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Century Aluminum Rejects Smelter Proposal; Shares Slip 3%
Edited by : AL CIRCLE
1 min read
Century Aluminum has rejected a proposal to help restart its West Virginia smelter after the electricity rate offer from the state fell short of its needs, SeekingAlpha reported.
CENX shares are down 2.7% to $7.14 in afternoon trade, and are moving within a 52-week range of $5.52 - $12.30.
The utility regulator had proposed allowing a special electricity rate for up to 10 years, but the ruling also would've held the company responsible for making up the difference between that rate and actual power costs. The company says it's reviewing alternatives.
CENX shares are down 2.7% to $7.14 in afternoon trade, and are moving within a 52-week range of $5.52 - $12.30.
The utility regulator had proposed allowing a special electricity rate for up to 10 years, but the ruling also would've held the company responsible for making up the difference between that rate and actual power costs. The company says it's reviewing alternatives.
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