Group 1 - The American Primary Aluminum Association (APAA) supports President Trump's Section 232 aluminum tariff, which has enabled Century Aluminum to increase U.S. aluminum production by 10% and create over 100 new jobs with an average salary of $100,000 [1][2] - Century Aluminum plans to invest $50 million to enhance U.S. aluminum production, with the Mt. Holly facility expected to return to full operational capacity in the spring [2] - The Section 232 aluminum tariff is viewed as a significant change for the U.S. aluminum industry, fulfilling President Trump's campaign promises and benefiting thousands of American workers [2] Group 2 - The APAA is a non-profit trade association that advocates for the interests of America's primary aluminum industry and its workers through initiatives like the Aluminum Now campaign [3]

Century Aluminum Company 2 nd Quarter Earnings Call August 7, 2025 Cautionary Statement Certain statements in this presentation, and those made by Century Aluminum Company management on the quarterly conference call, relate to future events and expectations and are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "expect," "hope," "target," "anticipate," "intend," "plan," "seek," "estimate," "potential," "project," "scheduled," ...

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Q2 saw a net loss, H1 net income was lower due to a prior-year gain, while total assets and operating cash flow improved [Consolidated Statements of Operations](index=3&type=section&id=Consolidated%20Statements%20of%20Operations) Consolidated Statements of Operations Highlights (in millions, except per share data) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total net sales** | $628.1 | $560.8 | $1,262.0 | $1,050.3 | | **Gross profit** | $36.2 | $20.4 | $96.8 | $36.9 | | **Operating income** | $20.7 | $6.4 | $66.8 | $8.3 | | **Net (loss) income** | $(9.1) | $(6.7) | $16.6 | $238.0 | | **Net (loss) income attributable to Century stockholders** | $(4.6) | $(2.5) | $25.1 | $244.3 | | **Diluted EPS** | $(0.05) | $(0.03) | $0.25 | $2.24 | - The significant decrease in net income for the six months ended June 30, 2025, compared to 2024 is primarily due to a **$245.9 million** bargain purchase gain recognized in the 2024 period[7](index=7&type=chunk) [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (in millions) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $790.3 | $802.8 | | **Total assets** | $1,949.0 | $1,939.4 | | **Total current liabilities** | $451.1 | $463.7 | | **Total liabilities** | $1,264.7 | $1,276.7 | | **Total equity** | $684.3 | $662.7 | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Cash Flow Summary (in millions) | Cash Flow Activity | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | $80.2 | $(3.3) | | **Net cash used in investing activities** | $(33.6) | $(44.3) | | **Net cash (used in) provided by financing activities** | $(38.8) | $0.1 | | **Change in cash, cash equivalents and restricted cash** | $7.8 | $(47.5) | [Condensed Notes to the Consolidated Financial Statements](index=10&type=section&id=Condensed%20Notes%20to%20the%20Consolidated%20Financial%20Statements) Notes detail related-party transactions, tax credit benefits, a single segment, and a post-quarter debt refinancing - As of June 30, 2025, Glencore plc and its affiliates beneficially owned **42.9%** of Century's outstanding common stock and all of its Series A Convertible Preferred Stock[31](index=31&type=chunk) - For the six months ended June 30, 2025, the company derived approximately **59.1%** of its consolidated net sales from Glencore[32](index=32&type=chunk) - The Inflation Reduction Act (IRA) Section 45X production tax credit reduced Cost of goods sold by **$41.8 million** and Selling, general and administrative expenses by **$1.3 million** for the six months ended June 30, 2025[53](index=53&type=chunk) - Subsequent to the quarter end, on July 22, 2025, the company issued **$400.0 million** of **6.875%** Senior Secured Notes due 2032 and used the proceeds to redeem its 2028 Notes[136](index=136&type=chunk)[137](index=137&type=chunk) - Beginning in Q1 2025, the company determined it has only one operating and reportable segment, managed on a consolidated basis[123](index=123&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Improved financial performance is attributed to higher aluminum prices and tariffs, with increased net sales and gross profit, supported by solid liquidity and debt refinancing - In May 2025, tariffs on primary aluminum were increased from **25%** to **50%**, effective June 4, 2025, which has increased the Midwest Premium and is expected to have a material positive impact on financial results[147](index=147&type=chunk) - The company entered into an agreement with the U.S. Department of Energy for up to **$500 million** in funding to build a new aluminum smelter, though disbursement of funds is currently paused pending an ongoing review[148](index=148&type=chunk) Average Aluminum Pricing ($ per tonne) | Metric | Q2 2025 | Q1 2025 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Average LME** | $2,447 | $2,631 | $2,538 | $2,360 | | **Average MWP** | $993 | $729 | $855 | $417 | - Total liquidity as of June 30, 2025, was **$362.5 million**, comprising **$40.7 million** in cash and **$321.8 million** in unused availability under revolving credit facilities[179](index=179&type=chunk) - Estimated total capital spending for 2025 is approximately **$70 to $80 million**, including investments in the Jamalco facility[192](index=192&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes in market risk disclosures from the prior fiscal year's Annual Report on Form 10-K - As of June 30, 2025, there have been no material changes in the company's quantitative and qualitative disclosures about market risks since the fiscal year ended December 31, 2024[197](index=197&type=chunk) [Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls were ineffective due to material weaknesses in IT and business process controls, with remediation ongoing - Management concluded that the company's disclosure controls and procedures were not effective as of June 30, 2025[198](index=198&type=chunk) - The ineffectiveness is due to material weaknesses in general information technology controls and business process controls that were previously reported for the fiscal year ended December 31, 2024[199](index=199&type=chunk) - Remediation efforts are ongoing but the material weaknesses were not fully remediated as of the end of the quarter[200](index=200&type=chunk)[203](index=203&type=chunk) [PART II - OTHER INFORMATION](index=42&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company is party to various legal actions, but does not expect a material adverse effect on its financial condition or results - The company states that legal actions arising from the normal course of business are not expected to have a material adverse effect on its financial position, results of operations, or liquidity[206](index=206&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors disclosed in the prior fiscal year's Annual Report on Form 10-K - No material changes have occurred to the risk factors disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024[207](index=207&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - There were no unregistered sales of equity securities or use of proceeds from such sales during the quarter[208](index=208&type=chunk) [Other Information](index=43&type=section&id=Item%205.%20Other%20Information) This section discloses related-party agricultural sales with Iranian entities and no Rule 10b5-1 trading plan changes - Under the Iran Threat Reduction and Syria Human Rights Act, the company disclosed that non-U.S. affiliates of its largest stockholder had sales contracts for agricultural products with Iranian government-controlled entities, with gross revenue not exceeding **$137 million** for the quarter ended June 30, 2025[210](index=210&type=chunk)[211](index=211&type=chunk) - During the quarter ended June 30, 2025, no company directors or executive officers adopted or terminated any Rule 10b5-1 trading plans for company securities[215](index=215&type=chunk) [Exhibits](index=44&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including debt indentures, security agreements, and officer certifications - The report includes several exhibits, such as the Indenture for the **6.875%** Senior Secured Notes due 2032, an amendment to the company's loan and security agreement, and certifications by the CEO and CFO[217](index=217&type=chunk)

