Century Aluminum Company (NASDAQ:CENX) Q4 2022 Earnings Conference Call February 23, 2023 5:00 PM ET Company Participants Peter Trpkovski - VP, Finance & IR Jesse Gary - President and Chief Executive Officer Jerry Bialek - Executive Vice President and Chief Financial Officer Shelly Harrison - Senior Vice President, Finance and Treasurer Conference Call Participants David Gagliano - BMO Capital John Tumazos - Very Independent Research Lucas Pipes - B. Riley Securities Operator Good afternoon. Thank you for a ...

Industry Environment LME Aluminum Alumina Price Index 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 3,400 LME $/MT 150 200 250 300 350 400 450 500 API $/MT Speakers • Jesse Gary – President and Chief Executive Officer • Jerry Bialek – Executive Vice President and Chief Financial Officer • Shelly Harrison – Senior Vice President, Finance and Treasurer • Peter Trpkovski – Vice President, Finance and Investor Relations 2 Company and Market Update Industry Fundamentals ◼ Continued Chinese water sh ...

Financial Data and Key Metrics Changes - In Q3 2022, the company reported an adjusted EBITDA loss of $36 million, a decrease of $123 million from the prior quarter [6][34] - Q3 shipments were down about 19% sequentially, primarily due to the curtailment of the Hawesville facility [30] - Realized prices decreased by 14% compared to the prior quarter, leading to a 26% decrease in sequential net sales [30][34] Business Line Data and Key Metrics Changes - The curtailment of the Hawesville facility significantly impacted overall shipments and financial performance [30] - The company expects to complete the first phase of its debottlenecking program by year-end, allowing for an additional 10,000 metric tons of billet to be sold in 2023 [8] Market Data and Key Metrics Changes - High energy prices have led to more than 50% of Europe's smelters curtailing operations, creating the largest aluminum deficit in European history [10][11] - Despite high energy costs reducing European demand, the contraction of Europe's aluminum supply base has kept global aluminum supply and demand roughly balanced [9] Company Strategy and Development Direction - The company is focused on lowering its cost structure and reducing exposure to spot energy prices while maintaining operational stability [7] - Long-term demand fundamentals for aluminum remain strong, with ongoing projects to expand value-added product lines [8] - The company aims to increase its renewable energy mix and reduce volatility in energy costs [76] Management's Comments on Operating Environment and Future Outlook - Management noted that the current macro environment is complex, with high energy prices and lower aluminum prices impacting results [6] - The company remains confident in its liquidity position and has taken measures to strengthen it, including a new $90 million credit facility [29][66] - Management anticipates that the energy crisis in Europe will persist for several years, affecting market conditions [16] Other Important Information - The company has implemented programs to reduce planned capital and operating expenditures by over $40 million in 2022 [26] - Workplace injuries have decreased by nearly 15% year-to-date, reflecting the company's focus on health and safety [27] Q&A Session Summary Question: Changes in hedges and revenue - The company confirmed an incremental 20,000 tons hedged at an average price, and it intends to continue hedging LME prices [49][51] Question: Further levers to pull in a challenging environment - Management expressed confidence in liquidity levels and mentioned various levers available for cost savings and cash generation [66][67] Question: Outlook on coke and pitch pricing - Management indicated that coke prices may have peaked, while pitch prices are expected to remain high for the near term [70] Question: Hawesville facility curtailment - The asset remains in good shape, and management will monitor market conditions before deciding on a restart [73] Question: Long-term renewable energy contracts - Management emphasized the importance of reducing energy cost volatility and increasing renewable energy in their supply mix [76] Question: Icelandic power arrangement - The company provided insights into the energy pricing structure but did not disclose specific fixed prices due to confidentiality [86][90]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Title of each class: Trading Symbol(s) Name of each exchange on which registered: Common Stock, $0.01 par value per share CENX Nasdaq Stock Market LLC (Nasdaq Global Select Market) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transit ...

Century Aluminum Company 2 nd Quarter Earnings Call August 9, 2022 Cautionary Statement This presentation and statements made by Century Aluminum Company management on the quarterly conference call 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 ...

