guide Century through upcoming challenges, including post-pandemic recovery.
Century Aluminum Company (CENX) reported its first quarter 2021 results, showing net sales of $444.0 million on shipments of 195,697 tonnes. However, the company faced a substantial net loss of $(140.0) million, an increase of $104.5 million from the previous quarter. The adjusted net loss was $(52.5) million, attributed mainly to high power costs due to severe weather in February. Despite challenges, Century is advancing its safety protocols and exploring low-carbon aluminum products. The outlook remains optimistic with healthy industry conditions and a favorable global aluminum market.
Century Aluminum Company (NASDAQ: CENX) is set to report its first quarter 2021 earnings on May 5, 2021, after market close. The earnings announcement will be published via GlobeNewswire. Following this, a conference call is scheduled for the same day at 5:00 p.m. Eastern Time, which will be available for live streaming on the company's website. A replay of the call will be accessible about two hours after the live session.
Century Aluminum Company (NASDAQ: CENX) announced the ratification of a five-year collective bargaining agreement with United Steelworkers Local 9423 for its Hawesville, Kentucky smelter, effective until April 1, 2026. This agreement affects approximately 350 hourly workers and is expected to enhance operational stability. Additionally, the company plans to create around 60 new jobs at the facility, reflecting its commitment to expansion in a competitive aluminum market.
On April 12, 2021, Century Aluminum Company (CENX) announced the results of its cash tender offer for its 12.0% Senior Secured Notes due 2025. As of April 9, it received tenders for $195.91 million of the $250 million outstanding principal amount. Century plans to purchase all validly tendered Notes by April 14, 2021, following satisfactory financing transactions. Additionally, any unsold Notes will be called for redemption on May 14, 2021, at 100% of the principal plus a make-whole premium. Credit Suisse is the dealer manager for the offer, with D.F. King as the tender agent.
On April 9, 2021, Century Aluminum Company (CENX) announced the closure of a private offering of 2.75% convertible senior notes, raising gross proceeds of $86.25 million. Net proceeds are approximately $82.9 million after expenses, intended primarily for repaying existing high-interest debts and funding capped call transactions. The notes mature on May 1, 2028, and are convertible into cash or shares, with an initial conversion price of about $18.74 per share. This financing strategy aims to strengthen Century's capital structure.
Century Aluminum Company (NASDAQ: CENX) announced the pricing of its private offerings: $250 million of 7.50% senior secured notes and $75 million of 2.75% convertible senior notes. The secured notes offering is set to close on April 14, 2021, while the convertible notes offering will close on April 9, 2021. Proceeds from these offerings will primarily be used to repay existing senior secured notes and reduce borrowings under credit facilities. The convertible notes have an initial conversion price of approximately $18.74, representing a premium to current stock prices.
Century Aluminum Company (NASDAQ: CENX) has announced a proposed private offering of $250 million in senior secured notes due April 2028 and $75 million in convertible senior notes due May 2028. The company plans to utilize net proceeds from these offerings to repay its existing 12.0% Senior Secured Notes due 2025 and reduce borrowings under its credit facilities. Additional capped call transactions may be entered to manage potential dilution. These transactions are subject to market conditions.
Century Aluminum Company (NASDAQ: CENX) announced a cash tender offer for its 12.0% Senior Secured Notes due 2025. This offer aims to refinance these Notes with longer maturity financing. The tender offer is set to expire on April 9, 2021, and payment for accepted Notes will occur on the expected settlement date of April 14, 2021. The offer is not contingent on a minimum amount of Notes being tendered, but is subject to financial transactions that meet Century's requirements. Additional details on the offer can be found in the Offer to Purchase documentation.
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