
Century Aluminum Company, a US-based primary aluminium producer, announced its second quarter 2022 results on Tuesday, August 9, reporting a 14 per cent quarter-on-quarter increase in net sales from $753.6 million to $856.6 million, attributable to higher realised LME prices and regional premiums. As a result, net income rose 19.7 per cent sequentially from $17.7 million to $37.4 million.

Century Aluminum also posted a rise in its primary aluminium shipments by 1 per cent from 211,411 tonnes in Q1 to 214,084 tonnes in Q2.
But the company’s Adjusted EBITDA for the second quarter of 2022 was $18.9 million down from the prior quarter to $86.6 million, driven by higher raw materials costs and energy, partially offset by higher LME and regional premiums.
The second quarter was also negatively impacted by $7.4 million of net exceptional items, in particular $159.4 million asset impairment charge and $8.2 million in curtailment costs related to the Hawesville plant. Hawesville curtailment was completed in July amid higher power prices.
Nonetheless, Century’s liquidity position at June quarter end was $225.6 million, up $71.3 million from the prior quarter.
“We are proud of the Century team for delivering these second-quarter results in an increasingly complex environment," commented President and Chief Executive Officer Jesse Gary.
He added, "Global energy prices have continued to rise over the past several months, exacerbated by the war in Ukraine, decreased Russian natural gas flows to Europe and unfavorable weather conditions. In this environment, we have taken actions necessary to preserve the competitiveness of our businesses, including the difficult decision to temporarily curtail operations at our Hawesville smelter and other measures designed to improve cash flow while global energy prices remain elevated. As we look forward, we continue to position Century to benefit from long-term trends towards value-added aluminum products through our Grundartangi casthouse and North America casthouse debottlenecking projects."
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