Company Overview - Century Aluminum Company (NASDAQ:CENX) plans to restart over 50,000MT of idled production at its Mt. Holly, SC smelter with an investment of approximately $50 million [1] - The company is the largest producer of primary aluminum in the United States and operates production facilities in Iceland, the Netherlands, and Jamaica [5] Production and Economic Impact - The restart will create over 100 new jobs and boost U.S. domestic aluminum production by almost 10 percent [1] - The Mt. Holly smelter, when operating at full capacity, has an economic impact of over $890 million annually in South Carolina, with an average wage of $100,000 for jobs directly supported by Century Aluminum [3] Government and Regulatory Support - The restart is facilitated by President Trump's application of Section 232 tariffs, which recently increased tariffs on aluminum imports to 50% [2] - The South Carolina Public Service Authority (Santee Cooper) has cooperated with Century Aluminum to extend the current power supply contract through 2031, which is essential for the restart [4]

Century Aluminum Company Reports Second Quarter 2025 Results Chicago, August 7, 2025 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its second quarter 2025 results. Second Quarter 2025 Financial Results | $MM (except shipments and per share data) | | | | | | --- | --- | --- | --- | --- | | | Q2 2025 | | | Q1 2025 | | Aluminum shipments (tonnes) | | 175,741 | | 168,672 | | Net sales | $ | 628.1 | $ | 633.9 | | Net (loss) income attributable to Century stockholders | $ | (4.6) $ | ...