Century Aluminum Co (NASDAQ:CENX) Q2 2022 Earnings Conference Call August 9, 2022 5:00 PM ET Company Participants Peter Trpkovski - VP, Finance & IR Jesse Gary - President, CEO & Director Michelle Harrison - Interim Principal Financial Officer, SVP of Finance & Treasurer Shelly Lair - IR Conference Call Participants David Gagliano - BMO Capital Markets Lucas Pipes - B. Riley Securities John Tumazos - John Tumazos Very Independent Research Timna Tanners - Wolfe Research Operator Good afternoon. My name is Sa ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Title of each class: Trading Symbol(s) Name of each exchange on which registered: Common Stock, $0.01 par value per share CENX Nasdaq Stock Market LLC (Nasdaq Global Select Market) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition p ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Title of each class: Trading Symbol(s) Name of each exchange on which registered: Common Stock, $0.01 par value per share CENX Nasdaq Stock Market LLC (Nasdaq Global Select Market) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition ...

Financial Performance - The company reported a quarterly adjusted EBITDA of $105.5 million[4] - Net sales increased by 14% sequentially[4] - Total liquidity increased by $54 million[4] Market Fundamentals - LME price was approximately $3,100/MT[4] - U.S Midwest Premium was approximately $870/MT[4] - European Duty Paid Premium was approximately $610/MT[4] - The global aluminum market faces an approximate 1.0 million tonnes supply deficit[4] Operational Updates - Restart projects at Hawesville and Mt Holly are substantially complete, reaching 80% and 75% of capacity respectively[4] - Total shipments increased by 5% sequentially, despite power curtailments in Iceland[4] Hedging - Nord Pool prices are approximately 60% hedged for the balance of 2022 and approximately 80% hedged for FY23 at significantly lower prices[4] Outlook - Q2 Outlook @ Estimated Lagged Prices is $120-130 million[25]

Financial Data and Key Metrics Changes - The company achieved record quarterly adjusted EBITDA of over $105 million in Q1 2022, a 30% increase over Q4 2021 [6] - Net sales increased by 14% for the quarter, reflecting strong operational performance [6][22] - Liquidity from available cash and credit facilities was $154 million at the end of Q1, a $54 million increase from the prior quarter [23] Business Line Data and Key Metrics Changes - Quarterly shipments increased by 5% from Q4 2021, marking the highest level since 2015, driven by expansion projects at Mt. Holly and Hawesville [7][22] - Adjusted EBITDA increased by $23 million sequentially, with realized LME prices up $158 per ton compared to the prior quarter [24][26] Market Data and Key Metrics Changes - The global aluminum market is forecasted to remain in a deficit of over 1 million tons in 2022, with a projected 4.3 million ton deficit in the US and a 3.7 million ton deficit in Europe [12] - The LME price of aluminum averaged $3,200 per ton in Q1, with strong demand expected to continue [15] - Regional premiums in the US and Europe reached record highs, with the European duty paid premium at $610 per metric ton and the Midwest premium at $870 per metric ton [14] Company Strategy and Development Direction - The company plans to move forward with several debottlenecking projects in Sebree and Mt. Holly, expecting to increase build capacity by over 10,000 metric tons in 2023 and beyond [17] - Capital allocation plans include approximately $10 million for investment CapEx projects, primarily related to the casthouse debottlenecking projects [34] Management's Comments on Operating Environment and Future Outlook - Management noted that power curtailments in Iceland have ended, and production is expected to return to full capacity by May [8] - The company anticipates higher US energy prices in Q2, which could impact EBITDA by approximately $45 million compared to Q1 [29] - Management remains optimistic about the market fundamentals, expecting continued strong demand and pricing dynamics [12][15] Other Important Information - The company reported a one-time increase in relining costs expected in Q2 due to the restart of curtailed pots [9] - The cash position remained relatively flat, with CapEx spending of $26 million in Q1 [27] Q&A Session Summary Question: Thoughts on the aluminum market and China's exports - Management indicated that restarts in China are progressing as expected, but no significant pressure from exports has been observed yet [37][38] Question: Deferred OpEx in Q1 and its impact on Q2 - Management explained that deferred maintenance projects and relining costs from Iceland will result in a spike in Q2 operating expenses [44][45] Question: Compensation structure and shareholder perspective - Management confirmed that compensation is heavily weighted to stock price performance, acknowledging the need for improved stock performance [48][49] Question: Understanding Icelandic power market link to European prices - Management clarified that Iceland's power costs are linked to LME and Nord Pool prices, with some exposure to European price trends [54][55] Question: Inventory levels and capital allocation for M&A - Management noted that tight inventory levels are reflected in regional premiums, and while M&A is a consideration, no specific targets are currently in mind [62][64]