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CLOSED · 06:35 ET
Market ClerkRecap
Sun Oct 25 · markets closed1 signal on Oct 2494 insider buys this week · $48.3MCIRO short report next: Oct 31The week ahead

CENX

CENTURY ALUMINUM CO
NASDAQ · MATERIALS · PRIMARY PRODUCTION OF ALUMINUM
31.42
−1.23 −3.77%
USD · close Oct 23
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Work order
25
FLAG · shorts 25
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP $3.1BP/E 5.4DIV YIELD —FCF YIELD 4.86%REV TTM $2.7B +9.7%NET INCOME $603.5M +413.2%NET CASH $91.2M52W 26.19 – 68.77SEC XBRL · TTM TO Invalid Date

How CENX rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
34%
of sentences unchanged
Added
467
new sentences
Dropped
532
sentences removed
Length
+1,778
words, now 42,493

New in FY2025

  • For information regarding material legal proceedings pending against us at December 31, 2025, refer to Note 17.
  • Holders As of February 24, 2026, there were 79 holders of record of our common stock, which does not include the number of beneficial owners whose common stock was held in street name or through fiduciaries.
  • Dividend Information We did not declare dividends on our common stock in 2025 or 2024.
  • These comparisons assume the investment of $100 on December 31, 2020 and the reinvestment of dividends.
  • Comparison of Cumulative Total Return to Stockholders from December 31, 2020 through December 31, 2025 As of December 31, 2020 2021 2022 2023 2024 2025 Century Aluminum Company $ 100 $ 150 $ 74 $ 110 $ 165 $ 355 Dow Jones U.S.
  • Aluminum Total Return Index 100 129 105 133 166 196 S&P 500 Index 100 259 199 151 169 241 Issuer Purchases of Equity Securities during the three months ended December 31, 2025 There were no issuer purchases of equity securities during the three months ended December 31, 2025.
  • The following discussion and analysis are for the year ended December 31, 2025, compared with the same period in 2024 unless otherwise stated.
  • For discussion and analysis of the year ended December 31, 2024, compared with the same period in 2023, please refer to "Management’s Discussion and Analysis of Financial Condition and Results of Operations" included in Part II, Item 7. of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the "SEC") on March 3, 2025.
  • We intend for the majority of our Jamalco off-take to be consumed internally at our primary aluminum smelters in a vertical integration model.
  • Carbon anodes are consumed in the production of primary aluminum.
  • Vlissingen supplies carbon anodes to our aluminum smelter in Iceland.
  • Each of our aluminum smelters in the United States produces anodes at on-site facilities.
  • The key determinants of our results of operations and cash flow from operations are as follows: • the price of primary aluminum, which is based on the London Metal Exchange ("LME") and other exchanges, plus any regional premiums and value-added product premiums; • the cost of goods sold, the principal components of which are electrical power, alumina, carbon products, labor and other controllable costs, which in aggregate represent more than 84% of our cost of goods sold; and • our production volume and product mix.
  • Recent Developments New Smelter Project On January 26, 2026, we announced that we had entered into a joint development agreement with EGA to build the first new primary aluminum smelter in the United States since our Mt.
  • Under the joint development agreement, EGA will own 60 percent of the joint venture, with Century Aluminum owning the remaining 40 percent.
  • The new plant, to be built in Inola, Oklahoma, is expected to produce 750,000 tonnes of aluminum per year, more than doubling current U.S. production.
  • Construction of the project is expected to start by the end of 2026, subject to the completion of detailed engineering work, completion of negotiations with Public Service Company of Oklahoma on a competitive long-term power supply agreement and the negotiation of a definitive joint venture agreement with EGA.
