CHICAGO, July 10, 2024 (GLOBE NEWSWIRE) -- Century Aluminum applauds the Administration's decision to toughen the rules on aluminum imports from Mexico. The introduction of the "smelted and cast" provision is an important first step in curbing aluminum transshipments and unfair trade from 3rd party countries entering through Mexico. Going forward, aluminum that was smelted and cast in Russia, China, Iran and Belarus and converted into products in Mexico will be subject to the 10% Section 232 duty. "Today wa ...

CHICAGO, July 10, 2024 (GLOBE NEWSWIRE) -- Century Aluminum applauds the Administration's decision to toughen the rules on aluminum imports from Mexico. The introduction of the "smelted and cast" provision is an important first step in curbing aluminum transshipments and unfair trade from 3rd party countries entering through Mexico. Going forward, aluminum that was smelted and cast in Russia, China, Iran and Belarus and converted into products in Mexico will be subject to the 10% Section 232 duty. "Today wa ...

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Century Aluminum (CENX) appears an attractive pick given a noticeable improvement in the company's earnings outlook. The stock has been a strong performer lately, and the momentum might continue with analysts still raising their earnings estimates for the company. The upward trend in estimate revisions for this aluminum producer reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong correlation between tren ...

CHICAGO, May 14, 2024 (GLOBE NEWSWIRE) -- President Biden today announced that his administration would triple existing tariffs on Chinese aluminum imports pursuant to Section 301 of the Trade Act of 1974. Today's action provides a clear and strong response to China's unfair trade policies and will help to put a stop to China's continuing build-up of overcapacity and non-market pricing actions. Jesse Gary, Century's (NASDAQ:CENX) President and Chief Executive Officer, who attended the White House event anno ...

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Momentum investing is essentially the opposite of the tried-and-tested Wall Street adage -- "buy low and sell high." Investors following this investing style typically avoid betting on cheap stocks and waiting long for them to recover. They believe instead that one could make far more money in lesser time by "buying high and selling higher."Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves a ...

Century Aluminum Company (NASDAQ:CENX) Q1 2024 Earnings Conference Call May 1, 2024 11:00 AM ET Company Participants Ryan Crawford - Financial Planning & Analysis and IR Manager Jesse Gary - President and CEO Jerry Bialek - EVP and CFO Peter Chipskovsk - SVP of Finance and Treasurer Conference Call Participants Lucas Pipes - B. Riley Securities Katja Jancic - BMO Capital Markets Timna Tanners - Wolfe Research John Tumazos - John Tumazos Independent Research Operator Ladies and gentlemen, thank you for stand ...

Financial Performance - Net sales decreased by $62.9 million for the three months ended March 31, 2024, primarily due to unfavorable volume and sales mix of $53.4 million and unfavorable LME and regional premium price realizations of $49.4 million [165]. - For the three months ended March 31, 2024, total net sales were $489.5 million, a decrease from $512.3 million in the same period of 2023, reflecting a decline of approximately 4.4% [187]. - The company reported a gross profit of $16.5 million for the three months ended March 31, 2024, down from $39.4 million in the same period of 2023, indicating a decrease of approximately 58% [189]. - Gross profit decreased by $22.9 million for the three months ended March 31, 2024, compared to the previous quarter, primarily due to a decrease of $44.6 million from the IRA Section 45X credit [209]. - Net income attributable to Century stockholders for the three months ended March 31, 2024, was $246.8 million, a significant increase from $30.0 million in the same period of 2023 [187]. Production and Sales - Shipments of primary aluminum in the U.S. totaled 97,602 tonnes for the first quarter of 2024, generating sales of $258.1 million [164]. - The average LME price for primary aluminum decreased to $2,199 per tonne for the three months ended March 31, 2024, compared to $2,399 per tonne for the same period in 2023, reflecting a decline of approximately 8.3% [162]. - The average Midwest premium (MWP) for aluminum sold in the U.S. decreased to $402 per tonne for the three months ended March 31, 2024, down from $618 per tonne in the same period of 2023 [162]. - The acquisition of a 55% interest in Jamalco is expected to contribute to alumina sales, which added $40.1 million to net sales for the three months ended March 31, 2024 [165]. Costs and Expenses - The company recognized $11.9 million as a reduction in cost of goods sold and $0.7 million as a reduction in selling, general, and administrative expenses due to a tax credit equal to 10% of eligible domestic production costs under the Inflation Reduction Act [158]. - Selling, general and administrative expenses increased by $6.0 million for the three months ended March 31, 2024, compared to the previous quarter, mainly driven by share-based compensation costs [210]. - The company incurred higher production costs of alumina due to inefficiencies from power disruptions, with a cumulative impact of approximately $38.8 million from the second quarter of 2023 through March 31, 2024 [203]. Cash Flow and Liquidity - Net cash used in operating activities was $(14.8) million for the three months ended March 31, 2024, compared to $(0.2) million in the same period of 2023 [196]. - The increase in net cash used in operating activities during the three months ended March 31, 2024, was primarily driven by timing of payments and receipts [216]. - As of March 31, 2024, the company had cash and cash equivalents of approximately $93.5 million and total liquidity of $302.0 million [214]. - The company has $208.5 million of net availability under its credit facilities as of March 31, 2024, after considering outstanding borrowings and letters of credit [198]. - The U.S. revolving credit facility had a borrowing availability of $141.2 million, with outstanding borrowings of $17.0 million as of March 31, 2024 [219]. - The Casthouse Facility had $130.0 million in outstanding borrowings as of March 31, 2024, with repayments scheduled to begin in July 2024 [225]. Contracts and Obligations - The company has a contingent obligation of $31.2 million related to a long-term power contract, which may require future payments depending on aluminum prices and operational levels [168]. - The company is currently negotiating a new labor contract with the Federation for the Metal and Electrical Industry, with the current agreement effective through May 31, 2024 [166]. Gains and Losses - A bargain purchase gain of $245.9 million was recognized in the consolidated statements of operations for the acquisition of Jamalco, which was finalized on May 2, 2023 [192]. - A bargain purchase gain of $245.9 million was recognized for the acquisition of a 55% interest in Jamalco for the three months ended March 31, 2024 [212]. - The net gain on forward and derivative contracts was $7.4 million for the three months ended March 31, 2024, a change of $65.0 million compared to a loss in the same period of 2023 [191]. - The company reported a net gain on forward and derivative contracts of $7.4 million for the three months ended March 31, 2024, a decrease of $4.5 million from the previous quarter [210]. Compliance and Regulations - The company was in compliance with all covenants related to its credit facilities as of March 31, 2024 [221]. - Income tax changed to an expense of $0.5 million for the three months ended March 31, 2024, compared to a benefit of $0.2 million for the same period in 2023 [213].