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]

Group 1 - Century Aluminum Company announced a proposed private offering of $400 million aggregate principal amount of senior secured notes due July 2032 [1] - The net proceeds from the offering will be used to refinance the existing 7.50% Senior Secured Notes due 2028, repay borrowings under credit facilities, and cover related fees and expenses [1] - The interest rate and other terms of the secured notes will be determined at the pricing of the offering [2] Group 2 - The secured notes will be offered to qualified institutional buyers under Rule 144A and to certain non-U.S. persons under Regulation S of the Securities Act [3] - The secured notes have not been registered under the Securities Act or any state securities laws, and cannot be offered or sold in the U.S. without registration or an applicable exemption [3] Group 3 - Century Aluminum is an integrated producer of bauxite, alumina, and primary aluminum products, and is the largest producer of primary aluminum in the United States [5]

Core Viewpoint - Alcoa Corporation is expected to report an increase in revenue for the second quarter of 2025, with a consensus estimate of $2.91 billion, reflecting a 0.3% increase from the previous year [1] Revenue Expectations - The Aluminum segment's third-party sales are estimated at $1.96 billion, indicating a 3.2% increase year-over-year, while total sales for the segment are projected at $2.02 billion, a 6.2% rise from the prior year [4] - The Alumina segment's third-party sales are expected to be $836 million, representing an 8.5% decrease from the previous year, with total sales estimated at $1.37 billion, indicating a 6.5% decline [7] Earnings Expectations - The consensus estimate for earnings per share has decreased by 65.5% to 30 cents, although this reflects an 87.5% increase from the same quarter last year [2] Key Factors Influencing Performance - Increased demand for aluminum products in Europe and North America is anticipated to benefit the Aluminum segment, alongside the restart of the San Ciprián smelter and rising aluminum prices [3][10] - Synergistic gains from partnerships, such as the joint venture with IGNIS EQT and the acquisition of Alumina Limited, are expected to enhance revenues [5] - Efforts to increase smelter and refinery capacity are likely to support performance in the upcoming quarter [6] Challenges - The Alumina segment is expected to face challenges due to weakness in the bauxite market in China, influenced by safety and environmental inspections [7] - Global political risks and foreign exchange headwinds, particularly a stronger U.S. dollar, may negatively impact Alcoa's overseas business [8] Earnings Prediction Model - The current model does not predict an earnings beat for Alcoa, as the Earnings ESP stands at 0.00% with both the Most Accurate Estimate and the Zacks Consensus Estimate at 30 cents [9]

Core Viewpoint - President Trump's decision to increase aluminum tariffs to 50 percent is aimed at bolstering domestic production and job creation in the U.S. aluminum industry [2][3]. Company Summary - Century Aluminum Company supports the increased tariffs, which will enhance the supply of critical metals for national security and promote investments in U.S. jobs [2]. - The company plans to construct the first new aluminum smelter in the U.S. in 50 years and aims to double its domestic production as a result of the supportive policies [2][3]. - Century Aluminum is the largest domestic producer of primary aluminum in the United States and operates production facilities in Iceland, the Netherlands, and Jamaica [4].

Core Viewpoint - Alcoa Corporation (AA) has shown strong stock performance, increasing 12.1% in the past month, outperforming both the industry and S&P 500 [1] Stock Performance - Alcoa's stock closed at $28.25, below its 52-week high of $47.77 and above its 52-week low of $21.53, indicating mixed sentiment as it trades above its 50-day moving average but below its 200-day moving average [4] Factors Influencing Performance - Demand for aluminum is rising due to the popularity of lighter electric vehicles, recycled aluminum, and increased aircraft production, which boosts demand for aluminum alloys [5] - U.S. tariffs of 25% on imported steel and aluminum have increased prices, benefiting domestic producers like Alcoa, although they have not revived U.S. smelting operations [6] - A lack of competitively priced electricity has led to smelter closures, including Alcoa's permanent closure of its Intalco smelter in March 2023, impacting production [7] Segment Performance - Alcoa's Aluminum segment is benefiting from strong demand in electrical and packaging markets, with production expected to reach 2.3-2.5 million tonnes in 2025 and shipments anticipated at 2.6-2.8 million tonnes [8] - The Alumina segment is seeing growth in its Sustana product line, with production expected to be 9.5-9.7 million tonnes and shipments likely to be 13.1-13.3 million tonnes in 2025 [9] Strategic Actions - Alcoa has made strategic moves to enhance growth, including the acquisition of Alumina Limited in August 2024, which strengthens its position in the bauxite and alumina market [10] Financial Metrics - Alcoa's trailing 12-month return on equity (ROE) is 18.56%, higher than the industry average of 17.98%, indicating efficient use of shareholder funds [11] - The stock has a forward 12-month price-to-earnings ratio of 8.78X, below the industry average of 9.08X, making it an attractive valuation compared to peers [13] Earnings Estimates - Earnings estimates for 2025 have decreased by 13.1% to $3.57 per share, and for 2026, they have declined by 19.2% to $2.69 per share [16]