  • Sale of Hawesville On February 2, 2026, we completed the sale of our Hawesville, Kentucky facility to an affiliate of Terawulf, Inc. for $200.0 million in cash and a 6.8% non-dilutive minority equity interest in the Terawulf affiliate that intends to develop and own a high-performance computing/artificial intelligence data center on the site (the “Data Center Minority Interest”).
  • A large portion of the proceeds are intended to be deployed to expand our domestic primary aluminum production capacity through the restart of the last potline at our Mt.
  • Holly facility and investments in our new smelter project.
  • See “Risk Factors – The new smelter joint venture project with EGA is subject to numerous risks and uncertainties.” Grundartangi Equipment Failure In October 2025, our Grundartangi smelter was forced to temporarily idle production on one of its two potlines due to the failure of two transformers over a seven week period in September and October 2025.
  • As a result, production at the smelter has been temporarily reduced by approximately two-thirds.
  • Grundartangi’s other potline remains unaffected and in full production.
  • We expect that losses arising from this event, less applicable deductibles, will be covered under our insurance policies.
  • We currently estimate that we will begin resumption of production of the idled potline by the end of April 2026.
  • These tariffs are intended to protect U.S. national security and incentivize primary aluminum production in the U.S., reducing reliance on imports and ensuring that domestic producers, like Century, can supply all the aluminum necessary for critical industries and national defense.
  • All imports that directly compete with our products are covered by the tariff.
  • Then, in May 2025, President Trump again increased tariffs on primary aluminum from 25% to 50%, effective June 4, 2025.
  • Since the implementation of these changes to the Section 232 tariff program, the Midwest Premium has increased, which has had a material positive impact on our financial position and results of operations.
  • Department of Energy Award On January 10, 2025, the Company entered into a Cooperative Agreement with the U.S.
  • Department of Energy's ("DOE") Office of Clean Energy Demonstrations for up to $500 million in Bipartisan Infrastructure Law and Inflation Reduction Act funding to build a new aluminum smelter as part of the Industrial Demonstrations Program.
  • With the help of this funding, we intend to construct, own and operate together with EGA in Inola, Oklahoma.
  • Treasury Department and the Internal Revenue Service issued final regulations implementing Section 45X of the Inflation Reduction Act (the "IRA"), which provide guidance on rules taxpayers must satisfy to qualify for the advanced manufacturing production tax credit provided by the IRA.
  • Any changes to the final regulations could result in a subsequent adjustment to the estimated credit as of December 31, 2025.
  • President Trump signed Public Law No: 119-21, the One Big Beautiful Bill Act (the "Act") into law on July 4, 2025, which marks the date of enactment for the tax provisions included in the Act.
  • The Act removed the exemption for critical minerals related to the phase out of the advanced manufacturing production tax credit under Internal Revenue Code Section 45X of the Inflation Reduction Act of 2022 and final regulations issued in October of 2024.
  • Under the Act, beginning in 2031, the amount of the tax credit will be reduced by 25% each year and reduced to 0% in 2034.
  • Additionally, the Act made changes to, but not limited to, permanently extending bonus depreciation that permits full expensing of qualified property, and changes to limitations on the deductibility of interest expense.
  • The Act did not have a material impact on our financial results for the year ended December 31, 2025.
  • We will continue to evaluate the effects of the Act on our results as further guidance is issued.