Group 1 - Century Aluminum Company (NASDAQ: CENX) will report second quarter 2025 earnings on August 7, 2025, after market close [1] - A follow-up conference call will be held on August 7, 2025, at 5:00 p.m. Eastern time [1] - The earnings call will be webcast live on the company's website, with a replay available approximately two hours after the live call [2] Group 2 - Registration for the webcast should begin at least 10 minutes before the call [2] - Investor contact for inquiries is Ryan Crawford, reachable at investorrelations@centuryaluminum.com or (312) 696-3132 [2] - Media contact is Tawn Earnest, available at (614) 698-6351 [2]

Core Viewpoint - Century Aluminum (CENX) stock is considered hazardous and a poor investment choice at its current price of approximately $22 due to several identified issues despite its low valuation [2][3]. Valuation Comparison - CENX stock appears inexpensive when compared to the broader market based on price per dollar of sales or profit [4]. Revenue Growth - Century Aluminum's revenues have shown significant growth, with a 11.4% increase from $2.1 billion to $2.4 billion in the past 12 months, compared to a 5.5% growth for the S&P 500 [6]. - The company experienced an average annual decline of 1.4% in its top line over the last three years, while the S&P 500 saw a 5.5% increase [6]. - Quarterly revenues rose by 29.5% to $634 million in the most recent quarter from $490 million a year prior, outperforming the S&P 500's 4.8% improvement [6]. Profitability Metrics - Century Aluminum's operating income over the last four quarters was $166 million, reflecting a poor operating margin of 7.0% [7]. - The operating cash flow (OCF) during this timeframe was $63 million, indicating a very poor OCF margin of 2.6% compared to 14.9% for the S&P 500 [7]. - The price-to-sales (P/S) ratio for Century Aluminum is 0.9, while the S&P 500's is 3.1; the price-to-earnings (P/E) ratio is 17.3 versus the benchmark's 26.9 [7]. Financial Stability - Century Aluminum's debt stood at $483 million at the end of the most recent quarter, with a market capitalization of $2.1 billion, resulting in a moderate debt-to-equity ratio of 23.3% compared to 19.4% for the S&P 500 [9]. - Cash (including cash equivalents) constitutes $45 million of the $2.0 billion in total assets, leading to a poor cash-to-assets ratio of 2.3% [9]. Downturn Resilience - CENX stock has historically performed worse than the S&P 500 during several downturns, including an 82.1% drop during the inflation shock of 2022 compared to a 25.4% decline for the S&P 500 [10]. - During the COVID pandemic in 2020, CENX stock fell 62.1%, while the S&P 500 experienced a peak-to-trough decline of 33.9% [10]. - In the global financial crisis of 2008, CENX stock dropped 98.7%, significantly worse than the S&P 500's 56.8% decline [11]. Overall Assessment - Century Aluminum's performance across key parameters is summarized as follows: Growth is very strong, profitability is very weak, financial stability is weak, and downturn resilience is very weak, leading to an overall weak assessment of the stock [13].

Core Points - Century Aluminum Company closed a private offering of 6.875% senior secured notes due August 2032, raising gross proceeds of $400 million [1] - The net proceeds from the offering were approximately $395 million, which will be used to refinance existing debt, repay borrowings, and cover offering expenses [2] - The Secured Notes will pay interest semi-annually at a rate of 6.875% per annum, starting February 1, 2026, and will mature on August 1, 2032 [3] Company Overview - Century Aluminum is the largest producer of primary aluminum in the United States and operates production facilities in Iceland, the Netherlands, and Jamaica [6]

Key Takeaways CENX priced $400M of 6.875% senior secured notes due August 2032. Net proceeds will refinance 7.50% notes due 2028 and repay credit facility borrowings. CENX's obligations are backed by liens on substantially all its and the guarantors' assets.Century Aluminum Company (CENX) has announced the pricing of its earlier disclosed private offering of $400 million in total principal amount of 6.875% senior secured notes, due August 2032.The notes will be issued at 100% of their total principal amou ...

Core Viewpoint - Century Aluminum Company has announced a private offering of $400 million in senior secured notes with a 6.875% interest rate, maturing in August 2032, aimed at refinancing existing debt and repaying borrowings [1][2][3]. Group 1: Offering Details - The Secured Notes will be issued at 100% of their principal amount and will pay interest semi-annually starting February 1, 2026 [2]. - The offering is expected to close on July 22, 2025, subject to customary closing conditions [2]. - The notes will be guaranteed by Century's domestic restricted subsidiaries and secured by liens on substantially all assets, excluding certain properties [2]. Group 2: Use of Proceeds - Net proceeds from the offering will be utilized to refinance the existing 7.50% Senior Secured Notes due 2028, repay borrowings under credit facilities, and cover related fees and expenses [3]. Group 3: Regulatory Information - The Secured Notes are being offered to qualified institutional buyers under Rule 144A and to certain non-U.S. persons under Regulation S, and have not been registered under the Securities Act [4].