Century Aluminum CEO says no timetable for Ravenswood restart

Century Aluminum's idled Ravenswood, West Virginia plant isn't likely to come out of mothballs in 2014.

During the company's third quarter conference call Oct. 29, CEO Mike Bless told analysts the company is still working on the power agreements that would enable them to restart the plant, shuttered in 2009. The closing eliminated 650 jobs and, eventually, health insurance coverage for the company's retirees.

“There are meetings all the time,” he said. “At some point in time we hope to make a filing with the (PSC) ... we're hoping no later than the end of the year that we're in a position to make a filing.”

During Century Aluminum's second quarter conference call in July, Bless had said the company was working hard to get the plant back in operation and had made continual investments to ensure it would be ready when that day came.

“There are meetings all the time” about the company's idled Ravenswood, West Virginia plant, he said. “The thing you might see ... at some point we hope to make a filing with the West Virginia Public Service Commission. We're hoping no later than the end of the year that we'll be in a position to make a filing.”

Bless, meanwhile, also said the company's acquisition of Alcoa's stake in the Mt. Holly aluminum smelter in Berkeley County, South Carolina “will complement the developments at all of our operating facilities as well as the hoped for restart of our smelter in Ravenswood.”

The deal will give Century Aluminum 100 percent ownership of Mt. Holly at closing.

"We are excited about the pending acquisition of the remaining interest in Mt. Holly," Bless said in a news release announcing the company's third quarter results. "This is an excellent plant with a superb group of employees, located in a great community. The challenge of a long-term electric power structure remains, and we will be hard at work on this critical issue over the coming months.

"Assuming an acceptable solution, we see Mt. Holly as being well positioned to compete in the growing market opportunities in North America.”

Century Aluminum reported net income of $50.4 million for the third quarter on sales of $500.6 million, up from $399.9 million in sales for the same three-month period in 2013.