and 427 more.

Gone since FY2024

  • For information regarding material legal proceedings pending against us at December 31, 2024, refer to Note 17.
  • Holders As of February 27, 2025, there were 103 holders of record of our common stock, which does not include the number of beneficial owners whose common stock was held in street name or through fiduciaries.
  • Dividend Information We did not declare dividends on our common stock in 2024 or 2023.
  • These comparisons assume the investment of $100 on December 31, 2019 and the reinvestment of dividends.
  • Comparison of Cumulative Total Return to Stockholders from December 31, 2019 through December 31, 2024 As of December 31, 2019 2020 2021 2022 2023 2024 Century Aluminum Company $ 100 $ 151 $ 227 $ 112 $ 166 $ 242 Dow Jones U.S.
  • Aluminum Total Return Index (1) 100 93 240 185 140 194 S&P 500 Index 100 156 200 164 207 200 (1) The Dow Jones U.S.
  • Aluminum Total Return Index replaces the Morningstar Aluminum Index in this analysis and going forward, as the latter data is no longer accessible.
  • The latter index has been included with data through 2019.
  • Issuer Purchases of Equity Securities during the three months ended December 31, 2024 There were no issuer purchases of equity securities during the three months ended December 31, 2024.
  • The following discussion and analysis are for the year ended December 31, 2024, compared with the same period in 2023 unless otherwise stated.
  • For discussion and analysis of the year ended December 31, 2023, compared with the same period in 2022, please refer to "Management’s Discussion and Analysis of Financial Condition and Results of Operations" included in Part II, Item 7. of our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the "SEC") on March 15, 2024.
  • The majority of our Jamalco off-take is consumed internally at our primary aluminum smelters in a vertical integration model.
  • The key determinants of our results of operations and cash flow from operations are as follows: • the price of primary aluminum, which is based on the London Metal Exchange ("LME") and other exchanges, plus any regional premiums and value-added product premiums; • the cost of goods sold, the principal components of which are electrical power, alumina, carbon products, labor and other controllable costs, which in aggregate represent more than 76% of our cost of goods sold; and • our production volume and product mix.
  • Treasury Department and the Internal Revenue Service issued final regulations implementing Section 45X of the Inflation Reduction Act, which provide guidance on rules taxpayers must satisfy to qualify for the tax credit.
  • Any changes to the final regulations as part of the U.S.
  • Treasury Department's finalization of the regulations could result in a subsequent adjustment to the estimated credit as of December 31, 2024.
  • Acquisition of 55% interest in Jamalco In May 2023, our wholly-owned subsidiary, Century Aluminum Jamaica Holdings, Inc., completed the acquisition of all the outstanding share capital of General Alumina Holdings Limited, the holder of a 55% interest in Jamalco, an unincorporated joint venture with the Government of Jamaica through its controlled entity Clarendon Alumina Production Limited ("CAP").
  • Jamalco has alumina production capacity of approximately 1.4 million tonnes, and produced approximately 1.1 million tonnes of alumina in 2024 and approximately 1.0 million tonnes of alumina in 2023.
  • We are actively engaged with our insurance carriers in connection with this equipment failure to determine the specific amount of coverage available to us, including any applicable deductibles.
  • Hurricane Beryl In early July 2024, Hurricane Beryl temporarily impacted our operations in Jamaica.
  • Jamalco’s production facilities escaped significant damage, but the port facility was impacted by the storm, where a portion of the alumina conveyor was damaged.
  • Jamalco's bauxite mining and alumina production joint venture returned to full production in July 2024.
  • Jamalco secured alternative port arrangements to allow for alumina shipments to its customers while the repairs to the conveyor were ongoing.
  • In September 2024, we resumed normal shipping operations at Jamalco’s Rocky Point port following the completion of repairs to the port.
  • Hawesville In August 2022 we fully curtailed production at the Hawesville facility.
  • We continue to explore all options related to the Hawesville facility.
  • For the year ended December 31, 2024, we incurred curtailment charges of $6.8 million primarily to maintain the idle facility.
  • Comparatively, for the year ended December 31, 2023, we incurred curtailment charges of $16.6 million, including $9.0 million related to excess capacity charges.
  • Holly Power Contract On October 27, 2023, our wholly-owned subsidiary, Century Aluminum of South Carolina, Inc.
  • ("CASC"), entered into an agreement with the South Carolina Public Service Authority (also known as Santee Cooper) for a new, three-year power contract for Century's Mt.
  • The contract, which runs through December 2026, provides for 295MW of electric power at service-based rates and provides sufficient power to allow Mt.
  • Holly to operate at its current production capacity, as well as an option to take additional power to support any future restart of the remaining 25% of production capacity.
  • The historic volatility of the price of aluminum is reflected in the chart below: During 2024, global, macroeconomic trends continued to impact global LME inventory levels which remain near all-time lows.
  • Low inventory levels, challenged aluminum supply growth and improving global demand for aluminum all led to a supportive pricing environment for aluminum in 2024.
  • The following table summarizes the average price for primary aluminum per tonne for the years ended December 31, 2024, 2023 and 2022.
  • December 31, ($ per tonne) 2024 2023 2022 Average LME $ 2,419 $ 2,252 $ 2,707 Average MWP $ 427 $ 512 $ 657 Average EDPP $ 314 $ 277 $ 466 Energy, Key Supplies and Raw Materials Our operating costs are significantly impacted by changes in the prices of the materials used in the production of aluminum, including alumina, electrical power and carbon products.
  • Additionally, with our acquisition of a 55% interest in Jamalco, we secured a predictable, long-term supply of alumina and achieved increased transparency and control of our supply chain.
  • The average market alumina index price as a percentage of market LME price per tonne was 21% for 2024, 15% for 2023 and 13% for 2022.
  • Currently, our Hawesville and Sebree plants receive all of their electricity requirements under market-based power agreements.
  • Holly plant has a power supply agreement with Santee Cooper that runs through December 2026.

and 492 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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