Century Aluminum Industry has reported net sales of $528 million for the second quarter of 2021 ended on June 30, an increase of 19 per cent from $444 million driven by higher aluminum prices and increased regional premiums. On Wednesday, August 4, the company unveiled its Q2 financial and operational results, wherein it also reported a net loss of $35.1 million compared to $140 million in Q1. That was an improvement of $104.9 million sequentially.
Century stated its adjusted net loss at $27.3 million for 2Q2021, improved by $25.2 million sequentially. Adjusted EBITDA was $34.4 million, an increase of $54.1 million from the prior quarter primarily driven by higher prices of primary aluminum and increased regional premiums.
Shipments in Q2 2021, however, decreased from 195,697 tonnes in Q1 to 190,894 tonnes. Liquidity position at quarter end was $108.6 million, an increase of $54.1 million from the prior quarter primarily driven by higher prices of primary aluminum and increased regional premiums.
Jesse Gary, President and Chief Executive Officer of Century Aluminum, said: “Global aluminum markets have continued to strengthen, driven by strong consumer spending and industrial expansion. This has been especially true in the U.S. and Europe, where we have seen inventories already return to pre-pandemic levels and demand for value-added products, including low-carbon products, near all-time highs.”
He added, “In this environment, we remain focused on bringing additional production online through our previously announced expansion project at Mt. Holly and a return to targeted production levels at Hawesville. We continue to expect that both of these projects will be completed by year end, which will provide much needed additional units to the marketplace and provide additional LME and regional premium pricing exposure.”
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