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 announced a new three-year power contract with Santee Cooper for its Mt. Holly smelter, effective April 1, 2021, allowing a 50% production increase. Restart work is on schedule for Q4 2021. The contract also rescinds the WARN notice for employees. Despite market challenges, the company forecasts a potential $70 million increase in adjusted EBITDA for Q2 2021, driven by favorable pricing conditions. However, equipment issues at the Hawesville plant may reduce shipments by 20,000 to 25,000 metric tons in the last three quarters of the year, impacting overall performance.
Century Aluminum Company (NASDAQ: CENX) reported its fourth quarter and full year 2020 results, highlighting a net loss of $35.5 million or $0.40 per share in Q4, with adjusted EBITDA of $0.8 million. For the full year, the company faced a net loss of $123.3 million, down from $80.8 million in 2019. Despite these losses, Century noted improvements in cash position, and a stable production outlook. The company is optimistic about demand recovery, ongoing power agreements, and initiatives towards sustainability.
Century Aluminum Company (NASDAQ: CENX) has appointed Gunnar Gudlaugsson as Executive Vice President of Global Operations, effective immediately. Gudlaugsson has been with the company since 2008 and has held several leadership roles. His promotion comes as John Hoerner, current EVP of North American Operations, will retire after ten years of service but will remain as an advisor until October 2021. CEO Michael Bless acknowledged Hoerner's significant contributions to the company and the U.S. aluminum industry.
Century Aluminum Company (CENX) will disclose its fourth quarter 2020 earnings on February 18, 2021, following market close. The announcement will be made via GlobeNewswire, and a live conference call is scheduled for the same day at 5:00 p.m. Eastern time. Investors can access the webcast on the company’s website and a replay will be available shortly after. This earnings report is anticipated to provide insights into the company's financial performance and future outlook.
Century Aluminum Company (NASDAQ: CENX) has secured a five-year agreement to supply 150,000 metric tons of Natur‐Al™ aluminum to Hammerer Aluminium Industries, with Glencore handling the supply logistics. Natur‐Al™ is produced using 100% renewable energy sources at Century's facility in Iceland and boasts one of the lowest CO₂ footprints in the industry. The direct CO₂ emissions for Natur‐Al™ are below two tonnes per tonne of aluminum, significantly less than the industry average. This partnership reflects Century's commitment to sustainability and the demand for low-carbon aluminum products.
Century Aluminum Company (CENX) praises President Biden's Executive Order aimed at bolstering domestic manufacturing and supply chains. The CEO, Michael Bless, emphasizes the importance of manufacturing for national security and job creation. The company supports Buy America standards, advocating for domestic production of aluminum for federal contracts. This initiative is seen as vital for rebuilding the U.S. manufacturing base post-COVID-19, ensuring resilience during supply chain disruptions. Century Aluminum is the largest primary aluminum producer in the U.S., with smelters in Kentucky and South Carolina.
Century Aluminum announced a preliminary agreement for a new three-year power contract with Santee Cooper for its Mt. Holly smelter, projected to boost production by 50% and create 70 jobs. The new contract will supply a minimum of 290MW of power, increasing output to 75% of capacity. Current operations will continue under an extension until March 31, 2021, pending regulatory approvals, with the new contract expected to commence on April 1, 2021.
Century Aluminum Company (CENX) reported Q3 2020 results, showing shipments of 203,022 tonnes, down 3% from Q2. Net sales were $392.9 million, a decrease from $401.9 million in the previous quarter, driven by lower LME prices and regional premiums. The company experienced a net loss of $(58.2) million and an adjusted net loss of $(64.4) million. Adjusted EBITDA also fell to $(31.4) million. Century's cash position was $81.4 million, with $88.0 million available in its revolving credit facility. Concerns arose regarding Mt. Holly's electric power service, putting operations at risk.
Century Aluminum (NASDAQ: CENX) announced a possible curtailment of its Mt. Holly smelter operations unless a competitively priced power agreement is secured before December 31, 2020. The current contract with Santee Cooper is set to expire, and its rates are significantly higher than market prices. The CEO expressed concerns that closing the smelter would negatively impact 295 employees and the local economy, which relies on the plant's operations. The smelter’s closure could hinder aluminum production in the U.S. and jeopardize over $1 billion in economic activity.
Century Aluminum Company (NASDAQ: CENX) is set to report its third quarter 2020 earnings on Thursday, October 29, 2020, after market close. The earnings announcement will be disseminated via GlobeNewswire. Additionally, a conference call will take place on the same day at 5:00 p.m. Eastern time, which will be available for live webcasting on the company's website. A replay of the call will be accessible roughly two hours post-call.
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